“Creative” office space is becoming an increasingly popular commodity in Los Angeles. Frequently offering amenities that are outside of the norm, such as on-site laundry facilities or a small dog park, creative office space is real estate that is specifically geared toward creative firms rather than firms in more traditional fields such as law, insurance or finance.
An Expanding Market
According to a recent analysis of Southern California, there is approximately 200 million square feet of office space available in the Los Angeles County market. Of this space, technology and creative tenants lease 38 percent, which amounts to approximately 76 million square feet. Within the next five years, another 30 million square feet of tenants are expected to see their leases expire and in need of renewal. The majority of these renters are expected to be in the market for creative space.
Changing the Face of Office Space
Currently, Los Angeles has a unique combination of historic office buildings and industrial products available. This space is no longer useful in the same way that it was when it was originally developed, with many dating back to the early 1900s and featuring exposed brick and wood-beamed ceilings. Much of the industrial space was developed between the early 1900s and into the 1980s, reflecting a once-robust manufacturing industry.
Today’s creative companies are looking for space that will allow them to fulfill their unique production needs. For example, there may be a need for space for a writer’s room and for casting while also still having the ability to handle significant amounts of digital information in postproduction.
Membership Has its Advantages
To meet their needs for creative space, some companies are choosing to utilize managed office space that can be accessed on a membership basis. Cross Campus is one company that offers such an option. The working-space company has two locations in Los Angeles, with a third on the way. This option is particularly attractive to start-ups and small companies who do not wish to sign a longer-term lease on office space. Some of the offices taking advantage of this option are teams with as many as 40 people.
Businesses utilizing shared office space are not just restricted to creative businesses, as law firms, financial companies and those involved with branding, advertising and design are all utilizing this option. For example, the law firm Hueston Hennigan leased space in the PacMutual complex in 2015, while Avery Dennison leased in the Arts District. Other areas that have a high concentration of creative companies include Playa Vista on the west side, which has attracted entertainment, tech and design companies, and Burbank to the north thanks to its proximity to Warner Bros. and Disney.
Whether you are looking for commercial or residential real estate, our expert real estate professionals will help you find the perfect property to suit your needs. We specialize in luxury properties in Southern California’s most prestigious neighborhoods and communities. Contact us to see how we can help you meet all of your Los Angeles real estate needs.
$2,294,880 : 219 S THURSTON Avenue, Los Angeles4 beds, 3 baths
$2,795,000 : 2651 LA CUESTA Drive, Los Angeles6 beds, 5 baths
$2,395,000 : 1523 N 3/8 DOHENY Drive, Los Angeles4 beds, 6 baths
$3,495,000 : 2314 JUPITER Drive, Los Angeles4 beds, 5 baths
$3,850,000 : 824 N LA JOLLA Avenue, Los Angeles5 beds, 5 baths
See all City of Los Angeles Luxury Homes For Sale.
(all data current as of 10/18/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.