The micro-market around LAX and Century Boulevard has the highest office vacancy rate in South Bay, at a whopping 40 percent, according to a new report by Newmark Grubb Knight Frank.
“It’s always had a higher vacancy rate…the office product there is aged and a lot more dated,” said Mark Sokolowski, director of Global Corporate Services at NGKF. “There are passive ownerships used to collecting income and not putting money back (into buildings).”