Leasing activity remains above 5-year quarterly average although availability ticks up yet again

At mid-year 2025, the Los Angeles office market reported over 3.7 million square feet (msf) of leasing activity, above the 3.4 msf reported last quarter and up significantly from 2.8 msf reported a year ago. This brought total leasing activity in the first half of 2025 to over 7.0 msf, up 16.7% from 6.0 msf reported in the first half of 2024. Led by Oaktree Capital Management’s approximately 220,000-square-foot relocation to City National Plaza in Downtown LA, total leasing activity in Q2 2025 remains higher than the 5-year quarterly average of 2.9 msf. Despite higher leasing activity, new space demand continues to be low in the entertainment/media sector amidst uncertainty over industry consolidation, as well as the ongoing shift of production out of Los Angeles.

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