Los Angeles Market Update: Slow to Recover

In March, a single major office property transaction closed in Los Angeles, according to CommercialEdge. The $74.4 million is a 44 percent decrease from February, when five properties traded hands and generated $133 million in sales activity. January was the most active so far this year, with $345 million in recorded sales.

Despite the sluggish activity for 2021, transacted volume in March is a 165 percent increase year-over-year. In March 2020, two properties changed hands, generating $28 million in recorded sales. Overall, prices in the market have slightly risen since 2020, reaching $420 per-square foot year-to-date, closer to the 2019 average of $427.

The medical office asset at 9033 Wilshire Blvd. in Beverly Hills was sold by UBS Realty Investors for $74.4 million. LaSalle Investment sold the 49,721-square-foot property after a six-year ownership period. The Class A asset, named Archway Medical Plaza, is anchored by University of Southern California’s Keck Medical Center, and features a surgery center as well as a full-service pharmacy. The property traded for $1,496 per square foot, well above the national average ($286 per square foot year-to-date).

CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report here. We included properties of 25,000+ square feet in our research.