Office Space In Los Angeles

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Office Space In Los Angeles

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Los Angeles Commercial Real Estate:

Los Angeles is one of the most well known cities in the world and if you run a business you will need to find an office space in Los Angeles. LA is also the largest city in California and second largest city in United States. This city is also well known as “The City of Angels”and is one of the most developed cities in the world. Every small home based business owner dreams about leasing an office space in LosAngeles, with hopes of that improving their company. We have tried to cover everything in our review from executives suites to furnished spaces, to monthly lease deals.

Population Rates - Office Rental Rates:

As per the records of 2008, the total population of Los Angeles is 3.9 million. Additionally the “Los Angeles Metropolitan Area” is the home for nearly 12.9 million people. This city is also the seat of Los Angeles County, which is the most populated as well as one of the most varied counties in United States. The population growth in California as well as Los Angeles (and other cities like San Jose, San Diego, Las Vegas) has slowed down because of the recession. The population rate of this state grew up by 1.1% in the year 2008 where it reached 38.8 million. This information was provided by the Department of Finance, California. Before this, California experienced minimum of 2% growth every year. The population rate in Los Angeles came up by 1.1 percent where it reached around 4,065,585 in 2008.

Los Angeles is also the homeland for many business arenas. There are different types of businesses happening in the main downtown of Los Angeles - office rates. Therefore, the office rental rates of this city are pretty high. The average lease per square foot/per month in the city was $2.68 during the end of 2008. The rate increased up to 2.5% in the forth quarter of the previous year, which came up to $2.75.

 

Commercial Development / Downtown Districts:

Los Angeles is also famous for its commercial and social developments. This city has also undergone a renaissance with entertainment centers, museums, sports venue etc. Apart from this there are many commercial developments such as mining, oil, automobiles, machinery companies happening in the city. Health service, education, research and development have also developed a lot in Los Angeles. The downtown is said to run from the river of Los Angeles in the east, and in the west to the Hollywood freeway. On the other hand, Santa Monica Freeway covers it in the north and the Freeway Harbor bounds it in the west. In fact, most of the news sources such as Los Angeles Times and Los Angeles Downtown news have come up with the reports stating that the boundaries are also extended- such that it covers the Exposition Park and University Park (which encompasses the USC (University of South California) and also the neighborhoods of the Central City West.

Office Space Vacancy Rates:

In the second quarter of the last year, the office space market in Los Angeles rate almost increased into high price levels. Some real estate agents are even declaring some of the neighborhoods “landlords’ markets”. During the first quarter of the year, the rules of the lease terms changed into premium office space and became very scarce in the submarkets.

As a matter of fact, the economy is still witnessing a kind of plummeting situation and this is the reason why most of the economic analysts keep reminding us about the desperate feeling caused by recessions. In fact, many have come up with some arguments regarding this case and that is the reason LAEDC’s Jack Kaiser says ‘the upsurge in the crime rate will be witnessed whenever the economic conditions gets tough’.