Office Stats Run Red, But Improved

LOS ANGELES, CA-The L.A. County office market has displayed a mixed bag of results in the third quarter, posting negative net absorption but improving from the third quarter a year ago, according to a research report by Insignia/ESG.

Overall net absorption totaled nearly 170,000 sf in the county’s more than 167 million sf of office space in the eight major markets and several dozen submarkets tracked by Insignia/ESG.

But the absorption figure improved markedly from the third quarter of 2001, when it was a negative 1.5 million sf. The trend suggests that absorption “is now on the upswing and should push back into positive territory in early 2003,” the Insignia report says.