Following are some of the most significant aspects of the Los Angeles County Office Research Report:
· Approximately 1.2 million square feet of office space is expected this year, down from nearly 1.4 million square feet in 2008. Deliveries have averaged 1.1 million square feet annually over the past five years.
· Negative net absorption of 4.2 million square feet is forecast by year end, fueling a 270 basis point vacancy rise to 13.6 percent. Last year, vacancy increased 310 basis points.
For a copy of the complete Los Angeles County Office Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/.