Vacancy Rates are Lowest in 15 Years

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Southern California’s office and industrial markets showed dramatic improvement this year, with office vacancy rates in Los Angeles County falling below 10 percent for the first time in more than 15 years, an industry report reveals, the Pasadena Star-News reports.


The 2006 Casden Office and Industrial Market Forecast, released Tuesday by the USC Lusk Center for Real Estate, said average asking rents for office space in L.A. County rose 10.7percent over 2005.


West Los Angeles posted a 15 percent increase in average rents, the highest of any submarket in Southern California.


The San Gabriel Valley and Mid-Cities submarkets both saw increases of 9percent. That trend is expected to continue next year but at a slower pace, according to the report.


Los Angeles County currently has 1.8 million square feet of office space under construction, primarily in West Los Angeles.


The county’s industrial market – the largest industrial center in the United States – also boasts the lowest vacancy rate at 1.6 percent.


Read the full Star-News story

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