June 6, 2009 |
In the heart of affluent Studio City, "for lease" signs dot the Ventura Boulevard shopping district, and cars zoom past vacant storefronts. "This was the main drag historically," said Lynn Crandall, who owns an art sales and picture-framing business on Ventura near Laurel Canyon Boulevard. "Now it's become like a ghost town."
April 20, 2009 |
Layoffs, tight credit and other fallout from the troubled economy have battered Southern California's office market, leading to vacancy rates as high as 30% in some areas. The pain is expected to continue for months, if not years, with vacancies rising even as the economy shows modest signs of recovery, according to industry observers tracking activity in the first quarter. "We have a rough road ahead of us," said Joe Vargas, senior managing director of real estate brokerage Cushman & Wakefield.
January 15, 2009 |
Los Angeles office landlords will probably be forced to slash rents as much as 30% in the first half of the year as job cuts create more empty space, Grubb & Ellis Co. said Wednesday. Office vacancy rates in Los Angeles County jumped to 12.2% at the end of 2008 from 9.7% a year earlier, the Santa Ana broker said. "Southern California counties got caught in the economic whirlwinds of 2008, and there will be little or no letup in 2009," said Jack Kyser, an economist who worked on the report.
October 17, 2008 |
In a sign that the economic slowdown is affecting Southern California businesses, the rents on office space are down slightly over last year, and vacancy rates are up. In some parts of the region, office buildings that once housed mortgage lenders and other housing-related businesses stand 20% empty, according to brokerage Cushman & Wakefield.
April 29, 2008 |
The percentage of homes that are vacant and for sale in the U.S. set a record in the first quarter, the government said. A Census Bureau report showed that 2.9% of U.S. homes -- excluding rental properties -- were vacant and for sale, compared with 2.8% in the fourth quarter of 2007. It was the highest quarterly number in records going back to 1956. The West had the biggest gain in vacancy rates, rising to 3.2% in the quarter from 2.6% a year earlier.
July 26, 2007 |
Office vacancies in Los Angeles County continued to shrink during the second quarter as white-collar businesses expanded at a slow, steady rate, according to data released Wednesday. Businesses are beefing up gradually because "the economy has been good but not great," said Joe Vargas of Cushman & Wakefield, the real estate brokerage that compiled the data. "It all speaks to a very healthy office market." The county's overall vacancy rate was 9.
May 20, 2007 |
If there's a house in your neighborhood that's been for sale for a while, there's a good chance that nobody's home. The number of unoccupied houses around the country has jumped sharply in the last year, according to government figures. For more than a decade, vacancy rates for so-called homeowner housing (as opposed to properties intended to be rentals) have held steady at about 1.7%, but they crept up to 2.1% in 2006. They're at a record 2.
January 5, 2007 |
More U.S. apartments stood vacant last year as higher rents, low mortgage rates and Americans' preference for home ownership drove down demand, according to a report by Reis Inc., a New York-based research firm. The city of Los Angeles and Orange County, however, had the nation's second- and third-lowest vacancy rates, the report said. The vacancy rate in the 79 largest U.S. metropolitan markets rose to 5.9% from 5.7% a year earlier, the highest since 2004, Reis said. Rents rose 4.
July 14, 2006 |
Los Angeles County's office market continued to tighten in the second quarter as business expansions pushed up rents and lowered vacancy rates, particularly on the Westside, according to data released Thursday. The steadily tightening market is putting growing financial pressure on firms planning to expand, real estate industry observers said.
October 19, 2005 |
Orange County's solid economic growth continued to boost its commercial office market in the third quarter, pushing vacancy rates to their lowest level in at least a decade, according to data released Tuesday. The average vacancy rate in Orange County's top-quality offices fell to 9.7% in the third quarter, down from 13.5% a year earlier, brokerage Cushman & Wakefield said. That put Orange County among the five tightest office markets in California. Annual rents hit an average of $24.