The Real Deal Los Angeles

Submarket Snapshot: Century City

Submarket saw positive absorption in fourth quarter

January 25, 2016 05:00PM
By Hannah Miet

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Constellation Place in Century City

Constellation Place in Century City

The Westside as a whole saw 450,100 square feet of positive absorption in the fourth quarter, rebounding from negative in absorption in the third. The Century City submarket was responsible for 29 percent of that, with 128,900 square feet of positive absorption, according to a report from Colliers International.

Century City has 20 office buildings with 10.6 million square feet of space. Those buildings saw 368,900 square feet of leasing activity last quarter.

The submarket saw its total vacancy decrease to 11.8 percent, down from 13 percent in the previous quarter. Its asking rents were an average of $4.50 a square foot a month, higher than the Westside average of $4.05.

There was no construction completed or underway in the fourth quarter.