Huber Bongolan

Savills Q3 2020 Los Angeles Office Report

Deck from Michael Soto – Research Director, Southern California Region at Savills
Read Date: 10/2020

  • Leasing activity remains low, declining 18% in Q3 from Q2 2020
  • Most occupiers are continuing to put long-term real estate decision-making on hold with short term extensions accounting for many of the leases that did close in Q3
  • Expect leasing demand to continue to be low as the path of the virus and a timetable for a vaccine remains uncertain and companies announce WFH into 2021 
  • Overall availability increased 160 basis points over Q2 to 20.1% in Q3, marking the highest level of availability seen market-wide since 2012
  • One good sign is that LA County unemployment rate dropped to 16.1% in August from a high of 20.9% in May
  • While average rental rates have not experienced a widespread decrease as of yet, pressure is building as landlords increasingly become more aggressive in attracting and retaining tenants
  • With Hollywood studio production slowly re-opening, cautious optimism within the entertainment/media sector is expected, although full-scale film production is not likely to commence until the beginning of 2021 at the earliest

Published by CredibleCRE

Huber Bongolan has 9 years of experience in commercial and residential real estate finance. Mr. Bongolan has sourced $700+ million in debt and equity financing for land, construction, bridge, and permanent deals in all product types. Huber received a double bachelors, Business Economics and International Studies, from UC Irvine where he graduated Cum Laude. He then earned a double masters, MBA and MRED, with Program Distinctions, from University of Southern California. Mr. Bongolan is an Eagle Scout in the Boy Scouts of America, and holds leadership positions in both ULI (Urban Land Institute) and FIIRE (Filipinos in Institutional Real Estate). He enjoys competitive sports, mentoring youth, and teaching personal finance. Huber also enjoys writing about Real Estate trending topics and education. His blog posts can be found on https://medium.com/@huber_60971

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