Playa Vista Hits Equilibrium with Santa Monica

The addition to the Playa Jefferson Campus is a 55,000-square-foot creative office building.

LOS ANGELES—Playa Vista started out as a budget-friendly alternative to the Santa Monica market, but the market is now on par with the Westside giant—and it is still growing. Demand in the market continues to grow for tenants in all size ranges.

“Playa Vista office market has never been stronger. Demand for the last creative space options in this highly desirable and relatively small submarket of just over three million square feet is competitive,” Matt Montgomery, principal for Marshall Property & Development, tells GlobeSt.com. “There are very few options for mid- to large creative companies in this pocket and the inventory continues to decrease. It’s practically at equilibrium now with Santa Monica. Since Playa Vista is a newer submarket, more of the buildings offer a higher parking ratio than Santa Monica so this is also a major tenant driver in relocation decisions. More parking equals more marketability. Playa Jefferson for example, offers 4/1,000 square feet, which is the highest in this submarket.”