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Press
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FOR
IMMEDIATE RELEASE
Allen
Matkins/UCLA Anderson Forecast California Commercial Real Estate
Survey Reveals Los Angeles Office Space Market to Tighten
New
Survey Tracks California Commercial Real Estate
LOS ANGELES,
June 15, 2007 - The office space market in Los Angeles
will continue to tighten through 2010 according to a new survey
released by the UCLA Anderson Forecast, in conjunction with and
sponsored by Allen Matkins Leck Gamble Mallory & Natsis LLP.
The Allen Matkins/UCLA Anderson Forecast California Commercial Real
Estate survey is the first in a series of surveys to be conducted
around California, and launches an important real estate forecasting
partnership.
“This survey revealed
that Los Angeles real estate survey participants look for a tightening
of the office space market over the next three years,” said
Jerry Nickelsburg, economist, UCLA Anderson Forecast. “As
the survey data develops over time, it will be incorporated into
our econometric models to sharpen our forecasts of this important
sector of California and the regional economies.”
The survey polled a panel
of California real estate professionals in the office space and
investment market, and asked a series of questions on various aspects
of the commercial real estate market. Results reveal a strong belief
that rental rates for office space in Los Angeles will continue
to increase and may even rise at faster rates than the brisk 4.7%
average in 2006. This increased demand in the face of limited new
supply is also seen to be driving down vacancy rates over the four
year horizon of the forecast.
“Allen Matkins
has been fortunate to work with and assist leading institutions,
developers and lenders in the real estate industry. We are sponsoring
this Survey to provide value to the industry. We have partnered
with the UCLA Anderson Forecast, the leading independent economic
forecast of both the U.S. and California economies for over 50 years,
and have tapped the knowledge of leading developers in the state
to provide what we believe will become the best, clear-sighted forecast
of the California commercial real estate industry,” said John
Tipton, real estate department chair at Allen Matkins.
The Allen Matkins/UCLA Anderson Forecast California Commercial Real
Estate Survey was initiated by Allen Matkins in 2006, furtherance
of their interest in improving the quality of current information
and forecasts of commercial real estate. Future surveys will focus
on industrial and retail markets and will cover other cities as
well.
Results of the Allen
Matkins/UCLA Anderson Forecast California Commercial Real Estate
Survey will be discussed at the June UCLA Anderson Forecast Conference
at UCLA on June, 19, 2007. More information can be found at www.uclaforecast.com.
About Allen Matkins
Allen Matkins Leck Gamble Mallory & Natsis LLP, founded in 1977,
is a California law firm with approximately 230 attorneys practicing
out of seven offices in Los Angeles, Orange County, Century City,
Del Mar Heights, San Diego, San Francisco, and Walnut Creek. The
firm's broad based areas of focus include corporate, real estate,
construction, real estate finance, business litigation, taxation,
land use, environmental, bankruptcy and creditors' rights, and employment
and labor law. The firm has also been ranked as the #1 real estate
firm in California by Chambers & Partners for the last five
years.
About UCLA Anderson
Forecast
UCLA Anderson Forecast is one of the most widely watched and often-cited
economic outlooks for California and the nation and was unique in
predicting both the seriousness of the early-1990s downturn in California
and the strength of the state’s rebound since 1993. More recently,
the Forecast was credited as the first major U.S. economic forecasting
group to declare the recession of 2001. Visit UCLA Anderson Forecast
on the Web at http://uclaforecast.com.
About UCLA Anderson
School of Management?
UCLA Anderson School of Management, established in 1935, is regarded
among the very best business schools in the world. UCLA Anderson
faculty are ranked #1 in "intellectual capital" by BusinessWeek
and are renowned for their teaching excellence and research in advancing
management thinking. Each year, UCLA Anderson provides management
education to more than 1,600 students enrolled in MBA, Executive
MBA, Fully-Employed MBA and doctoral programs, and to more than
2,000 professional managers through executive education programs.
Combining highly selective admissions, varied and innovative learning
programs, and a world-wide network of 35,000 alumni, UCLA Anderson
develops and prepares global leaders.
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