2017 Culver City Office Market Rent Analysis
Culver City is a diverse community with a variety of neighborhoods, each with distinctive commercial and residential real estate. The office market reflects this diversity with Class A Office Towers in the Culver Pointe or Corporate Pointe area (formerly known as Fox Hills and still called Fox Hills by most locals); Downtown Culver City has some larger and medium sized office buildings but also has many creative offices; the Hayden Tract is the center of creative offices where many industrial properties have been converted to the much-sought-after exposed brick, polished concrete floor, and open floor plan designs; West and East Culver City are mostly a mix of smaller and medium size buildings, some are redesigned gems and others are retro-mid century office properties.
According to the comparables with prices in 2017 for office in Culver City that are reported by Costar, the average asking rent per square foot per month is $3.53 ($3.00 psf median). The median asking rent discount is 2.5%, but that sounds a bit low to me so it may be an issue of available data. The average deal size is 4,816 square feet (1,886 sf median) with an average lease term of 3.4 years. TI Allowance info is not available but the average free rent period is 2 months.
The top five deals in terms of square footage (rental rate is being reported) are as follows:
- 8740 Washington Blvd (Class C), 46,966 SF at $.64 MG(effective)
- 10100 Venice Blvd (Class B), 46,816 SF at $3.95 MG (asking)
- 10000 W. Washington Blvd (Culver One, Class A), 46,189 SF at $5.75 FSG (asking)
- 3960-3962 Landmark St (Class C), 18,678 SF at $2.95 NNN (asking)
- 100 Corporate Pointe (Class B), 14,750 SF at $3.05 FSG (asking) to MGM
The top five deals in terms of price per square foot are as follows:
- 10000 W. Washington Blvd (Culver One, Class A), $5.75 FSG (asking) for 46,189 SF
- 4641 Leahy St (Class C), $4.25 NNN (asking) for 8,269 SF
- 5895 Blackwelder St (Class B), $4.25 NNN for 7,016
- 3831 Hughes Ave (Class B Medical), $4.10 FSG for 3,235 SF
- 3535 Hayden Ave (Class B), $4.05 MG for 1,368 SF