The Tri-Cities office submarket showed notable improvement in the fourth quarter as Pasadena reported positive net absorption for the first time all year.
Main events in L.A.’s submarkets in the fourth quarter.
The heat was still on in Hollywood’s office submarket last quarter.
The buzz around downtown Los Angeles might be hot, but the office market was just lukewarm last quarter.
Action in Hollywood during the third quarter might have further emboldened developers, who have already made it the submarket with the most new office space under construction.
Something unusual happened in the Tri-Cities office market last quarter.
Much like the unrelenting sun that baked its concrete streets, Los Angeles County’s office market was hot last quarter.
Los Angeles County’s commercial real estate rebound was in full swing last quarter as the office vacancy rate declined, asking rental rates rose and construction increased.
Despite starting off the year strong, the downtown L.A. office submarket had another weak quarter as its stable of traditional high-rise office towers continued to hemorrhage tenants.
It might not be obvious by the numbers, but Hollywood’s office submarket had a strong second quarter.