Los Angeles 2020 Q2 Market Report

Leasing activity falls 52% from last quarter as COVID-19 lockdown continues to sow uncertainty

Second-quarter leasing activity totaled just 1.9 million square feet (msf) across Los Angeles, marking the lowest quarter of leasing activity since the Great Recession. With most occupiers putting real estate decision-making on hold due to ongoing uncertainty in the overall economy, demand sharply declined – down 52% from the first quarter. Still, a handful of large transactions that had been in negotiations before the pandemic closed, including the City of L.A.’s Department of Water & Power, which signed for 132,459 square feet (sf) at 233 S Beaudry Avenue, and the U.S. Army Corps of Engineers, which renewed 100,000 sf at 915 Wilshire Boulevard, both in Downtown L.A.

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