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Jones Lang LaSalle Incorporated
Southern California office market slowly improving
Southern California office market slowly improving

Southern California's office market has improved ever so slightly — once again for landlords. In the just-finished first quarter of 2014, the overall vacancy rate fell less than a percentage point and monthly rents ticked up a nickel per square foot. The slight upward shift in occupancy was typical of the last several quarters. The region's office rental market stabilized after the recession, but has not picked up steam the way it did during previous economic recoveries. Nevertheless, vacancy is reaching its lowest level since 2008, when the Great Recession hit and prompted a downward trend in office use that finally is turning around, albeit at a glacial pace. ...

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