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Article: Sluggishness still dogs L.A. commercial real estate. (Los Angeles County, California) (Special Report: Quarterly Real Estate) (Industry Overview)
- Article from:
- Los Angeles Business Journal
- Article date:
- April 26, 1993
- Author:
CopyrightCOPYRIGHT 1993 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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Some high-profile projects go belly up in first quarter
For a period featuring few major Los Angeles commercial real estate transactions, a lot happened here during 1993's first quarter. Unfortunately, much of the news reflects a still-struggling property environment.
Illustrating continued uncertainly about the economic recovery and the direction of rents and property values, hardly a handful of big office lease or investment deals closed during the quarter. Meanwhile, some high-profile existing and proposed properties went into bankruptcy, default or foreclosure.
Recently announced relocations of local Hughes Aircraft Co. and Transamerica Corp. ...