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Receive a File and Update on Culver City Commercial Vacancy Rates
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Meeting Date: April 11, 2025
Contact Person/Dept: Luis Gonzalez, Economic and Cultural Development
Phone Number: (310) 253-5767
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No [X]
Public Hearing: [] Action Item: [] Attachments: []
Public Notification: GovDelivery (04/08/25)
Department Approval: Jesse Mays, Assistant City Manager ( 04/08/2025)
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Commercial vacancy remains at high levels as work from home trends continue to be utilized throughout several sectors in Culver City. At this time, Culver City is experiencing a commercial office vacancy rate of 25.7% across Culver City. Availability within the Fox Hills/Culver Point area accounts for 11% of the total vacancy. Additional availability includes Hayden Tract at 14%; Jefferson Corridor (between Overland Avenue and City Boundary to the East) at 20%; Mid-Washington Boulevard (between 405 Freeway and Downtown) at 6% and the Arts District at 10%. Conversely, retail vacancy rates remain low at 5.4%.
CoStar reports that vacancies have increased steadily since Q3 2022 which is not unexpected given the continuation of work-from-home policies.
Neighboring cities are also experiencing higher than normal commercial office availability including Santa Monica (20.4%) West Hollywood (11.6%), Beverly Hills (15.5%). CoStar projects that vacancies will continue to plateau at 25% until 2029. As a result of the increased availability, price per square footage has also decreased from $56 per square foot to $52.
Although the City continues to experience above normal vacancy rates, sales tax generally has returned to pre-pandemic levels throughout geographic areas and districts.