February 03, 2009
Allen Matkins/UCLA Anderson Forecast California Commercial Real Estate Survey Reveals California Office Markets will Continue to Deteriorate Through 2011
Turning point in the Los Angeles and San Francisco markets expected in 2010
LOS ANGELES -- In the wake of the recession and the freezing up of financial markets for office space development, developers and investors believe that office markets will worsen between now and 2011, according to the latest Allen Matkins/UCLA Anderson Forecast Commercial Real Estate Survey and Index Research Project. The survey now includes the East Bay and Silicon Valley office markets in addition to Los Angeles, San Francisco, Orange County and San Diego. The survey, conducted for the fourth time in two years, compares the panel's forecast of the market three years hence with today's market.
"The unexpected autumnal freeze in commercial real estate credit markets and the precipitous drop in retail sales changed the outlook for new office projects dramatically," said Jerry Nickelsburg, senior economist, UCLA Anderson Forecast, and author of the survey results report. "The dynamics in the Los Angeles and San Francisco markets indicate a turning point at the end of 2010. For the Silicon Valley it appears that 2011 is a turning point, but the data is less clear. For the balance of the markets, the surveys clearly indicate a longer term adjustment process."
For a copy of the latest Allen Matkins/UCLA Anderson Forecast California Commercial Real Estate Survey and Index Research Project, please visit www.uclaforecast.com.
The Allen Matkins/UCLA Anderson Forecast California Commercial Real Estate Survey and Index Research Project polled a panel of California real estate professionals in the office space and investment market, and asked a series of questions on various aspects of the commercial real estate market. It was initiated by Allen Matkins in 2006, furtherance of their interest in improving the quality of current information and forecasts of commercial real estate. With the office market coverage now complete, the next survey will focus on the Industrial Space market at the June 2009 UCLA Anderson Forecast Conference.
About Allen Matkins
Allen Matkins Leck Gamble Mallory & Natsis LLP, founded in 1977, is a California law firm with approximately 230 attorneys practicing out of seven offices in Los Angeles, Orange County, Century City, Del Mar Heights, San Diego, San Francisco, and Walnut Creek. The firm's broad based areas of focus include corporate, real estate, construction, real estate finance, business litigation, taxation, land use, environmental, bankruptcy and creditors' rights, and employment and labor law. The firm has also been ranked as the #1 real estate firm in California by Chambers & Partners for the last five years.
About UCLA Anderson Forecast
UCLA Anderson Forecast is one of the most widely watched and often-cited economic outlooks for California and the nation and was unique in predicting both the seriousness of the early-1990s downturn in California and the strength of the state's rebound since 1993. More recently, the Forecast was credited as the first major U.S. economic forecasting group to declare the recession of 2001. Visit UCLA Anderson Forecast on the Web at http://uclaforecast.com.
About UCLA Anderson School of Management
UCLA Anderson School of Management, established in 1935, is regarded among the very best business schools in the world. UCLA Anderson faculty are ranked #1 in "intellectual capital" by BusinessWeek and are renowned for their teaching excellence and research in advancing management thinking. Each year, UCLA Anderson provides management education to more than 1,600 students enrolled in MBA, Executive MBA, Fully-Employed MBA and doctoral programs, and to more than 2,000 professional managers through executive education programs. Combining highly selective admissions, varied and innovative learning programs, and a world-wide network of 35,000 alumni, UCLA Anderson develops and prepares global leaders.
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