Santa Monica, CA Office Overview
The Santa Monica real estate market includes the Ocean Park, Pico, and Wilshire - Montana commercial real estate submarkets. While the city itself is home to nearly 93,000 residents, Santa Monica is also part of the Los Angeles metropolitan area, which is home to over 13 million people.
As of mid-2017, the Santa Monica market encompasses over 9 million square feet of existing office space in properties larger than 50,000 square feet. The commercial real estate market in Santa Monica, CA, is strong and robust thanks to the city's closeness to Los Angeles and the deep mix of business and industry that are attracted to the Santa Monica market.
Santa Monica, CA Office Inventory Description
The large number of creative and innovative businesses in Santa Monica, along with those in the green and medical industries, make a significant contribution to the Los Angeles region's gross annual metropolitan product of $682 billion. The demand for office space in Santa Monica is consistently strong. Over 64% of the office space in the city is Class A or A+, while Class B product adds another 33% of inventory to the Santa Monica office market.
One of the many areas in Santa Monica that sees strong demand for space is the Downtown Santa Monica submarket. Located primarily northwest of I-10 along the Pacific Ocean, the area is home to Class A portfolio office buildings such as 520 Broadway, 501 Santa Monica Blvd, and the Clock Tower building at 225 Santa Monica Boulevard.
Santa Monica, CA Commercial Inventory Breakdown
Office Spaces
Total: 10,616,652 SF
By square footage range:
- 50k to 100k SF: 3,340,475 SF / 31.46% of total office
- 100k to 500k SF: 7,276,177 SF / 68.54% of total office
By class:
- Class A: 7,815,204 SF / 73.61% of total office
- Class B: 2,257,788 SF / 21.27% of total office
- Class C: 94,681 SF / 0.89% of total office
Top 10 Largest Office Buildings
in Santa Monica
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| The Water Garden - 1601 Cloverfield | 1601 Cloverfield Blvd, 90404 | 341,379 | 2000 |
| The Water Garden - 1620 26th | 1620 26th Street, 90404 | 332,824 | 1992 |
| Rand Building | 1776 Main Street, 90401 | 321,111 | 2004 |
| The Water Garden - 2425 West Olympic | 2425 Olympic Blvd, 90404 | 316,844 | 1991 |
| 2700 Colorado | 2700 Colorado Avenue, 90404 | 313,366 | 1985 |
| The Plaza at Santa Monica | SWC Arizona Avenue & 5th Street, 90401 | 294,400 | n/a |
| Lantana Media Campus - West & Center Buildings | 2900 Olympic Blvd, 90404 | 278,680 | 1959 |
| The Water Garden - 2450 Colorado | 2450 Colorado Avenue, 90404 | 277,914 | 2000 |
| Colorado Center - Building F | 2500 Broadway, 90404 | 275,647 | 1991 |
| 100 Wilshire | 100 Wilshire Blvd, 90401 | 254,862 | 1971 |
Most Recently-Built Office Buildings
in Santa Monica
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| 2041-2115 Colorado Avenue | 2041 Colorado Avenue, 90404 | 75,000 | 2019 |
| Santa Monica Gateway | 2834 Colorado Avenue, 90404 | 205,215 | 2017 |
| Pen Factory - West Building | 2701 Olympic Blvd, 90404 | 132,200 | 2017 |
| Pen Factory - East Building | 2701 Olympic Blvd, 90404 | 90,000 | 2017 |
| Penn Station | 1630 Stewart Street, 90404 | 76,169 | 2015 |
| 1800 Stewart Street | 1800 Stewart Street, 90404 | 160,000 | 2013 |
| 3401 Exposition | 3401 Exposition Drive, 90404 | 63,376 | 2013 |
| UCLA Outpatient Services Building | 1231 16th Street, 90404 | 54,572 | 2011 |
| Pier Point Pacific | 1540 2nd Street, 90401 | 66,812 | 2008 |
| 3030 Olympic Blvd | 3030 Olympic Blvd, 90404 | 67,000 | 2007 |
Santa Monica, CA Green Office Space
Many people would argue that California is one of the most, if not the most, energy-conscious state in the country. Looking at the amount of green office space in Santa Monica, one can understand why. The city has nearly 2 million square feet of office space in buildings larger than 50,000 square feet that is green, Energy Star-rated, or LEED-certified.
One example of a LEED-certified building in Santa Monica is the 2700 Colorado building. Located in the Mid-City Santa Monica commercial real estate submarket, this building was constructed in 1985 and contributes over 313,000 square feet of LEED Silver-certified office space to the market.
The 2017 National Green Building Adoption Index surveyed the top 30 office markets in the U.S. to measure the overall percentage increase of green space in larger office buildings. The report noted that since 2005, when less than 5% of these office buildings were certified green, today that share has increased to 38%.
Santa Monica, CA's Top Office-Using Sectors
The Santa Monica market is vibrant, driven in large part by top office-using sectors like the game development, healthcare, government & education, and large corporate office users.
- Game Development – Demand for white-collar office space in Santa Monica is created by companies such as Activision Blizzard, Cloud Imperium Games, SIE Santa Monica Studio, and Treyarch;
- Healthcare – Organizations such as the Santa Monica - UCLA Medical Center and Saint John's Health Center are two of the largest employers in the Santa Monica, California region;
- Government & Education – The City of Santa Monica, Santa Monica College, and the Santa Monica - Malibu Unified School District are three of the institutions in this top office-using sector in Santa Monica;
- Corporate Office – White-collar employment in Santa Monica is created by companies such as the RAND Corporation, ET Whitehall, and Lionsgate Entertainment.
Santa Monica Demographics
Population
- Total Population92,495
- Male Population(49.1 %) 45,390
- Female Population(50.9 %) 47,105
- Median Age40.50
Income/Financial
- Average Household Income$130,610
- Median Household Income$86,084
- Median Income Under 25$44,831
- Median Income 25-44$107,545
- Median Income 45-64$85,363
- Median Income Over 65$44,672
News
$24 billion worth of assets changed hands in the top 50 biggest office deals to close in 2018. Google, Disney, Samsung mingled with established top CRE players. Check out the full list and read up on last year’s most notable U.S. office investments.
Executive summary: Los Angeles Office Sales Hover Around the $1.2B Mark Average Price per Square Foot Rests at $311, After 60% Growth Compared to Q2 Los Angeles Market Set to Deliver 18 Office Projects in Q4, Totaling 1.89MSF The 31 transactions closed in Q3 across the Los Angeles and Orange Cou...
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