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GLG News by Retail Real Estate Brokerage Experts (California)

Joseph GabbaianSenior Vice PresidentGRUBB & ELLIS COMPANY What is a GLG Leader?|GLG Leaders are a separate tier of Council Members with a Council Rank in the top 5%. These GLG Member Program participants are eligible for ongoing, in-depth consultative relationships with GLG clients.

Real Estate Downturn Finally Arrives in West Los Angeles

January 13, 2009

As Vacant Office Space Grows, So Does Lenders’ Crisis | www.nytimes.com

- The West Los Angeles commercial real estate market, once considered bullet-proof due to its strong fundamentals, is hit hard by the recession. - The Westside market experiences its first negative absorption in five years, and rental rates, which had gone up in the face of declining absorption, drop for the third consecutive quarter. - The declining market forces lenders to take back a $1.5 billion portfolio of office buildings in West Los Angeles and surrounding areas.

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