With our free press under threat and federal funding for public media gone, your support matters more than ever. Help keep the LAist newsroom strong, become a monthly member or increase your support today.
Economic forecast shows optimistic future for commercial real estate
File: Construction of high-rise loft buildings near the then-in-devleopment L.A. Live entertainment complex blocks away, next to the Staples Center sports arena, on Dec.15, 2006 in Los Angeles.
(
David McNew/Getty Images
)
The outlook for commercial real estate growth in California through 2018 is looking pretty good — that's according to the latest Allen Matkins and UCLA Anderson Forecast Commercial Real Estate Survey.
Researchers surveyed developers throughout the state who said they're optimistic about the next few years. Several of them are already planning new commercial projects, including office buildings, warehouses and multi-family housing.
The survey released Wednesday states that the Fed increasing interest rates has not dampened optimism for the future of commercial real estate in California.
Jerry Nickelsburg, senior economist at the UCLA Anderson Forecast, said that for Orange County, Los Angeles and San Diego, the survey shows markets tightening in the next three years.
Support for LAist comes from
“What this means is the markets are not overbuilt, and demand is still pushing supply,” Nickelsburg said.
He said that industrial space vacancy rates in the Inland Empire will be higher in the next few years, but rental rates will continue to rise faster than the rate of inflation.
Optimistic outlooks for developing commercial real estate also has positive outcomes for job growth and the economy, Nickelsburg said.
"What that means for local economy is increase demand for construction workers and increased demand for building supplies. All this is a positive development in economic growth in Southern California," Nickelsburg said.
Read the entire Commercial Real Estate Survey here:
At LAist, we believe in journalism without censorship and the right of a free press to speak truth to those in power. Our hard-hitting watchdog reporting on local government, climate, and the ongoing housing and homelessness crisis is trustworthy, independent and freely accessible to everyone thanks to the support of readers like you.
But the game has changed: Congress voted to eliminate funding for public media across the country. Here at LAist that means a loss of $1.7 million in our budget every year. We want to assure you that despite growing threats to free press and free speech, LAist will remain a voice you know and trust. Speaking frankly, the amount of reader support we receive will help determine how strong of a newsroom we are going forward to cover the important news in our community.
We’re asking you to stand up for independent reporting that will not be silenced. With more individuals like you supporting this public service, we can continue to provide essential coverage for Southern Californians that you can’t find anywhere else. Become a monthly member today to help sustain this mission.
Thank you for your generous support and belief in the value of independent news.
Chip in now to fund your local journalism
(
LAist
)
Trending on LAist
-
The L.A. County Board of Supervisors on Tuesday voted to declare immigration enforcement actions a local emergency. -
Tens of thousands of workers across Southern California walk out over pay and staffing issues. -
People in and around recent burn scars should be alert to the risk of debris flows. Typical October weather will be back later this week. -
Jet Propulsion Laboratory leadership says the cuts amount to 11% of the workforce. -
The rock legend joins LAist for a lookback on his career — and the next chapter of his music. -
Yes, it's controversial, but let me explain.
Best of LAist