1994: after the quake.

THE Jan. 17 Northridge earthquake was, among other things, a huge real estate story. At the end of the first quarter, the Business Journal reported at the time, 1.3 million square feet of earthquake-damaged San Fernando Valley office space was vacant and awaiting repairs. That represented 5.6 percent of the 23.3 million square feet of valley office space the brokerage tracks, according to a Grubb & Ellis Co. survey.

The real estate services firm estimated that the financial condition of one-third or more of the out-of-commission space was precarious. "This category includes properties owned by parties with major repair bills but no earthquake insurance, and those who had already been facing problems servicing their mortgage debt and now need to come up with additional repair funds," the paper reported.

The Business Journal also noted that the number of apartment buildings that sold for more than $500,000 during the first quarter of 1994 fell by 53 percent from the fourth quarter of 1993 and 27 percent from the year-earlier period.

As the Business Journal reported on the 10th anniversary of the quake, the insurance industry restructured its homeowner coverage, leaving many underinsured.

"The Northridge Earthquake marked the near extinction of the homeowners' policies that guaranteed insurers would pay the full cost of replacing a home," the Business Journal reported earlier this year.

"Now, insurers generally offer replacement coverage with a set dollar amount or so-called replacement coverage, which offers a specific margin of extra coverage."

"Out of the Past" is published each week to celebrate the 25th anniversary of the Business Journal.