Commercial Property Executive featured JLL LA‘s Michael Prabhu in their article ‘Smart Spending Strategies.’
“…property managers have an ace in the hole: Santa Monica’s emergence as “Silicon Beach,” a hot spot for technology-related firms. The trend has pushed office vacancy in the city’s Downtown submarket to around 4 percent. Jones Lang LaSalle recommended a makeover that would attract cutting-edge firms. A late spring start is scheduled for a $2 million, six-month renovation that will modernize the lobby and corridors. In addition, Prabhu said, allowances for improvements will encourage tenants to build the open, collaborative spaces favored by young technology professionals.
The combination of upgrades and incentives has generated new leases from a variety of tenants, including marketing, media, technology and a European clothing manufacturer. That activity will boost occupancy from about 70 percent to 90 percent, Prabhu estimated.
To read the complete article, click here: Smart Spending Strategies