First-Quarter Office Leases Up This Year

Office leasing in Los Angeles was up during the first quarter of this year over last by 15.5%, says Howard Sadowsky, senior vice president and regional manager of Julien J. Studley Inc.’s Los Angeles area offices.

During the first quarter of this year, 5 million square feet of office space was leased in contrast with 4.4 million in the corresponding period of 1987, he said.

However, Michael Geller, corporate vice president, cautioned that the Los Angeles market is headed toward a short-term tightening, with space diminishing rapidly over the next 18 months.

Despite this, the Westwood/West Los Angeles area and West San Fernando Valley witnessed a 29% and 39% increase, respectively, in available space during March and April with the addition of new buildings that will be available for occupancy in early 1990.