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os Angeles office leasing is experiencing a resurgence after a pandemic-induced decline in demand. According to Savills' analysis, landlords signed deals for 3.8 million square feet of office space in the third quarter, the highest level since the start of the pandemic four years ago. This represents a 27% year-over-year increase and nearly matches the 4 million square feet leased in the first quarter of 2020.

    Despite this uptick in leasing activity, the city's office availability rate continues to rise, reaching 28.3%. Average monthly asking rents remain flat at $3.90 per square foot, although Class A offices saw a 1.7% year-over-year increase due to a "flight to quality" in Century City and Southern California.

    The leasing activity has sparked cautious optimism about the demand for office space returning to Los Angeles. However, office-using employment growth in the region's tech and entertainment industries has declined over the past year. Notable deals include Southern California Gas Company's 198,600-square-foot lease at 350 South Grand Avenue and JPMorgan Chase's 162,700-square-foot renewal and expansion lease at 2029 Century Park East in Century City.