12% Vacancy Rate Noted in Westside Offices

Increased leasing activity in Westside office buildings has resulted in a 12% vacancy rate, the lowest of any market in Southern California, according to John Carpenter, district manager for Grubb & Ellis’ Westside office.

“Despite the completion of new structures on the Westside,” said Carpenter, “this rate has been stable for the past year, emphasizing the high demand for office space in the area.”

The firm’s building-by-building study also reveals a preference for newer structures among tenants. Office building constructed prior to 1970 have lost tenants; those built during the 1970s show a flat absorption rate, but those finished since 1980 keep attracting new tenants.