Office Leasing Pace in Los Angeles Doubles : Over 1.9 Million Square Feet of Space Rented During May and June This Year

More than 1.9 million square feet of office space was leased in May and June in Los Angeles, a 100% increase over the 980,000 square feet leased for the same two months in 1984, according to Micheal Geller, vice president of Julien J. Studley Inc.’s Los Angeles office.

More than 5.3 million square feet have been leased through the end of June, a 37% increase over the 3.8 million square feet leased for the first six months of 1984, he added. If leasing continues at its current pace, about 10 million square feet will be leased by the end of the year.

A record level of office space is on the market; just over 24 million square feet is available or under construction and about 4.5 million square feet are ready for immediate occupancy, Geller added.

The three most active leasing areas during the first six months of 1985 were: Downtown Los Angeles with 901,813 square feet leased; Westwood/West Los Angeles, 828,142 square feet and the Airport area, 747,479 square feet.