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Hilton

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CBRE GLOBAL RESEARCH AND CONSULTING

Los Angeles Market

Summer 2013

Los Angeles Market:

introduction Companies across all industries – from media and

Demand for this type of space surged in the late 1990’s

EMPLoYMEnt trEndS – crEAtiVE oFFicE outPAcinG tHE MArKEt
In April 2013, non-farm employment in Los Angeles County grew to approximately 2.9 million jobs. Of the total, roughly 350,000 jobs

entertainment industry which grew by approximately 6.9%.

Year-over-year Employment Growth
10% 5% 0% -5% -10% -15% 2005 2006 2007 2008 2009 2010 2011

Traditional Office Employment Creative Office Employment

2012

2013

Source: CA Employment Development Department & CBRE Research & Consulting, July 2013. Summer 2013

Page 2 focus on space optimization, increased collaboration, enhanced culture, employee wellness, and the ability to
© 2013, CBRE

Los Angeles Market:

driVErS oF cHAnGE

Figure 2: Office Space Per Worker Figure 2:

600 225 1970's 2010

176 2012

151 2017

Source: CoreNet Global, 2012.

Figure 1:
Average 48% 47.7%

54%

52%

54%

49%

47%

43%

35%

Source:CBRE Workplace Strategy, 2013.

Summer 2013

Page 3
© 2013, CBRE

Los Angeles Market:

cASE StudY – GEnSLEr Assignment

challenge 525 S Flower Street Downtown Los Angeles in West Los Angeles. results ultimately chose the “jewel box” in downtown Los Angeles. The unique structure of the building allowed the reprieve from the City of Los Angeles for gross receipts tax, which equaled more than $1 million in savings. date completed February 2011 Landlord Thomas Properties Quick Facts 47,162 SF Relocation

A GroWinG trEnd

rESHAPinG doWntoWn

Figure 3: 2011-2012 DTLA

10.3% 2011 Creative Office 2012 Creative Office Traditional Office 65.4% 24.3%

Summer 2013

Source: CBRE Research & Consulting, 2013.

Page 4
© 2013, CBRE

Los Angeles Market:

Summer 2013

2014 completion

© 2013, CBRE

Los Angeles Market:

in order to attract tenants interested in a more dynamic $218 million

Summer 2013

© 2013, CBRE

Los Angeles Market:

CONTACTS
For more information regarding this local report, please contact: Director, Research & Analysis T: +1 213 613 3130 gary.baragona@cbre.com Senior Research Analyst T: +1 213 613 3252 matthew.mallers@cbre.com

Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, and completeness. This information is presented exclusively for use by CBRE clients and professionals, and all rights to the material are reserved

Summer 2013

Page 7
© 2013, CBRE

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