Estimates from the U.S. Census Bureau’s most recent American Community Survey show nearly 21% of LA County’s residents work from home — nearly four times the pre-pandemic average.
of available office space in the county has fallen by 1.8 million square feet, despite a 1.8% office employment uptick since February 2020, the Beacon report said.
Conversely, the county’s warehouse/distribution vacancy rate was 0.9% for the third quarter of 2022, a 4.8 percentage point decrease from the first quarter of 2020. That decline occurred despite 8.4 million square feet of new space coming online. “As returning employees work fewer days in the office and remote/hybrid work becomes increasingly utilized, the demand for floor space has declined across Los Angeles,” Beacon said. “This trend is expected to continue.”
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