MW Real Estate Group
3183 Wilshire Blvd, #196-C6
Los Angeles, CA 90010
Phone: (213) 927-2117
Fax: (213) 927-2157
Web Address: http://www.MWRealtyLA.com (http://www.mwrealtyla.com/)
Email: Info@MWRealtyLA.com (mailto:Info@
MW Real Estate Group Announces Significant Improvement in Los Angeles’ Commercial Real Estate Outlook
MW Real Estate Group, a leading Los Angeles commercial and multifamily property firm, has today announced an important improvement in the commercial real estate outlook for Los Angeles.
Los Angeles, California (PRWEB) 18, March 2013 – MW Real Estate Group, experienced in LA’s multifamily and commercial real estate industry, has today announced that things are starting to look up for Los Angeles’ commercial real estate market.
The commercial real estate industry in Southern California has been depressed for quite some time, and while there have been some modest improvements to date, nothing dramatic has occurred. However, according to MW Real Estate Group, that might have just changed. Much of this change is driven by the announcement in late February of record high corporate profits for companies across the country. That translates into a need for growth and expansion – much of it right in LA.
A study released by NAR chief economist Lawrence Yun cited some exciting national figures for office rents and office vacancy. Nationally, office vacancy is expected to drop by .4% from 16% to 15.6% during just the first quarter of 2013. Rent increases are expected to become the norm, rising by 2.6% in 2013 and then an additional 2.8% in 2014. That is on top of 2012’s gain of 2%.
MW Real Estate Group points out that these gains won’t be the province of only commercial real estate. Multifamily real estate is also expected to benefit greatly throughout 2013 and into 2014. In the multifamily market, vacancy rates are expected to drop below 4%, with a 4.6% increase in rents expected this year. 2014 is forecasted to see an increase of 4.7%.
All in all, it’s a very encouraging sign, according to MW Real Estate Group, and one that indicates the Los Angeles area will soon be experiencing a booming industry once more.
To learn more about MW Real Estate Group or their vital services for real estate clients, visit http://www.MWRealtyLA.com (http://www.mwrealtyla.com/)
About MW Real Estate Group: MW Real Estate Group was founded in 2010 and is headed up by President Wolf Baschung (CCIM/CPM). The company takes great pride in providing their clients with the most cost efficient real estate solutions, including buying and selling, property management and investing.