Momentum Continues After a Very Strong Quarter.LET the good times roll. Capping off its healthiest year since L.A. emerged from recession in the early '90s, the commercial real estate market turned in a rousing rous·ing adj. 1. Inducing enthusiasm or excitement; stirring: a rousing sermon. 2. Lively; vigorous: a rousing march tune. 3. fourth-quarter performance, with 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 dropping and rents rising in most parts of 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. "Space is being leased out and there's an overall feeling that it's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have fun to be in real estate again," said David Thurman Thurman is the name of several towns:
First supersonic, passenger-carrying, commercial airplane. Built jointly by British and French manufacturers, it entered regular service in 1976. Its maximum cruising speed is 1,354 mph (2,179 kph), more than twice the speed of sound; the London-New York flight Real Estate Partners. "There continues to be a lack of big blocks of space and the dot-coms continue to dominate." Those who follow the market chalk up chalk n. 1. A soft compact calcite, CaCO3, with varying amounts of silica, quartz, feldspar, or other mineral impurities, generally gray-white or yellow-white and derived chiefly from fossil seashells. 2. a. the impressive performance to several factors -- a strong national and regional economy, growth in the technology sector, continued demand for warehouse and distribution space, and relatively little new office construction. While corporate downsizing (1) Converting mainframe and mini-based systems to client/server LANs. (2) To reduce equipment and associated costs by switching to a less-expensive system. (jargon) downsizing and mergers have hit certain areas hard, most especially downtown, large corporations are giving way to entrepreneurial en·tre·pre·neur n. A person who organizes, operates, and assumes the risk for a business venture. [French, from Old French, from entreprendre, to undertake; see enterprise. operations. Some of these are growing explosively -- witness eToys EToy or EToys may refer to:
west - situated in or facing or moving toward the west . Over 1999, average monthly asking rents increased about 6 percent, or 10 cents per square foot, to $1.81 for the county as a whole. "In 1998, we thought the market was on fire. Everyone was writing about how hot the market and economy were, and how '99 would slow down and mellow out mel·low adj. mel·low·er, mel·low·est 1. a. Soft, sweet, juicy, and full-flavored because of ripeness: a mellow fruit. b. . We haven't have·n't Contraction of have not. haven't have not haven't have seen that," said Mike Rago, head of regional information services See Information Systems. for Cushman Cushman is a manufacturer of industrial vehicles, personal vehicles, and other custom vehicles, including parking patrol auto rickshaws. Models Haulster (Small industrial multi-purpose truck) Bellhop Series (Golf Carts) Tug(Large Truck) & Wakefield Wakefield, estate, United States Wakefield, family estate of George Washington, on the Potomac River, E Va.; part of the George Washington Birthplace National Monument (see National Parks and Monuments, table). Inc. Tenant base expanding In all, Los Angeles County office tenants moved into 2.58 million more square feet than they vacated during the quarter, with 6.85 million square feet of net absorption for the year, 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. Cushman & Wakefield. The year's total was almost double that of the year before, when 3.6 million square feet of office space was absorbed -- and that was double the level of the two previous years combined. If these trends continue, the amount of office space under construction should be handily hand·i·ly adv. 1. In an easy manner. 2. In a convenient manner. Adv. 1. handily - in a convenient manner; "the switch was conveniently located" conveniently 2. absorbed. Currently, 3.26 million square feet of new office space is being built in Los Angeles, and none of it is in the still-soft downtown 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. . A full third of it already has been preleased. "If we're we're Contraction of we are. we're we are going to be on this rate of absorption next year, we'll we'll Contraction of we will. we'll we will or we shall we'll will ~shall eat that up quickly," Rago said. To keep supply and demand in balance, developers generally should have three years' worth of supply under construction at any given time. Of that three years' worth of inventory under construction, about one-third is typically completed per year, matching new supply with current absorption. Despite the healthy absorption, most of those interviewed do not expect development activity to heat up significantly this year. Very little is being built on spec On Spec is a digest-sized, perfect-bound, Canadian quarterly magazine publishing stories and poetry in science fiction, fantasy, and allied genres. It started publishing in 1989, and is based in Edmonton, Alberta. today, except in the industrial sector. And lenders are requiring developers to come up with more equity than in the past (40 percent or more). To get deals financed today, projected monthly rents need to be at least $3 per square foot -- and there are just a few submarkets where tenants are willing to pay that much. Painful memories The caution by lenders is partially the result of their painful memories from the overbuilding of the late '80s and early '90s, when projects all over town were going belly up belly up Of, relating to, or being in bankruptcy.  Used of a firm. .
"We're still pretty conservative. There hasn't has·n't Contraction of has not. hasn't has not hasn't have been really anybody to move out of the box," said Mark Wortmann, a vice president in the real estate lending department at Mellon Bank. Developers also are being careful to craft their projects to match market demand, which today is for more-casual, low-rise low-rise adj. Of or relating to a building having few stories and often no elevators: a low-rise apartment house. [low1 + (high)-rise.] Adj. , campus-style space. That led to Kilroy Kilroy fictitious American soldier; left inscription, “Kilroy was here,” everywhere U.S. soldiers were stationed (1940s). [Am. Mil. Folklore: Misc.] See : Ubiquity Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Corp.'s success in preleasing an entire 151,000-square-foot building under construction at Westside Media Center to eToys, in one of the biggest lease deals of the year. Retail development also has cooled a bit, with theater operators backing off. "My sense is, we sort of hit the top two or three months ago (as far as retail developers') attitudes," said Cal Hollis HOLLIS Harvard Online Library Information System (Harvard University Libraries' online catalog) , managing principal with consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a Keyser Keyser may refer to:
English playwright whose works include The Malcontent and The Dutch Courtezan (both 1604). Associates. "I see them being more conservative about blasting ahead." Even if lenders were to significantly loosen preleasing and equity requirements, there remains a lack of developable space in L.A. County, as well as an increase in neighborhood anti-growth activism. "Nobody wants construction in their neighborhood," said Craig Craig , Edward Gordon 1872-1966. British theatrical producer, director, and designer whose innovative productions and simplified stage designs influenced modern theater. Silvers, a real estate analyst at investment bank Sutro & Co. Active sectors As for new construction, the industrial and multifamily residential sectors were arguably ar·gu·a·ble adj. 1. Open to argument: an arguable question, still unresolved. 2. That can be argued plausibly; defensible in argument: three arguable points of law. the most active in the fourth quarter. The countywide coun·ty·wide adv. & adj. Throughout a whole county: found at locations countywide; a countywide search. Adj. 1. industrial vacancy rate is only 4.3 percent, according to Trammell Crow F. Trammell Crow (born June 11, 1914, in Dallas, Texas) is an American property developer who created several famous projects, including Dallas Market Center, Peachtree Center (Atlanta, Georgia), and San Francisco's Embarcadero Center. Co., and multifamily building is being spurred by apartment rents jumping 7.9 percent in 1999. "A lot of developers want to do multifamily. We're at a point where rents support new construction," Hollis said. Rago of Cushman & Wakefield projected that office vacancies would continue to fall in L.A. County and rents would continue to rise, but at a slower clip -- probably about 5 percent. "I don't think we can keep the momentum up," Rago said. "My gut feeling gut feeling Intuition, visceral sensation is that eventually we need to start peaking. If we haven't already reached the peak, we should be looking at a plateauing plateauing Sports medicine A weight training term for the point above which an anabolic drug becomes ineffective in increasing muscle mass. See Anabolic steroids, Weight training. now." Yet, there is room to grow. He noted that L.A. still lags the overall national trends. For example, the office vacancy rate for downtown stands at 18.9 percent, about twice the 9.5 percent for central business districts nationally. For all other submarkets, the vacancy rate -- 13.6 percent -- is closer to the national average of 11.7 percent. L.A.'s non-downtown markets are also tighter than they were during the last boom 10 years ago, while downtown isn't there yet. "The good news is even though we're running behind the national average, we're showing a continuing drop in vacancies and catching up to the national averages," Rago said. The Westside continues to lead the charge, with a vacancy rate of only 6.3 percent, and a measly measly said of beef, pork and mutton because infected meat has a speckled appearance thought to resemble measles (1) in humans. See also cysticercus. 3.2 percent in Santa Monica Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. . "The leasing side has had a fervor we've never seen before, due to venture capital money and dotcoms," said Bob Safai, principal at brokerage Madison Partners. Westside humming While the first phase of the Water Garden office complex in Santa Monica took three to four years to absorb, Safai expects phase two, which is under construction, to be fully leased in a year. Even the Olympic Corridor, once a cheaper Westside pocket, has tightened and rents have increased to an all-time high, up to $2.45 per square foot per month. "We've seen rents spike A burst of extra voltage in a power line that lasts only a few nanoseconds. See power surge, power swell, sag and surge suppression. (jargon) spike - To defeat a selection mechanism by introducing a (sometimes temporary) device that forces a specific result. tremendously on the Westside, being driven by entertainment-convergence companies. Others are taking it on the chin a little bit," said Steven Gelber, president of Gelber Realty Corp. Some expect traditional tenants, such as law firms This list of the world's largest law firms by revenue is taken from The Lawyer and The American Lawyer and is ordered by 2006 revenue:[1]
“KLAX” redirects here. For other uses, see KLAX (disambiguation). Los Angeles International Airport (IATA: LAX, ICAO: KLAX, FAA LID: LAX area, will continue to benefit from tenants being priced out Priced out The market has already incorporated information, such as a low dividend, into the price of a stock. of the Westside. But will tenants flock flock 1. a group of one species of animal or bird which eats or travels or is kept together, e.g. flock of sheep, of wild geese. 2. wool or cotton particles or debris used as stuffing or packing. even farther east, to Wilshire Center and downtown? The vacancy rates there remain high and rents are a relative bargain, yet new-media and tech-related firms continue to show a preference for the Westside and have so far been willing to pay the price. Monthly lease rates in Santa Monica are pushing north of $3.25 per square foot. On the investment side, activity picked up after New Year's, following a brief pause late in the fourth quarter due to uncertainty on the part of buyers and lenders about potential Y2K See Y2K problem and Y2K compliant. Y2K - Year 2000 glitches. "In the last week or so, everyone's regrouping and activity has started," Safai said. Limited selection Some brokers say that sales activity could be constrained con·strain tr.v. con·strained, con·strain·ing, con·strains 1. To compel by physical, moral, or circumstantial force; oblige: felt constrained to object. See Synonyms at force. 2. by the lack of B- and C-quality buildings being offered for sale at this point in the cycle. Buyers already have scooped up a lot of those assets. Another factor holding down investment activity is that the big publicly trade real estate investment trusts continue to be sidelined by low share prices, and a dearth of affordably priced buildings available for acquisition. "I would see a more conservative approach taken by bigger funds and RElTs. The acquisition frenzy Frenzy Beatlemania term referring to the Beatles’ (rock musicians) immense popularity; manifested by screaming fans in the 1960s. [Pop. Culture: Miller, 172–181] Big Bull Market of a year-plus ago has been more tempered. REITs are going to spin off some assets," Gelber predicted. Indeed, Arden Realty Corp. has indicated it may sell a few buildings and even exit certain submarkets. "REITs showed good (operational) performance (in 1999), but the stock price said something different," Silvers said. Despite indifference Indifference Antoinette, Marie (1755–1793) queen of France to whom is attributed this statement on the solution to bread famine: “Let them eat cake.” [Fr. Hist. to the real estate sector on Wall Street, those in the trenches see more prosperity ahead. "I think 2000 is going to be another good year. The strength is going to surprise people," Silvers said. "The national economy is still strong and Far East economies have recovered. More companies are locating in the L.A. area and not a lot of supply is coming on line."
Los Angeles County Office Market,
Fourth Quarter 1999
Class A
Total Vacant Class A Asking
Inventory [1] Space Vacancy Lease Rate [2]
Market/Submarket (square feet) (square feet) 12/31/99 12/31/99
CBD/Financial District 28,986,814 4,518,340 14.2% $1.92
South Park 1,917,559 234,882 12.0% $1.48
Central City East 2,090,867 890,694 N/A N/A
Little Toyko/Chinatown 445,818 49,571 16.4% $1.52
Central City West 3,985,643 1,013,881 36.7% $1.59
Downtown 37,426,701 6,707,368 15.7% $1.85
Mid-Wilshire 8,075,518 1,687,302 25.1% $1.20
Park Mile 1,079.452 88,017 11.6% $1.54
Miracle Mile 4,676,240 573,583 11.4% $1.99
Hollywood 2,498,959 448,302 30.0% $1.60
Wilshire Center 16,330,169 2,797,204 18.0% $1.48
Arcadia/Covina 2,571,317 933,138 47.1% $1.80
El Monte 791,983 125,344 N/A N/A
Alhambra/Monterey Park 1,809,296 216,404 10.0% $1.80
Industry/Diamond Bar 1,950,332 306,818 20.1% $1.96
City of Commerce 1,177,574 152,808 7.9% $1.66
San Gabriel Valley 8,300,502 1,734,512 26.5% $1.87
Simi Valley 191,607 4,831 N/A N/A
Thousand Oaks/Newbury 802,207 82,221 18.8% $2.10
Westlake Village 2,202,257 265,416 60.0% $2.14
Agoura Hills 435,844 28,896 24.9% $1.90
Calabasas 1,705,633 82,105 0.0% N/A
Simi/Conejo Valley 5,337,548 463,469 6.0% $2.05
Northridge/Reseda 337,646 67,395 29.5% $1.65
Tarzana 513,429 48,283 12.2% $1.64
Chatsworth/Canoga Park 1,815,521 461,369 7.4% $1.55
Warner Center 5,622,207 411,034 7.2% $2.39
Woodland Hills 1,170,242 151,400 9.4% $1.92
West Valley 9,459,045 1,139,481 7.9% $2.22
Encino 3,977,504 284,469 7.3% $1.91
Sherman Oaks 2,225,836 206,870 8.7% $1.92
Van Nuys 1,563,057 149,278 8.8% $1.83
Pan. City/Mission Hills 428,296 109,970 3.4% $2.00
Valencia/Newhall 1,277,806 450,321 38.6% $1.89
Central Valley 9,472,499 1,200,908 12.8% $1.90
Universal/Studio City 1,863,500 113,522 5.8% $2.44
Burbank - Media District 2,133,211 16,661 0.6% $2.86
Burbank - City Center 2,275,529 138,778 12.6% $2.86
Glendale 5,930,705 880,264 16.3% $2.18
Pasadena 5,341,240 310,762 5.2% $2.28
Pasadena East 1,072,273 98,446 0.0% N/A
North Hollywood 1,120,862 199,819 9.9% $2.03
Tri-Cities 19,737,320 1,758,252 8.9% $2.40
Los Angeles Airport 3,875,483 867,695 12.5% $1.44
El Segundo/Manhattan 9,067,039 979,848 13.5% $2.20
190th Street Corridor 3,297,161 399,895 12.5% $1.74
Central Torrance 3,681,255 577,947 20.0% $1.84
San Pedro 277,500 19,912 6.3% $1.90
Long Beach Freeway 2,406,398 117,845 2.5% $2.14
North Long Beach 993,150 174,367 11.6% $1.45
Downtown Long Beach 3,892,654 570,091 19.5% $2.05
East Long Beach 479,257 88,225 N/A N/A
Cerritos 1,303,573 164,546 14.0% $1.97
South Bay 29,273,470 3,960,371 13.4% $1.97
West Hollywood 1,323,459 127,829 10.1% $2.39
Beverly Hills 5,568,248 373,560 5.5% $2.56
Century City 8,852,055 591,914 7.2% $2.73
Westwood 3,426,528 280,883 8.1% $3.09
Brentwood 3,243,337 164,236 5.9% $2.69
Santa Monica 6,139,315 195,461 2.9% $2.95
Pacific Palisades 160,407 11,398 10.6% $3.25
West Los Angeles 3,528,924 297,299 3.6% $2.07
Marina Del Rey/Venice 1,029,431 93,611 12.1% $2.77
Culver City 3,238,233 171,561 6.0% $2.05
Los Angeles West 36,509,937 2,307,752 6.2% $2.70
Los Angeles County Total 171,847,191 22,069,317 12.4% $2.00
All Classes All Classes All Classes 4th Qtr
Vacancy Vacancy 4th Qtr Net Net
Market/Submarket 9/30/99 12/31/99 Change Absorption [3]
CBD/Financial District 16.8% 15.6% (1.2) 315,063
South Park 12.4% 12.2% (0.2) 3,100
Central City East 42.6% 42.6% 0.0 (8,574)
Little Toyko/Chinatown 14.0% 11.1% (2.9) 12,948
Central City West 27.8% 25.4% (2.4) 97,045
Downtown 19.2% 17.9% (1.3) 419,582
Mid-Wilshire 22.8% 20.9% (1.9) 132,276
Park Mile 7.8% 8.2% 0.4 5,495
Miracle Mile 14.0% 12.3% (1.7) 39,983
Hollywood 23.1% 17.9% (5.2) 128,304
Wilshire Center 19.3% 17.1% (2.2) 306,058
Arcadia/Covina 35.8% 36.3% 0.5 (18,831)
El Monte 29.8% 15.8% (14.0) 34,413
Alhambra/Monterey Park 15.1% 12.0% (3.1) 56,372
Industry/Diamond Bar 16.2% 15.7% (0.5) 269,175
City of Commerce 12.6% 13.0% 0.4 (879)
San Gabriel Valley 23.1% 20.9% (2.2) 340,250
Simi Valley 3.6% 2.5% (1.1) 2,077
Thousand Oaks/Newbury 14.6% 10.2% (4.4) 31,441
Westlake Village 12.9% 12.1% (0.8) 17,800
Agoura Hills 7.9% 6.6% (1.3) 5,578
Calabasas 5.6% 4.8% (0.8) 14,058
Simi/Conejo Valley 10.1% 8.7% (1.4) 70,954
Northridge/Reseda 19.8% 20.0% 0.2 (445)
Tarzana 13.6% 9.4% (4.2) 21,656
Chatsworth/Canoga Park 27.7% 25.4% (2.3) 42,313
Warner Center 6.6% 7.3% 0.7 184,661
Woodland Hills 13.3% 12.9% (0.4) (598)
West Valley 12.5% 12.0% (0.5) 247,587
Encino 8.4% 7.2% (1.2) 44,223
Sherman Oaks 10.3% 9.3% (1.0) 21,832
Van Nuys 8.8% 9.6% 0.8 (15,721)
Pan. City/Mission Hills 26.1% 25.7% (0.4) 1,875
Valencia/Newhall 36.2% 35.2% (1.0) 6,317
Central Valley 14.0% 12.7% (1.3) 58,526
Universal/Studio City 3.3% 6.1% 2.8 (51,346)
Burbank - Media District 0.5% 0.8% 0.3 (5,607)
Burbank - City Center 8.7% 6.1% (2.6) 72,319
Glendale 14.6% 14.8% 0.2 (5,165)
Pasadena 7.6% 5.8% (1.8) 96,615
Pasadena East 20.9% 9.2% (l1.7) 125,340
North Hollywood 20.4% 17.8% (2.6) 28,590
Tri-Cities 10.1% 8.9% (1.2) 260,746
Los Angeles Airport 25.6% 22.4% (3.2) 115,386
El Segundo/Manhattan 13.3% 10.8% (2.5) 221,048
190th Street Corridor 12.8% 12.1% (0.7) (6,600)
Central Torrance 12.3% 15.7% 3.4 78,312
San Pedro 8.3% 7.2% (1.1) 3,205
Long Beach Freeway 6.8% 4.9% (1.9) 27,165
North Long Beach 18.6% 17.6% (1.0) 10,761
Downtown Long Beach 15.6% 14.6% (1.0) 39,014
East Long Beach 19.2% 18.4% (0.8) 841
Cerritos 18.8% 12.6% (6.2) 38,016
South Bay 15.0% 13.5% (1.5) 527,148
West Hollywood 13.2% 9.7% (3.5) 46,840
Beverly Hills 8.0% 6.7% (1.3) 8,870
Century City 7.6% 6.7% (0.9) 33,201
Westwood 9.3% 8.2% (1.1) 37,550
Brentwood 7.5% 5.1% (2.4) 55,666
Santa Monica 6.9% 3.2% (3.7) 155,148
Pacific Palisades 4.7% 7.1% 2.4 (3,858)
West Los Angeles 9.0% 8.4% (0.6) 13,374
Marina Del Rey/Venice 6.7% 9.1% 2.4 (25,140)
Culver City 7.0% 5.3% (1.7) 34,661
Los Angeles West 7.9% 6.3% (1.6) 356,312
Los Angeles County Total 14.2% 12.8% (1.4) 2,587,163
Asking Asking
Year-to-Date Lease Lease
Net Rate [2] Rate [2]
Market/Submarket Absorption [3] 09/31/99 12/31/99
CBD/Financial District 589,066 $1.82 $1.82
South Park 93,403 $1.36 $1.36
Central City East 24,288 $1.21 $1.22
Little Toyko/Chinatown 15,287 $1.23 $1.30
Central City West (260,406) $1.45 $1.47
Downtown 461,638 $1.67 $1.67
Mid-Wilshire 528,104 $1.17 $1.19
Park Mile 109,194 $1.39 $1.46
Miracle Mile 380,213 $1.90 $1.96
Hollywood 183,732 $1.57 $1.63
Wilshire Center 1,201,243 $1.41 $1.44
Arcadia/Covina 168,915 $1.62 $1.66
El Monte 141,680 $1.36 $1.38
Alhambra/Monterey Park 191,264 $1.54 $1.56
Industry/Diamond Bar 185,182 $1.88 $1.92
City of Commerce 89,997 $1.59 $1.58
San Gabriel Valley 777,038 $1.60 $1.67
Simi Valley 15,613 $1.56 $1.54
Thousand Oaks/Newbury 38,210 $1.97 $1.96
Westlake Village 156,519 $1.88 $1.99
Agoura Hills 13,574 $1.84 $1.87
Calabasas 101,444 $2.02 $2.00
Simi/Conejo Valley 325,360 $1.92 $1.98
Northridge/Reseda (8,321) $1.44 $1.45
Tarzana 39,948 $1.60 $1.64
Chatsworth/Canoga Park 83,818 $1.74 $1.62
Warner Center 228,268 $2.20 $2.28
Woodland Hills 23,955 $1.78 $1.79
West Valley 367,668 $1.87 $1.87
Encino 131,522 $1.86 $1.89
Sherman Oaks 112,000 $1.87 $1.89
Van Nuys 146,412 $1.60 $1.69
Pan. City/Mission Hills 8,927 $1.36 $1.60
Valencia/Newhall 120,202 $1.88 $1.88
Central Valley 519,063 $1.87 $1.86
Universal/Studio City 81,784 $1.99 $2.34
Burbank - Media District 58,068 $2.71 $2.80
Burbank - City Center 207,156 $2.25 $2.14
Glendale 349,677 $2.35 $2.43
Pasadena 190,088 $2.11 $2.12
Pasadena East 175,524 $1.99 $1.78
North Hollywood 49,316 $1.75 $1.75
Tri-Cities 1,111,613 $2.17 $2.24
Los Angeles Airport 230,082 $1.24 $1.25
El Segundo/Manhattan 279,077 $1.99 $2.10
190th Street Corridor 54,194 $1.55 $1.55
Central Torrance 144,276 $1.56 $1.73
San Pedro (3) $1.89 $1.87
Long Beach Freeway 188,858 $1.71 $1.71
North Long Beach 26,472 $1.25 $1.25
Downtown Long Beach 138,365 $1.71 $1.80
East Long Beach (3,442) $1.69 $1.67
Cerritos (43,809) $1.88 $1.85
South Bay 1,014,070 $1.64 $1.69
West Hollywood 102,975 $2.47 $2.43
Beverly Hills 165,649 $2.38 $2.40
Century City 15,471 $2.57 $2.67
Westwood 325 $2.90 $2.89
Brentwood 145,272 $2.62 $2.66
Santa Monica 396,995 $2.68 $2.64
Pacific Palisades 11,173 $2.67 $2.74
West Los Angeles 849 $1.98 $1.99
Marina Del Rey/Venice 65,991 $2.33 $2.47
Culver City 177,190 $1.96 $1.95
Los Angeles West 1,081,890 $2.47 $2.49
Los Angeles County Total 6,859,583 $1.79 $1.81
(*.)Rental rates reflect $psf/mo (1.)Inventory includes all multi-tenant leased facilities over 25,000 square feet. It does not include medical facilities, owner occupied "Owner occupied" may also refer to a housing cooperative Owner occupied is a classification of UK housing tenure as described by the Department for Communities and Local Government, a UK government department that has amongst its remit the monitoring of the UK housing stock. buildings nor government buildings. (2.)Rental rates represent full-service gross weighted average asking rental rates on direct space as of Sept. 30, 1999. (3.)Net Absorption is the change in occupied space for a given period of time excluding sublet sub·let tr.v. sub·let, sub·let·ting, sub·lets 1. To rent (property one holds by lease) to another. 2. To subcontract (work). n. space and renewals. Due to the transfer of owner/occupied space to competively leasable space and/or the delivery of new construction in the market, descrepencies may occur in the relation between vacancy rates and net absorption. Year-end vacancy rates may include market adjustments made by Cushman & Wakefield, Inc. Source: Cushman & Wakefield Inc. |
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