LOS ANGELES-A just-released national market report from Jones Lang LaSalle indicates the office market here is still struggling. But there are some encouraging, though quiet, recovery signs.
The JLL spring United States Skyline Review report, subtitled “2013: The Year the Recovery Takes Hold Across All Skyline Markets,” covers Los Angeles as one of 34 city centers where Jones Lang LaSalle tracks Class A and Trophy office properties. “These are the segments of the markets that always lead the rest of the office sector in the trends of leasing, rent and ultimately investment growth,” said a report statement from John Sikaitis, Senior VP of Research at the firm.
The Los Angeles segment takes particular aim at the Century City submarket, reporting large blocks of vacant space. Downtown, there is a continuing reduction in occupancy from existing tenants, and there are few tenants touring the market with sizeable requirements, the report states.
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