SANTA BARBARA, Calif.--(BUSINESS WIRE)--A new report from Yardi® Matrix details a vigorous office economy in Los Angeles, one of the largest office markets in the country with nearly 254 million square feet of inventory.
“A burgeoning market for tech, engineering and financial firms has driven robust demand for office space,” the report notes, adding that office-using jobs totaled 1.1 million as of December 2016, almost a quarter of the metro’s total payrolls. Los Angeles added 70,800 jobs in the 12 months ending in March. Leasing activity and lease rate growth were strong, while roughly 9 million square feet of development is currently under construction. Transactions involving foreign and domestic investors neared $7 billion in the 12 months ending in April.
The Los Angeles report is the latest of a series that offers insight into the office market sector. Read the new report now.
Learn about other institutional research resources available from Yardi Matrix.
Yardi Matrix is a business development and asset management tool for investment professionals, equity investors, lenders, and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, industrial, office and self-storage property types. Email firstname.lastname@example.org, call 480-663-1149 or visit yardimatrix.com to learn more.
Yardi develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide. For more information, visit yardi.com.