Report: Los Angeles Boasts Top 10 U.S. Ranking in 2022 Office Leases
While much of the country has been dealing with difficult office leasing conditions, Los Angeles fared relatively well, ranking among the top 10 markets for its share of square footage of last year’s 100 largest U.S. office leases. According to a new CBRE report, LA registered 1.2 million square feet across five mega leases, and nearly a third of that space went to finance and insurance companies.
“Tech had a massive year in 2021, so it’s no surprise the sector slowed in 2022. Finance and other related industries are navigating this new environment with a focus on collaboration and productivity, and getting people back together in the office is an important component of this strategy,” said CBRE’s leading LA office lease broker Jeff Pion.
On a national level, finance and insurance ranked #1 in 2022’s largest leases, bypassing tech which has held the top spot since 2013. Regionally, the Northeast accounted for most of the largest leases, followed by the Pacific states and West Los Angeles was the only market to register a new top 100 lease by the creative industry.