Los Angeles Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $49.02 2023 Avg. Asking Rent
  • 17.69% 2023 Office Vacancy Rate
  • $600.7M2023 Total Office Sales
  • $190.16Avg. Sale Price/SF

Los Angeles office price per square foot in 2023 was $49.02 on average. The local office market recorded an average vacancy rate of 17.69% across all asset classes combined. The 13 transactions that closed here throughout 2023 amounted to a total sale volume of $600.7M. Los Angeles office space commanded an average sale price per square foot of $190.16.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Los Angeles Class A & A+ Office Space$56.72
  • Los Angeles Class B Office Space$41.63
  • Los Angeles Class C Office Space$27.56
  • California Class A & A+ Office Space$56.30
  • California Class B Office Space$37.45
  • California Class C Office Space$44.91

Los Angeles, CA Office Asking Rents by Class

Average office rent in Los Angeles rested at $49.02 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Los Angeles averaged $56.72 per square foot. Across all submarkets, class B office space recorded an average asking rent of $41.63 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $27.56 per square foot, on average. Comparably, statewide California average office rents by class in 2023 were: $56.30 per square foot for class A office space; $37.45 per square foot for class B office space; $44.91 per square foot for class C office space.

2023 Office Vacancy Rates in Los Angeles

Submarket Asking Rents Vacancy Rates
Century City $81.57 10.40%
Beverly Hills $68.14 16.25%
Pacific Palisades/Malibu $62.87 31.88%
Jefferson Corridor $60.67 21.62%
West Los Angeles $60.21 20.86%
Westwood $58.70 22.47%
Hollywood $57.92 20.32%
West Hollywood $55.92 13.02%
Wilshire Corridor $55.72 15.23%
East Los Angeles $54.46 15.53%
Culver City $53.89 25.49%
El Segundo $44.83 21.16%
Los Angeles CBD $41.55 18.14%
Marina Del Rey $41.37 17.28%
North Hollywood $39.31 25.49%
Glendale $38.39 15.10%
South Los Angeles $37.57 22.88%
Central San Fernando Valley $33.35 13.20%
Westlake $31.58 6.60%
Gateway Cities $30.42 5.56%
LAX $26.98 14.37%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Los Angeles market was 17.69% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Los Angeles was 5.56% in the Gateway Cities submarket, while the highest office vacancy in the market was 31.88%, recorded in Pacific Palisades/Malibu.

Office Spaces for Rent in California

Los Angeles Office Sale Price per SF

  • $190.162023 Avg. Price per SF
  • $600.7M2023 Office Sales Volume
  • 132023 Number of Transactions

Los Angeles, CA Sale Price per SF Trend

  • Los Angeles Avg. Sale Price per SF in 2023$190.16
  • California Avg. Sale Price per SF in 2023$256.51
The sale price for office space in Los Angeles averaged $190.16 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide California average office sale price during the same time period was $256.51 per square foot.

2023 Office Sales Volume

  • Los Angeles, CA Total Office Sales Volume in 2023 $600.7M
  • Los Angeles, CA Total Number of Office Sales Closed in 2023 13
A total of 13 deals closed on the Los Angeles office market in 2023, adding up to a yearly sales volume of $600.7M. Notably, the largest transaction on the market saw Union Bank Plaza change hands for $104,000,000 on 3/31/2023.

Largest Los Angeles Office Sales in 2023

Property name Address Date Price
Union Bank Plaza 445 South Figueroa Street 3/31/2023 $104,000,000
2100 West 3rd Street 2100 West 3rd Street 3/31/2023 $75,000,000
801 South Grand Avenue 801 South Grand Avenue 3/22/2023 $41,918,500
11175 Santa Monica Blvd 11175 Santa Monica Blvd 3/29/2023 $31,500,000
Taft Building, The 1680 Vine Street 3/31/2023 $28,000,000
Data provided by Commercial Edge

Coworking Spaces in California

2023 Office Construction in Los Angeles, CA

  • Los Angeles, CA Total SF completed in 2023 796,580
  • Los Angeles, CA Total SF under construction in 2024 601,675

During 2023, 796,580 square feet of new office space were delivered across the market. At the close of 2023, the Los Angeles office inventory included 7 buildings equal to or larger than 25,000 square feet, which comprised 796,580 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 601,675 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Los Angeles
Office building Address SF Completed
3855 Watseka 3855 Watseka Avenue , 90232 165,566 2024
Forge at Alloy 520 South Mateo Street, 90013 145,000 2024
Palisades Village Center 881 Alma Real Drive, 90272 89,755 2024
2922 S Crenshaw 2922 S Crenshaw Blvd, 90016 88,336 2024
1650 Euclid Street 1650 Euclid Street, 90404 65,398 2024
Casitas - North Campus 3333 Casitas Avenue, 90039 37,901 2024
Wrapper Tower 5790 West Jefferson Blvd, 90016 180,548 2023
843 North Spring Street 843 North Spring Street, 90012 122,380 2023
Casitas - South Campus 3333 Casitas Avenue, 90039 76,909 2023
The Now 8497 West Sunset Blvd, 90069 27,575 2023

Worth noting among recent office completions on the Los Angeles market is 3855 Watseka, which is currently the largest new office development in the city, at 165,566 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Los Angeles commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.