We Need 44 Million SF of Creative Office

Petra Durnin is the director of research and analysis for the Southern California market at CBRE.

LOS ANGELES—The Los Angeles market should be ramping up for huge creative office demand in the next few years, according to a new creative office report from CBRE. If the last few years are an indication—creative office leasing is up 91% since 2011—the market will likely have 44 million square feet of demand for creative office space in the next few years.

Growth in the creative office market is inherently linked to the general office market, which has also saw some growth in the most recent quarter, and growth in the overall office market is driven by the creative sector. “They are becoming one in the same,” Petra Durnin, head of research and analysis for Southern California at CBRE, tells GlobeSt.com. “New construction over the next five years will look very different than new construction from the previous 25 years. Add to that the renovations and upgrades to some type of creative/open space expected over the same time period and it will be difficult to separate out the growth.”