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When will the market improve?
December, 2011
by Karl Niehaus, President, CREI
Economic Overview:
SIGNS OF LIFE DESPITE HIGH VACANCY? With the unemployment rate creeping up and the economy still struggling, the big questions is, when will the market improve? Mark Schniepp, director of the California Economic Forecast, is hopeful a 3-4 year wait may be in store to see a return to its previous state, he said, "For it to get back to where it was in 2005 and 2006 when it was tight and vibrant, we may have to wait until around 2014 or 2015". The good news is that vacancy rates have declined by about 3% since the 1st quarter of 2010. Good news in a bad market is always welcome. Ultimately to see a recovery in the commercial real estate market, significant improvement is needed in the LA County labor market.
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