Century City Experiences a Surge in Vacant Office Space at Yearend 2023
As the market witnesses an increase in sublease space, it is expected that sublessors will increasingly offer rent discounts
Potential tenants should pay attention, Tenant Consulting Group Executive Vice President Michael Arnold provides his insights on Century City’s office real estate market. He noted, “Concessions, while still available and, in certain cases, in abundance, depend on the length of lease terms and the creditworthiness of the tenant. Strong landlords also have the wherewithal to perform and support tenants’ needs. Century City is an anomaly compared to the rest of the market as it’s one of the strongest submarkets in the country.” He further emphasized that rents are continuing to rise, and vacancies in Trophy and A-class spaces will experience a consistent decline.