Vacancy rates, like airplanes, are taking off at LAX. But at nearby Marina del Rey, the rates are a lot less flighty.
A study, published by REIS Reports Inc., of New York, cites three reasons.
It says that office centers surrounding Los Angeles International Airport suffer from overbuilding and a softening defense sector, while Marina del Rey and Culver City districts are benefiting from growth in the service industries.
The overall area, traditionally known as the LAX/Marina market, has 17 million square feet of office space and a combined vacancy rate of 18.6%, says the study. The Airport/El Segundo portion shows a vacancy rate of 19.8% and Marina/Culver City 14.4%.