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Vacancy Rates

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BUSINESS
January 24, 2010 | By Robert Faturechi
For some, construction kicked off during better years, when office rentals in prime locales seemed a sure shot for developers. Others are older, once bustling but now deserted after hemorrhaging tenants during the economic downturn. But one way or another, they are among the emptiest office buildings in Southern California. A number of the highest- vacancy buildings are in Burbank and Glendale, according to data from CoStar Group Inc. The real estate research firm looked at the percentage of space that was rented out at Class A office buildings with 300,000 square feet or more.
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BUSINESS
October 13, 2013 | By Roger Vincent
Southern California's office market has moved ever so slightly in favor of landlords. In the just-finished third quarter of 2013, the overall vacancy rate fell a tiny bit, and average monthly rents ticked up a few cents. The slight upward shift 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. "This is uncharted territory," said research analyst Petra Durnin of property brokerage Cushman & Wakefield.
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CALIFORNIA | LOCAL
June 13, 1991
The percentage of vacant housing units in Orange County has increased slightly, moving from 5.46% in January, 1990, to 5.56% in January, 1991. There is a strong regional aspect to the latest figures, with five South County cities topping the 1991 list. Laguna Beach has the highest rate this year; La Palma the lowest. Bucking the overall change, 18 cities recorded drops in vacancy, led by the 1.58% decrease in Dana Point. That change allowed Dana Point to drop from No.
BUSINESS
January 20, 2013 | By Roger Vincent, Los Angeles Times
Office vacancy in Los Angeles County decreased in the fourth quarter in the first year-over-year drop since the economic boom year of 2006. The drop in vacancy to 18.4% was barely measurable at less than half of 1 percentage point, but it's a further sign that the office rental market has reached an even keel and is poised for modest improvement, industry observers said. "We are at the point where we want to be. We are stabilized and going in the right direction," said Joe Vargas, regional manager of real estate brokerage Cushman & Wakefield.
BUSINESS
October 17, 1995
Fallbrook Mall, the West Hills discount mall owned by Fallbrook Square Partners, and managed by General Growth Management of Minneapolis, Minn., said leasing vacancy rates have decreased from 28% in January, 1994, to 5% in October. The improvement came with the recent opening of two new retail stores, Burlington Coat Factory and K mart. A third store, Old Navy, a division of the Gap, is scheduled to open Oct. 27.
BUSINESS
April 29, 2008 | From Times Wire Services
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.
BUSINESS
October 9, 2002 | Bloomberg News
The increase in U.S. office vacancies slowed in the third quarter as companies put less space up for sublease and development fell, according to Cushman & Wakefield. About 14.4% of downtown office buildings were vacant as of the end of September, compared with 14.1% at the end of June and 13.2% in March, the property broker said. The amount of space available for sublease fell for the first time since 2000.
BUSINESS
October 12, 1993 | JACK SEARLES
Ventura County's office vacancy rate dipped slightly in the third quarter, but industrial and retail vacancies rose. The latest office rate, 22.6%, compares to 22.7% in the second quarter and 24.9% a year ago, according to a study by the Oxnard office of Grubb & Ellis Commercial Real Estate Services. Industrial vacancies amounted to 12.7% in the latest quarter, up from 12.5% in the previous three months but below the 15% of the third quarter of 1992. Retail vacancies stood at 9.
CALIFORNIA | LOCAL
December 16, 2003 | From Times Staff and Wire Reports
High housing vacancy rates in Vacaville set it apart from most other cities in California, according to a recent report by the planning commission. Rental vacancy rates in Vacaville are 5.1%, the ideal balance between the interests of landlords and tenants, economists and planners say. Cities with a vacancy rate of less than 3% are considered to have a shortage.
BUSINESS
July 19, 1990 | MICHAEL FLAGG, TIMES STAFF WRITER
A large local real estate broker said Wednesday that vacancy rates in Orange County's larger office buildings could soon drop below 20% for the first time in nearly five years. At the end of the first half of this year, the rate was 20.5%, said Coldwell Banker Commercial Real Estate Services. But that has been dropping more or less steadily from a peak of 23% in early 1988.
BUSINESS
December 20, 2012 | By E. Scott Reckard
Low mortgage rates and job gains are continuing to boost the housing market, with sales of existing homes at the highest level in three years and new housing construction up 21.6% in November from a year earlier. Homes were being sold last month at an annual pace of 5.04 million, the National Assn. of Realtors said in an update Thursday. It was the highest rate of sales for November since 2009, when a federal housing tax credit was about to expire. Excluding that month, sales were the highest since July 2007.
BUSINESS
October 21, 2012 | By Roger Vincent
The nation's commercial real estate recovery will advance in 2013 with modest gains in leasing, rents, and sales prices, industry leaders said in a report. Recent job creation should be enough to increase absorption and push down vacancy rates in the office, industrial and retail sectors. Despite being on a slower-than-normal recovery track, U.S. property sectors and markets have “noticeably” better prospects compared with last year, the report said. Developers, architects, brokers, lenders and other commercial real estate professionals were surveyed for the annual Emerging Trends in Real Estate report released by the industry think tank Urban Land Institute and accounting firm PricewaterhouseCoopers.
BUSINESS
July 22, 2012 | By Roger Vincent, Los Angeles Times
Southern California's long-languishing office market finally managed to utter a convincing peep in the second quarter as stubbornly high vacancy rates dropped a smidgen. It doesn't signal that landlords' troubles are nearly over. Most markets - with a few notable exceptions - are considered quite soft, which means tenants are in a superior bargaining position. Still, overall vacancy in Los Angeles County slipped to 18.6% from 19.1% in last year's second quarter, according to real estate brokerage Cushman & Wakefield.
BUSINESS
April 30, 2012 | By Tiffany Hsu
The homeownership rate in the U.S. fell to 65.4% in the first quarter, hitting a 15-year low amid still-high foreclosure rates and a stronger market for rents. The rate is lower than the 66% from the fourth quarter and the 66.4% from the first quarter of last year, according to the Census Bureau . The rate hit a high of 69.2% in 2004, before the housing bubble burst. The housing market has been trying to recover ever since. Several reports this month have suggested that the market has turned a corner, with pending home sales up and housing values bottoming . But foreclosure rates are still high (and may continue to increase following a landmark settlement with loan servicers earlier this year)
BUSINESS
October 16, 2011 | By Roger Vincent, Los Angeles Times
Compared with most of the region's white-collar office market, the less corporate environs of Santa Monica and Venice are looking sharp. Technology and entertainment companies that long ago mastered the knack of making money without dressing up are now paying top dollar to rent space in some of Southern California's most desirable neighborhoods. The office vacancy rate in downtown Santa Monica is a mere 4%, a fraction of the county average, said real estate broker Craig Kish of Jones Lang LaSalle.
BUSINESS
August 17, 2011 | By Jessica Guynn and Maria L. La Ganga, Los Angeles Times
When Twitter inventor Jack Dorsey decided to start a new company last year, he bypassed Silicon Valley and set up shop in San Francisco. The 34-year-old, who said he was drawn to the "variety and vibrancy" of city life, is one of a growing number of entrepreneurs resisting the gravitational pull of high-tech's epicenter 30 miles to the south. The result is a dramatic surge in economic activity not seen in San Francisco since the height of the dot-com boom more than a decade ago. It's a rare bright spot in the nation's troubled economy.
BUSINESS
October 30, 1990 | MICHAEL FLAGG, TIMES STAFF WRITER
Orange County's office market had one of the nation's biggest jumps in vacancy rates during the third quarter, the Coldwell Banker real estate brokerage reported Monday. The local office vacancy rate rose to 21.8%, from a rate of 20.5% in the second quarter. That was the fifth-highest increase among metropolitan areas in the nation, the brokerage said. Other large metro areas with big jumps were Long Island, which rose from 19.1% to 21.3%; and Cincinnati, which went from 15.8% to 17.5%.
BUSINESS
July 12, 1994
Vacancy rates in the Burbank and Glendale office space markets declined during the second quarter ended June 30, according to a study by Glendale-based CB Commercial Real Estate Group Inc. Among office buildings with 100,000 square feet of space or more, the total vacancy rate in Burbank dipped to 6.7% at the end of the second quarter, the report said, down from 8.9% for the first quarter. In the second quarter a year ago, the vacancy rate among such buildings was 10.5%.
BUSINESS
October 7, 2010 | By Alejandro Lazo, Los Angeles Times
In a sign that the nation's foreclosure crisis is taking a toll, renters surged into the U.S. apartment market in the third quarter, pushing up rents and driving down vacancies. The national vacancy rate fell to 7.2% in the third quarter from 7.8% the second quarter, one of the sharpest drops on record, according to New York-based real estate research firm Reis Inc. Rents increased 0.6% to an average of $980 a unit over the same period as landlords were able to cut back on free rent and other incentives that had been used to attract and retain tenants in a weak market.
BUSINESS
January 24, 2010 | By Roger Vincent
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."
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