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Market Report

Los Angeles Office Market Report

4Q 2023

Facing Broad Headwinds, Los Angeles’ Office Sector
May Require Stock Removal to Reduce Vacancy

Conversion proposals may rise. As of June, 75 million square feet of office space sat vacant across the metro. Moving forward, adaptive reuse will represent one avenue to remove some of this space from inventory. Already regarded as the top city for apartment conversions in 2022, Los Angeles should see additional projects take shape, including the potential conversion of the 600,000-square-foot former ARCO Tower. The city’s decision to update its adaptive reuse ordinance is fueling this expectation. If approved, properties built prior to 2008 would be eligible for the program. 
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