After reporting last week that CBS Television Distribution has signed a five-year lease at the Water Garden office complex in Santa Monica—a deal valued at $15 million—the Hollywood Reporter says demand for creative space is highest on the Westside.
According to the magazine, big name media companies such as Hulu, Miramax and Demand Media are looking for space or close to signing leases in Santa Monica, Culver City, Marina del Rey and Venice.
The vacancy rate in the area was 12 percent in the first quarter, dipping from 15.5 percent the same time in 2011, Industry Partners told THR.
Jim Jacobsen, a broker with commercial restate firm, told the magazine, "it felt like a little bit of a pause back in December, but it has picked up, and there has been a real increase in deal activity."
The Water Garden sits on 17 acres and is reportedly the largest commercial property in the Santa Monica area.
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