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12 SAY YOU SAW IT IN SUBURBAN July 20, 2021 – August 23, 2021 By Roger Vincent LOS ANGELES TIMES The Los Angeles County office rental market is showing early signs of stabilizing as businesses shed space at a slower pace in an apparent calculation that better times are ahead. Facing a shaky economy during the worst months of the pandemic, many companies pulled back on their office rentals by taking less space when their leases came up for renewal or attempting to sublease space they weren’t using. Office leasing in Los Angeles County fell to its lowest point since the Great Recession in the April-June quarter last year. Vacancy rose again in the second quarter of 2021 from the year-earlier period, yet at a reduced pace as the number of leases being signed picked up while the economy began to rally, real estate brokers said. “We’re not out of the woods yet, but we have reached an inflection point where the momentum has shifted,” said Eric Willett, director of research in the Southwest for property brokerage CBRE. Full recovery is not expected until 2025. Overall vacancy in buildings reached 17.6 percent in the second quarter, up substantially from 13.9 percent in the same period last year but little changed from the first quarter, CBRE said. MAINE LA’s office market skid slows as workers trickle back The brokerage measures vacancy as the amount of space in a building that is not leased and does not reveal how many workers are actually present in their company offices on a given day, a measurement that became more significant when many employees were sent home to work during the pandemic. About 28 percent of workers in the Los Angeles area came to their offices last week, according to Kastle Systems, which provides key-card entry systems used by many companies and tracks patterns of workers’ card swipes. That was up slightly from the previous week, but below the national average of about 32.7 percent PHOTO | TRIBUNE NEWS SERVICE The breakfast time rush at downtown popular dinning place, Grand Central Market, in Los Angeles, Calif. The amount of sublease space on the market jumped in 2020 and there was still a net increase in recent months to record levels, CBRE said, but about 1.5 million square feet was pulled off the market in the first half of the year by companies that decided to hang on to their office space. “That’s a very substantial sum and gives the sense that these companies are returning to the office and have confidence” that they can pay their rent in the future, CBRE broker Jeff Pion said. Entertainment company Lionsgate withdrew 200,000 square feet from the market that it had planned to sublease in Santa Monica. Significant questions remain about how companies will change their office use patterns as they return from working at home, but “we are seeing a lot of companies, especially the large companies, making long-term space commitments,” Pion said. One large entertainment company, Creative Artists Agency, just renewed its 300,000-square-foot lease in Century City for another four years, CBRE said. Overall asking rents by landlords fell to $3.82 per square foot per month from $3.90 a square foot in the previous quarter but were still above the $3.73 per square foot in the second quarter last year.
July 20, 2021 – August 23, 2021 WWW.SUBURBANREALESTATENEWS.COM • 978-532-5880 13 “Your Home Town Realtor” T 5 MAINE 207-943-5225 • 800-943-5225 www.dewittjonesrealty.com P. O. Box 103 Milo, Maine 04463 WATER FRONTAGE! WATER FRONTAGE! Bradley: Very unique property for the outdoor enthusiast, the 18 acre property is completely off grid with a mile long gated driveway in which the seller has made recent improvements to, you still need a four-wheel-drive to get there. You can come by boat or float plane. With over 1500 feet of Stream frontage, the property abuts Maine public land conservation, you are truly alone with no neighbors. MLS 1495089 $189,900 Ebeemee Twp: Year round camp on 1.02+/-acres, with 131’+/- of shore frontage on Ebeemee Lake. 2 bedrooms, 1 bath, eat in kitchen, living room and extra room with built in murphy bed. 24x28 garage with 2 overhead doors, 12x16 shed and 12x32 pole barn good for parking your camper or RV. Nice level lot. MLS 1495865 $239,000 Orneville Twp: Cozy cottage just short walk to Boyd Lake. Inside of cottage is finished with knotty pine, has plenty of sleeping area and is nice and cozy on a cool night with the woodstove. Ideal place for just a get-away or your hunting and fishing trips. Nice open farmers porch and right of way to the lake. MLS 1493948 $89,900 WATER FRONTAGE! Lake View Plantation: Here’s your opportunity to own a lovely home right on the shores of pristine Schoodic Lake. Well maintained with 3 bedrooms, 3 full baths, loft area for sleeping or great area for office space, living room with fireplace, sitting room/den as you come in, large kitchen with views of the lake so you can cook and enjoy the views. Master bedroom over looks the lake. Detached garage and 2 out buildings. Aluminum dock comes with the property. MLS 1493573 $499,000 Dover Foxcroft: Nicely maintained commercial building and property was retail sales, walk in cooler 30 x 36’ 1/4 of that being freezer, there is an additional back lot that goes with this property, 45 minutes away from Bangor 45 minutes to Moosehead Lake region, this property is just minutes from the center of town close to the shopping mall and other businesses. MLS 1474912 $269,000 Milo: Well established eat in restaurant which is currently open and serving family style meals. Three bedroom apartment upstairs that can be used for a rental for extra income or for the owners to live. ATV & snowmobile trails nearby to make it easy for your customers. Come take a look today and get ready to start your new adventure. MLS 1480311 $168,000 Brownville: This 5 bedroom, 2 bath , 2876+/- sq. ft. Victorian style home has most all of the original details left and has been meticulously taken cared for. Some of the features include the beaded wood work, tin ceilings, tin walls, hardwood floors, mosaic tiled bathroom, light fixtures and the slate roof. There is a lovely brick fireplace in the parlor that has arched openings and folding doors to separate the parlor from the formal dining room. MLS 1496451 $299,900 Brownville: Great opportunity for an entrepreneur to start up a new business. Formally used as a restaurant, but this building has so much potential to be converted into, indoor storage cubicles, a home or a duplex etc., so many uses. Some of the features with this property are a metal roof, newer septic system with 2-1500 gallon concrete septic tanks with a grease pit, 2 bathrooms. kitchen area and open concept. Easy access to recreational trails. MLS 1484631 $138,000 Check out our website for land listings. Brownville: Well established convenience store with great traffic flow. This is your one stop shopping place. Great little restaurant, dine-in or take out, do your laundry while you are enjoying a bite to eat, have an ice cream for dessert, do some grocery shopping, fill your car up with gas and bring in your returnables to help pay the bill. ATM machine, good line of hunting and fishing supplies. Newer washers and dryers in the laundromat. MLS 1484713 $275,000
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