That long-expected downturn in the real estate industry isn't expected to result in decline of industrial development here. A new study rates the Los Angeles at the top of a list of 10 cities "best positioned for industrial growth" this year.
The two-year economic outlook by Alex. Brown Realty Advisors Inc., Baltimore, ranks Chicago in second place, followed by Detroit, Philadelphia, Boston, Minneapolis-St. Paul, Newark, N.J., St. Louis, Cleveland and Cincinnati.
Los Angeles is also listed among the leaders in office building development, along with Chicago, Philadelphis, Boston and Cincinnati, according to the study.
"Office is clearly the most fragmented of all the real estate markets," according to Robert H. Gidel, president of Alex. Brown Realty Advisors. "It is generally overbuilt nationally because 150 million square feet (of office space) was delivered in 1986 and another 120 million square feet in 1987."