Santa Monica is a vibrant community of tech and creative companies situated in a unique beach-urban setting. Without a doubt the epicenter of Silicon Beach’s creative office boom.
Market Snapshot
Santa Monica’s creative office market continues to be at the top of the list when it comes to rental rates and sales price per square foot. During Q3 2019 the submarket averaging asking rents were $5.54+ per foot, the highest since Industry Partners started tracking the creative office market.
Leasing in Santa Monica has been strong this year after a weaker 2018. The submarket continues to tighten with a vacancy in the Creative Office product now at a low 4.3% — the lowest since 2014, before Riot Games and Honest Co left Santa Monica for other submarkets. Santa Monica notable recent leases include WeWork’s 112,000 SF and Tennis Channel’s 69,000 SF leases at Latana Media Campus, and Bird Scooters’ 72,000 SF at Colorado Center.
Market Snapshot
Santa Monica’s creative office market continues to be at the top of the list when it comes to rental rates and sales price per square foot. During Q3 2019 the submarket averaging asking rents were $5.54+ per foot, the highest since Industry Partners started tracking the creative office market.
Leasing in Santa Monica has been strong this year after a weaker 2018. The submarket continues to tighten with a vacancy in the Creative Office product now at a low 4.3% — the lowest since 2014, before Riot Games and Honest Co left Santa Monica for other submarkets. Santa Monica notable recent leases include WeWork’s 112,000 SF and Tennis Channel’s 69,000 SF leases at Latana Media Campus, and Bird Scooters’ 72,000 SF at Colorado Center.