In LA Central, which consists of Koreatown and Chinatown, the Financial District, City of Industry, City of Commerce, Hollywood and more, there are a total of 301 office buildings. The overall vacancy rate was 18.6% for the first quarter of 2002, with a net absorption of 307,521 sf.
For LA North, with cities such as Simi Valley, Westlake Village, Encino, and Van Nuys among others, office buildings totaled 355. Vacancy rates overall reached 18.1% in the first quarter 2002, with a net absorption rate of negative 163,710 sf.
LA South, which reaches from LAX to Downtown Long Beach, the total office buildings numbered 233. Vacancy rates reached16.9%, and the total net absorption rate was 130,809 sf. For West LA, including Beverly Hills, Santa Monica and the entire west side, with 343 office buildings, recorded a vacancy rate of 20.5%. The net absorption for the first quarter of 2002 was negative 935,289 sf.
Finally, in the Tri-City area, which features Universal City, Studio City, Burbank, Glendale and Pasadena, there are 182 office buildings. In the first quarter 2002, vacancy rates for these properties hit 18.1%, with the net absorption figure reaching 221,635 sf.
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