Rents for Commercial Properties: Office & Creative in Santa Monica

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Current Rental Rates for Commercial Properties: Office & Creative uses in Santa Monica, Los Angeles County, CA.

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An Up to Date Market Snapshot for Property - Leasing Activity Trends & Conditions in the Westside submarket of Southern California from a Commercial Real Estate Consultant.

Below is a detailed summary of already Negotiated Market Level Lease Rates from a Commercial Appraisal Survey - Not Highly Inflated Asking For Lease Face Rents Still Requiring numerous rounds of Negotiations for Tenants with Companies or Businesses that are Leasing & Occupying Spaces or Buildings in projects from Landlords. A Market Level Commercial Real Estate Appraisal Study:

1) Terms 2) Concessions & 3) Marketing Periods.

2 Specific Use(s): A) General & Administrative Office B) Creative Office.

Base Rents - NNN or Modified Gross or Full Service Gross Expense basis:

$3.30 and higher / sf of building / month.

Additional Operating Expense Pass Thru’s to Tenants - extra NN’s or CAM’s that are Proportionate or Pro Rata share of Property Taxes, Property Insurance, etc. or CAM’s - Common Area Operating Expenses paid to Owners Over & Above Base Rent:

$0 / sf of space / month - Tenants Typically Pay Separately Metered Utilities of Electricity and Gas Expenses & Interior Janitorial.

Total Rent (Base Rent + Additional NNN's or CAM's): $3.30 and greater / sf / month.

Annual Base Rent Increases: 3% / year and higher.

Lease Length or Contract Term: 36 months and longer.

Landlord Provided Free Rent Concessions to Tenant: 0 months and more of Rental Abatement.

TI’s - Tenant Improvements Concessions provided to Tenant by Owner:

$0 TI’s and greater / sf of Building Improvement Allowance to upgrade the property.

Additional Parking Cost: $0 / space and higher.

Vacancy Rates: 4% and greater.

Marketing Period - # of Months on Market until occupancy of unit or Lease Up Absorption Period: Not available.

Are you a Real Estate Consultant Expert that would like to share your Expertise or Knowledge with everyone?

Or do you have Specific Requests or Questions for Discussion or Needed Insight for any Real Estate Services related items that you would like to see posted?

Potential Suggestions for Feedback, Comments or Subjects for Real Property:

1) Locations in Los Angeles County or locales in 5 other Southern California counties: Ventura, Orange, San Bernardino, Riverside or San Diego?

2) General Property Types: Commercial Real Property or Industrial Real Estate?

3) Specific Property Types: A) Retail B) Industrial C) Office D) Medical / Healthcare E) Multi-Family Apartments or F) Vacant Land?

Possible Topics:

4) Estate Planning for Real Estate, Trust Planning, Fair Market Rent Comparables, Lease Comparables or Fair Market Value Sale Price

5) General or Specific Market Trends & Conditions

6) Lease Up Marketing Periods or Sell Out Absorption Periods

7) Vacancy Rates & Collection Loss, Operating Expenses, Capitalization Rates of Return or Investor Required Rates of Return

8) Leasing Activity - Direct or Sublease or Sales Activity, Below or Above Market Level Negative or Positive Factors related to Deferred Maintenance, Distressed Buyer or Seller Sale Motivation such as REO Foreclosure or Short Sale

9) Highest & Best Use(s), Ideal Tenant Mix

10) Net Effective Rent Occupancy Cost Analysis for Major Cost Savings

11) Internal Underwriting or Asset Monitoring, etc.

I can the post for All to Benefit based upon feedback & suggestions for requested Location Advice:

1) Tenants or Occupants that are National Credit, Regional or Local / mom & pop

2) Landlords or Owners that are Full or Partial Owner User Occupiers

3) Buyers 4) Sellers 5) Investors of Income Producing Leased Investments

6) Developers of New Construction Developments or Contractors of Redevelopment or Renovation Projects

7) Private or Hard Money Lenders or Nationwide Banks for Purchase Money Loans or Refinance or 8) Mortgage Brokers

9) Key items to look for in objective Real Estate Consulting, well supported Commercial Real Estate Appraisal or Industrial Appraisal reports

10) What to look for in choosing a professional and credible Real Estate Advisor or Real Estate Appraiser for Industrial Property Valuation or Commercial Appraisal

11) Differences in designated Appraisers: MAI - Member of the Appraisal Institute, ASA - American Society of Appraisers in Commercial Real Property Appraisal or CRE - Counselors of Real Estate for Commercial Real Estate Consulting

12) Important interview question to ask when retaining a Real Estate Advisor, Real Estate Agent or Real Estate Broker, etc.

Decision Making for Commercial Properties or Industrial Property Buildings or Projects:

A) Stay at Current Location & Reset New Fair Market Rent: Lease Rates, Concessions and Terms & Renegotiate prior or existing Lease Contracts in place for Upcoming or Soon to Expire Agreements for Options and Renewals to Stay or Renew Lease at existing location

B) Relocate to a Different Location and Negotiate a New Lease: Move to a Replacement site

C) Expansion into Additional Submarkets: Open Other Multiple Locations for retail or wholesale units or office suites