Slowing Office Market Offers Deals for Savvy Tenants
Long Beach Business Journal, March 2009
By Angela C. Allen
...Dr. Delores Conway, director of the Casden Real Estate Economics Forecast at the USC Lusk Center for Real Estate, says while demand for office space is still slowing due to the economic recession and rising unemployment rates, there are some bright spots.
"In Long Beach, what we're seeing is that the vacancy rates have moved up... [and] we expect them to continue to rise as unemployment increases," she says. "The bright spots are, we are still seeing some new tenants who are leasing up space. The Fluor Corp. leased up space at 1500 Hughes Way, and the suburban part of Long Beach seems to be doing a little better than the downtown. The other bright spot is that lease rates are softening, so it has changed to a tenants' market..."