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Los Angeles Commercial Real Estate In-depth
Market conditions for Los Angeles commercial real estate has steadily declined starting back in 2008. However, commercial real estate in Los Angeles has not declined nearly as bad as other major cities in the United States given its well diversified tenant base. Today, the commercial office space vacancy rate in Los Angeles is h
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Los Angeles Commercial Real Estate In-depth
Market conditions for Los Angeles commercial real estate has steadily declined starting back in 2008. However, commercial real estate in Los Angeles has not declined nearly as bad as other major cities in the United States given its well diversified tenant base. Today, the commercial office space vacancy rate in Los Angeles is hovering around 11% whereas vacancy in the industrial building market is at a very healthy 5%. By mid 2009, the commercial office space market gave back about 1.4 million square feet of previously leased space whereas industrial building vacancies increased by about 4 million square feet in Q2, 2009.
Rental rates for Los Angeles commercial real estate have decreased across all building types with class new A office buildings buoying the office space market with artificially high rents. There is still a fair amount of new commercial real estate coming online and of which approximately 5 million more square feet will finish completion by the end of 2009 and into the first quarter of 2010. With a decent amount of transaction activity, especially given that the Los Angeles suburban office markets are holding up reasonably well, commercial real estate rents in Los Angeles County may not come down as much as people expect going into 2010. Astonishingly, some commercial real estate brokers tracking stats for the Los Angeles central business district report net positive adsorption of commercial space.
Commercial real estate in Los Angeles comprises a vast area as Los Angeles is the largest city in California and the second largest city in the United States with a major seaport. It is also the second largest populated area in the United States. The commercial real estate market is driven by the aerospace and defense industries, the entertain world, manufacturing, equipment and storage handling, the financial industry, tourism, education, and international trade. If Los Angeles County were a nation state all itself, it would be one of the top 20 economic powerhouses in the world.
Many fortune 500 companies are headquartered in Los Angeles commercial real estate buildings with a concentration of many of the largest banking and financial institutions in or near the Downtown Los Angeles central business district. The local employment base is drawn from fine colleges such as University of Southern California (USC) and UCLA. The Los Angeles International Airport (LAX) supports the growing economic region and commercial real estate building base bringing in record number of passengers each year to many office parks and industrial building submarkets. Los Angeles also has a thriving commercial real estate retail base supported by large malls and boutique destinations in Hollywood catering to the super rich and entertainment industry crowd.
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