The Allen Matkins/UCLA Anderson survey of regional commercial real estate prospects shows that the office-space consensus for Orange County was industry sentiment that “improved for rental rates and approximately (ran) the same for vacancy rates.” The same was said for the San Diego market.
Why? Allen Matkins/UCLA says this is “reflecting a strengthening of demand relative to supply.”
Of the five other markets tracked, to Allen Matkins/UCLA’s eyes:
- San Francisco and Silicon Valley sentiment was “unchanged for rental rates and slightly lower for vacancy rates since the last survey reflecting a slight weakening of demand pressures.”
- Los Angeles sentiment was unchanged.
- East Bay sentiment was “stronger with respect to rental rates and weaker with respect to vacancy rates.”
- By the way, highest optimism was found in San Francisco, followed by Silicon Valley, San Diego, Orange County, East Bay and Los Angeles.
- Improving sentiment — and overall economics means, Allen Matkins/UCLA says, that “we expect new office space construction to begin in the coming 12 to 18 months.”
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