More office space is being removed in Los Angeles than completed for the second consecutive year, driven by residential conversions in the urban core. Through mid-2025, roughly 1.5 million square feet has been removed from the existing stock, on the heels of a reduction of 2 million square feet in 2024. Estimated completions for 2025 add up to a little over 500,000 square feet, a historic low, according to CoStar data.