Texas Governor Woos Vernon Businesses

Texas Governor Woos Vernon Businesses

You may have seen this article earlier in the week about Rick Perry inviting businesses in Vernon to consider relocating to Texas. It’s not the type of press California needs as it struggles to recover. Once this news item goes viral it won’t take long for other states to get the same idea to woo California business. Plus when states start looking at the economic benefits of moving companies from Vernon, the same math will apply to every city in California. Perhaps the most unsettling part of the article is that the conditions leading up to the proposed company pilfering were caused by California’s own government leaders. Firstly, greedy Vernon leaders created the attention, but the Speaker of the California Assembly, by proposing to change the governance of a very successful business community, is creating the groundswell to consider alternatives. 
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COMING OUT ON TOP – SIOR SPRING CONFERENCE

COMING OUT ON TOP – SIOR SPRING CONFERENCE

Firstly, the mood was more upbeat and optimistic. Most people agree that the past few years were terrible but since the end of last year activity has increased. Nationwide, there is agreement that we have a bifurcated market with quality, institutional grade and trophy properties hitting 5% cap rates.  Prices for these properties have returned to previous highs. Meanwhile, everyday buildings that most of us broker are still in the doldrums.  In order to capitalize on this divergence investors are focusing on the $1MM to $5MM market where high returns exist.

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HOW ARE THINGS LOOKING?

HOW ARE THINGS LOOKING?

Customers always ask me, “How do things look?” Here’s one way to answer.  In this roughly one square mile grid of Broadway/Rosecrans, there are about 120 buildings of decent size. I count 25 that have availability. Perhaps not the entire buildings are on the market, but enough to depict this picture.  That’s about 20% of the buildings with significant availability. I’m working on a lease in Chatsworth and there is even more yellow. This is  a pretty consistent picture throughout Los Angeles.  In contrast, there have been times when there is no yellow.

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