During the second quarter 2014, five office buildings totaling 130,971 square feet were completed in the Los Angeles market area. This compares to three buildings totaling 172,958 square feet that were completed in the first quarter 2014.
There was 2,308,090 square feet of office space under construction at the end of the second quarter 2014.
Some of the notable 2014 deliveries include: Formosa South at The Lot, a 95,002-square-foot facility that delivered in first quarter 2014 and is now 100% occupied, and Hale Medical Center, a 74,376-square-foot building that delivered in second quarter 2014 and is now 31% occupied.
The largest projects underway at the end of second quarter 2014 were Office Plaza at Wilshire Grand, a 356,140-square-foot building with 0% of its space pre-leased, and Columbia Square, Gower/Selma, a 248,879-square-foot facility that is 0% pre-leased.
Total office inventory in the Los Angeles market area amounted to 425,826,276 square feet in 17,659 buildings as of the end of the second quarter 2014. The Class-A office sector consisted of 182,673,363 square feet in 993 projects.
This trend is compared to U.S. National Office deliveries and construction, which saw 217 buildings totaling 11.38 million square feet complete construction, with an additional 101 million square feet of office space still under construction at the end of the second quarter. 3905 NW 107th Ave., an 80,000-square-foot facility delivered in the South Florida market, while the 354,845-square-foot 520 Newport Center Dr. in the Orange County market is still underway. Total office inventory in the U.S. market totaled almost 10.42 billion square feet in more than 500,800 buildings at the end of Q2 2014, including some 20,800 owner-occupied buildings accounting for 905 million square feet.