Los Angeles Office Market Entered 2021 Battered and Bruised

The Los Angeles office market went into 2021 roughed up, and stands in marked contrast to its position at the beginning of 2020. Vacancy rates rose dramatically as tenants shed space en masse and put off new leasing decisions. The last time the L.A. office market saw vacancy rise this rapidly was a decade ago, during the global financial crisis. Last year, square footage leased was half of the average annual levels of the preceding five years.