LOS ANGELES - Southern California's strong business performance, buoyed by economic diversity and continued growth in trade, bodes well for office and industrial markets through 2004, according to the Casden Real Estate Economics Forecast released recently by the USC Lusk Center for Real Estate. "Rents have stabilized in several markets across Los Angeles County, the Inland Empire continues on a steady growth course and Orange County is showing signs of life in the airport submarket," said Raphael Bostic, Ph.D., director of the Casden Forecast, at a briefing for real estate executives at USC. "The biggest story is Riverside's robust rebound covering six quarters and counting. This area felt the recession harder than other parts of the Inland Empire, but asking rents for Class A property are now at historic highs while vacancy levels are at a five-year low," Bostic said. "The Inland Empire will continue to lead the Los Angeles metropolitan area with jobs, sales and income all growing at rates well over 5 percent in 2005." The Casden Real Estate Economics Forecast analyzed data on rents, vacancies, transactions, and employment for the Los Angeles County, Orange County and Inland Empire office and industrial markets. Grubb & Ellis supplied much of the data. A multifamily forecast will be released Jan. 15, 2004.
December 4, 2003