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Entries Tagged as 'Los Angeles Office Space'
Aug 2
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
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Total Office Vacancy %
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Net Office Absorption SF
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Asking Mo. Lease Rate SF
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Central
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20.3%
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-14,800
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$1.88
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Downtown
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19.2%
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-46,500
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$2.75
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West
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16.0%
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83,400
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$3.33
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Tri Cities
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18.1%
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-140,600
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$2.63
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San Fernando/Ventura County
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17.7%
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172,700
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$2.16
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South Bay
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22.5%
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-121,400
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$1.99
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San Gabriel Valley
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13.8%
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86,000
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$1.89
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More on Los Angeles Office Space for Lease
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By: James Osgood
Los Angeles Office Space , Office Rental , Office Space
Jun 27
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.
Los Angeles Office Space Market Information
Other Los Angeles Area Market Informaion
Los Angeles Office Space , Office Space Negotiations
Apr 7
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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Atlanta Office Space , Dallas Office Space , Houston Office Space , Lease Negotiations , Los Angeles Office Space , Manhattan Office Space , Miami Office Space , Office Rental , Office Space , Office Space Negotiations , Office Vacancy Rate , Tenant Representation , Washington DC Office Space
Jan 21
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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Chicago Office Space , Los Angeles Office Space , Office Rental , Office Space , Office Space Negotiations , Office Vacancy Rate
Jul 16
It seems as though it has been a couple of weeks of good news for the US office space market. CoStar has just come out with their State of the U.S. Office Market: Mid-Year 2010 Review & Forecast.According to their study, office space vacancy rates have stabilized and office vacancy rates that appear to have peaked and are no longer on the rise .
A few notable points from the report:
Office job growth has spurred positive net Office Space absorption. Office Vacancy Rates have peaked with some office markets even reporting Increases in average office Rents.
Of the 20 largest office markets, eight of them posted positive net absorption so far this year, three of them had little or no change, but nine did post negative net absorption. Washington DC led the country with 2 million square feet of net absorption followed by Denver with 1.6 million and Minneapolis with 1.3 million. New York City had 2.8 million square feet of negative net absorption, Los Angeles with a negative 2 million and Philadelphia at negative 1 million. But even the markets experiencing negative absorption were doing so at much reduced levels compared with last year.
New York, Long Island and Minneapolis office space markets are all now reporting single-digit office space vacancy rates of 9% or less.
If the current pace of office space absorption and delivery trends hold, CoStar projects the office vacancy rate will go from 13.6% to less than 11% sometime in 2013.
From a commercial real estate perspective, as long as you have any net job growth, it is eating away at the vacancies out there. The most important thing here is that this positive employment growth in the office sector will be reducing standing inventories of (available) space.
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Denver Office Space , Los Angeles Office Space , Manhattan Office Space , Minneapolis Office Space , New York Office Space , Office Space , Philiadelphia Office Space , Washington DC Office Space
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