Saturday, July 18, 2009

CRE Broker: "Insult me with an offer"

by Bill McBride on 7/18/2009 10:10:00 PM

From Roger Vincent at the LA Times: Commercial brokers are swimming in empty space

Nearly 16% of office space in Los Angeles County is sitting vacant as tenants close up shop or move out of expensive properties. Nearly a third of the space around up-market Playa Vista sits empty; office buildings in the Inland Empire and parts of Orange County are completely vacant.

It all adds up to less work for brokers like [Carl] Muhlstein, who make their living facilitating the sale and leasing of these properties.
And some recent national CRE data:

Strip Mall Vacancy Rate Hits 10%, Highest Since 1992

U.S. Office Vacancy Rate Hits 15.9% in Q2

Hotel Occupancy Off 19% Compared to 2007

Apartment Vacancy Rate at 22 Year High