Empty Office Space, SoCal to Vegas Train, and More News
Real estate and other economic news
Market News
Southern California Has Enough Empty Office Space to Fill a Landmark Tower 58 Times
- Southern California had 81 million vacant offices out of 398 million square feet of supply, marking a 20% vacancy rate.
- Despite leasing 20 million square feet of space to new tenants in 2023, the region was still left with 7 million more square feet of office space added to the market due to companies abandoning offices amid the work-from-home trend brought about by COVID-19.
TPG Angelo Gordon Buys 41.3-Acre Land in Southern California's Inland Empire for $44.5 Million
- The alternative investment firm purchased a 41.3-acre plot in Rialto, Calif. for $44.5 million on behalf of Lennar Homes
- The land is organized for the development of 429 attached and detached condominiums, expected to be completed by early 2028
Riverside County's Unemployment Rate Ends 2023 Slightly Higher Than Start of Year
- Preliminary estimates from EDD show December unemployment rate in Riverside County at 5.2% compared to 5.1% in November
- Jobless rate in December 2023 was over a full percentage point higher than the year before, with 59,700 county residents out of work
Unions Look to Recruit Thousands for Las Vegas High-Speed Rail Construction
- Department of Labor discusses possible recruitment of nearly 11,000 workers with trade unions from Nevada and California
- Southern Nevada Building Trades Unions anticipate hiring nearly 3,000 workers for a 50-mile portion of the project in the Las Vegas area.
Southern California Association of Governments Grants $25 Million for Infrastructure Projects Supporting Homebuilding in San Bernardino and Riverside Counties
- $24.9 million in grants approved for infrastructure projects to support infill housing projects in San Bernardino and Riverside counties.
- The Desert Hot Springs Downtown and Palm Drive Corridor will receive $500,000 for a sewer study to support infill affordable housing including the Green Day Village project, which includes a 608-unit multifamily housing development.
Related:
Victorville's Green Tree Extension Project Named 2023 Building Excellence Shaping Tomorrow Award Project of the Year (Source)
Housing market growth slows as mortgage rates rise and freezing weather hits (Source)
US Homebuilder Stocks Plunge After Analyst's Neutral Rating (Source)
Tech Billionaires Plan to Build a New City from Scratch (Source)
US Existing Home Sales Sink to 30-Year Low in 2023 amid Rising Rates and Prices (Source)
California Man Pleads Guilty to $24 Million Real Estate Ponzi Scheme
- Paul Horton Smith Sr. scammed over 200 investors through his companies, targeting elderly or retired people, between July 2000 and May 2020
- Smith convinced investors to put money into his Northstar scheme, misrepresenting it as a secure real estate investment or annuity, and pleaded guilty to one count of wire fraud
California's hotel supply issues expected to continue through 2024, survey says
- Only 53 new hotels opened in California last year, representing a 10% decline from 2019 and the lowest number of rooms open since 2016
- Lenders that were in the hotel construction business have pulled back, limiting the development of new hotels and resulting in a shrinking supply in the state