DTZ: 6.5mn square feet of new office space coming online in Los Angeles.
DTZ’s Office Market Snapshot found that the overall vacancy rate in all office sub-markets in the greater Los Angeles area was 15.0% in 1Q15. Class A and Class B rents have risen by around 2.7% (to around USD38 per square foot and USD29 per square foot respectively). Some 6.5mn square feet of office space is under construction, most of which is suitable for creative service industries.
Source : 31 March 2015/DTZ/Los Angeles/OFF