October 12, 2015
Downtown Los Angeles is seeing a new wave of commercial real estate deals.
Brookfield Property Partners has completed 1.2 million square feet of Downtown L.A. office leasing so far this year. With six model suites completed last summer, they have rented out four so far to technology companies like Grid110 and Theranos Inc.
Many of the deals are expansions of existing space. DoubleLine, an investment-management firm, more than doubled its space to 67,000 square feet in the Wells Fargo Center. Meanwhile, new tech firms are moving in.
This activity has led to year-ago rents over the same time period increasing eight percent in Los Angeles County, to $2.82 per square foot, while vacancy was at 15.1 percent, dropping by two percentage points.