Large blocks dwindle in Century City as vacancy hovers in the single digits
Century City currently boosts the tightest direct vacancy rate in the entire Los Angeles metro, at 6.8 percent.
- Century City currently boosts the tightest direct vacancy rate in the entire Los Angeles metro, at 6.8 percent. There are currently only 10 full floors of direct available space in Century City, and supply in the top tier assets remains extremely limited. The current 10 available floors is a stark contrast to the 50 full floors of available space back in 2014. Substantial vacancies plagued the market in 2014 as a handful of larger users like Northrup Grumman and MGM moved out of Century City and ILFC downsized significantly.
- Full floors began being absorbed in 2015 and 2016 as tenants like ICM and Morgan Stanley expanded as well as significant relocations like that of IPG who moved from West Hollywood and took 143,000 square feet of space in Century City. There is now a limited supply in top tier assets like 1999 Avenue of the Stars, 2000 Avenue of the Stars and 10250 Constellation Place. Activity in Century City is currently strong and is being fueled by growth of law, finance and some co-working.
Source: JLL Research