SOUTHERN CALIFORNIA—The economy has recovered to the point where cranes are in the sky in many areas of Southern California. spoke exclusively with several experts in the market about which submarkets have the most spec-office development.

Jerry Holdner, VP of market research for Voit Real Estate Services, tells, “Currently in Southern California, there are 70 office buildings totaling 6 million square feet under construction,” and he adds that the great majority of this, if not all of it, is speculative. “Los Angeles is leading the charge with 34 buildings totaling 3.3 million square feet under construction. Of this total, six buildings totaling 1.3 million square feet is in the Downtown submarket, five buildings totaling 890,000 square feet are in the Mid-Wilshire submarket and three buildings totaling 500,000 square feet are the Playa Vista submarket. Orange County has 14 buildings totaling 1.9 million square feet under construction. Of that total, 11 buildings totaling 1.7 million square feet are in the Irvine Spectrum submarket. San Diego has 12 buildings totaling 625,000 square feet under construction. The Inland Empire has five buildings under construction totaling 100,000 square feet.”

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