Preliminary figures from the locally based brokerage giant says the county experienced negative net absorption of 44,444 sf in the just-concluded fourth quarter. However, that was a big improvement over the third quarter's 106,268-sf negative absorption.
The fourth-quarter vacancy rate of 11.8% was only slightly higher than then 11.6% vacancy factor in the previous three months, the CB Richard Ellis report says. It was 10.5% in the final quarter of 2000.
"The office market is showing good stability in view of present conditions," says Lewis C. Horne, CBRE's senior managing director of the LA Region. "A business slowdown was already having its effect when the Sept. 11 events occurred."
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