Office buildings continue to lose tenants as the remote work trend persists.
Southern California’s office vacancy rate reached 20 percent at the end of 2023, according to an article by Jonathan Lansner in the
Orange County Register. “Those vacancies would fill 58 US Bank Towers, the 72-story Downtown LA landmark with 1.4 million square feet of office space,” Lansner notes.
Los Angeles led the way with 51 million square feet of vacant office space, or 24 percent of the city’s stock. In Orange County, 18 million vacant square feet amount to 19.6 percent of the region’s offices.
See the source article for a more in-depth breakdown of vacancy rates in different areas and neighborhoods.
FULL STORY: 20% of Southern California offices are empty. Where are the most vacancies?
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City of Albany
UCLA Lewis Center for Regional Policy Studies
Mpact (formerly Rail~Volution)
Chaddick Institute at DePaul University
City of Piedmont, CA
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research