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SoCal: Office Vacancy Rate increases, Rents Fall

By Anonymous

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.

Full post as published by Calculated Risk on July 18, 2010 (boomark / email).