Submarket Snapshot: Playa Vista’s office market in Q1 2016

Space available in Playa Vista's office market (credit: Savills Studley)
Space available in Playa Vista's office market (credit: Savills Studley)

The Playa Vista office submarket ended the first quarter with an availability rate of 34.2 percent, according to a report by Savills Studley.

The rate increased from the previous quarter’s 33.6 percent and 22.9 percent in the same period one year ago.

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Overall rental rates for the Playa Vista office submarket ended the quarter averaging $53.52 a square foot a year, or $4.46 a square foot a month. Rents increased from the previous quarter’s rate of $50.32 a square foot a year, as well as from last year’s rate of $43.08.