LOS ANGELES - The Southern California office and industrial markets in 2008 are expected to grow at a slow but steady pace according to a report from the University of California's Lusk Center for Real Estate's Casden Forecast. In the coming year, the region will face increased demand for Westside office space, the subprime fallout's impact on Orange County and the large amount of industrial space under construction in the Inland Empire. According to the forecast, the adjustment to those changes will be short-term. A growth in Los Angeles County's professional, health and leisure services will help the demand for office and warehouse space increase. The county's industrial market is expected to remain the tightest in the nation because of healthy demand from international trade. Meanwhile, vacancies are expected to remain high for Orange County office spaces in the face of layoffs from the financial services and mortgage industries. The Inland Empire is expected to remain the top industrial market in the nation next year.
December 13, 2007