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April 22, 2024
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Larger Office Blocks in L.A. Less Impacted by the Market Slowdown


This update was provided by CBRE

While the COVID-19 pandemic and remote working have led to a deterioration in regional office market fundamentals, large footprint space has seen substantially less impact. As of Q1 2021, the 40 office listings over 50k sf in Greater Los Angeles (GLA) make up only 7% of regionally available office space—or roughly 3 msf, according to research by CBRE.

Leasing activity throughout 2020 has demonstrated that large occupiers are less keen to give space back to the market compared to smaller tenants. Total activity fell 35% year-over-year for space over 50k sf, compared to a decline of 55% for smaller footprints.

Although availability overall remains elevated, the region's largest occupiers have mostly held onto their highly competitive space in the face of sustained demand for large footprints. Larger and more creditworthy tenants are also less likely to have faced immediate financial pressures during the pandemic than smaller firms, many of which have embraced smaller footprints as a means to reduce costs.

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