Availability increases in Q1, expected to continue as market braces for COVID-19 impact

After four consecutive quarters of declines, overall availability in Los Angeles increased to 18.4% in the first quarter – up 40 basis points over the quarter. Class A availability also increased, up 50 basis points over the quarter to 17.6%. Even with increasing availability, asking rents pushed upwards. Class A asking rents increased 11.4% year over year to $3.82 per square foot (psf) per month - which reflects a broad market average encompassing high-rent submarkets in West, L.A. and Downtown L.A., as well as lowerrent submarkets in the South Bay, San Fernando Valley, and San Gabriel Valley areas. As economic uncertainty continues to rise due to the ongoing COVID-19 global pandemic, expect availability to increase and rents to plateau as occupiers retrench and the city remains in shelter-in-place with all non-essential businesses closed.

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