January 20, 1991
Tenants who are cutting sweet deals because of the current oversupply of office space in Southern California, "High Vacancy Rates Lead to Sweet Deals for Office Tenants" (Dec. 24), should enter these agreements with a financial caveat. The soft rental market and a lack of financing are resulting in far fewer new office building projects, and during the next several years a space shortage will occur with resulting higher rents. Firms renting space today at artificially low rents brought on by the office glut should be ready to renew their leases, or take new space five years from now, at far higher rents brought on by the coming space shortage.
November 22, 1987
John T. Reed, a Danville, Calif., real estate investor, author and editor of Real Estate Investor's Monthly newsletter, isn't taking any chances on the stock market plunge having a similar effect on real estate investments. He's prepared a checklist of measures landlords should consider "to deal with recession or depression." Among other advice, he urges real estate investors to pay close attention to the rental market so that they are not too slow to lower rents.
April 13, 1989 |
The Westside not only has the distinction of having some of the most expensive houses in the Southland, it also has some of the most expensive apartments. A study by Grubb & Ellis Co., a national real estate firm, found that a typical two-bedroom apartment in Westwood rents for $1,500 a month; a one-bedroom unit goes for $950 a month, and a single rents for $817. To qualify to rent such a unit, a person must have an annual salary of between $38,000 and $60,000. "What this study suggests, is that it is becoming increasingly more difficult to find a place to live," said John F. Carpenter, senior vice president and district manager of the firm's West Los Angeles office.
CALIFORNIA | LOCAL
April 30, 2003 |
An arbitration panel has trimmed a land company's demand for what residents called "astronomical" rent increases on the ground beneath their seaside homes near Ventura. Some homeowners in the Seacliff gated community had contended that they would be driven from their houses if the Seacliff Land Co. were allowed to more than triple their rents. In a decision disclosed this week, rents will be increased annually by 7.5% to 10% during the next four years, said a homeowners' association spokesman.
May 28, 1989 |
Randy Jagger and his four daughters live in a small, three-bedroom apartment in a complex whose style could best be described as basic box with balcony. It is a decent, simple place, distinguished only by rents so reasonable they seem like fossils. Jagger, a city trash collector, pays about $400 a month for his unit in the Parwood Apartments in North Long Beach, thanks to the federal mortgage subsidy that was used to build the complex in the late 1960s. But the future of Parwood's bargain rent is uncertain.
July 18, 2010 |
Southern California office landlords faced more bad news in the second quarter as occupancy and rents in their buildings fell again. The persistently soft market has created opportunities for tenant businesses to sign some of the cheapest leases available in several years. The pace of deals has picked up a bit, brokers said, but many companies are still carefully husbanding their finances and avoiding long-term rental commitments. Commercial real estate is a lagging indicator of the economy, and the drop in California employment that started in 2007 has helped shrink the amount of space businesses need to house their employees.
April 20, 2014 |
Southern California's office market has improved ever so slightly - once again for landlords. In the just-finished first quarter of 2014, the overall vacancy rate fell less than a percentage point and monthly rents ticked up a nickel per square foot. The slight upward shift in occupancy was typical of the last several quarters. The region's office rental market stabilized after the recession, but has not picked up steam the way it did during previous economic recoveries. Nevertheless, vacancy is reaching its lowest level since 2008, when the Great Recession hit and prompted a downward trend in office use that finally is turning around, albeit at a glacial pace.
CALIFORNIA | LOCAL
April 3, 2004 |
The setting is pure Ansel Adams. Towering, snow-capped peaks fill the sky. Ground level is more John Steinbeck, though. Carnival ride mechanics, highway construction workers and a homeless waitress all have staked out spots at Bonita Ranch Campground in the San Bernardino National Forest. Parking spots, that is.
December 5, 2002 |
The depressed office and industrial real estate markets in the Los Angeles region will start to recover in mid-2003, but a full rebound is more than a year away, according to a report released today by the Lusk Center for Real Estate at USC. That means that the first half of next year should be an optimum period for office tenants to lock in rents before they increase, said Raphael Bostick, who conducted the study.
January 15, 2000 |
Running well ahead of overall inflation, Orange County rents have risen by about 7% over the last year, a company that monitors trends at large apartment complexes reported Friday. As of Dec. 31, renters in the county were paying a record $1,037 a month on average, up 6.93% from $970 a year earlier, according to Novato, Calif.-based RealFacts. It said rents have risen by nearly 13% since March 1998, when they averaged $919.