December 11, 2008
... In Los Angeles County, the overall vacancy rate for top-tier office space surged to 11.4 percent in the third quarter from 9.2 percent a year earlier, and rental rates for industrial space fell 6.6 percent, the Casden Forecast at the USC Lusk Center for Real Estate said in its 2008 Southern California Office and Industrial Market Report, released this week.
"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...