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LOS ANGELES-Local newspaper New Times has renewed its lease at an office building in West Los Angeles. According to the terms of the five-year lease, New Times will continue to occupy 11,814 sf at 1950 Sawtelle. The deal is valued at $1.7 million.

New Times was represented by Tim Macker and Mark Berman of Coldwell Banker Westmac. The landlord, Arden Realty Inc., was represented in-house by Troy Holme.

LA’s office vacancy rate will decrease in upcoming months, dropping to a predicted 11.7% in mid-2003, according to a new report published by Delta Associates research and consulting firm. A cutback in the number of new development projects will be a major factor in the decrease, local real estate experts say. The county currently has an inventory of approximately 302.5 million sf of office space and only about 8.2 million sf is currently in the pipeline, according to Delta Associates VP and research director Tong Saetia.

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