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Burbank Commercial Real Estate
For some people, real estate can be a very scary and risky venture. For many though, real estate has proven to be a booming industry. After record setting years of rising house costs, adjustable rates on bank loans and a sluggish economy, many experts fear the worse. In recent polls, 2007 is on track to have the highest amount of foreclosures in recent history. In April foreclosures were up by a staggering 62 higher than the nations average level at $55,000 making California an attractive market.
Property values vary, from such wealthy areas as Beverly Hills to the poverty of South Central Los Angeles. The West L.A. office submarket that includes Hollywood and Santa Monica , home to movie-production companies, commanded average first-quarter rents of $40.32 a square foot. Downtown L.A. , which is beginning to be developed rapidly, had vacancies fall to 15.8 in 2005, averaging about $26.49. As well as movie-studios, the warehouse sector has also seen a boom. The region's 3.5% first-quarter warehouse vacancy rate was the lowest of 54 major U.S. markets surveyed by PPR, and the area recorded the fifth-highest average rents after Honolulu , San Francisco , San Diego and New York . Even though little land is available for new development, such companies as Denver-based ProLogis have bought older industrial properties in the South Bay area that provide ready access to the ports. Because of this growth, Los Angeles and surrounding areas have proven to be great investments. Even though the residential real estate sector seems to be slowing, Los Angeles , Hollywood , Santa Monica , Long Beach , and Burbank commercial real estate are going strong.
Chris Cabrera works as a http://www.burbankcommercialrealestate.org Burbank Commercial Real Estate agent and is a expert in the area of Burbank commercial real estate for Industrial, Office, Retail, and multi-family properties for sale and for lease.
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