Southern California is experiencing a booming commercial market that is bringing in more jobs and will increase the economy in the region. According to the Los Angeles Daily News,
The region is gaining traction in a variety of areas, ranging from business expansion and low office vacancy rates to an increase in land sales and strong activity at the ports of Los Angeles and Long Beach.
This news comes from a market intelligence report by the Blue Book for 2016. In Pasadena for example, four new companies have leased almost 40,000 square feet of research and development space along with Kaiser Permanente’s expansion in the area. The office vacancy rate in the Pasadena/Burbank area is at 7.9 percent, which is the lowest it has been in a while. The San Fernando Valley is getting a mixed-used complex to replace the Promenade Shopping Mall as well as new housing. Over near the coast, Snapchat is continuing to expand in Malibu and Long Beach now has a 33,000-square-foot co-working location.
The report highlights other commercial activity in Southern California that is overall great for the region.
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