They topped out a 255,000-square-foot building in Warner Center last week and one with the same size footprint is half finished, the Los Angeles Daily News reports.
Don’t expect commercial vacancy rates to spike, though.
The vacancy rate in this market is about 9 percent – which is basically full – but it won’t likely blink at 510,000 more square feet of space becoming available in the next nine months.
That’s because the first four floors on the second building have been preleased, said John Sabourin, senior managing director at Studley, a commercial real estate firm in charge of leasing.
The fact that the second building is leasing up before the first is a matter of timing.
Sabourin said that the software company Intuit plans to move some operations from Calabasas to Warner Center next spring, so the second building was a good option.
