Market conditions for the Los Angeles industrial market have weakened as a result of the pandemic, like most other markets across the nation and property types in L.A. Market vacancy has visibly risen from its most recent low in late 2019. Average asking rents continue to advance, but the pace of gains has trended [...]
Proposition 15, the statewide ballot initiative that would have raised taxes on large commercial property owners, has been defeated. Unofficial results from election night showed voters had rejected the measure. A week into counting, there are likely not enough ballots remaining to change that outcome, the Los Angeles Times reported, citing the Associated Press’ tally. [...]
Commercial real estate prices showed modest gains in August after sustaining losses in the early months after the U.S. coronavirus outbreak, according to the latest monthly CoStar Commercial Repeat Sale Indices. Even so, both indices show prices remain below pre-pandemic levels. The equal-weighted U.S. Composite Index, which reflects the more numerous but lower-priced property sales typical of [...]
1031 exchange demand is driving the majority of transaction volumes during the pandemic. While some new opportunistic capital has entered the market, the majority of investment demand for CRE assets is coming from 1031 exchange buyers. The activity has not only helped to prop up transaction volumes but has also helped to stabilize pricing [...]
California election officials assigned numbers to a dozen statewide initiatives on the November ballot, including the high-profile property tax and rent control measures that are vehemently opposed by the commercial real estate industry and other business groups. Secretary of State Alex Padilla this week presented the newly numbered rent control and split-roll property tax [...]
Some of California's commercial property owners could face a fundamental change to their property bills if voters approve a new measure to revise one of the state's most contentious pieces of legislation. Advocates seeking to reform the most populous U.S. state's landmark property tax law known as Proposition 13, which allows properties to be reassessed [...]
California’s landmark property tax law may be facing a change. An effort to repeal protections of the property tax-cutting measure known as Proposition 13 for commercial real estate has qualified for the state’s 2020 ballot. [1] The measure qualified for the ballot in October after proponents collected more than the 644,000 signatures required by [...]
