The market for commercial real estate is booming in the southern part of California, including in Los Angeles. This is the finding of a recent report on market intelligence for the year of 2016. This area of the Golden State is picking up steam in several areas, including business expansion, with more companies taking advantage of commercial leases.
Four new businesses have leased space for research and development, spanning almost 40,000 square feet over the past six months in Pasadena alone. In addition, Kaiser Permanente is continuing to expand its medical and office spaces in this city. In fact, Kaiser, which currently employs more than 4,800 people, is creating a new medical school that will be four stories tall and 80,000 square feet. This project is slated to be finished in the early part of 2019.
Besides business expansion, Southern California is witnessing low vacancy rates in office buildings as well as a rise in land sales. There has been particularly strong activity at Long Beach’s and Los Angeles’s ports. In addition, in the San Fernando Valley, Westfield Corp. plans to erect a huge mixed-use complex that will replace an old shopping mall.
As Southern California continues to experience unparalleled growth, an increasing number of company owners may be interested in a wide variety of commercial leases, ranging from industrial leases for warehouses and office leases to retail and mixed-use leases. However, understanding the intricacies of each of these types of leases can be challenging. An attorney in Los Angeles can review these documents as well as negotiate them or even draft them to ensure that a lease reflects a company’s best interest before the company signs it.
Source: pasadenastarnews.com, “Report: Southern California’s commercial market is booming“, Kevin Smith, April 22, 2017