>> 2017 Begins With Continued Strong Demand
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1 Research & Forecast Report Central Los Angeles OFFICE Q1 217 Accelerating success. >> 217 Begins With Continued Strong Demand Key Takeaways > Hudson Pacific's Icon at Sunset property delivered 323,3 square feet () of fully occupied space to the market, leaving 268,1 of office product under construction and 79,5 of expected proposed construction in the Hollywood submarket. > The average rent for Class A buildings in Central Los Angeles is $3.34 per square foot (P) Full Service Gross (FSG), a 3.3% decrease year-over-year. > decreased 1 basis points from one quarter ago recording 18.1%. > Leasing activity rebounded from last quarter's 99,3 total to record 122,1. > Investment activity started the year with forward momentum as 4 office properties more than 25, traded hands in the market. Central Los Angeles Office Market The Central Los Angeles market saw robust demand activity during first quarter with vacancy decreasing by 1 basis points from last quarter, and absorption closing at 42,1 for the quarter. There is currently 268,1 of office product under construction along with 79,5 of additional proposed product. This additional inventory will bode well for the Hollywood market, opening options for tenants seeking new product in a preferred high-image location. Media and tech companies continued to see the Hollywood submarket as an attractive offering of high-image new Class A inventory and abundant production facilities. While demand from strong leasing activity in 215 and 216 has finally started to manifest, rents have seen some flattening, registering an average increase of.8% in the last 3 quarters. Class A rents decreased by.1% from last quarter. Market Indicators Relative to prior period Q1 217 Forecast Net Absorption Construction Rental Rate Summary Statistics Central Los Angeles, Q1 217 Rate Class A Class B All Classes 13.3% 22.3% 18.1% Change from Q4 16 (Basis Points) Net Absorption* Construction Completions* Under Construction* *, Thousands Asking Rents Central Los Angeles, Q1 217 Average Asking Rent Change from Q4 16 ($) Y.O.Y. Change (%) Class A Class B All Classes $3.34 $2.37 $2.68 -$.1 +$.9 +$.3-3.3% 1.2% 4.1% Labor Force Los Angeles County, February 217 Nonfarm Prof. & Business Services Financial Activities 12-mo Employment Growth (%) 1.6% 1.5% 1.3% 12-mo Actual Employment Change 7,8 9, 2,8
2 > in Central Los Angeles decreased by 1 basis points to 18.1% during the first quarter. A longer historical perspective shows the current quarter dropping 41 basis points from this time last year, indicative of steady demand for the glut of new construction that has come to market. > Hollywood Class A properties saw the largest delta in vacancy, moving to 16.7% from 21.% last quarter and 3.5% in third quarter of 216. > Mid-Wilshire also tightened, as smaller move-ins and renewals led to lower vacancy. > Forecast: Central Los Angeles should tighten through early 217 as strong leasing activity in the past year absorbs. Absorption and Leasing Activity > Absorption for the quarter totaled 42,1. > Among the move-ins that drove demand this quarter were NetFlix occupying the entirety of the Icon at Sunset Bronson campus for a total of 323,3 of positive absorption. > Leasing activity totaled 122,1 for the quarter. Among the larger deals signed this quarter in Central Los Angeles was LiveNation agreeing to occupy 24,9 at 18 N. Highland Ave. > Forecast: With continued demand in Central Los Angeles and several of Hollywood's larger projects having been delivered or about to deliver, absorption in 217 has the potential to match 216. Historical v. Rents Central Los Angeles Market Q $ P FSG PER ANNUM (WEIGHTED) Net Absorption by Submarket Central Los Angeles Market Q1 17 $3. $2.5 $2. $1.5 $1. 45, 4, 35, 3, 25, 2, 15, RENTS VACANCY 1Q13 1Q14 1Q15 1Q16 1Q17 389,2 24% 22% 2% 18% 16% 14% 12% 1% % VACANT (TOTAL) 1, Rental Rates > The average asking rental rate for the market rose $.3 from fourth quarter of 216. > The last 3 quarters have seen rents flatten, averaging an increase of.8%. The 3 quarters prior averaged a 6.4% rent increase per quarter. > The differences in rates between Mid-Wilshire and Hollywood continue to be stark as the Hollywood pipeline continues to push rates higher, while Mid-Wilshire remains a steady alternative for price-averse tenants. > Forecast: Rents currently stand 22.4% higher than their pre-recession peak, which questions how much more rents will increase in the near future. The flattening of rental rates indicates the market may see a peak in the near future. 5, 12,9 MID WILSHIRE HOLLYWOOD Historical Leasing Activity Central Los Angeles Market Q , 5, 4, 3, 2, 1, 1Q13 1Q14 1Q15 1Q16 1Q17 2
3 Construction > Hudson Pacific's Icon at Sunset property delivered 323,3 square feet () of fully occupied space to the market, leaving 268,1 of office product under construction and 79,5 of expected proposed construction in the Hollywood submarket. > Central Los Angeles accounts for 7% of all under construction properties in Los Angeles County. Projects such as 77 Romaine St. and J.H. Snyder's 161 N. Vine project are set to deliver in mid-217. > Hudson Pacific continues to be a player in the Hollywood development market. Following ICON's delivery, CUE (97,7 ) will deliver in the second quarter of 217. In addition, Hudson Pacific will begin construction on EPIC, located at 591 W. Sunset Blvd. (274, ), in early 218. > Forecast: Construction deliveries through 217 will be lower in volume compared to the previous year, but Central LA continues to be a major development center in the Greater Los Angeles Basin. Several proposed projects in the Hollywood submarket will break ground in late 217 and early 218. Investment Trends > Investment activity for properties over 25, registered 4 properties trading for a total of $55.5 million dollars. > N Sycamore Ave was acquired by CIM Group for $17. million ($546 P). > Forecast: Investors remain bullish in the Central Los Angeles market, targeting not only Class A trophy buildings, but also value-add and redevelopment opportunities. Outlook The Hollywood submarket will continue to see strong demand for space from entertainment, media and technology firms as pre-leased properties are delivered to the market. With the surrounding submarkets mostly built-out and creative tenants passing on the burgeoning, but not fully-realized Downtown Los Angeles creative market, Hollywood has the opportunity to attract tenants desiring quality space at a lower price-point than the Silicon Beach cluster. That window, however, is closing due to the ascent of Hollywood rents, concurrent with a robust pre-leasing environment. With fewer large block options currently available and a current focus on medium sized opportunities, the market will look to its proposed construction pipeline in 217 to continue fulfilling demand for high quality creative and headquarters spaces. Historical Net Absorption & Construction Completions Central Los Angeles Office Market Q , 4, 3, 2, 1, (1,) (2,) NET ABSORPTION 1Q13 1Q14 1Q15 1Q16 1Q17 Investment Trends Chart Central Los Angeles Office Market $/P $5. $45. $4. $35. $3. $25. $2. $15. $1. $5. CONSTRUCTION COMPLETIONS Unemployment Rate U.S., CA & Los Angeles County February % 5.% 5.% 4.9% 4.9% 4.8% 4.8% 4.7% 4.7% 4.6% 4.6% $- 4.7% Average Price P 5.% Cap Rate % United States California Los Angeles County Cap Rate 3
4 Market Description Central Los Angeles is an office market comprised of 14.1 million, representing 6% of the total office space 25, and greater in the Los Angeles Basin. Mid-Wilshire is attractive to small, entrepreneurial, and often Pacific Rimowned businesses while Hollywood has a mix of firms from the professional services, high-tech and entertainment/ media sectors. Submarket Map RECENT TRANSACTIONS & MAJOR DEVELOPMENTS Central Los Angeles Office Market Q1 217 SALES ACTIVITY PROPERTY ADDRESS SIZE SALE PRICE PRICE P BUYER SELLER N. Sycamore Ave., Hollywood 31,1 $17,, $546 P CIM Group Ralco-Orange 3923 W. 6th St., Los Angeles 32,1 $7,475, $234 P Undisclosed Century West Partners LEASING ACTIVITY PROPERTY ADDRESS LEASED LEASE TYPE BLDG CLASS LESSEE LESSOR 18 N. Highland Ave., Hollywood 24,9 Direct-New A LiveNation The Souferian Group 355 Wilshire Blvd., Los Angeles 3, Renewal A LA Vocational Institute Jamison Services MAJOR DEVELOPMENTS PROJECT DEVELOPER SIZE SUBMARKET STATUS ESTIMATED COMPLETION 161 N. Vine St., Hollywood J.H. Snyder Company115,6 Hollywood Under Construction Q2 217 CUE at Sunset Bronson Studios, Hollywood Hudson Pacific 92, Hollywood Under Construction Q Romaine St., Hollywood 11 N Orange La Llc 6,5 Hollywood Under Construction Q W. Sunset Blvd., Hollywood Hudson Pacific 3, Hollywood Proposed TBD Crossroads (2 bldgs), Hollywood Harridge 138,5 Hollywood Proposed TBD 1311 N Cahuenga Blvd., Hollywood Cal Coast 352, Hollywood Proposed TBD 4
5 office OVERVIEW Central Los Angeles Office Market Q1 217 EXISTING PROPERTIES VACANCY ACTIVITY ABSORPTION CONSTRUCTION RENTS Submarket /Class Bldgs Inventory Direct Sublease 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 MARKET TOTAL A 34 6,335,8 13.2%.1% 13.3% 14.7% 66,1 66,1 367,4 367,4 323,3 27,6 $3.34 B 59 6,99,2 22.3%.% 22.3% 22.7% 55,3 55,3 25,4 25,4 6,5 $2.37 C 22 1,218, 19.3%.% 19.3% 2.% 7 7 9,3 9,3 $ ,463, 18.%.% 18.1% 19.1% 122,1 122,1 42,1 42,1 323,3 268,1 $2.68 MID-WILSHIRE A 16 3,691,9 1.8%.1% 1.8% 1.8% 16,5 16,5 (3,2) (3,2) $2.32 B 39 5,811,8 24.1%.% 24.1% 24.3% 34,9 34,9 15,2 15,2 $2.23 C 9 693,4 27.9%.% 27.9% 28.% $2.31 Subtotal 64 1,197,1 19.5%.% 19.5% 19.7% 52,1 52,1 12,9 12,9 $2.26 HOLLYWOOD A 18 2,643,9 16.6%.1% 16.7% 21.% 49,6 49,6 37,6 37,6 323,3 27,6 $4.26 B 2 1,97,4 12.8%.1% 12.9% 13.8% 2,4 2,4 1,2 1,2 6,5 $3.75 C ,6 7.9%.% 7.9% 9.5% 8,4 8,4 $3.1 Subtotal 51 4,265,9 14.5%.1% 14.6% 17.5% 7, 7, 389,2 389,2 323,3 268,1 $4.6 Note: revisions to the inventory base were made effective Q1 217, historical data reported here reflect these revisions and may not match data reported in previous quarters. 5
6 Definitions of key terms in this report Rentable Square Feet: Office space in buildings with 25, square feet or more of speculative office space. Includes competitive space in Class A, B and C single-tenant and multi-tenant buildings. Excludes non-competitive owner-occupied buildings, buildings that include 3 percent or greater of medical or retail space, and space that is under-construction, underrenovation or off-market. 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). : 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. 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. 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): 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 offices in 68 countries on 6 continents United States: 153 Canada: 29 Latin America: 24 Asia Pacific: 79 EMEA: 111 UNITED STATES: Downtown LA Office License No S. Figueroa St., Ste. 35 Los Angeles, CA 917 HANS MUMPER Executive Managing Director Greater Los Angeles CHRIS WONG Regional Research Analyst Research Services > $2.6 billion in annual revenue > 2. billion square feet under management > Over 15, professionals TEL: FAX: CAITLIN MATTESON Research Director Research Services 6
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