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Market Report

Los Angeles Retail Market Report

4Q 2023

Vacancy Reaches Prior High, Despite Pockets of
Improvement and Modest Construction Activity

Metro enters second half in unfamiliar territory. Los Angeles was the only Southern California market to record a rise in retail vacancy over the 12-month period ending in June, placing its local rate at a historical high of 6 percent. While the volume of available space across both the single- and multi-tenant segments sits at record levels, several macro and submarket-level dynamics offer reasons for long-term optimism. Entering October, the county’s active pipeline was modest, with just one submarket — West Los Angeles — expected to add more than 80,000 square feet this year. Limited short-term supply pressure and near-record asking rents could benefit property owners with available square footage, should tenant demand improve. Those in West Los Angeles, South Bay, Antelope Valley and Santa Clarita Valley may already be capturing upside, as each of these submarkets noted positive first half absorption. 

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