28 offices: Santa Monica, CA

Apart from the apparent advantages such as having lunch at the oceanfront or teambuilding on the beach, Santa Monica office renters are lured to the area by the enhanced public transportation, leisure options, and renovated developments rethought and redesigned after the turbulence of 2016, when LA Metro Expo Line opened. A bunch of the restaurants neighboring on the most significant business corridor and mix of retail dwellings contributed to the influx of the rents on the market. The Class A premises surprisingly demonstrate the rolling vacancy rates that are projected to reach the single-digit number. Bearing that in mind, the developers are catching up with the demand trends and supplying the market with a bit of everything expanding the city's event infrastructure and strengthening the business climate.

All of this is just a storm in a cup, still. Santa Monica's office market is ranked the third biggest in the San Francisco area. It has a fully-stocked portfolio of offices to cater to the needs of various tenants. Yet, it is premiered first and foremost for being the queen of the creative office space. The main reason for this is the scarcity of commercial property for lease in Santa Monica and nearby areas. The real estate agents start to diversify their portfolio with these workspace solutions along with the core offices. The reports show that up to 60% of corporations residing in the city are going to move to the fluid office spaces in Santa Monica, as they are looking for opportunities to defray overhead costs and entertain the employees with an opportunity to work in a collaborative environment. A trend of moving out of the core offices is also linked to the renewal of the economy, as it’s being supplied with new industries, such as tech or bioscience. Most of the enterprises in these sectors are in the infancy stage, though they are rather promising in terms of development and talent retention. The working routine at these companies is sparked with the inventions and challenging tasks that are better solved in the innovative workspaces. The city's proximity to Silicon Valley and its start-up culture is also one of the reasons for the boom of a fluid office lease in Santa Monica.