AIRPORT DISTRICT — A third major tenant at Bob Hope Airport has vacated about 44,000 square feet of leased space, bringing the total space returned to the airport to more than 500,000 square feet in less than one month.
The leased space had generated roughly $305,000 each year for the airport.
Executives said the lease giveback by Million Air Burbank, which includes hangar and aircraft parking ramp space, came as no surprise given warnings during the budgeting process.
The Burbank-Glendale-Pasadena Airport Authority budgeted for potential tenant losses of $1.3 million, Executive Director Dan Feger said.
“We factored in the numbers because we saw what the economic climate was like,” Commissioner Charles Lombardo said.
Million Air’s giveback reduces total rent in the fiscal year by $538,728, a relatively small proportion of the roughly $13 million officials expected to make from tenant leases this year.