Market finally notices effects of economic downturn. (Real Estate Quarterly -- San Gabriel Valley).(San Gabriel Valley real estate report)(Brief Article)

Los Angeles Business Journal | April 15, 2002| | Copyright

THE one-two punch of Sept. 11 and the economic slowdown has proven too much for San Gabriel Valley real estate.

The overall market, which had been resilient last year despite the tech bust, finally saw both its industrial and office markets go south during the first quarter of 2002.

The vacancy rate in the 157.9 million-square-foot industrial market rose to 3.8 percent from 3.5 percent in the prior quarter, the first uptick since the first quarter of 2001, according to Grubb & Ellis Co. A vacancy rate of less than 4 percent is nevertheless quite healthy.

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