The Los Angeles (LA) office market is heating up. As of July 2016, LA is second to New York City in commercial transactions, and that pertains to both quantity and size.

In June of this year LA  has already seen 11 more office space transactions than June of 2015 (31 to 42). Deal totals have already eclipsed $5 billion ($5.3 billion), which is more than double from a year ago($2.4 billion).

East Coast Giant Douglas Emmett Inc. recently joined with Qatar's Sovereign Wealth Fund to purchase a 4-building portfolio worth $1.7 trillion. Additionally, another East Coast firm, Boston Properties, recently purchased a 6-building portfolio worth $500 million in one of LA's downtown districts.

Given these staggering transactions, it will be interesting to see how quickly commercial real estate development expands in downtown LA.