‘89 Office Market Journal Predicts Good Year Ahead
The 1989 BOMA Office Market Journal of Greater Los Angeles predicts a good year ahead for commercial real estate.
The forecast shows 3.7 million square feet of new high-rise office space downtown, continuing strong performance by the Westside leasing market and increased leasing strength in Warner Center, downtown Long Beach and along the Burbank-Glendale-Pasadena corridor.
The fifth anniversary edition of the forecast, published by the Building Owners and Managers Assn. of Greater Los Angeles and MetroAmerica Office Guides, shows the year beginning with only a 1% increase in office vacancy in Los Angeles.
The journal has identified 1,749 office buildings with almost 192 million square feet of space in its annual roundup of commercial real estate and reveals construction and proposed projects totaling 32,731,340 rentable square feet in 134 buildings.
The report places the highest current rental rates in West Los Angeles, with more than 75% of the available space there leasing for more than $30 per square foot gross per year.
Rents may begin to rise in some areas which have long been overbuilt, including mid-Wilshire, Hollywood/Sunset Strip and the San Gabriel Valley, but an abundance of available space in areas such as LAX, East County and North County indicate that several “tenants’ markets” can still be found in 1989, the journal states.
The BOMA Office Market Journal is published for those connected with the commercial real estate industry. Copies are available at $35 each from BOMA of Greater Los Angeles, 700 S. Flower St., Suite 2325, Los Angeles 90017, or by calling 213/624-2181.