.jpg "Image treatment")
Leasing activity spikes to highest level post-pandemic but availability continues to rise
In Q3 2024, the Los Angeles office market reported its highest quarterly leasing activity post-pandemic with 3.8 million square feet (msf). Led by Southern California Gas Company’s nearly 200,000-square-foot lease at 2Cal Plaza in Downtown LA, leasing activity is up 27% from the same period a year ago, while being the highest amount of reported leasing activity since nearly 4.0 msf was leased in Q1 2020. However, it should be noted that demand from occupiers in the tech and entertainment/media sectors remain largely muted as most deal volume continues to be largely expiration-driven.