Strong Marketwide Leasing Activity Points To A Strong Finish for Tri-Cities
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1 OFFICE TRI-CITIES MARKET REPORT Strong Marketwide Leasing Activity Points To A Strong Finish for Tri-Cities MARKET OVERVIEW MARKET INDICATORS - VACANCY 14.9% NET ABSORPTION 254,6 CONSTRUCTION 113,8 RENTAL RATE $2.79 P UNEMPLOYMENT 6.9% The Tri-Cities office market recorded 254,6 square feet () of positive absorption for third quarter 215 as the total vacancy rate decreased to 14.9% from 16.1% one quarter ago. Pasadena recorded 181,4 of positive demand, accounting for the majority of absorption this quarter. Direct weighted average asking rents increased slightly to $2.79 per square foot (P), per month full service gross (FSG) compared to $2.78 P FSG last quarter. New leasing activity was 479,5 in the third quarter, a 13% decrease from last quarter. All 5 submarkets recorded leasing activity in excess of 5K for the quarter. Investment sales remained active in third quarter, particularly in the Burbank submarket. UBS Realty Investors acquired the two-building Burbank Empire Center, comprising 229,9 between 235 and 24 Empire Ave., from CBRE Global Investors for approximately $8.4M ($349 P). The property was fully leased at time of sale, with Deluxe Digital occupying the entire building. Atlantic Pearl Investments, Inc. purchased 255 N. Hollywood Way, a 9K Class A office building, for $19.9M ($22 P) from a joint venture of individual investors. 111 W. Lemon Ave. in Monrovia, a 48, office building, sold from BF Monrovia LLC to 111 Lemon Investors for $9.6M, or $2 P. MARKET TRENDS - HISTORICAL VACANCY VS RENTS Tri-Cities County Office Market HISTORICAL NET ABSORPTION & CONSTRUCTION COMPLETIONS >> Total vacancy rate decreased 12 basis points to 14.9% nnn >> Weighted average asking rental rate increased to $2.79 P from $2.78 P >> New leasing activity recorded at 479,5 >> Net absorption was positive at 254,6 $ P PER MONTH (WEIGHTED) Q RENTS VACANCY $3. $2.9 $2.8 $2.7 $2.6 $2.5 $2.4 3Q11 3Q12 3Q13 3Q14 3Q15 25% 2% 15% 1% 5% % % VACANT (TOTAL) Tri-Cities Office Market - Q , 4, 3, 2, 1, (1,) (2,) (3,) (4,) (5,) NET ABSORPTION CONSTRUCTION COMPLETIONS 3Q11 3Q12 3Q13 3Q14 3Q15 1 Colliers International continuously refines its database. As a result, data reflected in this report may not be consistent with data reported in previous quarters.
2 MARKET REPORT OFFICE TRI CITIES LOS ANGELES DEMOGRAPHICS >> POPULATION: 1,136,59 (215 Estimate) 1,51,281 (22 Projection) 3.69% (Growth ) >> HOUSEHOLD INCOME: $78,39 (Average) $54,514 (Median) >> JOB GROWTH: 1.8% (past 12 months) >> UNEMPLOYMENT RATE: 6.9% (as of August 215) VACANCY The total vacancy rate, including sublet space, decreased to 14.9%, down 12 basis points from the 16.1% reported last quarter. A longer historical perspective of the total vacancy rate shows that the vacancy rate a year ago stood at 17.%. The Monrovia submarket continued to register the highest vacancy rate in the market (18.8%). Arcadia registered the lowest vacancy in third quarter at 9.1%. A comparison by class shows Class A space seeing the largest change from last quarter, as high quality space in the Tri-Cities is at a premium. Class B saw the only increase in vacancy for classes as new inventory delivered to the market in the form of the Fairway Building in Burbank. NET ABSORPTION Net absorption was positive recording at 254,6 in the third quarter of 215. Pasadena was the primary driver this quarter with 181,4 of net positive absorption. ADP, Inc moved into 53,6 at 55 S. Lake Ave. in the Pasadena Towers office complex. ADP relocated part of its workforce in San Dimas to the new space, which will be used as an innovation center for the company. Also at Pasadena Towers, Bank of America moved into 53, at 8 E. Colorado Ave., bringing the occupancy at the two-building property to 92%. Outside of Pasadena, the California Newspaper Group moved into 33, at 65 E. Huntington Dr. in Monrovia while Regus leased 12,3 at 33 N. Glenoaks Blvd. in Burbank. UNEMPLOYMENT August 215 figures for nonfarm employment in Los Angeles County showed continued recovery for the job market. Over the past 12 months, Los Angeles County has gained 76,3 jobs for an increase of 1.8%. This gain in employment led to unemployment lowering to 6.9% compared to 8.1% one year ago. Nine out of the eleven industries tracked by the EDD posted year-over-year gains. Educational and Health Services (+22,5), Trade, Transportation, and Utilities (+17,1) and Leisure and Hospitality (+16,8) posted the largest gains. Government (+ 7,5), and Professional and Business Services (+6,5) also increased yearover-year. VACANCY BY SUBMARKET Tri-Cities Office Market NET ABSORPTION BY SUBMARKET Tri-Cities County Office Market DIRECT VACANCY SUBLEASE VACANCY 2, 181,4 2% 18% 1.7%.4% 15, 16% 14%.6%.2% 1, 81,2 % VACANT 12% 1% 8% 6% 4% 2%.6% 8.5% 17.1% 14.2% 15.7% 13.3% 5, (5,) 3, 1,2 (48,2) % Arcadia Monrovia Pasadena Burbank Glendale (1,) Monrovia Arcadia Glendale Pasadena Burbank P. 2 COLLIERS INTERNATIONAL
3 MARKET REPORT OFFICE TRI CITIES OFFICE OVERVIEW EXISTING PROPERTIES VACANCY ACTIVITY ABSORPTION CONSTRUCTION RENTS Submarket/ Class Bldgs Total Inventory Direct Sublease Total Total Prior Qtr Leasing Activity Current Qtr Leasing Activity YTD Net Absorption Current Qtr Net Absorption YTD Completions Current Qtr Under Construction Weighted Avg Asking Lease Rate BURBANK A 34 6,41,4 15.7%.5% 16.2% 17.3% 91, 499,9 68,4 67,7 113,8 $3.14 B , 15.1%.% 15.1% 2.7% 12,1 31, (117,4) 46,56 141,2 $2.58 C 3 131,9 21.8%.% 21.8% 22.4% 3,5 35,4 8 3,8 $1.89 SUBTOTAL 55 7,125,3 15.7%.4% 16.1% 15.7% 133,6 566,3 (48,2) 118,6 141,2 113,8 $3.4 GLENDALE A 29 5,721, 12.6%.3% 12.8% 14.3% 51,9 594,5 82,7 26,9 $2.57 B 17 86,2 13.4%.% 13.4% 13.2% 4,1 12,7 (1,5) (7,5) $2.39 C 1 44,5 1.%.% 1.% 1.% $2.5 SUBTOTAL 47 6,571,7 13.3%.2% 13.5% 14.7% 56, 67,2 81,2 199,4 $2.54 PASADENA A 27 4,764,8 13.6%.7% 14.3% 16.8% 74,6 295,7 117,9 342,5 $3.8 B 4 3,331,3 15.8%.5% 16.3% 18.2% 72,1 185,8 63,8 113,1 $2.59 C 9 376,4 7.3%.% 7.3% 7.2% 4, 13, (3) 9 $2.3 SUBTOTAL 76 8,472,5 14.2%.6% 14.8% 16.9% 15,7 494,5 181,4 456,5 $2.85 ARCADIA A 2 12,3 13.7% 1.6% 15.3% 13.7% 79,5 79,5 (1,9) (1,9) $2.25 B 4 188,8 6.3%.% 6.3% 12.7% 4,3 29,8 12,1 3,2 $1.74 C 1 25,.%.%.%.% $1.85 SUBTOTAL 7 334,1 8.5%.6% 9.1% 12.1% 83,8 19,3 1,2 1,3 $2.4 MONROVIA A 4 46,5 4.6%.% 4.6% 47.1% 49,4 26,3 37,6 $2.21 B 9 714,1 4.3% 2.8% 7.1% 7.6% 54,3 78,3 3,7 14,8 $2.17 C 1 25,.%.%.%.% 1,1 3,4 $1.5 SUBTOTAL 14 1,145,6 17.1% 1.7% 18.8% 21.4% 55,4 131,1 3, 52,4 $2.2 MARKET TOTAL A 96 17,54, 14.6%.5% 15.1% 16.8% 297, 1,519, 293,4 652,8 113,8 $2.89 B 88 5,992,4 13.7%.6% 14.3% 13.9% 146,9 337,6 (39,3) 17,16 141,2 $2.53 C 15 62,8 16.7%.% 16.7% 16.8% 35,6 51,8 5 4,7 $2.27 TOTAL ,649,2 14.5%.5% 14.9% 16.1% 479,5 1,98,4 254,6 827,66 141,2 113,8 $2.79 COLLIERS INTERNATIONAL P. 3
4 MARKET REPORT OFFICE TRI CITIES >>Pasadena led the Tri-Cities office market in new leasing activity recording 15,7 >>All five submarkets posted leasing activity in excess of 5,, the first time this has happened since tracking began for all five submarkets in 29 >>Sales activity in Tri-Cities remained active with three investment sales in third quarter. Sales volume is expected to hold steady through 215 CONSTRUCTION One new construction project delivered to the market in the third quarter of 215. The Fairway Building, part of the Burbank Studios project, delivered 141,2 of creative office space to Burbank. The building also contains production space in a bid to appeal to media and tech companies in need of hybrid space while also taking advantage of the building s former use as a studio complex. This leaves the 113,8 Nickelodeon Studios building as the only office building currently under construction in the Tri- Cities market. Fully pre-leased by Nickelodeon earlier this year, it is expected to deliver in fourth quarter of 216. ACTIVITY New leasing activity during third quarter totaled 479,5 compared to 553,4 last quarter. New leasing activity included Worley Parsons renewing for 63, at 125 W. Huntington Dr. in Arcadia, Point.36 subleasing 37,9 at 23 Empire Ave in Burbank and Mt. Sierra College agreeing to relocate to 27, at 8 E Royal Oaks Dr. in Monrovia. Additionally, TMT Observatory subleased 26,7 at the Parsons building at 1 W. Walnut St. in Pasadena, while Service Titan signed a 23,6 direct deal at 81 N. Brand Ave. in Glendale. Pasadena led the Tri-Cities office market in new leasing activity recording 15,7, with Burbank recording 133,6 and Arcadia recording 83,8. All submarkets recorded at least 5, of leasing activity. Class A space accounted for the vast majority of leasing activity with 62%, while Class B accounted for 31% of the leasing activity. Class C held a 7% share of total leasing activity. RENTAL RATES The weighted average FSG asking rent for direct space increased to $2.79 P from $2.78 P last quarter. Monrovia and Arcadia average asking rents increased the most with jumps of $.19 and $.1, respectively. However, their smaller market share of volume did little to move overall Tri-Cities rents significantly higher. Average asking rents continue to be highest in Burbank ($3.4 P) and lowest in Arcadia ($2.4 P). Class A asking rents were $2.89 P compared to Class B at $2.53 P and Class C at $2.27 P. WEIGHTED AVERAGE ASKING LEASE RATES BY SUBMARKET LEASING ACTIVITY BY SUBMARKET Tri Cities Valley Office Market $ P PER MONTH (FSG) $3.5 $3. $2.5 $2. $1.5 $1. $2.4 $2.2 $2.54 $2.85 $3.4 16, 14, 12, 1, 8, 6, 4, 83,8 55,4 133,6 56, 15,7 $.5 2, $. Arcadia Monrovia Glendale Pasadena Burbank Arcadia Monrovia Burbank Glendale Pasadena P. 4 COLLIERS INTERNATIONAL
5 MARKET REPORT OFFICE TRI CITIES OUTLOOK Robust marketwide leasing activity in the Tri-Cities points to a strong finish to 215 for the market, as there are still large leases that will sign before the end of the year. This trend, along with lack of new construction for the foreseeable future, will push vacancy rates downwards while rents continue to ascend. Year-to-date absorption is expected to crest 1M by year-end. Investment sales activity remained steady this quarter and figures to remain so through the end of 215 as the government s hesitancy to raise interest rates stands to benefit investors going forward. MARKET DESCRIPTION The Tri-Cities office market is a relatively small market, comprised of 23.1 million and represents just 8.5% of the total office space in buildings 25, and greater within the Los Angeles Basin. It is one of the premier locations for firms in entertainment (primarily in Burbank), insurance (primarily in Glendale), high tech/engineering (primarily in Pasadena stretching through Arcadia and into Monrovia), finance, and professional services sectors. Much of the space is relatively new with 46% built in 1985 or later. In contrast to most office markets in the region, a relatively large percentage of the space is in mid-rise (5%) and highrise (2%) buildings. HISTORICAL LEASING ACTIVITY Q UNEMPLOYMENT RATE United States, California & Los Angeles County August 215 1,, 9, 9, 8, 8, 7, 7, 6, 6, 8.% 7.% 6.% 5.% 5.2% 6.1% 6.9% 5, 5, 4.% 4, 4, 3.% 3, 3, 2, 2, 1, 1, 3Q9 3Q1 3Q11 3Q12 3Q13 3Q11 3Q12 3Q13 3Q14 3Q15 2.% 1.%.% United States California Los Angeles County RECENT TRANSACTIONS & MAJOR DEVELOPMENTS SALES ACTIVITY PROPERTY ADDRESS SIZE SALE PRICE PRICE P BUYER SELLER Empire Ave., Burbank 229,9 $8,35, $349 P UBS Realty Investors LLC CBRE Global Investors LTD 255 N. Hollywood Way, Burbank 9, $24,, $221 P Atlantic Pearl Investments, Inc. Legend Real Estate et al. 111 W Lemon Ave., Monrovia 48, $9,6, $2 P 111 Lemon Investors LLC BF Monrovia LLC LEASING ACTIVITY PROPERTY ADDRESS LEASED LEASE TYPE BLDG TYPE LESSEE LESSOR 125 W. Huntington Dr., Arcadia 63, Renewal A Worley Parsons VG Property Investments LLC 23 W. Empire Ave., Burbank 37,9 Sublease A Point 36 Modern Video Film 8 E. Royal Oaks Dr., Monrovia 27, Direct-New B Mt. Sierra College Monrovia Technology Campus 1 W. Walnut St., Pasadena 26,7 Sublease A TMT Observatory Parsons 81 N. Brand Ave., Glendale 23,6 Direct-New A Service Titan Blackstone MAJOR DEVELOPMENTS PROJECT DEVELOPER SIZE SUBMARKET STATUS ESTIMATED COMPLETION 23 W. Olive Ave., Burbank Accord/SHO Members LLC 113,8 Burbank Under Construction Q4 216 COLLIERS INTERNATIONAL P. 5
6 MARKET REPORT OFFICE TRI CITIES DEFINITIONS OF KEY TERMS USED IN THIS REPORT Total Rentable Square Feet: Office space in buildings with 25, or more of speculative office space. Includes competitive space in Class A, B and C singletenant and multi-tenant buildings. Excludes non-competitive owner-occupied buildings, buildings that include 3% or greater of medical or retail space, and space that is underconstruction, under-renovation or off-market. Net Absorption: Net change in occupied square feet from one period to the next (includes the impact of change in vacant space available for sublease). Leasing Activity: Square feet leased from all known transactions completed during the quarter. Excludes lease renewals. 52 offices in 67 countries on 6 continents United States: 14 Canada: 31 Latin America: 24 Asia Pacific: 199 EMEA: 18 >> $2.3 billion in annual revenue >> 1.7 billion square feet under management >> Over 16,2 professionals Class A Space: Space that an image-conscious company would lease for its headquarters. Typically, this space has a very high level of finish and an excellent location, and commands the highest rents in the market. Class B Space: Highly functional, attractive space, but less prestigious than Class A Space, and commanding lower rental rates. Class C Space: Functional, competitive space, but with a lower level of finish and/or a less desirable location than with Class B Space, and commanding lower rental rates. Low-Rise: Buildings with a total of 4 floors or less. Mid-Rise: Buildings with a total of 5 to 13 floors. High-Rise: Buildings with 14 or more floors. Direct : Space in existing buildings that is vacant and immediately available during the quarter for direct lease, plus space that is vacant but not available for direct lease or sublease (for example, that is being held for a future commitment). Total : Space in existing buildings that is vacant and immediately available during the quarter for direct lease or for sublease, plus space that is vacant but not available for direct lease or sublease. Weighted Average Asking Rental Rates: Weighted by the total square feet available for direct lease. Data is based on Full Service Gross rents, and includes all costs associated with occupying the space, including taxes, insurance, maintenance, janitorial service and utilities. Reported on a monthly, per basis. Space Added (Net): Total square feet added during the quarter via construction completions, including renovated space returned to market, less total square feet taken off-market due to demolitions or conversions. Under Construction: Includes buildings that are in some phase of construction, beginning with foundation work and ending with the issuance of a Certificate of Occupancy. Technical Note Colliers International is continuously refining its database. The data shown in the historical tables and graphics in this report have been adjusted to take into account these changes in the database. This report has been prepared by Colliers International for general information only. Information contained herein has been obtained from sources deemed reliable and no representation is made as to the accuracy thereof. Colliers International does not guarantee, warrant or represent that the information contained in this document is correct. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This report and other research materials may be found on our website at UNITED STATES: Downtown Los Angeles Office License No S. Figueroa Street, Suite 35 Los Angeles, CA 917 TEL FAX MATTESON, CAITLIN Research Director Research Services MUMPER, HANS Executive Managing Director WONG, CHRISTOPHER Regional Analyst Research Services Accelerating success. P. 6 COLLIERS INTERNATIONAL
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