{"id":1004560207,"date":"2021-12-21T03:35:17","date_gmt":"2021-12-21T11:35:17","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004560207"},"modified":"2022-12-06T10:34:17","modified_gmt":"2022-12-06T18:34:17","slug":"los-angeles-market-update-average-psf-prices-at-highest-point-in-2021","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/los-angeles-market-update-average-psf-prices-at-highest-point-in-2021\/","title":{"rendered":"Los Angeles Market Update: Average PSF Price at Highest Point in 2021"},"content":{"rendered":"

\"\"<\/a>Office investment sales in metro Los Angeles amounted to $2.7 billion over the 11 months through November, according to the latest CommercialEdge data. Although transaction volume is $200 million less than the amount recorded over the same period last year, the average price per square foot has increased by 8.2 percent year-over-year, to $412 in November.<\/p>\n

While the rate exceeds the $291 national average and is the highest recorded since the onset of the global crisis, prices still have some ground to cover\u2014in November 2019, Los Angeles\u2019 average price per square foot stood at $427.<\/p>\n

November\u2019s office sales amounted to $220 million, 39.0 percent less than the previous month. A total of four transactions were recorded, comprising roughly 369,400 square feet of office space. Investors continued to target stabilized assets, with only one sale situated in a suburban submarket. Creative office space and media production continue to be a focus of activity: in Culver City, a partnership of Pendulum Property Partners and Long Wharf Capital acquired a recently renovated creative office asset for $56 million<\/a>.<\/p>\n

In the largest office sale of November, Granite Properties sold the building at 2600 W. Olive Ave. in Burbank for $87 million to Pacshore Partners. This was also the largest sale recorded in the submarket this year. The 151,755-square-foot mid-rise tower traded at $573 per square foot. The acquisition represented Pacshore\u2019s entrance into the Burbank Media District. Burbank has seen activity throughout the year, with $359 million generated by office sales through November.<\/p>\n

In Orange County, office investment activity amounted to $137 million in November, marking a 29.7 percent drop month-over-month. Three assets changed hands, the largest of which was PGIM\u2019s $64 million sale of a Class A office in Newport Beach<\/a>. A partnership of Ocean West Capital Partners and Rockwood Capital acquired the asset.<\/p>\n

CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report here<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Investors sought stabilized assets in the city\u2019s media production hubs.<\/p>\n","protected":false},"author":1284,"featured_media":1004545005,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22251,21783,1594,21742,21747,15],"tags":[51047,50674],"class_list":["post-1004560207","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-focus","category-investment","category-los-angeles","category-latest","category-office","category-west","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"\nLos Angeles Market Update: Average PSF Price at Highest Point in 2021 - 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\/los-angeles-market-update-average-psf-prices-at-highest-point-in-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Los Angeles Market Update: Average PSF Price at Highest Point in 2021\" \/>\n<meta property=\"og:description\" content=\"Investors sought stabilized assets in the city\u2019s media production hubs.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/los-angeles-market-update-average-psf-prices-at-highest-point-in-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-21T11:35:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-06T18:34:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"930\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tudor Scolca\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/los-angeles-market-update-average-psf-prices-at-highest-point-in-2021\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/los-angeles-market-update-average-psf-prices-at-highest-point-in-2021\/\",\"name\":\"Los Angeles Market Update: Average PSF Price at Highest Point in 2021 - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/los-angeles-market-update-average-psf-prices-at-highest-point-in-2021\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/los-angeles-market-update-average-psf-prices-at-highest-point-in-2021\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\",\"datePublished\":\"2021-12-21T11:35:17+00:00\",\"dateModified\":\"2022-12-06T18:34:17+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/daae3daa7b99fdfb75a85cb3cd92a26d\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/los-angeles-market-update-average-psf-prices-at-highest-point-in-2021\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/los-angeles-market-update-average-psf-prices-at-highest-point-in-2021\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/los-angeles-market-update-average-psf-prices-at-highest-point-in-2021\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\",\"width\":1200,\"height\":930},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/los-angeles-market-update-average-psf-prices-at-highest-point-in-2021\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Los Angeles Market Update: Average PSF Price at Highest Point in 2021\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/daae3daa7b99fdfb75a85cb3cd92a26d\",\"name\":\"Tudor Scolca\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/TudorScolca_AuthorBio.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/TudorScolca_AuthorBio.jpg?w=96\",\"caption\":\"Tudor Scolca\"},\"description\":\"Tudor Scolca-Seu\u0219an is an Associate Editor with Commercial Property Executive and Multi-Housing News. He joined CPE and MHN in 2017 and is passionate about doing research for the two publications. He is responsible for data center and industrial coverage on CPE, writing seasonal metro reports on multifamily, interviews and features, as well as occasionally editing news stories.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/tudor-scolca\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Los Angeles Market Update: Average PSF Price at Highest Point in 2021 - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/los-angeles-market-update-average-psf-prices-at-highest-point-in-2021\/","og_locale":"en_US","og_type":"article","og_title":"Los Angeles Market Update: Average PSF Price at Highest Point in 2021","og_description":"Investors sought stabilized assets in the city\u2019s media production hubs.","og_url":"https:\/\/www.commercialsearch.com\/news\/los-angeles-market-update-average-psf-prices-at-highest-point-in-2021\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2021-12-21T11:35:17+00:00","article_modified_time":"2022-12-06T18:34:17+00:00","og_image":[{"width":1200,"height":930,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg","type":"image\/jpeg"}],"author":"Tudor Scolca","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/los-angeles-market-update-average-psf-prices-at-highest-point-in-2021\/","url":"https:\/\/www.commercialsearch.com\/news\/los-angeles-market-update-average-psf-prices-at-highest-point-in-2021\/","name":"Los Angeles Market Update: Average PSF Price at Highest Point in 2021 - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/los-angeles-market-update-average-psf-prices-at-highest-point-in-2021\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/los-angeles-market-update-average-psf-prices-at-highest-point-in-2021\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg","datePublished":"2021-12-21T11:35:17+00:00","dateModified":"2022-12-06T18:34:17+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/daae3daa7b99fdfb75a85cb3cd92a26d"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/los-angeles-market-update-average-psf-prices-at-highest-point-in-2021\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/los-angeles-market-update-average-psf-prices-at-highest-point-in-2021\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/los-angeles-market-update-average-psf-prices-at-highest-point-in-2021\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg","width":1200,"height":930},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/los-angeles-market-update-average-psf-prices-at-highest-point-in-2021\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Los Angeles Market Update: Average PSF Price at Highest Point in 2021"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/daae3daa7b99fdfb75a85cb3cd92a26d","name":"Tudor Scolca","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/TudorScolca_AuthorBio.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/TudorScolca_AuthorBio.jpg?w=96","caption":"Tudor Scolca"},"description":"Tudor Scolca-Seu\u0219an is an Associate Editor with Commercial Property Executive and Multi-Housing News. He joined CPE and MHN in 2017 and is passionate about doing research for the two publications. He is responsible for data center and industrial coverage on CPE, writing seasonal metro reports on multifamily, interviews and features, as well as occasionally editing news stories.","url":"https:\/\/www.commercialsearch.com\/news\/author\/tudor-scolca\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004560207","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/1284"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004560207"}],"version-history":[{"count":9,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004560207\/revisions"}],"predecessor-version":[{"id":1004562019,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004560207\/revisions\/1004562019"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004545005"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004560207"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004560207"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004560207"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}