Leasing activity declines 18% over the quarter with tenants delaying long-term real estate commitments

Six months into the COVID-19 global pandemic, office leasing activity in Los Angeles has continued to remain low with just 1.6 million square feet (msf) leased in Q3. This total is down 18% from the previous quarter and represents a 61% decline year over year. Most occupiers are continuing to put long-term real estate decision-making on hold with shortterm extensions accounting for many of the leases that did close in the quarter. With an increasing number of high-profile corporations publicly announcing their employees will be working from home until 2021, expect leasing demand to continue to be low as the path of the virus and a timetable for a vaccine remains uncertain.

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