Figures

Greater Los Angeles Medical Office Figures Q2 2024

August 13, 2024 10 Minute Read

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  • The overall market vacancy reported at 10.6% in Q2 2024, a decrease from the prior quarter driven by 55,891 sq. ft. of positive net absorption. Overall availability for the quarter ended at 12.4%.

  • The average direct asking rate increased by $0.04 to $4.07 on a monthly, full service gross basis (FSG) in Q2, marking the third consecutive quarter of positive rate growth.

  • Total leasing activity increased quarter-over-quarter to 202,247 sq. ft. in Q2 2024.

  • Compared to the general office market, MOBs have consistently reported a lower vacancy and higher average asking rate, attributed to the medical field’s demand for in-person patient care.

  • The total sales volume in Q2 2024 amounted to approximately $60 million, which represents the lowest figure since Q1 2013. Notably, only three medical office sales exceeded 10,000 sq. ft. in size.