Office Trends Report - Third Quarter 2017 Southwest Riverside County, CA
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1 Contents SOUTHWEST RIVERSIDE COUNTY Southwest Riverside County Market Snapshot Market Assessment Projects of the Quarter Southwest Riverside County Office Market Trends is a newsletter published quarterly by WestMar Commercial Real Estate. To obtain additional copies or other WestMar Commercial Real Estate publications contact: Tina Graham Marketing Assistant tgraham@westmarcre.com Founded in 1988 By Submarket VACANCY % NET ABSORPTION Under Const SF ASKING RENT Total SF Direct Sublease Total Current YTD Total Average Hemet 1,386, % 0.0% 7.3% 1,332 26,196 0 $1.56 Lake Elsinore 411, % 0.0% 14.9% 2,639 (19,915) 0 $1.79 Menifee 393, % 0.0% 0.6% 3,053 21,809 80,000 $1.97 Murrieta 1,813, % 0.1% 6.8% (5,949) 13,664 79,006 $2.13 Perris 358, % 0.0% 1.4% (1,500) 4,753 14,080 $1.68 Romoland 0 0.0% 0.0% 0.0% n/a San Jacinto 195, % 0.0% 21.6% (477) 1,187 0 $1.94 Temecula 3,717, % 0.3% 7.7% 1,124 43,874 25,000 $1.87 Wildomar 289, % 0.0% 10.0% 1,152 2,356 0 $2.19 Winchester 2, % 0.0% 0.0% n/a GRAND TOTAL 8,580, % 0.1% 7.6% 1,374 93, ,086 $1.91 Source: CoStar: Office Existing, Under Construction, and Under Renovation
2 3Q 2017 Last Qtr. Change From Last Year 2Q 2009 (end of recession) Direct Vacancy Rate 7.4% Total Net Absorption 1,374 Office Gross Rent Overall $1.91 Under Construction 198,086 During the third quarter of 2017 the direct vacancy rate in Southwest Riverside County remained steady at 7.4%. Net absorption was positive 1,374 square feet. Quoted rental rates increased from second quarter 2017 levels, ending at $1.91 per square foot per month. Office Direct Vacancy Rate VACANCY Southwest Riverside County s office direct vacancy rate remained steady in the third quarter 2017, ending the quarter at 7.4%. Over the past four quarters, the market has seen an gradual decrease in the vacancy rate, with the rate going from 8.2% at the end of the fourth quarter 2016, to 8.1% at the end of the first quarter 2017, to 7.4% at the end of the second quarter 2017, and ending the third quarter 2017 at 7.4%. Annual Direct Net Absorption (in thousands) vs. Direct Vacancy Rate NET ABSORPTION Office net absorption was strong in Southwest Riverside County during the third quarter of 2017, with positive 1,374 square feet absorbed. In the second quarter 2017, net absorption was positive 63,167; in the first quarter 2017 net absorption was positive 6,883 square feet; and in the fourth quarter 2016, net absorption was positive 22,500 square feet. Total Weighted Average Monthly Asking Rent (NNN) RENTAL RATES Average quoted asking rental rates in the Southwest Riverside County office market have increased from the previous quarter level, and are equal to their levels four quarters ago. Office gross rent overall ended the third quarter 2017 at $1.91 per square foot. That compares to $1.86 per square foot in the second quarter 2017; $1.82 per square foot in the first quarter 2017, and $1.91 per square foot in the fourth quarter 2016.
3 INVENTORY & CONSTRUCTION Since the beginning of the third quarter 2017, there have been no new office buildings delivered to the Southwest Riverside County market. There are currently five office properties totalling 198,086 square feet under construction in Southwest Riverside County including: Keller Road, Menifee (Kaiser) - A 80,000 square foot medical office building with pharmacy, laboratory, imaging services, and an urgent care facility. The building delivers December 2017 and is part of the anticipated 824,500 square foot complex that will include a hospital, diagnostic and treatment building, medical office building, and a central energy plant to power it all over the next 25 years. There are currently no spaces available for lease within the building Hancock Avenue, Murrieta (Murrieta Medical Center) - A 60,000 square foot office building delivering June Space is available for lease starting at 2,444 square feet. Unemployment Rate in Comparison Source: U.S. Dept of Labor, Bureau of Labor Statistics De Portola Road, Temecula - A 25,000 square foot office building delivering December There are currently no spaces available for lease within the building Ivy Street, Murrieta - A 19,006 square foot office building delivering March Space is availalbe for lease starting at 795 square feet. 540 W. 4th Street, Perris - A 14,080 square foot office building delivering October There are currently no spaces available for lease within the building. Total office inventory in the Southwest Riverside County market area amounted to 8,580,134 square feet in 694 buildings as of the end of the third quarter } Net Change in Jobs by Industry Sector Riverside/San Bernardino/Ontario June 2009 (end of recession) - August 2017 (in thousands) Source: U.S. Dept. of Labor, Bureau of Labor Statistics Labor Dept. EMPLOYMENT AND INDUSTRY Riverside County, after a steady decline in the unemployment rate from 2011 until 2016, has seen a slight increase in unemployment in In August 2017 the unemployment rate in Riverside County was 6.5%. That compares to 5.3% at the end of 2016; 6.7% at the end of 2015; 8.2% at the end of 2014; and 9.9% at the end of Southwest Riverside County Office Properties Under Construction Source: CoStar Since June 2009 (the end of the recession) Riverside, San Bernardino, and Ontario have added 253,100 jobs. The industries with the largest increase in jobs during this time frame are Health Care and Social Assistance (+54,500 jobs); Construction (+41,200); Leisure & Hospitality (+41,100 jobs); and Transportation and Utilities (+39,700 jobs). Conversely the Government, Information, and Mining & Logging sectors lost 4,300, 2,600 and 300 jobs respectively during the same period.bo. Lis expliqui tem et excero quias
4 PROJECTS OF THE QUARTER CITRUS PLAZA JEFFERSON PARK PLAZA 202 W. College at Mission Avenue, Fallbrook FOR SALE: Approximately 64,000± SF mixed use project, including approximately 28,414± RSF office and 35,586± SF self-storage. Renovated in ,414± square feet of fully built-out office space. Office portion is 100% leased. Self-storage is approximately 92% leased. Newly installed solar panels, which reduce electricity costs. Newly installed LED lighting on outside and in the common area. Highly improved offices. 89 parking spaces onsite plus downtown public parking available. Second floor verandas. Elevator served Winchester Road, Suite 104, Temecula FOR SUBLEASE: 23,751± medical/dental office building. Within walking distance to financial institutions and restaurants. High visibility and close to Winchester Road / I-15 Freeway on/off ramps. 902± SF square foot suite available for sublease Listed by: Luanne Palmer Sale Price: $8,200,000 Listed by: Mark Esbensen and Luanne Palmer LOMA LINDA MEDICAL BUILDING SUBLEASE MURRIETA VILLAGE CENTER OFFICE SUITES Baxter Road, Suite 424, Murrieta FOR SUBLEASE: Class A medical office building connected via skybridge to Loma Linda Hospital. Reception/waiting area, 5 exam rooms and treadmill room, doctor s office, nurse s station, manager s office, breakroom, restroom, and storage room. On-site amenities include cafe, pharmacy, and imaging services 2,507± SF suite available for sublease Listed by: Luanne Palmer and Jerry Palmer Murrieta Hot Springs Road, Murrieta FOR SUBLEASE: Out-patient counseling office available for sublease. Sublease expires June 30, Highly upgraded tenant improvements. Ideally situated five miles from I-15 and I-215 interchanges. Ample parking. Possible uses include behavior health services, rehabilitation/addiction counseling services. 839± to 2,126± square foot suites available for sublease. Listed by: Luanne Palmer To view all available office properties or download brochures, click here
5 PROJECTS OF THE QUARTER PACKARD PROFESSIONAL BUILDING RANCHO PUEBLO MEDICAL CENTER Enterprise Circle North, Temecula FOR LEASE: Two suites have recently come available in this newly renovated building. Great window lines and bright suites. Easy access to Interstate 15. Walking distance to banks and restaurants. 1,350± to 2,526± square foot suites available for lease Listed by: Luanne Palmer and Jerry Palmer Rancho Pueblo Road, Temecula FOR LEASE: 11,215± SF medical office building. Modern 2016 construction. Visible from Temecula Parkway (40,450 CPD). Immediately adjacent to 140-bed Temecula Valley Hospital. Prominent building and signage availability. Premium quality finishes in foyer and restroom. 1,318± to 5,951± square foot suites available for lease Listed by: Jerry Palmer and Luanne Palmer WESTMAR COMMERCIAL REAL ESTATE PROFESSIONALS MARK ESBENSEN President CEO CA Lic FRED GRIMES CFO CA Lic SCOTT FOREST Senior Vice President Retail Division CA Lic LUANNE PALMER Vice President Office/Industrial Division CA Lic JERRY PALMER Senior Vice President Investment Division CA Lic ALLISON ESBENSEN Marketing Assistant Retail Division To view all available office properties or download brochures, click here
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