Overall availability continues to increase as occupiers adjust to the post-pandemic office market

In the first quarter 2022, office availability in Los Angeles increased 90 basis points (bps) from last quarter to 25.3%. Led by Farmers Insurance putting over 500,000 square feet (sf) on the market for sublease in Woodland Hills, occupiers continue to reevaluate their space needs as they adjust to a post-pandemic office market which now has the new normal of hybrid workplace and increased flexibility of where employees choose to work. While Los Angeles office occupancy data from access card swipes now reports 39% of employees are back in the office in early March according to Kastle Systems, just below the national average of 40.0%, the overall office market will continue to see an uneven recovery with large technology firms and entertainment/media companies leading growth in the market.

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