Los Angeles managed to retain its place as the top performer in California’s office markets, according to Yardi Matrix’ CommercialCafé Q1 2017 Los Angeles Office Market Report. That achievement surfaced despite what appears to be a slow start, with significant year-over-year drops in both sales volume and average price-per-square-foot.
Here are some of the report’s major highlights:
- Office sales volume in L.A. County totaled $1.5 billion in Q1 2017
- LA Q1 office sales volume experienced a 36% drop y-o-y, but despite it being $850 million short of Q1 2016 (the best first quarter of the last 4 years), it was four times higher than the levels recorded in Q1 2013
- The first months of 2017 also bought a 46% drop in average price-per-square-foot in LA compared to the high-point reached in Q4 2016, at $539-per-square-foot, resting at the more modest value of $294-per-square-foot
- San Francisco County office came in second, with $1.35 billion in sales volume in Q1, while the Bay Area market was home to 17 deals totaling $1.3 billion
For comments, questions or concerns, please contact Dennis Kaiser