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LOS ANGELES BASIN OFFICE MARKET ENDS 2008 FIRMLY IN RECESSION
Amidst what many economists are calling the worst recession in decades, the Los Angeles Basin office market ends 2008 firmly in recession. Mounting job losses, plummeting consumer confidence, and extreme uncertainty in the financial markets all caused demand for office space to weaken as what seemed like a contained housing bust at the beginning of the year turned into financial panic and deflationary concerns by year-end. With decreasing average asking rental rates, higher vacancy, lower construction activity, and lower sales prices, it appears that 2009 will not be much better.
Contact Michael Soto at 213.532.3220 for more information.
  OFFLAB08Q4.pdf
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