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CBRE recently released their Tech Thirty, showcasing the fastest growing tech real estate cities in the U.S.
The study compared CBRE’s office market statistics with 2014’s tech industry stats to rank the growth of cities and city submarkets over the past two years. Los Angeles’ results were steady as the market continues through what CBRE calls the "Expansion" period.
According to CBRE’s commercial real estate data, the average asking rent in LA was $33.35 square foot per year, the vacancy rate was 15.6%, and there is 2.2 million square feet of new office space being constructed.
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The top submarket in LA was Santa Monica, where rent was $61.68 square foot per year and the vacancy rate was 9.3% percent. Santa Monica also ranked 10th in the nation in rent growth over the past two years. However, CBRE stated that Playa Vista could become the top sub market in LA with one more large private investment.
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