A new report by Yardi Matrix on the Los Angeles, Calif., office market reveals leasing activity and lease rate growth in the city has been strong, while roughly 9 million square feet of development is currently under construction. Transactions in the city involving foreign and domestic investors neared $7 billion in the 12 months ending in April.
“A burgeoning market for tech, engineering and financial firms has driven robust demand for office space” in Los Angeles, according to the report. The city added 70,800 jobs in the 12 months ending in March 2017, with office-using jobs totaling 1.1 million as of December 2016.
The report is the latest in a series of research on the office sector.
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