Greater Los Angeles office inventory continues to grow

Greater Los Angeles’s office inventory continues to grow, increasing by more than 30 percent since 2011, reaching 201.8 million square feet, reported Cushman & Wakefield.

Second quarter 2019 introduced the first construction deliveries of the year as 117,517 square feet of new office product came online, according to Cushman & Wakefield. There are nearly 8 million square feet of projects in the development pipeline, including new office construction and renovations, an increase of 28 percent since the start of 2019. Overall vacancy increased basis points to 14.4 percent from the previous quarter, but is still 100 basis points below the rate from a year ago. Net absorption has remained positive for nine consecutive quarters, with 767,417 square feet taken off the market in the second quarter. Year-to-date positive net absorption has reached 829,834 square feet, with the DTLA Non-C