Several larger leases boosted quarterly totals. Quarterly leasing totaled 4.5 msf, jumping from 3.1 million square feet (msf) in the prior quarter. Tenants have leased 14.2 msf in the four most recent quarters.
AVAILABILITY RATES UP SLIGHTLY
The region’s overall availability rose by 40 basis points to 19.7%. The Class A availability rate was unchanged, remaining at 18.4%. The Westside's Class A availability rate fell by 70 basis points to 14.9%, though.
ASKING RENT INCREASES
Asking rent across the Greater Los Angeles area ended the year averaging $39.01, rising by 1.8% year-on-year. The average Class A asking rent increased by 3.1% to $42.35.
Office property sales during the first eleven months of 2018 totaled $5.9 billion, a 39% decrease compared to the same period of 2017.
"The last four quarters have brought steady demand from tech, media and entertainment firms. Challenged for both talent and space, these expanding sectors continue to fan out to new development and adaptive reuse projects across the region."Savills Studley Research