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.
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.