Right now things are on a strong upswing in the Los Angeles office real estate market. Vacancies are in the 13% range thanks to the growing tech and entertainment segments.
Jerry Snyder is an active and long time developer in Los Angeles and right now he is building 3 office complexes. Office space is all he is doing at this point. Other cities around the country have already seen their office space recovery level off. But, Los Angeles is still on a positive trend because of expansion in media and high tech companies like Amazon, Netflix and Snapchat.
“There are 2.2 million square feet of office space under construction in greater Los Angeles, CBRE said, down about 250,000 square feet from last quarter. The most active district for development is Hollywood, where nearly 600,000 square feet are being built.”
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