Century City ranks 24 of 121 global office markets with some of the most prestigious rental properties in the world.
Century City office markets is the most prestigious in the world, according to new research. CBRE’s annual Global Prime Office Occupancy Costs report ranks the market number 24 of 121, meaning that the market is competitive on a global scale in terms of occupancy costs. In Century City, occupancy costs are up 5% over the prior year.
Is it surprising to see that Century City Office Space market ranked so high among global office markets?
Century City office space market district for the West LA and the greater Los Angeles Basin. Some of the newest and highest rent-achieving buildings are located in the prestigious Century City office market.
Why is Century City so appealing to office users?
Proximity to the Westside, Beverly Hills and the entertainment industry and executive housing for the movie industry makes Century City a very well located and desirable home for a number of high-end users. We’re also seeing tenants migrate to Century City due to the increasing traffic impacts west of the 405. With the $800 million renovation of the Westfield Mall completed, Century City is now home to a number of high-end restaurants and amenities, allowing it to compete as one of the most amenity-rich locations on the Westside. Beyond its central location and strong amenity base, the quality of the buildings, prestige of address and the increasing trend of cohabitation from entertainment and professional service firms help set Century City apart from most other submarkets.
This is especially interesting because creative office is often touted as a driver of the office market, but Century City is definitely not a creative office market. What does it say about office trends in general that Century City, a very traditional class-A office market, has such a strong performance and demand?
Century City has not been traditionally known as a creative office market but we’re seeing more and more creative companies considering and moving to Century City because of the multitude of amenities, central location and some owners’ initiatives to address this shift in workplace culture. For example, at The Plaza (1800 & 1840 Century Park East) we installed a rooftop gym, tennis court and basketball court, built locker rooms and showers, added a dog park and a large outdoor community spaces – one on the roof and one on the ground level and are offering free bike usage and free shuttle van usage. Through the addition of these amenities we were successful in attracting IPG Group to The Plaza, a 150,000 square-foot advertising company that relocated from West Hollywood. The relocation of IPG has paved the way for other creative tenants, and we’re now seeing more interest and activity from that user base.
What are the drivers of the Century City office market, and the fundamentals compared with other L.A. office markets?
As a central business district you have a great diversity of users – from finance powerhouses like JP Morgan and Goldman Sachs to entertainment users like ICM and CAA along with a large national and regional law firm presence. Now, with a growing a creative user base, as indicated by our latest Global Markets Research Report, Century City has become a highly desirable location for professional service providers and creative companies alike.