San Fernando Valley & Ventura County End 2015 On A Positive Note
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- Lilian Flynn
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1 OFFICE SAN FERNANDO & MARKET REPORT San Fernando Valley & Ventura County End 2015 On A Positive Note MARKET OVERVIEW MARKET INDICATORS - VACANCY 15.4% NET ABSORPTION 74,400 CONSTRUCTION 120,933 RENTAL RATE $2.19 P FSG The San Fernando Valley and Ventura County office market ended 2015 on a postivie note. The office market saw total vacancy decrease to 15.4% from 15.6% recorded one quarter ago. Net absorption in fourth quarter recorded 74,400 square feet (), bringing the vacancy rate up 20 basis points. Direct weighted average asking rents slightly increased to $2.19 per square foot (P) per month Full Service Gross (FSG). New leasing activity in the fourth quarter was 481,300 compared to 479,100 in third quarter Investment sales activity in the San Fernando Valley and Ventura County office market slowed at year-end. Approximately 2.6 million of office buildings sold in the fourth quarter. Sale activity was as follows: Onyx Sherman Way LLC acquired the Republic Center 1 building at Sherman Way in Van Nuys for $8.3 million ($105 P) from Century National Properties, Inc., Miranda Partners LLC aquired Mulholland Plaza at Mulholland Dr in Woodland Hills for $10.4 million ($223 P) from Cheldin Mulholland Property LLC and Cirrus Asset Management acquired the Arbor Plaza at Ventura Blvd building in Woodland Hills for $10.3 million ($235 P) from Chippewa Enterprises, Inc. UNEMPLOYMENT 5.9% MARKET TRENDS - >> Total vacancy rate decreases from nnn15.6% to 15.4% HISTORICAL VACANCY VS RENTS V & Ventura County Office Market Q HISTORICAL NET ABSORPTION & CONSTRUCTION COMPLETIONS V & Ventura County Office Market - Q >> Weighted average asking rental rate recorded at $2.19 P FSG $2.60 $2.50 RENTS VACANCY 25% 20% 350, ,000 NET ABSORPTION CONSTRUCTION COMPLETIONS >> Leasing activity increases to 481,300 >> There was positive demand with 74,400 net absorption $ P PER MONTH (WEIGHTED) $2.40 $2.30 $2.20 $ % 10% 5% % VACANT (TOTAL) 150,000 50,000 (50,000) (150,000) (250,000) >> 120,933 under construction $2.00 4Q11 4Q12 4Q13 4Q14 4Q15 0% (350,000) 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 OFFICE SAN FERNANDO & SAN FERNANDO & DEMOGRAPHICS >> POPULATION: 10,136,509 (2015 Estimate) 10,510,281 (2020 Projection) 3.69% (Growth ) >> HOUSEHOLD INCOME: $78,309 (Average) $54,514 (Median) >> JOB GROWTH: 1.6% (past 12 months) >> UNEMPLOYMENT RATE: 5.9% (as of November 2015) VACANCY The total vacancy rate, including sublet space decreased to 15.4%, down 20 basis points from 15.6% reported in third quarter A longer historical perspective shows that the vacancy rate a year ago stood at 15.7%. Total vacancy rates were highest in the West Ventura County at 23.6%. The submarket with the lowest vacancy in fourth quarter was Central San Fernando Valley dropping below the double digit mark at 9.7%. A comparison by Class illustrates that vacancy rates were highest for Class B space (17.2%) and lowest for Class C space (13.2%) with Class A space (14.1%) in between. NET ABSORPTION Net absorption was positive at 74,400 in fourth quarter ending the year on a positive note. The positive absorption was largely due to small expansions and new space move-ins in West San Fernando Valley (121,300 ) and Central San Fernando Valley (82,200 ). The following submarkets recorded negative net absorption: West Ventura County (-67,000 ), Conejo Valley (-50,300) and East San Fernando Valley (-14,000 ). The significant tenants that moved into their space during fourth quarter were as follows: Viking River Cruises moved into 32,700 at Burbank Blvd in Woodland Hills and Essex moved into 20,100 at Burbank Blvd located also in Woodland Hills. UNEMPLOYMENT November 2015 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 Over the past 12 months, Los Angeles County has gained 73,200 jobs for an increase of 1.7%. Educational and Health Services (+22,400), Leisure and Hospitality (+19,700) and Professional and Business Services (+15,900) posted the largest gains. Government (+ 10,700), and Trade, Transportation and Utilities (+10,100) also increased year-over-year. VACANCY BY SUBMARKET San Fernando Valley & Ventura County Office Market NET ABSORPTION BY SUBMARKET San Fernando Valley & Ventura County Office Market 25% SUBLEASE VACANCY DIRECT VACANCY 0.2% 150, ,300 20% 100,000 82,200 % VACANT 15% 10% 1.0% 0.0% 0.3% 0.4% 0.8% 23.4% 50, ,200 5% 8.7% 12.2% 14.8% 15.3% 15.0% (50,000) (50,300) (14,000) (67,000) 0% CENTRAL EAST (100,000) EAST CENTRAL P. 2 COLLIERS INTERNATIONAL
3 MARKET REPORT OFFICE SAN FERNANDO & OFFICE OVERVIEW San Fernando Valley & Ventura County Office Market 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 A ,776, % 1.0% 14.1% 15.7% 238,600 1,298, , , ,933 $2.39 B ,926, % 0.1% 17.2% 15.6% 239, ,900 (221,400) (98,400) 0 0 $2.00 C , % 0.0% 13.2% 13.7% 3,100 25,900 5,100 61, $1.88 SUBTOTAL 57 3,072, % 0.2% 23.6% 21.5% 31, ,500 (67,000) (69,100) 0 0 $1.92 SUBTOTAL 31 2,071, % 0.3% 15.1% 15.2% 30,500 75,000 2,200 (5,500) 0 0 $2.29 SUBTOTAL 104 6,514, % 0.4% 15.7% 14.9% 79, ,700 (50,300) 35, ,933 $2.23 SAN FERNANDO SUBTOTAL ,840, % 0.8% 15.9% 16.7% 216, , , , $2.19 CENTRAL SAN FERNANDO SUBTOTAL 61 4,522, % 1.0% 9.7% 11.5% 108, ,600 82,200 (19,700) 0 0 $2.23 EAST SAN FERNANDO SUBTOTAL 29 2,554, % 0.0% 12.2% 11.6% 14, ,600 (14,000) 77, $2.46 SAN FERNANDO SUBTOTAL SUBTOTAL ,918, % 0.8% 14.2% 15.0% 339,500 1,504, , , $2.22 SUBTOTAL SUBTOTAL 161 9,586, % 0.3% 18.2% 17.0% 111, ,200 (117,300) (33,200) 0 120,933 $2.10 MARKET TOTAL TOTAL ,577, % 0.6% 15.4% 15.6% 481,300 2,220,000 74, , ,933 $2.19 RECENT TRANSACTIONS & MAJOR DEVELOPMENTS Orange County Industrial Market Q COLLIERS INTERNATIONAL P. 3
4 MARKET REPORT OFFICE SAN FERNANDO & >> A majority of leasing activity in Q4 occurred in Class B (49%) & Class A (48%) buildings >> Two office buildings are currently under construction at 3043 & 2075 Townsgate Rd in Westlake Village >> The market-wide asking rents at $2.19 P FSG CONSTRUCTION There were no new office developments delivered to the market during fourth quarter of Currently, there are two office buildings under construction totaling 120,933. The Class A office buildings are located in the Westlake Park Place - Phase II office park at 3043 & 3075 Townsgate Rd. and in Westlake Village. The 3043 Townsgate Rd development is expected to deliver at the beginning of 2016 and the 60,466 building is fully pre-leased to PennyMac. The 60, Townsgate Rd development is expected to deliver in the second half of There is approximately 630,000 of purposed office development space in San Fernando Valley & Ventura County. ACTIVITY New leasing activity during fourth quarter totaled 481,300 compared to 489,100 in third quarter This is the lowest leasing activity has been since fourth quarter A majority of the new leasing activity occurred in Class B (49%) and Class A (48%) buildings. The significant lease deals in fourth quarter were as follows: Prospect Mortgage, LLC signed a newdirect deal for 77,700 at Ventura Blvd in Sherman Oaks, Devry University signed a new-direct deal for 34,800 at Ventura Blvd in Sherman Oaks, Fuse FX signed a new-direct deal for 27,000 at Califa St in Van Nuys and Play Network signed a new-direct deal for 15,600 at Ventura Blvd in Sherman Oaks. RENTAL RATES The weighted average asking rent for direct space slightly increased in fourth quarter recording at $2.19 P FSG. A longer historical perspective direct asking recorded at $2.20 P FSG one year ago. Class A asking rents recorded at $2.39 P FSG, Class B at $2.00 P FSG, and Class C at $1.88 P FSG. Average asking rents were highest in the East San Fernando Valley submarket ($2.46 P FSG), and lowest in the West Ventura County submarket ($1.92 P FSG). Landlords continue to offer large concession packages in Santa Clarita Valley, North Valley and Conejo Valley as a large amount of vacant space remains on the market. In some market areas of San Fernando Valley like Encino, vacancy is tight resulting in higher asking rental rates and smaller concession packages. WEIGHTED AVERAGE ASKING LEASE RATES BY SUBMARKET LEASING ACTIVITY BY SUBMARKET $3.00 $2.50 $2.19 $2.23 $2.23 $2.29 $ , , ,600 $ P PER MONTH (FSG) $2.00 $1.50 $1.00 $ , ,000 79, ,200 $0.50 $0.00 CENTRAL EAST 50, ,700 EAST 30,500 31,600 CENTRAL P. 4 COLLIERS INTERNATIONAL
5 MARKET REPORT OFFICE SAN FERNANDO & OUTLOOK The San Fernando Valley and Ventura County office market ended 2015 on a positive note recording positive absorption and decreasing vacancy rates. The market has only recorded one quarter of negative absorption in the past eleven months. Absorption trends are expected to remain positive in 2016 as economic conditions are healthy with unemployment rates dropping below 6.0%, which is the lowest recorded in eight years. Although the Fed recently increased interest rates by 25 basis points, investment activity is expected to remain strong. MARKET DESCRIPTION The San Fernando Valley and Ventura County office market is a moderatesized market with 34 million square feet, representing 12% of office buildings 25,000 square feet and greater in the Los Angeles Basin. Leading industries in the Central and East San Fernando Valley submarkets include finance, insurance, professional services, and entertainment, and in the West San Fernando Valley and Conejo Valley submarkets, healthcare, hightech and defense sectors. In the Santa Clarita Valley and West Ventura County submarkets, firms are predominantly from the professional, financial, high-tech and insurance services sectors. HISTORICAL LEASING ACTIVITY Q UNEMPLOYMENT RATE United States, California & San Fernando Valley August ,800, % 5.9% 1,600, % 5.7% 1,400, % 1,200,000 1,000, , , % 5.2% 5.0% 5.0% 400, % 200, % 0 4Q11 4Q12 4Q13 4Q14 4Q15 4.4% United States California Los Angeles County RECENT TRANSACTIONS & MAJOR DEVELOPMENTS SALES ACTIVITY PROPERTY ADDRESS SIZE SALE PRICE PRICE P BUYER SELLER Sherman Way, Van Nuys 78,750 $8,300,000 $105 P Onyx Sherman Way LLLC Century National Properties, Inc Mulholland Dr, Woodland hills 46,667 $10,400,000 $223 P Miranda Partners LLC Cheldin Mulholland Property LLC Ventura Blvd, Woodland Hills 33,000 $8,000,000 $235 P Cirrus Asset Management Chippewa Enterprises, Inc. LEASING ACTIVITY PROPERTY ADDRESS LEASED LEASE TYPE BLDG TYPE LESSEE LESSOR Ventura Blvd, Sherman Oaks 77,700 Direct A Propspect Mortgage, LLC Douglas Emmett Ventura Blvd, Sherman Oaks 34,800 Direct A Devry University Douglas Emmett Califa St, Van Nuys 27,000 Direct B Fuse FX Elbar Investments Ventura Blvd, Sherman Oaks 15,600 Direct A Play Network Douglas Emmett 6842 Van Nuys Blvd, Van Nuys 12,500 Direct B Champs Charter High School of the Arts The Martin Group MAJOR DEVELOPMENTS PROJECT DEVELOPER SIZE SUBMARKET STATUS ESTIMATED COMPLETION 3043 Townsgate Rd, Westlake Village Amstar Advisers 60,466 Conejo Valley Under Construction Q Townsgate Rd, Westlake Village Amstar Advisers 60,467 Conejo Valley Under Construction Q COLLIERS INTERNATIONAL P. 5
6 MARKET REPORT OFFICE SAN FERNANDO & DEFINITIONS OF KEY TERMS USED IN THIS REPORT Total Rentable Square Feet: Office space in buildings with 25,000 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 30% 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. 502 offices in 67 countries on 6 continents United States: 140 Canada: 31 Latin America: 24 Asia Pacific: 199 EMEA: 108 >> $2.3 billion in annual revenue >> 1.7 billion square feet under management >> Over 16,200 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. 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. UNITED STATES: V & Ventura County Office License No Ventura Boulevard, Suite J Encino, CA TEL FAX MATTESON, CAITLIN Research Director Research Services MUMPER, HANS Executive Managing Director Mid-Rise: Buildings with a total of 5 to 13 floors. High-Rise: Buildings with 14 or more floors. 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. 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. 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 Accelerating success. P. 6 COLLIERS INTERNATIONAL
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Research & Forecast Report GREATER L.A. OFFICE Accelerating success. >> Deliveries Mute Demand While Rents Rise Key Takeaways > The Greater Los Angeles Basin office market posted positive demand of 1,018,100
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Q4 2017 Forecast Vacancy Net Absorption Construction Rental Rate Vacancy Rate 2.5% Change from Q2 17 (Basis Points) +30 BPS Net Absorption 4,787,900 SF Construction Completions 11,127,200 SF Under Construction
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Research & Forecast Report GREATER L.A. OFFICE Accelerating success. >> Overall Market Rises to Begin 2017 Key Takeaways > The Greater Los Angeles Basin office market recorded negative net absorption for
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LOS ANGELES NORTH OFFICE FOURTH QUARTER 217 QUICK STATS Direct Vacancy 11.8% Overall Vacancy 12.5% Lease Rate FSG $2.75 Gross Absorption Under Construction MARKET TRENDS Current Quarter 1,6,941 SF 89,158
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LOS ANGELES SAN GABRIEL VALLEY OFFICE SECOND QUARTER 218 QUICK STATS Direct Vacancy 11.1% Overall Vacancy 11.4% Lease Rate FSG $2.32 Gross Absorption Under Construction MARKET TRENDS Current Quarter 345,68
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Research & Forecast Report GREATER L.A. INDUSTRIAL Accelerating success. >> Tight Market Condions & Rising Rents Key Takeaways > The Greater Los Angeles Basin industrial market absorbed 6,025,000 SF of
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Research & Forecast Report GREATER L.A. INDUSTRIAL Accelerating success. >> Construction Boom Continues Into 2016 Key Takeaways > The Greater Los Angeles Basin industrial market delivered 6,099,400 SF
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VENTURA COUNTY OFFICE THIRD QUARTER 217 QUICK STATS Direct Vacancy 13.9% Overall Vacancy 14.3% Lease Rate FSG $2.25 Gross Absorption Under Construction MARKET TRENDS Current Quarter 34,43 SF 18,112 SF
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INLAND EMPIRE OFFICE THIRD QUARTER 217 QUICK STATS Direct Vacancy 11.4% Overall Vacancy 11.7% Lease Rate FSG $1.83 Gross Absorption Under Construction MARKET TRENDS Current Quarter 529,634 SF 45,24 SF
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ORANGE COUNTY INDUSTRIAL SECOND QUARTER 218 QUICK STATS Direct Vacancy 2.2% Overall Vacancy 2.5% Lease Rate NNN $.95 Gross Absorption Under Construction MARKET TRENDS Current Quarter 2,956,71 SF 1,367,18
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VENTURA COUNTY INDUSTRIAL FOURTH QUARTER 217 QUICK STATS Direct Vacancy 2.1% Overall Vacancy 2.4% Lease Rate NNN $.7 Gross Absorption Under Construction MARKET TRENDS Current Quarter 1,332,957 SF 774,362
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LOS ANGELES CENTAL/SOUTHEAST OFFICE THIRD QUARTER 218 QUICK STATS Direct Vacancy 14.7% Overall Vacancy 15.2% Lease Rate FSG $3.16 Gross Absorption Under Construction MARKET TRENDS Change from Last Quarter
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LOS ANGELES NORTH INDUSTRIAL THIRD QUARTER 218 QUICK STATS Direct Vacancy 2.3% Overall Vacancy 2.6% Lease Rate NNN $1.1 Gross Absorption Under Construction MARKET TRENDS Current Quarter 1,632,564 SF 595,199
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ORANGE COUNTY OFFICE THIRD QUARTER 217 QUICK STATS Direct Vacancy 12.1% Overall Vacancy 12.9% Lease Rate FSG $2.61 Gross Absorption Under Construction MARKET TRENDS Current Quarter 2,479,293 SF 379, SF
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ORANGE COUNTY INDUSTRIAL FOURTH QUARTER 217 QUICK STATS Direct Vacancy 2.3% Overall Vacancy 2.7% Lease Rate NNN $.91 Gross Absorption Under Construction MARKET TRENDS Current Quarter 4,283,991 SF 963,138
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INLAND EMPIRE INDUSTRIAL FOURTH QUARTER 217 QUICK STATS Direct Vacancy 5.1% Overall Vacancy 5.3% Lease Rate NNN $.57 Gross Absorption Under Construction MARKET TRENDS Current Quarter 9,23,744 SF 16,31,563
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///////////////L o s A n g e l e s ///////////// ///////////O r a n g e C o u n t y /////////// ////////////V e n t u r a ///////////////// ////////// I n l a n d E m p i r e //////////// Market Report
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///////////////L o s A n g e l e s ///////////// ///////////O r a n g e C o u n t y /////////// ////////////V e n t u r a ///////////////// ////////// I n l a n d E m p i r e //////////// Market Report
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///////////////L o s A n g e l e s ///////////// ///////////O r a n g e C o u n t y /////////// ////////////V e n t u r a ///////////////// ////////// I n l a n d E m p i r e //////////// Market Report
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///////////////L o s A n g e l e s ///////////// ///////////O r a n g e C o u n t y /////////// ////////////V e n t u r a ///////////////// ////////// I n l a n d E m p i r e //////////// Market Report
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