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Article: Riots clobber retail lease rates in South Central, delay rebuilding. (1992 Los Angeles, California riots) (Special Report: Quarterly Real Estate) (Industry Overview)
- Article from:
- Los Angeles Business Journal
- Article date:
- October 26, 1992
- Author:
CopyrightCOPYRIGHT 1992 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Lease rates for retail space in South Central Los Angeles have fallen so steeply since the April riot that many landlords, even those fully insured, are reluctant to reconstruct damaged or destroyed buildings, local industry experts reported.
That situation has created a strong buyers' market for those looking to pick up South Central retail property on the cheap.
Industry experts said monthly retail lease rates in South Central have actually been in decline for the past 18 months, falling about 30 percent in that time. But that decline has quickened since the April riot, bringing monthly retail rates to roughly $1 a square foot.
Rates were in the ...