Marina del Rey, which means “Harbor of the King,” is a coastal community located in Los Angeles County. This census designated place is the nation’s largest man-made, small-craft harbor. More than 5,000 boats dock in the harbor, so naturally boating is a big deal here. Paddleboarding, parasailing, and sailing are popular ways to pass the time in Marina del Rey. High-rise condos, six hotels, seaview restaurants, and trendy boutiques surround the harbor.
Some of the top industries in Marina Del Rey are professional, scientific, & technical services; health care and social assistance; information; and retail trade. Tourism is also an important economic driver here; in 2017, visitor spending exceeded $312 million, and in 2018, it exceeded $425 million. “The future of Marina del Rey looks brighter than ever,” said Janet Zaldua, Marina del Rey Convention and Visitors Bureau CEO.
Marina del Rey Office Space | Lease Data & Trends
When it comes to commercial real estate, Marina del Rey is considered part of the West Los Angeles submarket. West LA, which also includes Culver City, boasts more than 53.3 million square feet of commercial real estate, with 1.8 million square feet currently under construction as of Q1 of 2019. Right now, nearly 12 percent of these spaces are vacant and available for new tenants.
Most cities report office rental prices by square foot per year, but Los Angeles area prices are instead listed by square foot per month. West LA commercial properties cost an average of just over ƒ per square foot per month to rent. The Downtown Los Angeles office space rental average is just over $3.60 per square foot. Class A properties in West LA cost an average of just over $5.50 per square foot to rent. This is about a dollar and a half more than the Downtown Los Angeles Class A rental rate.
|Office Space for Rent||Class A||Class B|
|Price per square foot||$5.5||$4|
What Our Brokers Say About Marina del Rey
Marina del Rey lies between Playa del Rey to the south and Venice to the northeast. It’s conveniently located just four miles (6 km) from the Los Angeles International Airport and walking distance from the world-famous Venice Beach. Though Marina del Rey is surrounded by Los Angeles, it’s not technically part of the city. Nearby neighborhoods include Mar Vista, Palms, and South Robertson. The University of Southern California Information Sciences Institute, the UCLA Marina Aquatic Center, and the Loyola Marymount University boathouse are all in Marina del Rey.
Marina del Rey has plenty of transportation options. For example, the nearby Marina Expressway provides easy access to Culver City. The average commute time in Marina del Rey is 26.3 minutes. See the parking options in Marina del Rey. Travel for free by using one of The Free Ride’s five-passenger electric shuttles. Just text (323) 435-5000 and allow 10 to 15 minutes for your ride to arrive. In the summer (June 20 through Sept. 2), you can take the Waterbus to get around this unique seaside community. Trips only cost $1 per person! Marina del Rey also has a free Beach Shuttle and the Santa Monica Big Blue Bus, which helps travelers travel anywhere in the LA Westside. And of course, LAX is just four miles away for those who need to travel nationally or internationally.
Marina del Rey is part of the LA Westside, which contains some of the most valuable real estate on the globe. More than 8,000 people reside in Marina del Rey, and about 6.78 thousand people work here. The industries that pay workers the most are construction, information, and finance & insurance. Some consider Marina del Rey to be part of Silicon Beach, which is thus-named for its impressive hub of successful creative and technology companies. Multiple big-name technology companies work out of Silicon Beach, including Facebook, Salesforce, Sony, Youtube, Google, and Yahoo. The startup scene is booming here as well. Startups Pixtasy, TeleSign, DuMont Project, and FocusAtWill are all based in Marina del Rey.
One major difference between Silicon Valley and Silicon Beach is that Silicon Beach enjoys a more diversified economy. Besides technology, Silicon Beach is also known for other industries, like healthcare and scientific services. Tourism is a key moneymaker for Silicon Valley and in particular for Marina del Rey. From 2012 to 2017, the economic impact of tourism on Marina del Rey increased by 73 percent. In 2018 alone, more than 490,000 overnight visitors came to Marina del Rey. Though Marina del Rey is only 1.5 square miles (or 3.9 square kilometers) in size, it contains six hotels.
Between all the business and boating you’ll be doing in Marina del Rey, you will need to find something to eat. Check some of Foursquare’s top business lunch destinations, such as Lodge Bread Co, Celadon Thai Kitchen, Peet’s Coffee & Tea, and Cast and Plow. To dine with a view and enjoy some fancier cuisine, visit Beachside Restaurant & Bar, C&O Cucina, or Cafe del Rey.
Marina del Rey History
Long before Marina del Rey became a popular tourist destination, it was home to the Gabrielino-Tongva indians. Spanish explorers eventually joined them and noticed the area was ideal for fishing and duck hunting. Modern Marina del Rey first existed in the mind of developer M.L. Wicks, who in 1887 enacted a plan to build a Los Angeles commercial harbor. He established the Ballona Development Company in 1888 to put his plan into action, but unfortunately the company went bankrupt.
In 1902, land developer Moses Sherman purchased 1,000 acres in and around modern day Marina del Rey. Sherman gave Marina del Rey its name. In 1916, the U.S. Army Corps of Engineers tried to make the area into a commercial harbor, but it just wasn’t practical. Instead, the Port of Los Angeles was offered funding to develop the area. More than 10 years and $36 million later, Marina del Rey was formally dedicated in 1965. Today, Marina del Rey is a beautiful beach community, and it’s hard to believe people used to call it a marsh.