Los Angeles County office market, third quarter 2003.
REAL ESTATE QUARTERLY--L.A. COUNTY
Los Angeles County Office Market, Third Quarter 2003
Vacancy
Rate
Total Vacant Space 3rd Qtr.
Market/Submarket Inventory (square ft.) 2003
Downtown Los Angeles 32,235,229 6,405,711 19.9%
Wilshire Center 7,186,440 875,549 12.2%
San Gabriel Valley 14,372,161 1,649,395 11.5%
Burbank 4,530,131 652,292 14.4%
Glendale 5,994,122 841,444 14.0%
Pasadena 6,414,830 657,816 10.3%
Tri-Cities 16,939,083 2,151,552 12.7%
Beverly Hills 5,921,456 760,813 12.8%
Brentwood 3,413,078 354,676 10.4%
Century City 9,236,642 1,423,335 15.4%
Hollywood/WeHo 3,571,492 704,607 19.7%
Marina/Culver City 5,883,520 826,083 14.0%
Miracle/Park Mile 5,837,868 962,531 16.5%
Santa Monica 7,832,944 1,184,160 15.1%
West Los Angeles 5,674,903 869,296 15.3%
Westwood 3,002,875 675,644 22.5%
West L.A. 50,374,778 7,761,145 15.4%
Central Valley 7,847,548 845,363 10.8%
Conejo Valley * 4,463,539 618,080 13.8%
East Valley 2,818,998 327,964 11.6%
Santa Clarita Valley 1,571,897 189,521 12.1%
West Valley 9,237,997 1,343,346 14.5%
San Fernando Valley 25,939,979 3,324,274 12.8%
190th Street Corridor 3,096,078 316,050 10.2%
Carson 1,173,071 99,494 8.5%
El Segundo/Beach Cities 10,455,245 2,701,280 25.8%
LAX/Century Blvd. 3,884,481 1,094,401 28.2%
Long Beach Downtown 4,090,104 683,719 16.7%
Long Beach Suburban 4,712,152 480,100 10.2%
Torrance Central 3,307,808 577,025 17.4%
South Bay 30,718,939 5,952,069 19.4%
L.A. County 177,766,609 28,119,695 15.8%
Vacancy Rate
Under
2nd Qtr. 3rd Qtr. Construction
Market/Submarket 2003 2002 (square ft.)
Downtown Los Angeles 20.6% 18.5% 0
Wilshire Center 11.7% 14.1% 0
San Gabriel Valley 12.2% 13.0% 100,000
Burbank 16.6% 21.4% 195,000
Glendale 13.6% 12.5% 0
Pasadena 10.7% 12.2% 321,692
Tri-Cities 13.3% 14.8% 516,692
Beverly Hills 12.9% 12.5% 0
Brentwood 10.4% 11.2% 0
Century City 15.3% 11.2% 0
Hollywood/WeHo 19.8% 23.4% 0
Marina/Culver City 19.3% 17.3% 0
Miracle/Park Mile 19.3% 17.4% 0
Santa Monica 15.0% 16.5% 0
West Los Angeles 13.8% 14.3% 0
Westwood 19.9% 21.2% 0
West L.A. 16.0% 15.4% 0
Central Valley 10.0% 11.4% 0
Conejo Valley * 15.4% 18.1% 41,113
East Valley 11.1% 14.3% 0
Santa Clarita Valley 16.0% 15.8% 136,253
West Valley 14.5% 17.3% 179,336
San Fernando Valley 13.0% 15.3% 356,702
190th Street Corridor 10.2% 12.0% 0
Carson 7.9% 15.1% 0
El Segundo/Beach Cities 26.1% 24.3% 0
LAX/Century Blvd. 27.2% 28.6% 0
Long Beach Downtown 14.7% 15.7% 0
Long Beach Suburban 10.6% 11.6% 39,000
Torrance Central 16.2% 17.3% 0
South Bay 19.1% 19.5% 39,000
L.A. County 16.2% 16.5% 1,012,394
Net Absorption (square ft.) (1)
3rd Qtr. 2nd Qtr. 3rd Qtr.
Market/Submarket 2003 2003 2002
Downtown Los Angeles 208,477 (350,691) (3,622)
Wilshire Center (37,680) 45,733 (103,935)
San Gabriel Valley 98,735 (56,221) 49,629
Burbank 98,652 47,332 40,398
Glendale (26,089) 70,761 (11,058)
Pasadena 27,511 (88,453) (110,569)
Tri-Cities 100,074 29,640 (81,229)
Beverly Hills 270 22,955 27,761
Brentwood 1,539 20,278 15,050
Century City (9,463) 426,429 (1,989)
Hollywood/WeHo 783 (33,185) (17,852)
Marina/Culver City 308,853 (33,731) 8,925
Miracle/Park Mile 162,961 65,394 (59,407)
Santa Monica (5,852) (12,349) 154,117
West Los Angeles (87,614) 88,690 71,624
Westwood (77,042) 29,898 3,543
West L.A. 294,435 574,379 201,772
Central Valley (57,197) 146,327 93,953
Conejo Valley * 67,267 123,988 131,804
East Valley (14,372) 16,890 45,826
Santa Clarita Valley 66,415 (8,969) 21,395
West Valley (7,976) 112,327 (6,719)
San Fernando Valley 54,137 390,563 286,259
190th Street Corridor 5,330 30,530 66,113
Carson (6,401) (6,128) (9,110)
El Segundo/Beach Cities 30,162 (192,994) (134,346)
LAX/Century Blvd. (179,740) (169) (26,877)
Long Beach Downtown (81,060) (106,658) 56,562
Long Beach Suburban 20,196 (8,391) 21,451
Torrance Central (41,345) 44,377 (2,994)
South Bay (252,858) (239,433) (29,201)
L.A. County 465,320 393,970 319,673
Class-A Asking Rent (2)
3rd Qtr. 2nd Qtr. 3rd Qtr.
Market/Submarket 2003 2003 2002
Downtown Los Angeles $2.27 $2.32 $2.29
Wilshire Center $1.41 $1.39 $1.32
San Gabriel Valley $2.02 $2.06 $2.02
Burbank $2.56 $2.56 $2.60
Glendale $2.42 $2.46 $2.37
Pasadena $2.35 $2.34 $2.29
Tri-Cities $2.43 $2.45 $2.41
Beverly Hills $2.91 $2.91 $2.82
Brentwood $2.63 $2.73 $2.85
Century City $3.14 $3.15 $3.31
Hollywood/WeHo $2.33 $2.34 $2.48
Marina/CulverCity $2.33 $2.41 $2.58
Miracle/Park Mile $2.05 $2.05 $2.21
Santa Monica $3.14 $3.16 $3.39
West Los Angeles $2.31 $2.33 $2.34
Westwood $2.91 $2.99 $3.26
West L.A. $2.74 $2.77 $2.90
Central Valley $2.06 $2.07 $2.10
Conejo Valley * $2.20 $2.28 $2.27
East Valley $2.71 $2.66 $2.56
Santa Clarita Valley $1.80 $1.89 $1.88
West Valley $2.22 $2.19 $2.49
San Fernando Valley $2.18 $2.18 $2.28
190th Street Corridor $2.13 $2.13 $2.12
Carson $1.89 $1.89 $1.90
El Segundo/Beach Cities $2.35 $2.36 $2.60
LAX/Century Blvd. $1.58 $1.58 $1.54
Long Beach Downtown $2.18 $2.18 $2.02
Long Beach Suburban $2.13 $2.13 $2.27
Torrance Central $2.24 $2.23 $2.07
South Bay $2.13 $2.13 $2.22
L.A. County $2.38 $2.40 $2.45
COPYRIGHT 2003 CBJ, L.P.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2003, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.
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