The Real Deal Los Angeles

Submarket Snapshot: Torrance

Area sees rising rents despite vacancy
By Hannah Miet | February 17, 2016 05:25PM

JLL research rents

Rents rose across almost every L.A. submarket in the fourth quarter (credit: JLL)

Some in the industry speculate that as the creative office wave spreads further into the South Bay, Torrance will be hit next.

It could happen, but in the meantime, the 1.9 million-square-foot offie submarket is seeing high vacancy.

Torrance’s office space was 24.1 percent vacant in the fourth quarter, according to data from JLL, down from 25.3 percent in the third. Its vacancy rate was higher than the fourth-quarter South Bay average of 20.5 percent.

However, like most submarkets across Los Angeles County, Torrance saw its asking rents rise in the fourth quarter. Average asking rent was $2.55, compared to $2.55 in the third quarter and $2.26 in the same period a year earlier.

No office construction was completed in Torrance in the fourth quarter.