Sunday, July 18, 2010

SoCal: Office Vacancy Rate increases, Rents Fall

by Bill McBride on 7/18/2010 08:45:00 AM

From Roger Vincent at the Los Angeles Times: Office vacancies rise, rents drop in Southland again

Overall vacancy in Los Angeles, Orange, San Bernardino and Riverside counties rose to nearly 20% from 17% a year earlier, while average asking rents dropped to $2.37 a square foot per month from $2.52 ...

The weakest market was the Inland Empire, where vacancy surpassed 25% in the second quarter. Orange County was also weak, with 22% of its office space unleased.
More excess supply, but at least the new construction has stopped.