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Inland-area space glut means new office/industrial construction unlikely soon
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Because companies aren't hiring workers, they have no need to fill new desks or factory floors, a UCLA Anderson Forecast report found.
The outlook for commercial real estate in Southern California is slightly less pessimistic than it was six months ago, but it is still unlikely new offices will go up any time soon, a new report found.
There is little chance of the slump ending this year, the latest report from the UCLA Anderson Forecast and Commercial Real Estate Survey found.
"The dynamics of demand and supply in these markets indicate light at the end of the tunnel in late 2010 or early 2011," Jerry Nickelsburg, UCLA senior economist, wrote in his report.
Developers have no incentive to push new office or industrial projects because companies are not hiring additional workers who would fill new desks or factory floors, the report found.
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