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Entries Tagged as 'Los Angeles Office Space'

Los Angeles Office Space Market Conditions

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Los Angeles, known as the City of Angels, boasts a population of 3.82 million people soaking up the sunshine and surfing the waves, making it the most populous city in Southern California.  It is home to people from over 140 countries, speaking 224 different languages.
The city is made up of 80 districts and neighborhoods.  Some of the more well known communities are Venice, Bel Air, Hollywood Hills, and Brentwood. Generally, Los Angeles is divided into the following areas: Downtown Los Angeles, East Los Angeles, Northeast Los Angeles, South Los Angeles, Harbor Area, Greater Hollywood, Wilshire, Westside, and San Fernando and Crescenta Valleys.

Los Angeles is not only a mecca for the entertainment and media industry, but also for tourism.  With so much diversity in Arts and Culture, over 800 museums and art galleries, sports teams from all major leagues, and some of the most beautiful beaches in the U.S., Los Angeles is the place to be.

Los Angeles boasts a very diverse and driven economy.  One of the most substantial economic markets in the U.S., Los Angeles has strengths in business, international trade, entertainment, medicine, research and media, just to name a few. The Long Beach and Los Angeles ports, together, comprise the fifth busiest port in the world.  The city is home to six Fortune 500 companies, including real estate group CBRE.  The Downtown Financial District holds offices for many of the U.S. top financial companies, including Wells Fargo, and Bank of America.

Being the second largest city in the U.S. comes with its share of problems though, including a high crime rate and high taxes.  With the city of Los Angeles charging a gross receipts tax based on a percentage of business revenue, many companies have opted to move outside of the city limits into neighboring cities with flat tax fees.  In order to attract more new businesses to Los Angeles, the city has implemented several local incentives, including Work Opportunity Tax Credit, and reduced parking requirements.

In the second quarter of 2013, the Los Angeles office space market experienced a +18,800 square feet net absorption, an increased office vacancy rate of 18.2%, and an increase of asking rental rates to $2.52 per square foot per month or $30.24 per square foot per year.  Given the current office market conditions, tenants are able to obtain landlord concessions such as free rent and improvements. West Los Angeles appears to be the most expensive office space in the area, coming in at $3.33 per square foot per month ($40.00 / sf / yr).

Market

Total Office Vacancy %

Net Office Absorption SF

Asking Mo. Lease Rate SF

Central

20.3%

-14,800

$1.88

Downtown

19.2%

-46,500

$2.75

West

16.0%

83,400

$3.33

Tri Cities

18.1%

-140,600

$2.63

San Fernando/Ventura County

17.7%

172,700

$2.16

South Bay

22.5%

-121,400

$1.99

San Gabriel Valley

13.8%

86,000

$1.89


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By: James Osgood

Los Angeles Office Space , Office Rental , Office Space

Los Angeles Office Space Market Overview

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Los Angeles office space for lease or rent is available for every size and type of business. No matter how large or small your commercial office rental needs, you will find the perfect fit in the Los Angeles metro area. Each year, thousands of businesses take advantage of the wonderful opportunity to locate their business enterprises in this market.

The second largest U.S. city, Los Angeles is home to over 14 million people and offers a wide range of culture. With a Gross Metropolitan Product of $831 reported in 2008, LA is the third biggest economic center globally.

The past 15 quarter experienced increasing vacancy rates in commercial office space. The first quarter of 2011 has shown a drop in the vacancy rate, declining to 16%, the lowest rate since early 2006. The Greater Los Angeles area has over 214.3 million square feet (MSF) of commercial office space and the average asking rental rate is a low $2.35 per square foot.

All indicators project that Los Angeles is making a major economic comeback and while the market is still a bit soft; economic recovery is progressing slowly but steadily.  Analysts feel that the low has passed and growth can be expected in coming months.

Currently, Los Angeles has sufficient vacancies that landlords are quite flexible in working with tenants on lease negotiations. With rental rate on commercial office space at such affordable rates, this is a great time to lease Los Angeles office space. By the end of 2011, rates will likely have risen.

Unemployment in the Greater Los Angeles area continues to be quite high but is slowly falling. By mid-2012, unemployment should fall to 12% or less, according the experts. With the defense-related cuts in the aerospace market, LA will experience some impact. Current construction will add another 725,000 feet to the commercial business space.

Los Angeles with its varied culture and nearby Pacific beaches has a lot to offer workers living in this area. The weather is pleasant year round and there’s always a lot to do for fun. You can spot celebrities along the streets, visit museums, art galleries, festivals and so much more.

The residential choices for LA residents range from tiny, cozy bungalows’ to huge mansions. There are plenty of apartments and condos for lease, so people staffing your Los Angeles office will have no problem with housing.

The schools, but public and private offer great educational opportunities, and the many private  and state universities make high education easy for any of your children to find a college that suits them in the nearby areas.

Basically, with the wealth of Los Angeles commercial office space for lease, the fantastic weather, and variety of activities, LA is a great place to relocate your office, open a start up office, or expand into the area. You can find help locating the right LA office space for rent by contacting OfficeFinder, a free service to help you in your office location process.

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National Office Space Update & Office Tenant Strategies PodCast

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National Office Update & Office Tenant/ User Strategies PodCast
Original Air Date:    4/2/11

Very informative broadcast about the office market and office space strategies for office space tenants.

"The office user show provides a national office market update and best practices for corporate office users. Chris Macke, Senior Real Estate Strategist with CoStar Group provides an update on national office market performance including top cities for investment and markets prime economically for corporate headquarters. He also shares market advice for office users and expectations for 2011 and 2012.

Show host Michael Bull and industry leading guests cover current topics important for office users including strategic lease provisions for tenants, protecting lease rights before foreclosure, prevalent lease situations in this economy and the guests share best practices when renewing leases and securing new locations.

If your company uses office space or you advise companies that do, you will find this show very informative and enlightening."

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Shadow Office Space and the Office Market Recovery

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Over the past nine months we have made numerous posts on the effect that shadow office space will have on the office space market recovery. In a recent article from CNBC some numbers show the effect that shadow office space will have on the market. According to Co-star shadow space is adding as much as 7 percent to the Los Angeles office vacancy rates and over 6 percent in Chicago. This is likely to be the case in most markets. The problem with shadow office space is that before the market can see a full recovery, shadow office space will need to be absorbed.  Typically, shadow office space is space that a company still has under lease, but is not in use. Before these companies who have shadow space will go out into the market to lease additional office space, they will need to fill their shadow space.

Additionally, Grub and Ellis is predicting that as the market recovers shadow space will account for about 1/3 of the increased demand in 2011 and 1/4 of the office space demand in 2012, thereby dampening the office space market recovery. The good news is that we are starting to see positive absorption. As the jobs come back, the office market will improve.

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World Wide Office Leasing Standards

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Have you ever wondered how office space leasing varies from country to country. Are the standards for lease term and rental rates calculations the same in London, Paris, Sydney or Moscow as they are in New York, Chicago or Los Angeles? How about options to renew. What are the standard guidelines in each country? As an example, Greece has a standard of a 12 year lease, but there is an escape clause after 2 years...

If you have ever been curious bout how different countries lease office space, Colliers International has published their 2010 Worldwide Office Leasing Guidelines that reviews how office leasing is done in 58 different countries and is available for download.

Chicago Office Space , London Office Space , Los Angeles Office Space , Manhattan Office Space , New York Office Space