Postive Demand and Robust Leasing Fuels Tri-Cities Market
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1 Q4 215 office tri-cities market report Postive Demand and Robust Leasing Fuels Tri-Cities Market Market overview MARKET indicators - Q4 215 VACANCY 14.4% NET ABSORPTION 127,7 CONSTRUCTION 167,8 RENTAL RATE $2.83P UNEMPLOYMENT 5.9% The Tri-Cities office market recorded approximately 127,7 square feet () of positive absorption for fourth quarter 215 as the total vacancy rate decreased to 14.4% from 14.9% one quarter ago. Direct weighted average asking rents increased slightly to $2.83 per square foot (P), per month full service gross (FSG) compared to $2.79 P FSG last quarter. New leasing activity was 798,4 in the fourth quarter, a 67% increase from last quarter. Barring the first quarter of 215, this was the highest total in the last 4 years for the Tri-Cities market. Investment sales slowed in fourth quarter E. Foothill Blvd. in Pasadena traded from Pacific Starr Group, LLC to Panda Restaurant Group for $44.5M ($366 P). Bunim-Murray Productions acquired the two-building 17, property at Grandview Ave. in Glendale for $18.7M ($175 P) from Atlantic Pearl Investments. Bunim-Murray will relocate their headquarters from Sherman Oaks. Although sales slowed for the quarter, several properties are on the market and/or under contract in the Tri-Cities market, with the expectation of closing in the first half of 216. MARKET trends - Q4 215 HISTORICAL VACANCY VS RENTS Tri-Cities County Office Market HISTORICAL net absorption & Construction COMPLETIONS >> Total vacancy rate decreased 5 basis points to 14.4% nnn >> Weighted average asking rental rate increased to $2.83 P from $2.79 P >> New leasing activity recorded at 798,4 >> Net absorption was positive at 127,7 $ P PER MONTH (WEIGHTED) Q Q4 215 RENTS VACANCY $3. $2.9 $2.8 $2.7 $2.6 $2.5 $2.4 4Q11 4Q12 4Q13 4Q14 4Q15 25% 2% 15% 1% 5% % % VACANT (TOTAL) Tri-Cities Office Market - Q Q , 4, 3, 2, 1, (1,) (2,) (3,) (4,) (5,) NET ABSORPTION CONSTRUCTION COMPLETIONS 4Q11 4Q12 4Q13 4Q14 4Q15 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 Q4 215 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: 1.6% (past 12 months) >> Unemployment rate: 5.9% (as of November 215) vacancy The total vacancy rate, including sublet space, decreased to 14.4%, down 5 basis points from the 14.9% reported last quarter. A longer historical perspective of the total vacancy rate shows that the vacancy rate a year ago stood at 16.9%. The Monrovia submarket continued to register the highest vacancy rate in the market (18.%) and Arcadia registered the lowest vacancy at 3.2%. A comparison by class shows Class B space with the highest vacancy rate (14.7%), Class C with the lowest (11.6%), and Class A in the middle (14.4%). Class B saw the only increase in vacancy for classes as significant move-outs in Pasadena caused vacancy to rise. Net absorption Net absorption year-to-date approached 1M as the fourth quarter recorded positive 127,7, with all 5 submarkets contributing positive absorption. Among the major move-ins, GMTO moved into 46,5 at 465 N. Halstead St. in Pasadena, Point.36 occupied 38, at 23 W. Empire Ave. in Burbank and Mt. Sierra College completed its move into 27, at 8 E. Royal Oaks Dr. in Monrovia. In addition, Service Titan, a service-company mobile application developer, occupied 23,6 of space at 81 N. Brand Blvd in Glendale and Chinese e-commerce platform Alibaba moved into 22, at Pasadena s Playhouse Plaza. unemployment November 215 figures for nonfarm employment in Los Angeles County showed the lowest unemployment decrease in eight years recording at 5.9%. This is a 55.3% decrease from unemployment recording at 13.2% in July of 21. Over the past 12 months, Los Angeles County has gained 73,2 jobs for an increase of 1.7%. Educational and Health Services (+22,4), Leisure and Hospitality (+19,7) and Professional and Business Services (+15,9) posted the largest gains. Government (+1,7), and Trade, Transportation and Utilities (+1,1) also increased year-over-year. VACANCY BY SUBMARKET Tri-Cities Office Market Q4 215 NET ABSORPTION BY SUBMARKET Tri-Cities County Office Market Q % 18% 16% 14% DIRECT VACANCY SUBLEASE VACANCY 1.7%.4%.5%.2% 45, 4, 35, 3, 4,9 38, % VACANT 12% 1% 8% 6% 4%.6% 16.2% 14.% 15.2% 12.7% 25, 2, 15, 1, 9,7 19,5 19,6 2% 2.7% 5, % Arcadia Monrovia Pasadena Burbank Glendale Monrovia Arcadia Glendale Pasadena Burbank p. 2 Colliers International
3 market Report Q4 215 OFFICE TRI CITIES office OVERVIEW Q4 215 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 15.4%.4% 15.8% 16.2% 16,6 66,5 19,3 87, 113,8 $3.1 B , 16.1%.% 16.1% 15.1% 12,1 43,1 (1,) 36,56 $2.54 C 3 131,9.%.%.% 21.8% 2, 37,4 28,7 32,5 $1.91 Subtotal 55 7,125,3 15.2%.4% 15.6% 16.1% 12,7 687, 38, 156,6 113,8 $3.2 GLENDALE A 29 5,721, 11.9%.3% 12.2% 12.8% 124,9 719,4 39,2 246,1 $2.58 B 17 86,2 13.2%.% 13.2% 13.4% 77,5 9,2 1,7 (5,8) 54, $2.38 C 1 44,5 1.%.% 1.% 1.% $2.5 Subtotal 47 6,571,7 12.7%.2% 12.9% 13.5% 22,4 89,6 4,9 24,3 54, $2.55 PASADENA A 27 4,764,8 12.4%.7% 13.1% 14.3% 75, 37,7 58,3 4,8 $3.18 B 4 3,331,3 17.3%.2% 17.5% 16.3% 18,2 366, (4,7) 72,4 $2.57 C 9 376,4 5.4% 1.3% 6.7% 7.3% 7,5 2,5 2, 2,9 $2.32 Subtotal 76 8,472,5 14.%.5% 14.5% 14.8% 262,7 757,2 19,6 476,1 $2.87 ARCADIA A 2 12,3.% 1.6% 1.6% 15.3% 79,5 16,5 14,6 $2.25 B 4 188,8 4.7%.% 4.7% 6.3% 3,5 33,3 3, 6,2 $1.76 C 1 25,.%.%.%.% $1.85 Subtotal 7 334,1 2.7%.6% 3.2% 9.1% 3,5 112,8 19,5 2,8 $1.76 MONROVIA A 4 46,5 43.7%.% 43.7% 4.6% 71,2 12,6 (12,6) 25, $2.72 B 9 714,1 1.1% 2.8% 3.9% 7.1% 137,9 24,2 22,3 37,1 $2.9 C 1 25,.%.%.%.% 3,4 $1.65 Subtotal 14 1,145,6 16.2% 1.7% 18.% 18.8% 29,1 364,2 9,7 62,1 $2.69 MARKET TOTAL A 96 17,54, 14.%.4% 14.4% 15.1% 377,7 1,896,7 12,7 773,5 113,8 $2.94 B 88 5,992,4 14.2%.5% 14.7% 14.3% 411,2 772,8 (23,7) 146,46 54, $2.53 C 15 62,8 1.8%.8% 11.6% 16.7% 9,5 61,3 3,7 35,4 $2.44 Total ,649,2 14.%.4% 14.4% 14.9% 798,4 2,73,8 127,7 955,36 167,8 $2.83 Colliers International p. 3
4 market Report Q4 215 OFFICE tri Cities >>Pasadena led the Tri-Cities office market in new leasing activity for the second consecutive quarter recording 262,7 >>Leasing activity exceeded 75, for the quarter, only the second time in the last 4 years >>Sales activity in Tri-Cities slowed down in fourth quarter, although sales are expected to rebound in early 216 CONSTRUCTION One project remains under construction in the Tri-Cities market which will total approximately 113,8 for Nickelodeon Studios. Fully preleased by Nickelodeon earlier this year, it is expected to deliver in fourth quarter of 216. With regards to renovation projects, 234 S. Brand Blvd in Glendale will deliver by first quarter 216. The former masonic temple, which is being redeveloped by Anericana developer Rick Caruso, will be converted to creative office. CBRE is slated to occupy nearly half of the building upon delivery. ACTIVITY New leasing activity during third quarter totaled 798,4 compared to 479,5 last quarter. New leasing activity included Beckman Research Institute, the research arm of City of Hope, signing a whole building lease (138,9 ) at 1218 S. 5th Ave in Monrovia, One West Bank agreeing to relocate within Pasadena to 75 N. Fair Oaks Ave for 13, and WeWork continuing its Southern California expansion plans by signing a 48,9 lease at the former AT&T building located at 177 E. Colorado Blvd. Elsewhere in the Tri-Cities, Vubiquity agreed to occupy 56, at the newly renovated 39 W. Alameda Ave. and camera manufacturer Arecont Vision renewed and expanded at 425 E. Colorado St. in Glendale to the tune of 42,. Pasadena led the Tri-Cities office market in new leasing activity for the second consecutive quarter, recording 262,7, with Monrovia recording 29,1 and Glendale recording 22,4. Class B space accounted for a slight majority of leasing activity with 52%, while Class A accounted for 47% of the leasing activity. Class C held a 1% share of total leasing activity. rental rates The weighted average FSG asking rent for direct space increased to $2.83 P from $2.79 P last quarter, marking 6 straight quarters of increases for the market. Continued positive absorption will continue to put upward pressure on rents as the abundance of quality space lessens. Average asking rents continue to be highest in Burbank ($3.2 P) and lowest in Arcadia ($1.76 P). Class A asking rents were $2.94 P compared to Class B at $2.53 P and Class C at $2.44 P. WEIGHTED AVERAGE ASKING LEASE RATES BY SUBMARKET Q4 215 LEASING ACTIVITY BY SUBMARKET Tri Cities Valley Office Market Q4 215 $ P PER MONTH (FSG) $3.5 $3. $2.5 $2. $1.5 $1. $1.76 $2.69 $2.55 $2.87 $3.2 3, 25, 2, 15, 1, 29,1 12,7 22,4 262,7 $.5 5, 3,5 $. Arcadia Monrovia Glendale Pasadena Burbank Arcadia Monrovia Burbank Glendale Pasadena p. 4 Colliers International
5 market Report Q4 215 OFFICE TRI CITIES OUTLOOK The Tri-Cities market closed out 215 with a flurry of leasing activity, as holdovers from third quarter finally signed before year-end. Absorption approached 1M for the year, and will continue to be postive through early 216. The lack of new construction for the foreseeable future and steady demand will push vacancy rates downwards while rents ascend. Investment sales activity dropped off their pace from early 215, but figure to rebound in 216 with more closings as investors evaluate their portfolios and look to capitalize on the market s positive performance. 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 Q4 215 UNEMPLOYMENT RATE United States, California & Los Angeles County November 215 1,, 9, 6.% 5.9% 9, 8, 5.8% 5.7% 8, 7, 7, 6, 6, 5.6% 5.4% 5, 5, 4, 4, 5.2% 5.% 5.% 3, 3, 2, 2, 1, 1, 3Q9 3Q1 3Q11 3Q12 3Q13 4Q11 4Q12 4Q13 4Q14 4Q15 4.8% 4.6% 4.4% United States California Los Angeles County RECENT TRANSACTIONS & MAJOR DEVELOPMENTS Q3 215 SALES ACTIVITY PROPERTY ADDRESS SIZE SALE PRICE PRICE P BUYER SELLER 3452 E. Foothill Blvd., Pasadena 121,6 $44,55, $366 P Panda Restaurant Group, Inc. Pacific Starr Group, LLC Grandview Ave., Glendale 17, $18,7, $175 P Bunim/Murray Productions Atlantic Pearl Investments, Inc. 719 S. Central Ave., Glendale 4,5 $1,, $247 P 71 S. Central, LLC Sabrina Properties LEASING ACTIVITY PROPERTY ADDRESS LEASED LEASE TYPE BLDG TYPE LESSEE LESSOR 1218 S. 5th Ave., Monrovia 138,9 Direct-New B COH/Beckman Research Institute Samuelson Capital 75 N. Fair Oaks Ave., Pasadena 13, Direct-New A One West Bank Lincoln Property Company 39 W. Alameda Ave., Burbank 56, Direct-New A Vubiquity Worthe Real Estate Group 177 E. Colorado Blvd., Pasadena 48,9 Direct-New A WeWork Saunders Property Company 425 E. Colorado., Glendale 42, Renewal A Arecont Vision Brookfield Asset Management MAJOR DEVELOPMENTS PROJECT DEVELOPER SIZE SUBMARKET STATUS ESTIMATED COMPLETION 23 W. Olive Ave., Burbank Accord/SHO Members LLC 113,8 Burbank Under Construction Q S. Brand Blvd., Glendale Caruso Affiliated 54, Glendale Under Renovation Q1 216 Colliers International p. 5
6 market Report Q4 215 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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