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.
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