Marina del Rey, Playa Vista and the surrounding environs are experiencing an office boom, partly due to price as rents rise nearby.
A "For Sale" sign hangs in front of a former residence on Beach Avenue in Marina del Rey that speaks volumes about the changing area.
The sign lists the usual information contacts and such but it also indicates that the property is zoned for commercial use. And it's not the only residential property to feature such a sign in the area near Redwood Avenue.
So called live/work units where people live in the same space as their small business are being built next to creative office space. And those little spaces are playing off the big, billion-dollar projects that are also going up in that area.
Indeed, Marina del Rey, Playa Vista and the surrounding environs are experiencing an office boom.
Part of the attraction has to do with price. As office rents skyrocket in west Los
Angeles, users are looking to the Marina del Rey area as the last large-scale opportunity for new office space.
And another part of the attraction has to do with traffic. Spurred by the success of the Playa Vista residential development which provides new and mostly upscale housing for workers all sorts of office users are staking their claim in the area.
"For the pure amount of size of acreage and square footage that can be built, it is the final frontier for office space on the Westside," said Steve Solomon, Senior Vice President at Jones Lang LaSalle Inc.
Developers and politicians alike say they dream of an entire live/work region that would make the car an unnecessary component of the work day.
"The ultimate dream of mixed use is meaning you can live, work and play in same neighborhood," said City Councilmember Bill Rosendahl, whose district includes Playa del Rey and Playa Vista. "With the new office, I don't want more car trips coming into the district, what I want is people living in the district working in it."
Vacancy rates and asking rents for Class A space on the Westside show why office tenants are looking to the Marina del Rey area. For example, Santa Monica had a 5.9 percent vacancy rate for first quarter, compared to the county average of 9.5 percent, according to Grubb & Ellis Co. data. Also, Santa Monica's average asking rent for Class A space was $5.17 per square foot per month the highest price in Los Angeles County, where the average asking rent is $3.
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