Rents Continue To Increase For All Commercial Real Estate MarketsRelease Date: 2018-07-30
By: Brandon Richardson
Strong demand for all types of commercial real estate in Long Beach continues to put upward pressure on rental rates. Rents increased for office, retail and industrial space during the second quarter, according to reports by leading firms.
“We’re definitely seeing pricing continue to increase in terms of asking rents and signed-deal rents,” David Smith, senior vice president at CBRE, said. “We’re not looking at dramatic increases, but we have seen steady increases over the last couple of quarters and I would expect that to continue for all products.”
With few large blocks of office space available, Smith said leasing activity by small businesses has been stronger than among larger tenants in both the downtown and suburban markets of Long Beach. This activity is prevalent in buildings that have been renovated into a more creative work environment such as The Hubb at 100 W. Broadway, and 211 Ocean, Smith explained.
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