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LA Office Market Cited as Strong Over Next Two Years

LOS ANGELES, CA-By the end of 2002, the report goes on to say, stronger demand for office space, particular in entertainment and the aerospace/defense sectors, is expected to reduced the overall vacancy rate 12 %, well below the market's historic norms.

By Peter Landau | Updated on January 07, 2002

LOS ANGELES, CA-Los Angeles is expected to stand out as the only significantly improving suburban office market through year-end 2003, according to the recently released Cushman and Wakefield’s top-10 office markets report. And this ranking with no new construction underway is trending towards market equilibrium.

In the short term, the suburban Los Angeles office market suffers challenges. As of the third quarter 2001, increasing sublease availability is plaguing the suburban markets. Corporate downsizing, especially in the insurance sector, has reduced the demand for office space.

By the end of 2002, the report goes on to say, stronger demand for office space, particular in entertainment and the aerospace/defense sectors, is expected to reduced the overall vacancy rate 12 %, well below the market’s historic norms.

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