October 17, 2016
Playa Vista and Hollywood dominated office construction activity over the past 10 years, according to CBRE Research. The company found that more than 67% of all projects in Los Angeles County took place in those two markets.
Activity included 1.58-million square feet of new office space completions in Playa Vista, 45% of the county total, and 758,566 square feet, or 21.7%, was delivered in Hollywood.
CBRE’s Patrick Amos says, “Development in Playa and Hollywood took off for similar reasons.” There was room to build and both markets were desirable locations for large tenants looking to attract well-educated, Millennial talent from across the region.
Each grew at different paces, yet development activity in both markets was buoyed by appealing live-work-play environments. Playa Vista was the last piece of undeveloped land on the Westside, and was attractive to large tenants unable to find space in other Westside markets.
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