Fast Facts: Commercial Market Trends for Summer 2018
In Los Angeles, coming off the largest year over year increase (9.3%) in the fourth quarter 2017, first quarter 2018 asking rates have begun to neutralize.
In Downtown LA, the quarter finished with rates of $3.32 psf/mo indicating that demand in the area is still high and rates will hold or increase in the following quarters. (Rates in West Los Angeles, however, are still on the rise.)
What does all this mean for you?
Finding the right broker who can a) help you navigate the competitive market to find very the best deal or b) help you determine the best time to move or renegotiate your lease, is critical.
Looking for new construction?
When it comes to new construction in LA, the latest trends in commercial office buildings is all about open floor plans with plenty of fun amenities -- both of which continue to be high priorities for creative startups.
In the greater Los Angeles area, there are currently 2.1 MSF of speculative projects under construction, with more than half in the Westside of LA.
(Insider note: A majority of these Westside projects are in Culver City, a new hot spot for tech and entertainment where average asking rental rates are up over 25% from one year ago.)
Are you or someone you know looking for the perfect creative space? I'd love to help.
Sources: Cushman & Wakefield Research; U.S. Bureau of Economic Analysis; Moody’s Analytics; U.S. Census Bureau; Walk Score