The long-suffering LAX/Century City Boulevard office submarket can’t seem to catch a break. In the fourth quarter, it had the highest vacancy rate out of every submarket in L.A. County.
Its 3.7 million square feet of office space was 44.4 percent vacant in the fourth quarter, according to data from JLL. It soared above the 20.5 percent vacancy average for the South Bay.
Vacancy has only slightly improved in recent quarters. It was at 44.6 percent in the third quarter and 45.5 percent in the fourth quarter of 2014.
There was no construction completed in the fourth quarter and the area saw a meager 4,960 square feet of positive absorption.
Rents, unsurprisingly, were low. Office space in the LAX submarket averaged $1.70 a square foot a month in the fourth quarter, unchanged from the third quarter. It was well below the South Bay average of $2.46.