| EMPLOYMENT |
| Employment market information is made available as changes occur. Sources of information include the State Department of Economic Security, The United States Department of Labor, and publicly announced information regarding employment reduction or employment additions made available from secondary sources. |
|
| Employment Reduction | |
| Employer | Reduction (Jobs) | Reporting Date | Dorsey & Whitney
| 89
| 01/2010
| American Airlines
| 80
| 02/2010
| Karyleion
| 348
| 02/2010
| Red Barn Pet
| 106
| 02/2010
| Verizon
| 59
| 02/2010
| Siemens Healthcare
| 128
| 03/2010
| Unilever
| 61 | 03/2010
| Ralph's Grocery
| 245
| 03/2010
| Theatredreams
| 447
| 03/2010
| Express Scripts
| 266
| 03/2010
| UMG Recordings
| 83
| 03/2010
| Arcadian Management
| 81
| 04/2010
| AT&T
| 79
| 04/2010
| Carmenita
| 115
| 04/2010
| Precor
| 42
| 04/2010
| Redbarn
| 88
| 04/2010
| Bank of America
| 133
| 05/2010
| Criterion Catalysts
| 35
| 05/2010
| Delta Dental
| 189
| 05/2010
| Precor
| 15
| 05/2010
| Pyramid Services
| 77
| 05/2010
| Zebra Technologies
| 46
| 05/2010
| UPS Teleservices
| 74
| 06/2010
| Hines Nurseries
| 24
| 06/2010
| HAVI Logistics
| 260
| 06/2010
| First Data
| 70
| 06/2010
| Life Technologies
| 153
| 06/2010
| Mattel
| 106
| 06/2010
| | ASU | 98
| 05/2010
| | American Airlines | 60 | 082010
| | Domtar Paper | 47
| 082010
| | Golden State Mutual | 46
| 082010
| | Harmen Consumer | 48
| 082010
| | Hines Nurseries | 34
| 08/2010
| | Pomona Valley Hospital | 160
| 08/2010
| | Whole Foods | 59
| 08/2010
| | Verizon | 50
| 08/2010
| | UPS Teleservices | 74
| 08/2010
|
|
|
| Labor Force Data, Los Angeles | |
| Civilian Labor Force | Unemployment Rate | Reporting Date | 6,478.1
| 11.3%
| 12/2009 | 6,412.8
| 12.4%
| 01/2010
| 6,464.8
| 11.6%
| 02/2010
| 6,492.6
| 11.7%
| 03/2010
| 6,476.7
| 11.3%
| 04/2010
| | |
|
|
Source: U.S. Bureau of Labor Statistics |
|
| Non Agricultural Employment Status | |
| | Total Employment (3,782.5) | | Period | Construction | Other | Total | | May 2010 Total* | 101.5 | 3,681.0 | 3,782.5 |
Source:U.S.Department of Labor *Los Angeles County MSA |
|
| Employment Addition | |
| Employer | Addition (Jobs) | Reporting Date | | | | | | | | | | | | | | | | | No significant activity last 45 days. |
| |
| POPULATION |
| Population data references the United States Bureau of the Census, or the State Department of Economic Security. Population data illustrated compares the most recent census with the 1990 census, and is updated when population data changes are announced. |
|
| Most Recent Reporting Year | |
Total Metro Los Angeles Population Change:
July 1, 2005 to July 1, 2006 (In Thousands) |
| Year |
Net Migration |
Net Natural Increase
|
Change |
Total Population |
| 2006 |
<90.0> |
96.9 |
6.8 |
9,948 |
|
Source: U.S. Census Bureau |
|
| |
|
| Prior Census Periods | |
| |
|
_________Change_________ |
| Year |
Population (000) |
Number (000) |
Percentage |
| 2006 |
9,948 |
429 |
4.5 |
| 2000 |
9,519 |
656 |
7.4 |
| 1990 |
8,863 |
1,385 |
18.5 |
| 1980 |
7,478 |
446 |
6.3 |
| 1970 |
7,032 |
993 |
16.4 |
| 1960 |
6,039 |
Base Year |
|
| |
| FREEWAY DEVELOPMENT |
| Freeway development announcements are monitored through the state agencies responsible for freeway development, and updated as that information is made available. |
|
| I-5: HOV Lane Construction | |
HOV lanes are being constructed in each direction of the Golden State Freeway (I-5) from the Simi Valley Freeway (SR-118) to the Antelope Valley Freeway (SR-14), including median shoulder reconstruction and construction of retaining walls and soundwalls at various locations. The HOV lanes will extend for 6.2 miles in each direction and will be the first on Interstate 5 in Los Angeles County. Construction began in May 2005 and is scheduled for completion in spring 2008. In addition, a High Occupancy Vehicle lane will be constructed in each direction of the Golden State Freeway (I-5) in the cities of Burbank and Los Angeles in four phases. Phase One: State Route 170 to Buena Vista Street, construction anticipated to begin spring 2009, with an anticipated completion of spring 2011. Phase Two: Buena Vista Street to Empire Avenue, construction anticipated to begin spring 2009, with an anticipated completion of winter 2012. Phase Three: Empire Avenue to Magnolia Boulevard, construction anticipated to begin spring 2009, with an anticipated completion in 2011. Phase Four: Magnolia Boulevard to State Route 134, construction anticipated to begin fall 2008, with an anticipated completion in 2012. Source: The California Department of Transportation |
|
| I-5/SR-14 Direct HOV Connector | |
An elevated two-lane High Occupancy Vehicle lane connector will be constructed to connect the HOV lanes of the Golden State Freeway (I-5) and the Antelope Valley Freeway (SR-14). The direct HOV connector will provide safer and more efficient traffic movement within this highly-used freeway interchange, allowing motorists to change routes while continuously being able to use the HOV lane. Construction is scheduled to begin in the winter of 2008 and be completed in the spring of 2012. Source: The California Department of Transportation |
|
| I-5 Corridor Improvement Project | |
The California Department of Transportation (Caltrans) proposes to improve Interstate 5 between State Route 91 and Interstate 710, a length of approximately 16 miles, by widening to provide a minimum of 10 lanes. Construction is scheduled to begin on the Carmenita Road segment of I-5 in winter 2008 and on the stretch of I-5 between State Route 91 and Interstate 605 in winter 2010. Source: The California Department of Transportation |
|
| Mid-City/Exposition Light Rail Transit Project | |
| The Mid-City/Exposition Light Rail Transit Project will be an extension of the 62-station Metro Rail system. The project calls for a 9.6-mile line extending from the existing station at 7th/Metro Center in downtown Los Angeles to Venice/Washington in Culver City, with an initial segment constructed at least to Vermont Avenue adjacent to Exposition Park. Completion is scheduled for 2010. |
| |
| REAL ESTATE PROJECTS |
| Major mixed-use real estate projects, which will impact an area, are described in this section. |
|
| Park Fifth | |
| Developers of the new Park Fifth condominium building say that this structure is the tallest residential structure west of Chicago. Located at 427 West Fifth Street in downtown Los Angeles, this building has a 76-story condominium tower and a 43-story condominium tower. The two towers are connected by a fifteen-story “bridge” structure, which will be occupied by a luxury hotel. The development is estimated to cost $1.0 billion. Groundbreaking is planned for early 2008 with occupancy slated for 2010. |
|
| $1.3B NoHo Art Wave | |
| Transportation officials have given a green light to the largest “transit-oriented” development in L.A. County history, a $1.3-billion apartment, retail, and high-rise office tower complex to be built at the terminus of the Red Line subway and Orange Line busway in North Hollywood. The development will feature more than 1.7 million square feet of development on 15.6 acres, which would be the Metropolitan Transportation Authority’s largest transit-oriented development. More than 1 million square feet of office space will be built in three buildings between 12 and 20 stories tall. Other buildings on the drawing board will house nearly 160,000 square feet of retail and entertainment and about 560 apartment units. About 6,200 parking spaces will be built. Groundbreaking could begin by 2009, with various parts of the project being completed between 2010 and 2014. |
| |
| APARTMENT MARKET CONDITIONS |
| Apartment market conditions are updated as: Rental rates – three times annually; sale activity – monthly; new construction currently in process – weekly; and construction starts during the past 30 day period – twice weekly. |
|
| Rental Market | |
Current Metropolitan Area Rental Rates 06/2010
| Low | High | Average | One Bedroom
| $ 495 | $ 6,401 | $1,395 | | Two Bedroom/Two Bath | $ 670 | $11,575 | $2,103 |
|
|
| New Construction on 06/28/2010 | |
| Properties Under Construction | 25 | | Units Under Construction | 3,457 | Construction Starts, Last Thirty Days (subscribers)
| | Construction Completions, Last Thirty Days (subscribers)
| |
|
|
| Twelve Month Sale Activity | |
| | Period | Change | | | 2009 | 2010 | Number | Percent | *Twelve Month Sale Activity
Sales reported are among properties 50 units and larger.
*Period = (May2008 - Jun2009) - (May2009 - Jun2010) | 12 | 15
| +3 | 25.0% | Sales Completed --
Most Recent Sixty Days (Properties - # of Units) | - | 5-620 | - | - |
|
| |
| BROKER SALES |
| Apartment Sales for the previous 90 days, including Broker, sale date, number of units, and sales price. |
|
| Metro Los Angeles Broker Sales | |
| Broker | Marcus & Millichap
|
|---|
| Agent/Contact | Ron Harris & Joseph Smolen
| | Contact | 213-607-5023
| | Sale Date | 05/2010
| | No. of Units | 90
| | Sale Price | $22.8mm
| | Broker | Moran & Company
|
|---|
| Agent/Contact | Mary Ann King & Tom Moran Jr.
| | Contact | 714-444-3533 Ext 8403
| | Sale Date | 05/2010
| | No. of Units | 159
| | Sale Price | $48.0mm
| | Broker | Colliers International
|
|---|
| Agent/Contact | Kitty Wallace
| | Contact | 213-627-1214 ext 3228
| | Sale Date | 08/2010
| | No. of Units | 21
| | Sale Price | $5.7mm
|
|
| |
