January 24, 2010 |
Southern California property professionals are saying good riddance to 2009's rising office vacancies and falling rents, and conjuring hope for somewhat better times later this year. The recession brought layoffs to many white-collar companies, prompting tenants to downsize their offices and sometimes plead for rent reductions. Strapped landlords saw their revenues fall as fewer tenants paid less money to occupy their buildings. Real estate brokerage Colliers International tellingly headlined a recent report: "2009: End of a year gone bad."
May 10, 2011 |
Long-suffering office landlord MPG Office Trust Inc. reported a first-quarter loss Monday as the Los Angeles company struggled with debt and a weak rental market. The real estate investment trust, which owns some of the region's best-known skyscrapers including the U.S. Bank Tower in downtown Los Angeles, finished the quarter ended March 31 with a loss of $39.5 million, or 81 cents a share. MPG turned a profit of $18.6 million, or 38 cents, in the same period a year earlier.
September 13, 2010 |
After slipping into the red in early 2009, Los Angeles commercial real estate brokerage CB Richard Ellis Group Inc. climbed back to profitability as business improved and the company found new sources of revenue. CB Richard Ellis turned a profit in the second half of last year that was fueled by internal cuts and a real estate rebound in Asia. Revenue has continued to grow this year as property sales and leasing picked up in Europe and the U.S. The industry's largest brokerage firm has about 29,000 employees in more than 300 offices worldwide.
April 28, 1991
Pamela Stevens, in her quest for a two-bedroom Westside apartment, may indeed find many of them unaffordable by her income standards (Speaking Out, "Rentals: Supply Siders Break Law of Economics," April 21). This doesn't mean, however, that rents aren't being reduced and deals aren't being made. While some naive landlords defy laws of supply and demand by holding tough on rents and doing little to upgrade interiors, there are still a few of us around who understand basic economics and merchandising.
September 26, 1989
American Video Clearinghouse in Westlake Village said it signed a letter of intent to acquire a division of Comprehensive Leasing Corp., of Austin, Tex. Terms were not disclosed. The division provides inventory and equipment to operators of video stores. American Video Clearinghouse rents videocassette tapes by mail.
May 18, 2001 |
When Linda Gershon opened her mid-century home-furnishings store 21 years ago on Beverly Boulevard, the area had a sleepy, almost suburban feel. "Nothing was on this street then. I mean nothing," she said recently. Nobody was that interested in Modernist antiques then, either. When she accidentally left several 1950s Charles and Ray Eames chairs on the grass in front of her store, Skank World, they were still there the next morning. "Nobody would take them for free back then," Gershon said.
December 7, 1987 |
Hunter's Books is closing three unprofitable stores on Christmas Day, including its flagship store in Beverly Hills, the chain's owner said Sunday. Hunter's Books owner Louis Lengfeld said in a telephone interview that the stores in Beverly Hills, Westwood and Phoenix are being closed because rents are too high. He said he decided to close the stores rather than reduce the level of customer service that has become Hunter's trademark. "We gave it a good try," said Lengfeld.
August 3, 2008
Some important points are missing from the story on living in the loft. ("Lofty living pays sweet dividends," Your Money, July 27.) Rents rise every year, and in about 10 years, the current rent will double. No equity is being built up. For people with no independent means, this is more than a hurdle; it might put them into homeless category once they stop working. Few people can live on a couple of plastic bags of goods carried up, and fewer still will live without a car. Parking expense is significant.
CALIFORNIA | LOCAL
April 30, 1994
Popcorn is not only a hazard to your health but to the aesthetic enjoyment of a movie. When we go to a live play in a theater, we don't have to cope with the rancid stench of popcorn oil, the crunching of teeth, the smacking of lips. That's why my family stays away from movie theaters and rents videos. G. BORDING MATHIEU Laguna Beach
May 19, 1985
A West Hollywood landlord, Letizia Gelles, filed a lawsuit in Los Angeles Superior Court to exempt her 15-unit apartment building from the city's freeze on rents. After the city's incorporation its council voted not only to freeze the prices on rents but also rolled them back to what they were on Aug. 6, 1984. In doing so, the city denied this landlord the right to rent her apartment units at the free market-value prices, which is so fundamental in our marketplace economy and which is taken for granted by all other enterprises (such as)