When PMI Properties helped invent the Los Angeles creative office business back in the mid-1990s, there was no institutional investment in creative office. The institutions thought creative office was a fad and didn’t really understand the business. Now Lionstone Group owns more than a million square feet of creative office space. Hudson, Kilroy, Alcion, Divco, and many others are now buyers and developers of creative office spaces.
PMI has it’s share of tech, new media and production companies residing at our creative offices and we are rapidly expanding and accepting more tenants month by month. To see the variety and scope of our tenants, click here.
The LA Times article here expands more on the creative office space boom.
PMI recently applied for a variance which would reduce the parking requirements on two of its office buildings in the SoMa district of San Francisco. The City granted the variance on 625 Third Street and 539 Bryant citing that San Francisco has substantially improved its public transit in the area. The City also recently changed the parking zoning requirement from a minimum number of spaces required to a maximum number of spaces allowed. Both properties are of easy walking distance to the Caltrain and within a block of municipal transit which runs every four minutes for a ten minute ride to BART. Transit options will exponentially increase for the two properties. The City has commenced construction on the new fourth street subway which will connect Caltrain SoMa with Chinatown with a stop near BART. PMI has also contributed to the transit-friendly situation. At PMI’s buildings, arrangements have been made with a garage near the Embarcadero BART Station for tenants to park their bikes at the garage overnight. Tenants can then take the BART into the city and ride their bikes the rest of the way to work. At 410 Townsend in SoMa, near Caltrain, PMI made arrangements for Zipcar, a car sharing company, to keep cars in its garage for the benefit of their tenants.
PMI Properties is an owner and investor in creative office buildings on the Westside of Los Angeles and in San Francisco. Availabilities include 2,000 square feet in Santa Monica and Marina Del Ray and up to 18,000 square feet in Culver City. For more information, go to http://www.pmiproperty.com.
Advertising is a big part of what drives Westside Creative Office. Although 1.8% growth in 2011 is better than the 12% reduction in 2009–it is still under the 5% in 2010. The article below notes that demand, like the economy, started strong in the first half of the year and then sputtered out. Luckily for Santa Monica–tech filled in and more. Other parts of the Westside lagged. Unless tech takes on much more relevance or advertising picks up–other areas of the Westside may continue to experience more muted demand from creative office users. The Westside has benefited from growth in digital advertising (e.g. Google Adsense, Rubicon Project) and convergence media (the convergence of media contect onto the web–think Hulu) and E marketing (e.g. Shopzilla). Although traditional advertising slowed, digital advertising continues to flourish.