Nina Steiner of Saxum West compares asking rates, transit access, and location trade-offs across Downtown Santa Monica and the Bergamot corridor as office vacancy holds near 30 percent
-- Santa Monica office space costs between $4.50 and $10.00 per square foot per month in asking rent across five of the city's office buildings, according to a new guide from Nina Steiner, a tenant representation broker with Saxum West and founder of TenantRepLA. The guide, Santa Monica Office Space: Comparing 5 Buildings on Price and Location, compares each property on asking rent, proximity to the beach and Third Street Promenade, Metro Expo Line access, and parking.
The Santa Monica Office Space Cost guide covers 1299 Ocean Boulevard, 401 Wilshire Boulevard (Wilshire Palisades), 100 Wilshire Boulevard, 2500 Broadway (Colorado Center), and 1620 26th Street (The Water Garden). The five properties span three distinct parts of the city: the Downtown Core along Ocean Avenue and Wilshire Boulevard, the Mid-City corridor, and the Bergamot corridor near 26th Street and Olympic Boulevard.
Asking rates range widely within one city
Approximate monthly asking rates cited in the guide run from $4.50 to $5.50 per square foot at 401 Wilshire and 2500 Broadway, to $5.00 to $6.25 at 1299 Ocean, to $9.00 to $10.00 at 100 Wilshire, the tallest building in the comparison at 21 stories. Rates for The Water Garden are available on request.
The guide notes that asking rates are a starting point rather than a final number. With Santa Monica office vacancy at approximately 30 percent, tenants currently have access to free rent periods, tenant improvement allowances, and flexible lease terms. According to Steiner, effective rents after concessions can run 15 to 25 percent below published asking rates.
Location determines the trade-offs
The guide matches each building to a tenant profile:
- 100 Wilshire and 1299 Ocean sit at the water and serve firms where the address supports client relationships, including law, finance, and professional services.
- 401 Wilshire is one block inland and 0.3 miles from Third Street Promenade, the closest of the five, at a lower asking rate than the oceanfront buildings.
- 2500 Broadway is adjacent to the Expo Line's 26th St/Bergamot Station, the strongest transit access in the comparison, and suits technology, media, and creative tenants.
- The Water Garden is a landscaped campus near the I-10 for companies that prioritize freeway access and a campus setting over a beachfront address.
"Santa Monica is one market on paper, but these buildings serve very different tenants at very different costs," said Nina Steiner. "The right question isn't whether Santa Monica is expensive. It's whether the address fits how your business actually operates, and in this market, the listed rate is rarely what a tenant ends up paying."
Steiner represents tenants exclusively and does not represent landlords. There is no fee to the tenant for her services.
About the company: Nina Steiner is a tenant representation broker at Saxum West, serving office tenants across Los Angeles through TenantRepLA. Before entering commercial real estate, she worked in live television production. She represents tenants only, advising businesses on site selection, lease negotiation, and market concessions.
Contact Info:
Name: Nina Steiner
Email: Send Email
Organization: Saxum West
Address: 407 North Maple Drive Beverly Hills, Ca 90210
Phone: (310) 487-2982
Website: https://tenantrepla.com/
Release ID: 89204921
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