Bright spots emerge in economic trends: more jobs, fewer vacancies.Figures brightened last week for the local economy in three significant areas: jobs, office vacancies and industrial vacancies. * September employment rose 0.5 percent to 4.26 million jobs in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County from 4.24 million in August, but still was 1.1 percent below 4.30 million in September 1990, the California Employment Development Department announced. * Third-quarter office vacancy VACANCY. A place which is empty. The term is principally applied to cases where an office is not filled. 2. By the constitution of the United States, the president has the power to fill up vacancies that may happen during the recess of the senate. rates, while continuing above year-ago levels, declined slightly from second-quarter figures in downtown Los Angeles Downtown Los Angeles is the central business district of Los Angeles, California, located close to the geographic center of the metropolitan area. The sprawling, multi-centered megacity is such that its downtown core is often considered just another district like Hollywood or and the South Bay, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. data compiled by Grubb & Ellis, a national real estate brokerage firm. The downtown L.A. office vacancy rate eased to 18.6 percent in the third quarter from 19.3 percent in the second quarter, and the South Bay rate dipped to 20.4 percent from 20.8 percent the preceding quarter. However, as shown on the adjacent table, third-quarter office vacancy rates rose to 16.5 percent from 16.3 percent in the second quarter in the San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. and to 18.6 percent from 18.0 percent in West L.A. While not shown on the table, office vacancy rates also declined in the third quarter from the second quarter in three other major L.A. area markets, Grubb & Ellis reported: Mid-Wilshire, to 17.0 percent from 18.3 percent; San Gabriel Valley The San Gabriel Valley is one of the principal valleys of southern California. It lies to the east of the city of Los Angeles, to the north of the Puente Hills, to the south of the San Gabriel Mountains, and to the west of the Inland Empire. , 23.2 percent from 23.6 percent; Pasadena, 7.3 percent from 8.9 percent. Indeed, Pasadena's third-quarter office vacancy rate actually dropped below the 12.2 percent of 1990's third quarter, observed Grubb & Ellis. Pasadena, thus, was the only major market in the L.A. area with an office vacancy rate lower in the third quarter this year than last year's like period. But neighboring neigh·bor n. 1. One who lives near or next to another. 2. A person, place, or thing adjacent to or located near another. 3. A fellow human. 4. Used as a form of familiar address. v. Glendale's third-quarter office vacancy rate leaped up to 19.6 percent from 14.0 percent the prior quarter and 10.0 percent the third quarter of 1990, Grubb & Ellis data revealed. * The L.A./San Gabriel industrial vacancy rate declined to 9.2 percent in the third quarter from 9.3 percent in the second quarter, but remained above the year-ago rate of 8.2 percent, Grubb & Ellis said. However, the South Bay industrial vacancy rate rose to 12.4 percent in the third quarter from the second quarter's 12.2 percent and the 9.4 percent of 1990's third quarter. * Retail sales continued weak in L.A. County in August when they slipped to $5.72 billion, according to U.S. Commerce Department data disclosed last week. August sales were down 0.7 percent from both the $5.76 billion of July and the $5.76 billion of August 1990. Econowatch, a compilation of economic and business statistics for L.A. County, is published weekly by Los Angeles Business Journal to keep readers apprised of important local economic trends. TABULAR tab·u·lar adj. 1. Having a plane surface; flat. 2. Organized as a table or list. 3. Calculated by means of a table. tabular resembling a table. DATA OMITTED TABULAR DATA OMITTED TABULAR DATA OMITTED |
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