Southern California's commercial real estate market has taken a beating by the technology slump.
"The former center of gravity for many of the region's Internet-fueled businesses is becoming a ghost town of unused high-tech property. As landlords are cushioned comfortably with lines of credit, capital-drained companies are scrambling to dump or sublease prime office space--desperately offering an array of free incentives, from a fortune in furniture and technical equipment to luxurious Polynesian vacations... 'In late 1999 a space at a well-known property on the Westside was basically $3.75 to $4 a square foot, and right now it's subleasing at $1.80 including furniture and equipment,' says Matthew Miller of Cresa Partners, a Westside-based brokerage."
Thanks to LARTA News
FULL STORY: Tech Space Shakeout
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