A real estate boom is underway in California, fueled by rising demand from the business community and a shortage of multi-family housing, according to a survey released today.

“Commercial construction activity in California has risen to its
highest level since 2001,” said the Allen Matkins/UCLA Anderson Forecast
California Commercial Real Estate Survey, conducted by the Allen Matkins law
firm and UCLA’s business school.

“Available financing, low cap rates, an increasingly high demand from
technology, advertising, media and information companies, and a shortage of
multi-family housing have sparked the industry boom,” it said, adding that the
outlook for the next three years “is for continued growth in commercial
property development.”

-City News Service