Housing Inventory Hits Lowest Point In 13 Years
Home sales in California decreased 4.4% from November to December, according to the California Association of Realtors. However, home sales were 1.4% higher than in December 2016. The median home price in California was $549,560 in December, a 0.5% increase from November and a 7.6% increase from December 2016. The inventory of housing for sale in the state was at its lowest point in 13 years in December. Click here for more information.
Final Douglas Park Development To Break Ground In June
Today, Sares-Regis Group, a real estate development, investment and management firm out of Irvine, announced a June groundbreaking for four company headquarter buildings at Douglas Park Northwest totaling more than 390,000 square feet. Located at the intersection of Carson Street and Worsham Avenue, the project is the final development site for Douglas Park and is adjacent to the large retail center currently under construction called Long Beach Exchange. The new project is expected to be completed by the end of the year. For more information, see the January 30 edition of the Business Journal.
CSULB Completes Infrastructure Project
California State University, Long Beach, announced the completion of its two-year, $22 million infrastructure improvement project today. The project includes an enhanced transit hub, improved disabled access, flood protections, landscaping, lighting and six-foot-tall yellow concrete letters spelling “GO BEACH.” For more information, see the January 30 edition of the Business Journal.
Long Beach City Council 2018 State Legislative Agenda Item
Tomorrow, the Long Beach City Council is voting on its 2018 state legislative agenda, which includes council directives on economic development, public safety, education, and sustainable and livable cities. Click here for full agenda item.
Cushman & Wakefield Release Q4 2017 Office Market SurveyCommercial real estate services company Cushman & Wakefield released its 4th quarter 2017 report for Long Beach, showing a slight increase in asking rental rates in both the downtown and suburban markets. Additionally, the report shows an overall vacancy rate of 10.2% in the suburban market and 16.1% downtown. Click here for the full report.