Fueled by the tech sector meltdown, new office and other nonresidential construction in the county fell by close to $1 billion to a total of $1.2 billion in construction permit valuation, according to the survey of building permit data by the Burbank-based Construction Industry Research Board.
Construction of new retail is up $14.8 million to $135.5 million. But declines in industrial and office properties have fallen to levels not seen in six years.
At the end of the third quarter, at least 55 million sf of offices and research and development space, with a combined vacancy factor of 25%, stood empty. Rents also have declined sharply.
Construction industry employment fell 9.7% from November 2001 to November 2002, with about 41,000 employed, down from more than 46,000 a year ago, according to state job figures.
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