August 11, 2016 Page 7 Office Space from page 3 full-time workers would see their paychecks increase as a result of employment dipping below 5 percent. Commercial developers and investors have time to get their projects approved and finished to take advantage of the current seller’s market condition, UCLA economist Nickelsburg said. Vacancy rates and rental prices are moving in opposite directions, which favors the landlords and commercial property investors. “The interest in building new office space has held steady and the expectation is for more building to occur in the 2016-17 time frame than in the past 12 months,” Nickelsburg said. When one door closes, another door opens, as is the case with redevelopment of commercial buildings into creative, worker-friendly offices. This redevelopment trend has transformed pockets of red-brick machine shops in Playa del Rey and El Segundo into vibrant hubs of employment for techies and digital arts companies. Playa del Rey and El Segundo are nearly built out, and the search continues for the next hot spot for entertainment and design companies that are looking for flexible office space that are close to their customers and public transportation. Creative offices feature higher ceilings, fewer walls and more amenities to attract and retain talented employees is the wave of the future, says the author of a report about the push to find properties that can be redeveloped into creative office space. Petra Durnin, Southern California director of research and analysis for CBRE, said that all office space is destined for a change. “Office space is changing for everyone,” she said. “Within the next five years. creative office and office will be synonymous … it all will be very different.” Redevelopment has turned vintage buildings, former factories, office buildings, churches and post offices into workspaces that are molded to meet the expectations of younger workers and their employers, Durnin said. Offices reduce their space requirements by allowing employees to telecommute, work offsite at the studios, or cut down on their actual time in the office. “Your 100,000-square-foot- plus is going to be a law firm. So much content and content E. Shaughnessy 10.0 drivers is driving the market right now. These don’t need so much office space due to the nature of their business,” Durnin said. Tech, TV and entertainment is clustered on Los Angeles Westside, making Culver City the next logical hot spot for the conversion of old buildings into offices. The creative redevelopment movement started in Santa Monica, and leapfrogged to Playa del Rey. Once the recovery gained momentum in 2014, Playa vacancy quickly dropped from 40 percent to 17 percent, and “it really took off,” Durnin said. The redevelopment began with the Hercules Campus, aka Spruce Goose, which leased quickly and moved on to the Hayden Tract in a deja vu of the dot.com boom in 2000. • be a dad today. Take time to Title: Market: Run/Disk Date: Color/Space: Live: Trim: Bleed: Cal l 877- 4DAD411 or v isit www. fatherhood.gov 0015_Full_MagBW Title: Executive CD: Market: Creative Director: Run/Disk Date: 09/15/09 13:21 Art Director: Color/Space: Writer: Live: Account Executive: Trim: Production Supervisor: Bleed: Coordinator: Notes: Bill to: REQ CE: Production Artist: Task: Spell checked 09CVZ0015 — Paper Doll 08-21-09 BW/magazine 7 10 Page 3 of 4 09CVZ0015 91655 3/0 BK transpose logos C. Marrero C. Cecchetti in. be a dad today. Take time to Cal l 877- 4DAD411 or v isit www. fatherhood.gov 0015_Full_MagBW Title: 09CVZ0015 — Paper Doll 09/15/09 13:Market: Run/Disk Date: Color/Space: Live: Trim: Bleed: Bill to: REQ CE: Production Artist:Task: Spell checked 7 10 Notes: 08-21-09 BW/magazine Page 3 of 4 09CVZ0015 91655 3/0 transpose 7.0 in. 10.0 in. be a dad today. Take time to Cal l 877- 4DAD411 or v isit www. fatherhood.gov 0015_Full_MagBW 09/15/09 13:21 Title: Market: Run/Disk Date: Color/Space: Live: Trim: Bleed: Bill to: REQ CE: Production Artist: Task: Spell checked Executive CD: Creative Director: Art Director: Writer: Account Executive: Production Supervisor: Coordinator: Ext. 09CVZ0015 — Paper Doll 08-21-09 BW/magazine 7 10 Notes: Page 3 of 4 09CVZ0015 91655 3/0 BK transpose logos C. Marrero C. Cecchetti K. Warmack E. Shaughnessy 8016 7.0 in. 10.0 in. be a dad today. Take time to Cal l 877- 4DAD411 or v isit www. fatherhood.gov 0015_Full_MagBW 08-21-09 BW/magazine 09/15/09 13:21 09CVZ0015 — Paper Doll Bill to: REQ 7 10 CE: Production Artist: Task: Spell checked 09CVZ0015 91655 Notes: Page 3 of 4 3/0 BK transpose logos Executive CD: Creative Director: Art Director: C. Marrero Writer: Account Executive: C. Cecchetti Production Supervisor: Coordinator: Ext. K. Warmack E. Shaughnessy 8016
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