Santa Monica’s suckerpunched office market is poised to make a comeback Jun. 01, 2021 at 6:10 am Office: Prices for office space fell during the pandemic but not by as much as during previous downturns. Clara Harter The state of Santa Monica’s office rental market is a case of bad news, good news. The bad news is companies fled Santa Monica offices in higher numbers than the rest of LA, spiking vacancy rates and causing rental prices to drop for the first time since 2010. The good news is academic experts and realtors are confident workers will soon return into the office in droves. They believe Santa Monica’s rental market is poised for a strong recovery due to its desirable location and constrained supply of office space.