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Leasing activity ends 2023 lower than 2022 as office space demand remains mostly expiration-driven
In Q4 2023, the Los Angeles office market reported leasing activity of just under 2.2 million square feet (msf). This was down 28% from nearly 3.0 msf reported last quarter, as well as down 26% from 2.9 msf reported in Q4 2022. This brought full-year 2023 total leasing activity to 10.5 msf which is down 15% from 12.3 msf in total leasing activity reported in 2022. In addition, total leasing activity in 2023 is down 42% from 18.0 msf reported in 2019 which was the last full year prior to the pandemic.