Local News in Brief : Office Vacancy Rate Dips

The South Bay’s office vacancy rate dropped to 23.5% in the first quarter of 1988, down slightly from 25.1% in the last quarter of 1987, according to a survey conducted by Cushman & Wakefield of California Inc.

By March 31, the South Bay had 6,284,001 square feet of office space vacant out of a total of 26,740,473, according to the New York- and California-based real estate company.

The decrease was partly due to the leasing of about 500,000 square feet of office space in various projects during the first three months of the year, according I. Richard Davis, manager of Cushman & Wakefield’s South Bay office.

Also, he said, little new construction came on the market from January through March. But by the end of 1988, 1.4 million square feet of new space due for completion which is expected to force the vacancy rate back up, he said.

The South Bay survey includes office buildings containing at least 30,000 square feet of space. The study area extends from Los Angeles International Airport to Long Beach.