Owner-Users and Conversions Pull 1.48MM SQFT From LA’s Office Market, Nudging Vacancy Down Despite Losses

Los Angeles office vacancy slipped to 25.3 percent in the third quarter not because tenants took more space but because CBRE removed 1.48 million square feet of buildings bought by their occupants or headed for conversion from its survey, a shift that is shrinking the market faster than demand can fill it.