Office rents could drop 30%
Orange County Register online
By Jonathan Lansner and Jeff Collins
... The USC Casden Forecast predicts at least two more years of pain for offices in Orange County and Southern California as a whole.
But the industrial market could recover next year, particularly in areas near the ports, thanks to increased exports.
"Southern California's office markets are likely to face significant challenges over the next two years. The financial crisis has sent shock waves through all economic sectors, leading to widespread layoffs of employees and an overall reduction in the need for office space. ...
"In spite of some signs of recovery in the broader economy and a rebound on Wall Street, the Southern California office market will continue to experience high rates of vacancy and declining rents for the near future."...