Real Estate/Development
Feb. 7, 2024
Office real estate is in crisis, Allen Matkins survey finds
The office sector is not expected to fully recover until the end of 2026 as underperforming buildings are redeveloped. San Francisco has an office vacancy rate of 34%. Southern California has a vacancy rate of 21%, down from 29% in the first quarter of 2023.
A biannual Allen Matkins/UCLA Anderson survey expected to be released Wednesday paints a gloomy picture of California’s commercial real estate market.
“Of the four types of real estate we survey, office has been hit the hardest,” John M. Tipton, a partner in the real estate development practice at Allen Matkins Leck Gamble Mallory & Natsis LLP, said. “It is the one area I would say is in a bit of an existential crisis or situation whe...
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