PwC Plans Relocation from DTLA to Century City in 2028

Why this matters

PwC’s decision to relocate from Downtown Los Angeles (DTLA) to Century City underscores evolving dynamics in the LA office market that resonate across US institutional real estate. As a marquee tenant committing to a long-term lease in Century City, PwC’s move signals a potential shift in tenant preferences away from traditional urban cores toward submarkets perceived as offering better amenities, accessibility, or modern office environments. This trend may reflect broader post-pandemic recalibrations in office demand, where firms weigh employee experience and operational efficiency against downtown congestion and commuting challenges. For institutional investors and capital allocators, the relocation highlights the importance of submarket selection in underwriting office assets. Century City’s ability to attract a large, creditworthy tenant on a long lease term could reinforce its appeal as a stable income source amid ongoing uncertainty in downtown office fundamentals. Conversely, DTLA landlords may face heightened pressure to reposition or repurpose assets as tenant flight risks intensify. The deal also offers insight into leasing velocity and tenant credit quality, factors critical for lenders assessing risk in office portfolios. Overall, PwC’s move is a barometer of shifting capital flows within LA’s office landscape, with implications for underwriting, asset strategy, and portfolio positioning in a market still grappling with structural change.

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