Cushman & Wakefield’s Los Angeles research department has released a proprietary report, “Creative Space Overview,” outlining creative office space trends in greater Los Angeles.
Statistics in the report address creative growth sectors in employment over the past year, industries utilizing creative office space versus traditional office space, and market leasing activity.
Among the report’s key findings are:
• 1 in 7 jobs in Los Angeles is creative and nearly half (44%) of California’s creative economy workers are in the Los Angeles region.
• From July 2013 to July 2014, creative office space for management, scientific and technical consulting positions grew by more than 10%.
• 5 out of the 9 creative industries in L.A. grew at least 4%.
• Almost two-thirds (61.7%) of 2014 leasing activity for creative office space occurred in the Westside (Santa Monica/Marina Del Rey/Venice).
• Vacancy rates declined in all but Hollywood where conversions and construction are prevalent.
“Los Angeles is especially attractive to creative users because there are all types of creative space here: industrial adaptive reuse, campus, vintage renovations and reimagined office towers,” said Petra Durnin, Managing Director of Research for Cushman & Wakefield in Los Angeles.
The way companies and organizations are approaching business has impacted the role of the office for today’s professionals. The report notes that many organizations are focusing on worker experience, flexibility, productivity and globalization. To ensure a productive work environment, companies are identifying office opportunities and requirements that support their workers.
Additionally, while traditional industries have dominated the office-using employment base for decades, creative office users are forecasted to make up a larger percentage of this sector through 2018.
To read the report in full, click this link: http://apps2.cushwake.com/intranet/Flyeradmin/flyers/Creative_Office_Overview_LA.pdf.