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edbush Securities is relocating from its 100,000-square-foot headquarters in Downtown Los Angeles to a smaller office in Pasadena. The company will occupy a 20,000-square-foot space on Lake Avenue, an 80% reduction in its office footprint. This move comes as the firm adapts to a shift towards remote work and a decline in the Downtown office market.

    The Downtown area has seen a significant increase in vacancy rates, with overall vacancy exceeding 30%. Many companies have downsized their offices or abandoned them altogether, leading to a decrease in foot traffic and a sense of unease among remaining businesses. Wedbush's lease at its current location expires next year, and President Gary Wedbush cited the pandemic as a factor in the decision to move.

    The new office will feature shared workspaces and a rooftop deck that will be converted into an outdoor office space with conference tables and computer stations. Wedbush Securities has around 900 employees across 28 cities in the US and plans to formally relocate its headquarters from Downtown to Pasadena by mid-next year.

    This move reflects a broader trend affecting the Los Angeles County office market, where tenants and landlords are navigating a supply and demand imbalance exacerbated by the shift to hybrid and remote work.