As of Dec. 2022, LA recovered all jobs lost during 2020. Q4 22 VC funding of $4.84B dropped 56.3% YoY. Direct rents decreased 1.7% YoY; sublease rents decreased 2.2%YoY. Tech and media leasing decreased 11.5% to 7.7 msf leased

An increase in companies reevaluating real estate portfolios expanded the inventory to 17 msf concentrated in North Beach/Waterfront, South Financial District, Mission Bay/China Basin, South Beach, and Financial District.

Asking rents returned to pre-pandemic levels, ending 2022 at $78.68 psf/yr, driven by construction projects such as Two Manhattan West and 66 Hudson Boulevard East. Nine blocks of space over 250k sf pushed up the availability rate.