Submarket Snapshot: Playa Vista

The Playa Vista office submarket ended the fourth quarter of 2015 with an availability rate of 33.6 percent, according to a report by Savills Studley. The rate decreased from the previous quarter’s rate of 35.5 percent.

Leasing activity for the quarter, at 50,000 square feet, was down from the previous quarter’s 240,000 square feet and the 150,000 square feet leased in the same period a year earlier.

Overall rental rates for the Playa Vista office submarket ended the quarter averaging $4.19 a square foot a month, which was unchanged from the previous quarter but an increase from the same period last year, when rents averaged $3.64.

There is 1.8 million square feet of office space in Playa Vista.