There's a nasty little secret about the imposing row of office towers that line both sides of Century Boulevard near Los Angeles International Airport: fewer and fewer people want to work there, despite the location. Or maybe because of it.
Tenants have bailed out in droves and commercial rental rates have plunged to record low levels.
How low? On par with Peoria, Illinois and cheaper than Detroit, says the LA Times.
"Experts point to the lack of amenities and airport-related traffic as reasons,” said Forest Crandall of Avison Young. “However, this hardly explains the strange phenomenon. The truth is, people simply do not want to work in the airport area.”
The landlord of the once-proud, 12-story Royal Airport Center has already decided to throw in the towel. The slick rendering above is how the new owner plans to convert the building to a 231-room Residence Inn by Marriott.
Photo: R. D. Olson Construction