{"id":1004208020,"date":"2018-03-07T05:14:24","date_gmt":"2018-03-07T13:14:24","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004208020"},"modified":"2025-02-26T02:42:33","modified_gmt":"2025-02-26T10:42:33","slug":"developments-return-in-los-angeles","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/developments-return-in-los-angeles\/","title":{"rendered":"Development\u2019s Return in Los Angeles"},"content":{"rendered":"<p>By Razvan Cimpean<\/p>\n<div id=\"attachment_1004208022\" style=\"width: 410px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Office-using-employment-in-Los-Angeles-click-to-enlarge.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004208022\" data-attachment-id=\"1004208022\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/developments-return-in-los-angeles\/office-using-employment-in-los-angeles-click-to-enlarge\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Office-using-employment-in-Los-Angeles-click-to-enlarge.jpg\" data-orig-size=\"1007,433\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Office-using employment in Los Angeles, click to enlarge\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Office-using employment in Los Angeles, click to enlarge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Office-using-employment-in-Los-Angeles-click-to-enlarge.jpg?w=1007\" class=\"wp-image-1004208022\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Office-using-employment-in-Los-Angeles-click-to-enlarge.jpg\" alt=\"Office-using employment in Los Angeles, click to enlarge\" width=\"400\" height=\"172\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Office-using-employment-in-Los-Angeles-click-to-enlarge.jpg 1007w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Office-using-employment-in-Los-Angeles-click-to-enlarge.jpg?resize=300,129 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Office-using-employment-in-Los-Angeles-click-to-enlarge.jpg?resize=768,330 768w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/a><p id=\"caption-attachment-1004208022\" class=\"wp-caption-text\">Office-using employment in Los Angeles, click to enlarge<\/p><\/div>\n<p>Los Angeles\u2019 office market is booming, thanks in part to developers targeting submarkets that can accommodate new inventory and ensure steady absorption rates throughout 2017. As average asking prices keep increasing in well-established submarkets, we expect tenants to look for alternatives in those with lower rental rates and similar office stock, such as Burbank and Culver City. Los Angeles is also the only West Coast city shortlisted for Amazon\u2019s second headquarters.<\/p>\n<p>Completions reached a cycle high of 2.3 million square feet in 2017, a 53.7 percent increase from the previous year. Development has picked up in less-established urban submarkets, such as Jefferson Corridor and Long Beach\u2013Downtown. North Hollywood emerged as the most active suburban submarket when factoring in existing inventory. With the completion of Merlone Geier Partners\u2019 giant NoHo West mixed-use project, the submarket is set to increase its office inventory by more than 15 percent by mid-2018.<\/p>\n<p>Some 37,000 jobs were added year-over-year through November, and the metro\u2019s office-using job growth continues to outpace the national average. Office jobs gained 2.2 percent from the previous year and now account for 24.0 percent of Los Angeles\u2019 total employment pool of 4.5 million jobs. Significant gains in education and health services (26,300 new jobs) and construction (8,200 new jobs) have been offset by losses in other sectors, such as government and manufacturing. As the metro\u2019s minimum wage is poised to reach $15 per hour by 2020, Los Angeles is likely to see an uptick in its overall modest job growth.<\/p>\n<p><a href=\"https:\/\/www.yardimatrix.com\/Media\/Downloads\/File\/396-LosAngeles-Winter2018OfficeOutlook?utm_medium=Research-Center&amp;utm_source=CPE&amp;utm_campaign=396-LosAngeles-Winter2018OfficeOutlook\" target=\"_blank\" rel=\"noopener noreferrer\"><em>Read the full Yardi Matrix report.<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Office development reached a cycle high of 2.3 million square feet in 2017, marking a 53.7 percent year-over-year increase. Construction has picked up in less popular areas such as Jefferson Corridor and downtown Long Beach, while North Hollywood emerged as the most active suburban submarket.<\/p>\n","protected":false},"author":753,"featured_media":1004208021,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,1594,21742,21747,37749,15],"tags":[],"class_list":["post-1004208020","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-los-angeles","category-latest","category-office","category-research-center-cpe","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Development\u2019s Return in Los Angeles - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/developments-return-in-los-angeles\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Development\u2019s Return in Los Angeles\" \/>\n<meta property=\"og:description\" content=\"Office development reached a cycle high of 2.3 million square feet in 2017, marking a 53.7 percent year-over-year increase. 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