Here is an article talking about NYC. Retail vacancies are almost double what they were in 2019. I think the problem is bigger than just LA. Commercial/office real estate is much worse. Unfortunately, I see this getting worse, not better. There is rumblings that banks have a lot of real estate loans on their books that are worth approximately 10-60 cents on the dollar.
Only 6% of Big Apple storefronts sat empty in 2019, compared to nearly 11.2% this year, statistics from the city Department of Finance show.
nypost.com