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Survey: California Real Estate Boom Underway

LOS ANGELES (CBSLA.com) — A survey released Wednesday says a real estate boom is underway in California, fueled by rising demand from the business community and a shortage of multi-family housing.

"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."

(©2015 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)

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