LOS ANGELES-As the next couple years roll along, the biggest cities in Southern California will lead the office-market resurgence. “Los Angeles and San Diego were the first two markets where developer sentiment turned,” said Jerry Nickelsburg, senior economist of the Allen Matkins/UCLA Anderson Forecast.
Industry observers expect rental rates to rise and vacancy rates to fall in both markets. Employment growth should drive this uptick, and demand will outstrip supply in 2012 and 2013.
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