Leasing activity increases to begin 2024 led largely by renewals as availability also rises again

Led by some larger renewals from Snap, Lionsgate, and Riot Games, the Los Angeles office market reported an increase in leasing activity to 3.2 million square feet (msf) in Q1 2024. This was up 45% from just 2.2 msf reported last quarter, as well as up 13% from 2.9 msf reported in Q1 2023. With the pullback in office space demand from the technology and entertainment/media sectors, respectively, leasing activity remains largely expiration-driven although William Morris Endeavor extended their nearly 250,000-square-foot lease in Beverly Hills a few years early

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