Assuming a private equity buyer profile ($20M and up deal size), which submarkets in LA would present a compelling pitch to an investment committee as having upside moving forward.
For example, the Santa Monica office market was one of the first post-recession to experience major rent growth due to location and the deep pool of technology and entertainment tenants who wanted to be in the market. That eventually flowed over to Playa Vista, which has largely been built out and sold to institutions for huge numbers. El Segundo has directly benefited from Playa's boom, and it seems already as though the window to make real money in El Segundo has already passed if you weren't in already.
What is the next domino in line?
There is still a lot of commodity office space in good locations throughout the westside of LA, but whether they would make good "creative" conversions remains to be seen.
Everything seems to revolve around the thesis of transit "nodes", where is the next stop on the Metro being built and how can we buy or build in walking distance to that stop.
The story in Pasadena a few years ago was solid, but lately I have heard through leasing brokers that they expect vacancy to rise due to some large tenants choosing to leave the market in the next 12-18 months, which will dampen rent growth.
Glendale seems to be a commodity market despite all the resi being built and the retail already in place.
Burbank has vacancy and has typically been controlled by 2-3 large groups (Worthe, Hudson Pacific, etc).
Other areas of the SF Valley seem to be stuck in neutral (i.e. Warner Center, Encino, etc).
Downtown LA seems to attract the ultra large institutions or overseas money that just likes that downtown CBD vibe, despite the fact that the market historically hasn't moved much.
Beverly Hills/Century City is controlled by either REITs or large institutions that rarely sell, or old school local investors who have owned for decades and have no incentive to liquidate.
Hollywood may have some opportunity to pick off a few random buildings, but with Hudson and Kilroy developing a ton of space and rents rising, is there really a value play there buying now?
I'm not a big fan of the Long Beach office market, despite buyers being active there recently.
What else is really left?
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