West Los Angeles : Office Vacancy Rate Higher
- Share via
The Westside’s office vacancy rate rose to 12% in the first six months of 1987, a slight increase from 10% reported for the same period in 1986, according to a mid-year study by Grubb & Ellis, a commercial brokerage service.
The firm’s study showed 4.2 million square feet of space vacant out of a total of 34.8 million square feet as of June 30 this year, contrasted with 2.9 million square feet vacant out of 27.7 million square feet last year.
About 2.7 million square feet of office space is under construction in the Westside, and about 900,000 square feet of that space has been preleased, the survey found.
“Preleasing of this magnitude means the supply of new space will be limited even before it comes on the market,” said John Ellis, vice president and district manager of Grubb & Ellis’ Westside office.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
