Sign outside the Water Garden, a sprawling Santa Monica office complex: Space available – 360,000 square feet. That’s a lot of vacant space in a prime location just blocks from the Pacific Ocean which features 17 acres of modern six-story buildings, fountains and basketball courts, a luxury gym, hallways of Italian and Brazilian marble, restaurant and commercial spaces and more. But so far, no takers. Similar signs and no-taker situations no longer merely dot the streets of Los Angeles, San Francisco, San Diego and other centers of California commerce; they have gradually become ubiquitous. It’s inevitable the real estate investment trusts which own most of these buildings will realize – as
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