When Snapchat’s parent company Snap announced earlier this year that it would sublease half of its 400,000 square feet of Venice office space, residents who blamed the messaging app for ruining the neighborhood’s character were relieved.
But commercial real estate brokers predict Snap’s influence on the neighborhood will remain.
Snap dramatically drove up office rents when it arrived five years ago. Now, the company is headed to Santa Monica, leaving behind a collection of small offices across Venice that have benefitted from million of dollars worth of renovations and upgrades, according to Michael Springer, a commercial agent with Halton Pardee + Partners.
Source: Curbed LA
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