Culver City Skyline

Culver City 2014 Office Market Forecast

Posted on January 21, 2014 ยท Posted in Trends

Located in western Los Angeles County, Culver City has been a center for motion picture and television production since the 1920s. It has been a home for MGM Studios, Sony Pictures Entertainment and TV studios including the NFL Network. As you can see in the graph below, rates in Culver City have traditionally been higher than the California average for office space and that trend has continued from 2006-2013.

Rates in Culver City have steadily risen since 2012 in both the city and metro area but they remain below the 2008 market peak. Areas in the city have traditionally seen a greater variance in price, but this area began to rebound as early as 2009. Rate improvement has been sporadic for some locations, but overall they continue to tread in a long-term upward direction.

In 2014 we expect all three areas of Culver City to continue to rise but we believe that rates will not approach the market peak from 2008. Instead we’re forecasting a 1-2 percent increase and if your business is looking to lease or purchase office space in the Culver City area we believe 2014 presents a great opportunity for long term investments and locking in low rates with a long-term lease.

Culver City is a stable market that was able to weather the downturn of 2008, and because of its historical connection to filmmaking in the Los Angeles we feel confident that prices will continue to rise well into the future.

Culver City rent trends

Photo Credit: Daniel Poullot