Submarket Snapshot: Century City’s office market in Q1 2016

The courtyard at 10250 Constellation Boulevard in Century City
The courtyard at 10250 Constellation Boulevard in Century City

 

Century City’s 10.5 million-square-foot office submarket saw 130,625 square feet of positive absorption in the first quarter of 2016, according to a report by Transwestern.

A huge lease signed by International Creative Management, for 108,259 square feet of space at Constellation Place, accounted for the bulk of it. The firm expanded to different floors in the same building at 10250 Constellation Boulevard. 

Century City’s 11 percent vacancy rate was just a notch lower than the West L.A. average of 12 percent.

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Its asking rent averaged $5.01 a square foot a month, pricier than every Westside submarket except for Beverly Hills and Santa Monica.

The average Westside rent in the first quarter was $4.52.