When asked how the recession and pandemic have affected L.A.'s commercial real estate market, Ryan Patap, director of analytics at data group CoStar, is blunt: "It's bad.
Over the past two quarters, we've seen vacancy rise at its fastest pace in more than a decade." According to a December CoStar report, the market vacancy in L.A.
stands at 12.2 percent, up nearly 2 percent year-over-year. Rents have declined 1.2 percent, the first slip in nine years. Certain neighborhoods have been hit particularly hard.
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