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Article: Tenants vacate downtown L.A. despite bargain rents; more than 200,000 square feet empty out in early '94. (downtown office market in Los Angeles, California) (Real Estate)
- Article from:
- Los Angeles Business Journal
- Article date:
- April 25, 1994
- Author:
CopyrightCOPYRIGHT 1994 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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The downtown Los Angeles office market remains troubled. A handful of small deals closed during the first quarter of 1994, but there was not enough leasing activity to make up for the outflow of some big tenants.
After all the numbers were tallied, according to statistics provided by commercial brokerage firm Grubb & Ellis Co., downtown L.A. saw more tenants leave than arrive over the first quarter. A total of 224,118 square feet of "negative net absorption" was recorded for the first three months of the year. Simply, that means 224,118 more square feet of downtown L.A. office space was vacated than leased between the first of January and the end of March.
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