Office and industrial properties across the Southland will continue to feel the effects of business closures and slower global trade well into 2009, according to the latest forecast from University of Southern California’s Lusk Center for Real Estate.

“The pendulum has swung from landlords to tenants for the first time since 2003, as an abundance of office space and reduced demand is putting pressure on rents across the region,” Delores Conway, director of the Casden Real Estate Economics Forecast said during a briefing for real estate executives Thursday.

Demand for office space showed year-to-date declines of 2.3 million square feet, with the largest declines in North L.A., West L.A. and the South Bay. Overall vacancy rates jumped 11.4 percent. The North L.A. submarket showed the largest increase, 14 percent, largely due to cutbacks at Countrywide Financial and Amgen Inc.

Rental rates are under pressure due to large amounts of office space available for sublease, the report said. Industrial vacancy rates moved higher, but are still very low and rents should stabilize in the near term.