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Los Angeles office rents to continue rising
www.chinaview.cn 2007-06-16 09:43:13
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    LOS ANGELES, June 15 (Xinhua) -- Office building rents in the Los Angeles area will continue to rise over the coming years as businesses expand, according to a survey of real estate professionals released Friday.

    This will cause the availability of office space to shrink, said the survey.

    "Results reveal a strong belief that rental rates for office space in Los Angeles will continue to increase and may even rise at faster rates than the brisk 4.7 percent average in 2006," according to a statement accompanying the survey results.

    This increased demand in the face of limited new supply is also seen to be driving down vacancy rates over the four year horizon of the forecast, said the statement.

    "This survey revealed that Los Angeles real estate survey participants look for a tightening of the office space market over the next three years," said economist Jerry Nickelsburg at the Aderson Forecast of the University of California in Los Angeles (UCLA).

    The survey polled a panel of California real estate professionals in the office space and investment market.

    The survey was conducted in conjunction with, and the sponsorship of, the law firm of Allen Matkins Leck Gamble Mallory & Natsis LLP.

Editor: Sun Yunlong
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