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

Area saw positive absorption thanks to giant ICM lease

TRD LOS ANGELES /
Apr.April 26, 2016 05:00 PM
 

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.

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.

 

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