The Los Angeles County office rental market is showing early signs of stabilizing as businesses shed space at a slower pace in an apparent calculation that better times are ahead. Office leasing in Los Angeles County fell to its lowest point since the Great Recession in the April-June quarter last year. Vacancy rose again in the second quarter of 2021 from the year-earlier period, yet at a reduced pace as the number of leases being signed picked up while the economy began to rally, real estate brokers said. AdvertisementOverall vacancy in buildings reached 17.6% in the second quarter, up substantially from 13.9% in the same period last year but little changed from the first quarter, CBRE said. Entertainment company Lionsgate withdrew 200,000 square feet from the market that it had planned to sublease in Santa Monica.

Source: Los Angeles Times July 09, 2021 23:47 UTC