Nothing compares to the prestige of being in a premium office building – even if it comes with a sky-high cost. And this year, the price tag for space in one of North America’s Skyline buildings works out to an average of $44.55 per square foot – an all-time high.
In Century City, one of the top 10 most expensive skylines according to JLL’s latest Skyline report, available space is disappearing about as quickly as the lower-priced options. The direct average asking rent this year is $58.92 per square foot, compared to [$57.60 per square foot] in 2016.
The market has shaken off the moderate pressure of a few years ago and is now basking in a wave of expansion and migration from surrounding areas. Growth in tech, entertainment, and related industries is helping to drive the boom. Last year, media marketing agency IPG moved from West Hollywood into Century City, kicking off a series of small move-ins and expansions. All of the activity has resulted in dwindling supply and rising prices.
“We’re seeing a huge new wave of interest coming to Century City, which is really pushing prices. Just a couple of years ago, the market was not what it is today and we weren’t necessarily expecting to see this kind of organic expansion,” said Josh Wrobel, Managing Director at JLL. “The market, and Los Angeles as a whole, has really turned a corner from the recession.”
Download the full Century City Skyline report here