With the office sector in Los Angeles seeing its best quarter in end of last year, it is definitely a market to keep an eye on. Absorption rates (or the rate at which open office space is being occupied) were at their highest point since the economic downturn. Let’s look at what is happening in the Los Angeles office market and some of the things shaking it up.
1. Entertainment Commanding More Office Space
Los Angeles is well known for its ties to the entertainment industry
I'm loving how technology is changing the real estate market, particularly the 3D tours. In a nutshell, it is an online experience that lets interested tenants or buyers do a virtual tour of the property. If more real estate agents use this for their listings, this can be a real game changer.
The tenants/buyers can check out the property without actually having to be at the property. This can save a lot of time for them and the agents, making the whole leasing and purchasing process muc