Cautious tenants keep office leasing action sluggish. (Real Estate Quarterly-L.A. County).OFFICE leasing in L.A. County showed few signs of turning upward last quarter, although the industrial side held up amid a continuing dearth of space. Office vacancies rose to 16.7 percent for the fourth quarter from 16.5 percent in the third quarter, reflecting a market where renters are still hesitant hes·i·tant adj. Inclined or tending to hesitate. hes  i·tant·ly adv. to take more space.
More than 26,000 square feet was put back on the market during the last three months of the year, up from the 836,000 square feet that went dark during the year earlier period but a fall-off from the nearly 320,000 square feet absorbed during the third quarter. For all of 2002, there was 319,000 square feet of negative absorption, boosting vacancies from 15 percent at the end of 2001. "Everyone's looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. the next dot-corn to pull us out and there isn't is·n't Contraction of is not. isn't is not isn't be going to be one," said Chris CHRIS Chemical Hazards Response Information System (US DoD) CHRIS California Historical Resources Information System CHRIS Computerized Human Resources Information System CHRIS Command Human Resources Intelligence System DuMont Dumont (d  `mŏnt), borough (1990 pop. 17,187), Bergen co., NE N.J.; settled 1677 by the Dutch, inc. 1894. It is a primarily residential suburb of Hackensack. , senior
vice president at Grubb & Ellis ELLIS - EuLisp LInda System. An object-oriented Linda system written for EuLisp. "Using Object-Oriented Mechanisms to Describe Linda", P. Broadbery <pab@maths.bath.ac.uk> et al, in Linda-Like Systems and Their Implementation, G. Wilson ed, U Edinburgh TR 91-13, 1991. Co. "We're we're Contraction of we are. we're we are going to have a very flat 2003." Blockbuster block·bust·er n. 1. Something, such as a film or book, that sustains widespread popularity and achieves enormous sales. 2. A high-explosive bomb used for demolition purposes. 3. deals like the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. leases by Unilab Corp. in the West Valley and Clear Channel Communications Not to be confused with clear channel radio stations, which are AM radio stations with certain technical parameters. Clear Channel Communications (NYSE: CCU) is a media conglomerate company based in the United States. Inc. in Burbank Burbank, city (1990 pop. 93,643), Los Angeles co., S Calif.; inc. 1911. Tourism and the entertainment industry are central to its economy; several motion-picture studios and television headquarters are here. Burbank's aerospace industry collapsed with the end of the Cold War. for more than $60 million and $45 million, respectively, were exceptions. Most activity was limited to renewals and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. deals. "The market hates uncertainty and we have that in spades," said Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and Cauley, associate director at the Ziman Center for Real Estate at UCLA's Anderson School Anderson School may refer to:
1. Contraction of do not. 2. Nonstandard Contraction of does not. n. A statement of what should not be done: a list of the dos and don'ts. see it." Rents fell to $2.53 by the end of the year from $2.53 at the beginning of 2002. The hardest hit submarket sub·mar·ket n. A geographic, economic, or specialized subdivision of a market. adj. Being below what is usual in a particular market: submarket wages; submarket interest rates. was downtown, where 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 jumped to 19.6 percent from 18.5 percent for the third quarter. Nearly 172,000 square feet of downtown space was put back on the market, the most among L.A. submarkets. The largest deal of the quarter, law firm Quinn Emanuel Urquhart Oliver & Hedges LLP's $30 million expansion to 121,000 square feet at the TCW TCW Total Carat Weight TCW Temporal Cold War (Star Trek Enterprise) TCW Troop Carrier Wing TCW Turnbuckle Championship Wrestling TCW Tasty Coma Wife (Scrubs episode) Building, was more than offset by Lyon Lyon English Lyons City (pop., 1999: city, 445,452; metro. area, 1,348,932), east-central France. Located at the confluence of the Rhône and Saône rivers, it was founded as the Roman military colony Lugdunum in 43 BC (see & Lyon's dissolution Act or process of dissolving; termination; winding up. In this sense it is frequently used in the phrase dissolution of a partnership. The dissolution of a contract is its Rescission by the parties themselves or by a court that nullifies its binding force and reinstates each at Library Tower and Latham & Watkins' lease expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created at Arco Plaza. Both developments put a combined 200,000 square feet back on the market. Another 160,000 square feet at Library Tower will be available once Arthur Andersen's bankruptcy proceedings bankruptcy proceedings n. the bankruptcy procedure is: a) filing a petition (voluntary or involuntary) to declare a debtor person or business bankrupt, or, under Chapter 11 or 13, to allow reorganization or refinancing under a plan to meet the debts of the party are complete. "Firms are trying to make do with what they have until they're forced to make a decision...but at the same time, you have leases that are expiring ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. and tenants with excess space that might renew but downsize Downsize Reducing the size of a company by eliminating workers and/or divisions within the company. Notes: When a company downsizes, it is attempting to find ways to improve efficiency and increase profitability. It is sometimes referred to as trimming the fat. in the process," said Todd Todd , Sir Alexander Robertus 1907-1997. British chemist. He won a 1957 Nobel Prize for his study of nucleic acids and nucleotide structures. Anderson Anderson, river, Canada Anderson, river, c.465 mi (750 km) long, rising in several lakes in N central Northwest Territories, Canada. It meanders north and west before receiving the Carnwath River and flowing north to Liverpool Bay, an arm of the Arctic , senior director at Cushman & Wakefield Inc. West L.A., which has been hard hit by the tech wreck WRECK, mar. law. A wreck (called in law Latin, wreccum maris, and in law French, wrec de mer,) signifies such goods, as after a shipwreck, are cast upon land by the sea, and left there within some county, so as not to belong to the jurisdiction of the admiralty, but to the common law. , showed considerable strength. Despite a still-high vacancy rate of 15.8 percent, two points higher than a year ago, asking rents are at $2.86 a foot, down 21 cents from a year ago. The market had its third straight quarter of positive absorption, as about 50,000 square feet was taken off the market. "The smart landlords are trying to cut rates," said DuMont. "Landlords who wouldn't talk about short-term holdovers 24 months ago are happy to have them." While more than a million square feet of office space under-construction hangs over the market, three-quarters of the 710,000-square-foot Constellation Constellation, ship Constellation (kŏnstĭlā`shən), U.S. frigate, launched in 1797. It was named by President Washington for the constellation of 15 stars in the U.S. flag of that time. Place in Century City, which is scheduled for completion in May, has been pre-leased. Meanwhile, nearly 128,000 square feet was absorbed in the South Bay during the fourth quarter, though vacancy rates remained high at 19 percent. The most prominent deal was Molina Healthcare Inc.'s 66,000-square-foot lease at downtown Long Beach's Arco Center Bank of America Center is a 55 story high-rise located in Los Angeles, California in the United States. It was completed in 1974 with the headquarters of Security Pacific Bank as its main tenant. Its height to structural top is 735 feet (224 m). for $17 million, but "it's a bunch of smaller deals" driving activity in the El Segundo El Segundo (ĕl sēgŭn`dō), industrial city (1990 pop. 15,223), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1917. Its products include navigation and computer systems, aircraft parts, office machines, telephone apparatus, and and LAX/Century Boulevard markets, according to Jim According to Jim is an American situation comedy television series originally broadcast by ABC. The show premiered with little publicity in October 2001, following the surprise hit comedy My Wife and Kids. Biondi, senior vice president at Grubb & Ellis. Still, the positive movement will be short-lived, 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. Biondi and Grafton Tanquary, senior vice president at CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. . "It's an aberration," said Tanquary. "We're continuing to see contraction contraction, in physics contraction, in physics: see expansion. contraction, in grammar contraction, in writing: see abbreviation. contraction - reduction in major users like DirecTV and United Airlines." Things look better on the industrial side, which is considered a far safer investment because space is at a premium in L.A. County. The countywide coun·ty·wide adv. & adj. Throughout a whole county: found at locations countywide; a countywide search. Adj. 1. industrial vacancy rate for the fourth quarter was 3.9 percent, down from 4.1 percent in the previous three months. The 12.2 million square feet of sale and leasing activity, while down slightly from the third quarter, was 38 percent more than the 8.8 million square feet sold and leased during the fourth quarter of 2001. Meanwhile, low interest rates are pushing more end-users like cold storage or produce companies into the buying market from the leasing market, said Bart Pucci, senior vice president at CB Richard Ellis. "The market is driven so much by people that want to buy that there hasn't been anything left over to lease," he said.
Los Angeles County Office Market, Fourth Quarter 2002
Vacancy Rate
Total Vacant Space 4th Qtr. 3rd Qtr.
Market/Submarket Inventory (square ft.) 2002 2002
Downton L.A. 32,190,227 6,314,105 19.6% 18.5%
Wilshire Center 7,300,405 935,087 12.8% 14.1%
San Gabriel Valley 9,431,953 1,214,835 12.9% 13.0%
Burbank 4,574,119 998,123 21.8% 21.4%
Glendale 5,736,922 779,354 13.6% 12.5%
Pasdena 6,414,830 821,060 12.8% 12.2%
Tri-Cities 16,725,871 2,598,537 15.5% 14.8%
Beverly Hills 5,761,643 731,091 12.7% 12.5%
Brentwood 3,413,078 323,358 9.5% 11.2%
Century City 9,046,887 1,055,196 11.7% 11.2%
Hollywood/WeHo 3,571,492 792,882 22.2% 23.4%
Mrina/Culver City 5,884,570 1,189,388 20.2% 17.3%
Miracle/Park Mile 5,747,868 1,039,024 18.1% 17.4%
Santa Monica 7,832,944 1,348,005 17.2% 16.5%
West Los Angeles 5,809,503 829,681 14.3% 14.3%
Westwood 2,868,275 569,966 19.9% 21.2%
West L.A. 49,936,260 7,878,591 15.8% 15.4%
Central Valley 7,809,631 927,734 11.9% 11.4%
Conejo Valley 4,468,343 834,950 18.7% 18.1%
East Valley 2,818,998 385,212 13.7% 14.3%
Santa Clarita Valley 1,665,723 229,688 13.8% 15.8%
West Valley 9,193,493 1,581,218 17.2% 17.1%
San Fernando Valley 25,956,188 3,958,537 15.3% 15.1%
Carson 1,293,095 190,234 14.7% 15.1%
El Segundo/Beach Cities 10,837,060 2,568,653 23.7% 24.3%
LAX/Century Blvd. 4,080,481 1,118,141 27.4% 28.6%
Long Beach Downtown 4,090,104 627,712 15.3% 15.7%
Long Beach Suburban 4,733,924 557,255 11.8% 11.6%
Torrance Central 3,375,258 577,212 17.1% 17.3%
190th Street Corridor 3,156,628 348,899 11.1% 12.0%
South Bay 31,566,550 5,988,106 19.0% 19.5%
L.A. County 173,107,454 28,888,063 16.7% 16.5%
Vacancy Under Net Absorption
Rate (square ft.)
(1)
4th Qtr. Construction 4th Qtr.
Market/Submarket 2001 (square ft.) 2002
Downton L.A. 17.8% 0 (171,600)
Wilshire Center 15.1% 0 96,164
San Gabriel Valley 12.4% 60,000 15,722
Burbank 12.0% 195,000 (17,815)
Glendale 12.1% 0 (63,654)
Pasdena 9.0% 321,692 (36,758)
Tri-Cities 10.9% 516,692 (118,227)
Beverly Hills 12.6% 159,813 (10,077)
Brentwood 9.4% 0 57,314
Century City 7.6% 775,037 (39,622)
Hollywood/WeHo 18.0% 0 41,395
Mrina/Culver City 14.2% 0 38,889
Miracle/Park Mile 13.3% 90,000 (38,252)
Santa Monica 20.1% 0 (38,750)
West Los Angeles 15.3% 0 968
Westwood 13.8% 0 38,088
West L.A. 13.6% 1,024,850 49,953
Central Valley 12.4% 0 (39,014)
Conejo Valley 16.6% 96,113 (27,172)
East Valley 16.3% 0 17,249
Santa Clarita Valley 17.5% 0 34,175
West Valley 17.0% 71,255 (11,213)
San Fernando Valley 15.5% 167,368 (25,975)
Carson 14.5% 0 4,455
El Segundo/Beach Cities 18.2% 0 61,111
LAX/Century Blvd. 29.2% 0 21,788
Long Beach Downtown 14.3% 0 14,766
Long Beach Suburban 10.3% 0 (9,948)
Torrance Central 16.6% 0 5,325
190th Street Corridor 11.4% 0 30,268
South Bay 16.9% 0 127,765
L.A. County 15.0% 1,768,910 (26,198)
Net Absorption (square ft.) Class-A Asking
(1) Rent (2)
3rd Qtr. 4th Qtr. 4th Qtr.
Market/Submarket 2002 2001 2002
Downton L.A. (3,622) 74,430 $2.27
Wilshire Center (103,935) 82,196 $1.37
San Gabriel Valley 49,629 257,433 $2.02
Burbank 40,398 (46,914) $2.59
Glendale (11,058) 5,945 $2.37
Pasdena (110,569) 12,203 $2.29
Tri-Cities (81,229) (28,766) $2.40
Beverly Hills (27,761) (6,280) $2.97
Brentwood 15,050 (10,963) $2.91
Century City (1,989) (175,370) $3.22
Hollywood/WeHo (17,852) (42,014) $2.42
Mrina/Culver City 8,925 (219,486) $2.36
Miracle/Park Mile (59,407) 18,599 $2.21
Santa Monica 154,117 (288,911) $3.39
West Los Angeles 71,624 (70,354) $2.35
Westwood 3,543 (28,258) $3.15
West L.A. 201,772 (823,037) $2.86
Central Valley 93,953 (55,689) $2.06
Conejo Valley 131,804 (9,834) $2.26
East Valley 45,826 (79,445) $2.57
Santa Clarita Valley 21,395 33,908 $1.89
West Valley (6,719) (162,518) $2.26
San Fernando Valley 286,259 (273,578) $2.19
Carson (9,110) 12,645 $1.90
El Segundo/Beach Cities (134,346) (93,813) $2.52
LAX/Century Blvd. (26,877) 24,156 $1.58
Long Beach Downtown 56,562 53,166 $2.14
Long Beach Suburban 21,451 (52,249) $2.21
Torrance Central (2,994) (47,416) $2.06
190th Street Corridor 66,113 (21,057) $2.13
South Bay (29,201) (124,568) $2.18
L.A. County 319,673 (835,890) $2.44
Class-A Asking Rent
(2)
3rd Qtr. 4th Qtr.
Market/Submarket 2002 2001
Downton L.A. $2.29 $2.33
Wilshire Center $1.32 $1.32
San Gabriel Valley $2.02 $2.01
Burbank $2.60 $2.66
Glendale $2.37 $2.53
Pasdena $2.29 $2.38
Tri-Cities $2.41 $2.51
Beverly Hills $2.82 $2.87
Brentwood $2.85 $3.04
Century City $3.31 $3.47
Hollywood/WeHo $2.48 $2.50
Mrina/Culver City $2.58 $2.94
Miracle/Park Mile $2.21 $2.31
Santa Monica $2.39 $3.72
West Los Angeles $2.34 $2.70
Westwood $3.26 $3.45
West L.A. $2.90 $3.07
Central Valley $2.10 $2.14
Conejo Valley $2.27 $2.33
East Valley $2.56 $2.63
Santa Clarita Valley $1.88 $1.93
West Valley $2.49 $2.49
San Fernando Valley $2.28 $2.33
Carson $1.90 $1.84
El Segundo/Beach Cities $2.60 $2.72
LAX/Century Blvd. $1.54 $1.63
Long Beach Downtown $2.02 $2.07
Long Beach Suburban $2.27 $2.44
Torrance Central $2.07 $2.13
190th Street Corridor $2.12 $2.13
South Bay $2.22 $2.28
L.A. County $2.45 $2.53
Los Angeles County Industrial Market, Fourth Quarter 2002
Total Vacant Vacancy Rate
Inventory Space 4th Qtr. 3rd Qtr.
Market/Submarket (square ft.) (square ft.) 2002 2002
Central LA 283,039,459 6,948,846 2.5% 2.7%
Mid-Cities 108,400,012 5,163,304 4.8% 5.1%
North Los Angeles 146,710,720 9,769,404 6.7% 7.0%
South Bay 201,741,379 9,126,871 4.5% 4.6%
San Gabriel Valley 157,777,423 4,267,196 2.7% 2.4%
LA County Total 897,668,993 35,275,621 3.9% 4.1%
Vacancy Under Sold & Leased (square
Rate ft.)
4th Qtr. Construction 4th Qtr. 3rd Qtr.
Market/Submarket 2001 (square ft.) 2002 2002
Central LA 2.6% 776,950 3,058,380 3,587,423
Mid-Cities 6.4% 1,508,888 1,820,336 2,198,800
North Los Angeles 7.3% 255,856 2,918,473 2,200,858
South Bay 4.5% 1,085,849 3,063,535 2,984,344
San Gabriel Valley 3.5% 1,212,614 1,323,525 2,689,438
LA County Total 4.5% 4,840,157 12,184,249 13,660,863
Sold & Leased Asking Rent (3)
(square ft.)
4th Qtr. 4th Qtr. 3rd Qtr. 4th Qtr.
Market/Submarket 2001 2002 2002 2001
Central LA 1,841,023 $0.46 $0.46 $0.46
Mid-Cities 1,448,004 $0.50 $0.50 $0.50
North Los Angeles 1,473,785 $0.64 $0.61 $0.59
South Bay 2,367,151 $0.55 $0.55 $0.56
San Gabriel Valley 1,686,198 $0.44 $0.46 $0.42
LA County Total 8,816,161 $0.52 $0.52 $0.50
(1)Net Absorption is the change in occupied space for a given period of
time, excluding subject space and renewals
(2)Average monthly, per-square-foot rents
(3)Average monthly, triple-net rents
Due to the transfer of owner/occupied space to competitively leasable
space and/or the delivery of new construction in the market,
discrepancies may occur in the relation between vacancy rates and net
absorption.
Source: Grubb & Ellis Co.
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