August 2, 2017
Live Space properties, a hybrid of a house and an office, are emerging as a compelling, flexible and creative workspace option on Los Angeles’ Westside. Researchers at CBRE found that Venice, CA, has the highest density of Live Space office in Silicon Beach.
These spaces average 6,858 square feet, and typically include dog-friendly areas, showers, outdoor areas and full kitchens. The result is a neighborhood atmosphere offering employees a homey feel at work. They’re also attracting the likes of Snapchat, Media Monk, Headspace, Crosscut Ventures, Whisper, and Signal Sciences.
CBRE found properties that match this profile rarely trade hands, but when they do, they command higher prices. Rents at Live Space properties are 19.6% (FSG) higher than traditional office, while vacancy is 46.2% below traditional office space. That type of performance continues to drive investor interest, as well as the creation of more Live Spaces.
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