Printer Friendly

MARKET FOR COMMERCIAL, INDUSTRIAL SPACE BEGINS TO PICK UP.

Byline: GREGORY J. WILCOX Real Estate

This is going to be a busy year for Ross W. Thomas.

In addition to putting together industrial real estate deals - he's a principal partner at Van Nuys-based Delphi Business Properties - Thomas is the new president of the American Industrial Real Estate Association.

While the group's name is national, it focuses on the Los Angeles-area market.

Thomas' plan calls for broadening this vision.

``We're going to be expanding our geographic scope of influence to Orange County and the Inland Empire,'' he said.

The expansion is necessary because more and more commercial real estate offices in those areas are becoming members of the trade group founded 34 years ago.

The group will also be putting together statistical information about both the industrial and commercial markets throughout the regions.

Thomas has served on the organization's board of directors for the past seven years.

The industrial market is much tighter than the commercial market, though both are feeling the effects of space constraints.

But this should be a better year than 2001, Thomas said.

``It was cooling off a little bit prior to Sept. 11, but I do think we are seeing things pick up,'' he said.

And while leasing activity dropped off a bit last year, the market for buying industrial buildings remains strong.

``The San Fernando Valley is pretty much built out. There is very little land left. I started in industrial real estate in 1973 and could find land, develop a building and sell it to somebody,'' Thomas said.

Today, that would be a rare kind of a deal.

Broker Buzz:

--Further evidence of a market upturn comes from Tony Principe, executive vice president of Westlake Village-based Westcord Commercial Real Estate Services.

He says inquiries for office space in the range of 25,000 square feet to 100,000 square feet have intensified since the beginning of the year.

``The good news is that we now have the office space inventory to accommodate these tenants,'' he said.

There's a good reason for that.

In the late 1990s, there was a building boom of sorts to meet the needs of the dot-com companies that were turning the 101 Corridor into a high-tech hub.

Now many of those companies are dot-gone or have scaled down operations and have returned that space to the market.

Principe says there is now about 500,000 square feet of new office space and 250,000 square feet of sublease space available in this submarket.

``What we're seeing is that we are simply getting back to a more traditional and healthy market,'' he said.

--The leasing of phase one of the Rolling Oaks Medical Center in Thousand Oaks is now 100 percent complete, according to CB Richard Ellis' Ventura office.

Six medical businesses have leased office space, ranging from 1,100 square feet to 11,600 square feet, in the complex at 375 Rolling Oaks Drive.

The medical center is owned by Amoroso Cos.

The firm is finalizing construction drawings for the new Thousand Oaks Surgical Hospital that will be part of the medical center.

Construction on the 38,000-square-foot facility is scheduled to start in March.
COPYRIGHT 2002 Daily News
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2002, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Business
Publication:Daily News (Los Angeles, CA)
Date:Feb 10, 2002
Words:526
Previous Article:SAG GETS READY FOR ELECTION, TAKE TWO.
Next Article:GUNFIRE AT PARTY LINKED TO GANGS.


Related Articles
Gary Alper, president GFA Development: keeping pace with technical advances in building.
COMMERCIAL VACANCY RATES DIPPED IN COUNTY.
L.A. OFFICE, INDUSTRIAL MARKETS STRONGER.
NKF team helps landlord beat vacant space crunch.

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters