The Real Deal Los Angeles

Submarket Snapshot: Culver City

Culver City's office market saw less vacancy in the fourth quarter

January 20, 2016 04:54PM
By Hannah Miet

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800 Corporate Pointe

The office tower at 800 Corporate Pointe in Culver City

The Westside’s Culver City, home to, among other things, the headquarters of Beats by Dr. Dre, saw its office market improve in the fourth quarter, according to a recent report by Colliers International.

The market, which has a total of 20 office properties and 10.6 million square feet of office space, saw its total vacancy fall to 11.8 percent, down from 13 percent in the previous quarter. It fared much better than Los Angeles County as a whole, which had a vacancy rate of 15.1 percent.

The submarket saw more than $1 million square feet in leasing activity and 401,000 square feet of net absorption. Its asking rents averaged $4.11 a square a foot a month, much higher than the $2.65 a square foot county average.

There was 36,400 square feet of office construction completed in the fourth quarter. 845,300 square feet of construction is underway now.

In the submarket’s biggest transaction of the quarter, New York Life acquired the Corporate Pointe office towers at 400 and 600 Corporate Pointe from Pearlmark Real Estate Partners for $131.3 million.