房地产 -2025年第四季度大洛杉矶地区办公室数据 Greater Los Angeles Office Figures - Q4 2025

CBRE

FIGURES|GREATERLOSANGELESOFFICE|Q42025

Highestrecordedlevelofleasingactivity

experiencedinfourteenquarters

25.1%

VacancyRate

Note:Arrowsindicatechangefrompreviousquarter.

(1.4M)

SFNetAbsorption

2.3M

SFUnderConstruction

$4.04

Full-ServiceGross/LeaseRateExistingProperties

▲$1.2B

InvestmentSalesVolume

FIGURE1:Vacancy&NetAbsorptionTrend

MARKETHIGHLIGHTSNetAbsorptionVacancy

3M30%

•TheGreaterLosAngeles(GLA)vacancyratecontinuedtoriseinQ42025,reaching25.1%,

drivenby1.4millionsq.ft.ofnegativenetabsorptionwhiletheavailabilityratecontracted

to29.6%.2M25%

NetAbsorptionSF

1M20%

•Subleaseavailabilitydecreasedby10.0%quarter-over-quarterand20.1%year-over-yearto

Vacancy

8.3millionsq.ft.inQ42025.

•Theaveragedirectaskingrateroseto$4.04FSG,increasing1.0%or$0.04quarter-over-M15%quarter.

•Tenantsinthemarketincreasedto10.2millionsq.ft.inQ42025,withover45tenant-1M10%

requirementsexceeding50,000sq.ft.Therewas4.4millionsq.ft.ofdirectleasingactivity

inQ42025.

-2M5%

•Salesvolumeincreased36.6%quarter-over-quarterandtotaledapproximately$1.2billioninQ42025across62transactions.

-3M0%2010201120122013201420152016201720182019202020212022202320242025

Source:CBREResearch,Q42025.

1CBRERESEARCH©2026CBRE,INC.

FIGURES|GREATERLOSANGELESOFFICE|Q42025

2CBRERESEARCH©2026CBRE,INC.

OFFICEMARKETOVERVIEWFIGURE2:SubmarketStatistics

Despiteapositivequartercharacterizedbystrongleasingactivity,growingtenantdemand,andreducedsubleaseavailability,theGreaterLosAngelesofficemarketendedtheyearwithanelevatedvacancyrateof25.1%and

materialnegativenetabsorption.

Salesvolumeincreasedtoapproximately$1.2billioninQ42025.This

included62salesabove10,000sq.ft.,drivinga36.6%increaseinsales

volumeanda19.2%increaseindealcountquarter-over-quarter.Themostnotablesalewas12333WOlympicBlvd,whichsoldfor$131.5millionor

$841.71persq.ft.AnothersignificanttransactionoccurredinElSegundo,where777SAviationBlvdsoldfor$121.5millionor$382.08persq.ft.

Totalleasingvolumeforthequarterreached4.4millionsq.ft.,markingthehighestquarterlytotalsinceQ22022.Leasingactivityroseby9.6%fromQ32025,underscoringastrongfinishtotheyear.Activitywasdrivenbynewleases,makingup61.0%ofdeals,whilerenewalsaccountedforthe

remaining39.0%.WestLosAngelesledtheGLAmarketwiththemostleasingactivity,accountingforover27.2%ofdealsinQ42025.

GLArecorded1.4millionsq.ft.ofnegativenetabsorptioninQ42025.TheDowntownLosAngelessubmarketaccountedforthelargestsharewith

377,000sq.ft.ofnegativeabsorption,followedbytheSanFernandoValleysubmarketatnegative291,000sq.ft.,andtheEastDowntownsubmarketatnegative289,000sq.ft.Incontrast,theTri-CitiesandSanGabrielValley

postedpositiveabsorptionatapproximately44,000sq.ft.each.

ThedevelopmentpipelineremainedunchangedinQ42025,with2.3millionsq.ft.ofofficespaceunderconstructionacrossthemarket.Forthefifth

consecutivequarter,noofficeprojectswerecompleted,andtherewerenonewconstructionstartsforthefourthconsecutivequarter.

TheFederalReserveimplementedtwo25-basis-pointratecutsinQ42025,loweringthefederalfundsrateto3.50%–3.75%.CBRE’shouseviewsuggeststhattheannualaverageGDPgrowthwillbesteadyin2026at2.0%.

Submarkets

Bldg.

Count

NRA

Direct

Vacancy

Rate

Overall

Vacancy

Rate

Overall

Availability

Rate

Net

Absorption

Q4

Net

Absorption

YTD

ClassA

Avg.Ask

FSG

AllTypes

Avg.Ask

FSG

Under

Const.

Deliveries

Tri-Cities

241

28,613,861

23.4%

26.2%

29.8%

44,25831,100

$4.04

$3.90

326,000

0

DowntownLosAngeles

69

31,675,710

32.2%

34.4%

37.7%

(377,375)(631,260)

$3.86

$3.73

0

0

EastDowntown

48

7,197,270

55.1%

60.1%

61.1%

(289,292)(453,705)

$4.95

$4.77

0

0

Hollywood/WilshireCorridor

144

20,383,135

25.7%

27.2%

31.2%

(219,333)(682,837)

$3.61

$3.62

772,300

0

SanFernandoValley

246

22,591,501

19.4%

21.6%

25.0%

(291,339)(577,395)

$2.90

$2.76

0

0

SanGabrielValley

168

11,035,480

8.4%

8.7%

11.3%

43,665(97,444)

$2.86

$2.57

0

0

Mid-Counties

65

4,914,522

7.8%

8.3%

11.5%

(4,145)26,585

$2.71

$2.46

0

0

SouthBay

312

33,391,522

20.6%

23.8%

28.8%

(128,570)(527,701)

$3.61

$3.32

76,000

0

WestLosAngeles

473

58,729,063

19.5%

22.6%

30.1%

(75,147)(489,992)

$5.88

$5.69

1,111,120

0

TotalClassA

827

158,947,641

24.8%

27.9%

32.8%

(1,206,727)(2,842,551)

$4.37

2,285,420

0

TotalClassB

939

59,584,423

18.1%

19.2%

23.1%

(90,551)(560,098)

$3.19

0

0

TotalL.A.County

1,766

218,532,064

22.9%

25.5%

30.2%

(1,297,278)(3,402,649)

$4.37

$4.13

2,285,420

0

Ventura

404

17,810,817

17.3%

19.8%

22.9%

(70,211)(324,279)

$2.85

$2.60

0

0

GreaterL.A.

2,170

236,342,881

22.5%

25.1%

29.6%

(1,367,489)(3,726,928)

$4.34

$4.04

2,285,420

0

Source:CBREResearch,Q42025.

3CBRERESEARCH©2026CBRE,INC.

FIGURE3:NotableLeaseTransactionsQ42025

Tenant

Address

SFLeased

Type

FarmersInsuranceGroup

6301OwensmouthAve,WoodlandHills

227,355

Renewal

Herbalife

990W190thSt,

190thStCorridor

145,000

Extension

UnitedTalentAgency

9336CivicCenterDr,BeverlyHills

106,091

Renewal

In-N-OutBurger

924OverlandCt,210Corridor

98,505

NewLease

ConfidentialMediaCo.

10UniversalCityPlz,UniversalCity

71,289

NewLease

Confidential

TechnologyCo.

112SLakeviewCanyonRd,WestlakeVillage

66,519

Renewal

Source:CBREResearch,Q42025.

FIGURE4:NotableSaleTransactionsQ42025

Buyer

Address

SFSold

SalePrice

MajesticAsset

Management

777SAviationBlvd,ElSegundo

318,000

$121.5M

Alo

9737-9777WilshireBlvd,BeverlyHills

131,009

$82.0M

LincolnPropertyCo.

1500Rosecrans,

ManhattanBeach

123,325

$70.0M

BarkerPacificGroup

6255WSunsetBlvd,LosAngeles

323,922

$61.0M

ShomofGroup

111WOceanBlvd,LongBeach

464,406

$50.0M

Wellpointe

6400CanogaAve,WoodlandHills

128,148

$25.5MM

Source:CBREResearch,Q42025.

FIGURE5:DirectLeaseRatesbyClass

AskingRate

($/SF)

$4.34

ClassAClassB

$4.50

$4.00

$3.50

$3.00

$2.50

$2.00

$3.07

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4

202020212022202320242025

Source:CBREResearch,Q42025.

FIGURE6:DirectVacancybyClass

30%

25%

20%

15%

10%

5%

0%

ClassAClassB

24.5%

一17.9%

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4

202020212022202320242025Source:CBREResearch,Q42025.

FIGURE7:DevelopmentPipeline

Sq.Ft.

(Millions)

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0.0

8.0

20182019202020212022202320242025

UnderConstructionDeliveriesSource:CBREResearch,Q42025.

FIGURE8:Top25LeasesoftheQuarterbyIndustry

Finance&Insurance

Arts&Entertainment

LegalServices

Business&ProfessionalServices

Governmnet,Non-profit,Education

HealthCare&SocialServices

112%146%

52%

200%

47%

1.66MSQ.FT.

275%

167%

Source:CBREResearch,Q42025.

SubmarketMap

Source:CBREResearch,LocationIntelligence,Q42025.

Definitions

AvailableSq.Ft.:Spaceinabuilding,readyforoccupancy;canbeoccupiedorvacant.AverageAskingLeaseRate:Acalculated

averagethatincludesnetandgrossleaserate,weightedbytheircorrespondingavailablesquarefootage.BuildingArea:Thetotalfloorareasq.ft.ofthebuilding,typicallytakenatthe“dripline”ofthebuilding.FullServiceGross(FSG)Rate:Thelandlord

assumesresponsibilityforalltheoperatingexpensesandtaxesfortheproperty.GrossActivity:Allleasetransactionscompleted

withinaspecifiedtimeperiod.NetAbsorption:ThechangeinOccupiedSq.Ft.fromoneperiodtothenext.Positiveabsorptionis

reflectedwhenaleaseissigned,whichmaynotcoincidewiththedateofoccupancy.RentableArea:TheBuildingAreaminusthe

elevatorcore,flues,pipeshafts,verticalducts,balconiesandstairwellareas.VacantSq.Ft.:Spacethatisnotoccupied.

SurveyCriteria

IncludesallClassAandBofficebuildings30,000sq.ft.andgreaterinsizeinLosAngelesandVenturacounties.Owner-user

buildingsarenotincludedinthesurvey.Thissurveyexcludesmedicalofficebuildings.Buildingswhichhavebegunconstruction