Orange County Office Market Continues to Tighten Causing Rental Rates to Increase
|
|
- Annabelle Dean
- 5 years ago
- Views:
Transcription
1 OFFICE ORANGE COUNTY MARKET REPORT Continues to Tighten Causing Rental Rates to Increase MARKET OVERVIEW MARKET INDICATORS - VACANCY 12.6% NET ABSORPTION 688,800 CONSTRUCTION 497,387 RENTAL RATE $2.26 P FSG UNEMPLOYMENT 4.5% The Orange County office market continued a positive stride into third quarter Total vacancy decreased 90 basis points to 12.6% from the previous quarter s rate of 13.5%. Total net absorption remained positive for the sixth consecutive quarter recording at 688,800 square feet (). As market conditions continue to strive forward and vacancy rates decline, overall direct weighted average asking rental rates increased to $2.26 per square foot (P), per month, Full Service Gross (FSG) marking a 15% increase from the start of Construction activity remains limited as there are currently two buildings under construction. Orange County witnessed a flurry of sales activity during third quarter as investors continue to take advantage of low interest rates. Office cap rates for the quarter average 6.1%. Hines acquired the four building Quintana Portfolio in Irvine from Menlo Equities for $284 P, Prudential RE Investors acquired 1301 Dove St. in Newport Beach for $357 P, GEM Realty Capital, Inc. acquired 1900 S State College Blvd in Anaheim for $260 P from Kennedy-Wilson Properties and Cornerstone RE Advisers, LLC acquired & Portola Pky in Foothill Ranch for $236 P. MARKET TRENDS - >> Total vacancy rate decreased from 13.5% to 12.6% >> Weighted average asking rental rate increased from $2.21 P FSG to $2.26 P FSG >> Leasing activity decreased from 2.1 million to 1.8 million >> 688,800 of net absorption recorded in 3Q HISTORICAL VACANCY VS RENTS Q $ P PER MONTH (FSG) RENTS VACANCY $ % $2.30 $ % $2.20 $ % $2.10 $ % $2.00 $1.95 $1.90 5% $1.85 $1.80 0% 3Q11 3Q12 3Q13 3Q14 3Q15 % VACANT (TOTAL) HISTORICAL NET ABSORPTION & CONSTRUCTION COMPLETIONS Q SQUARE FEET 2,500,000 2,000,000 1,500,000 1,000, ,000 0 (500,000) (1,000,000) 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 ORANGE COUNTY ORANGE COUNTY DEMOGRAPHICS >> POPULATION: 3,160,437 (2015 Estimate) 3,314,198 (2020 Projection) 4.9% (Growth ) >> HOUSEHOLD INCOME: $99,514 (Average) $72,856 (Median) >> JOB GROWTH: 3.5% (past 12 months) >> UNEMPLOYMENT RATE: 4.5% (as of August 2015) VACANCY During the third quarter of 2015, the total vacancy rate decreased 90 basis points to 12.6% from 13.5% reported in the previous quarter. Tenants looking for spaces ranging from 5,000 to 20,000 can still select from a wide range of options. However, the number of large blocks of contiguous available space over 100,000 ; which is less than twenty, continues to decrease resulting in fewer options. Overall Class A Airport Area vacancy decreased to 13.3% from the previous quarter of 15.3%. NET ABSORPTION Net absorption remained positive for the sixth consecutive quarter recording at 688,800 during the third quarter. Only one of the five submarkets experienced negative absorption. A large amount of this absorption resulted from Hyundai Capital America s move-in of 177,000 at 4000 MacArthur Blvd in Newport Beach, Ingram Micro s move-in of 176,072 at Park Place in Irvine, and US Lines move-in at 3501 Jamboree Rd in Newport Beach for 30,090. The Airport Area submarket recorded the highest amount of positive net absorption of 506,400, while the West County market recorded the lowest amount at -33,700. Moving into yearend 2015, net absorption is expected to remain positive as demand remains strong. UNEMPLOYMENT August 2015 figures from the Employment Development Department of California showed total nonfarm employment in Orange County reached 1,540,900 jobs as the unemployment rate decreased to 4.5%. This was an increase of 48,500 jobs over the past twelve months. The education and health services showed the biggest net gain over the past year, adding 9,500 jobs. Nearly 75% of the growth was in health care and social assistance services. Leisure and hospitality services added 8,400 payroll jobs. The only year-over decline was recorded by information, which posted a loss of only 200 jobs. VACANCY BY SUBMARKET NET ABSORPTION BY SUBMARKET 16% SUBLEASE VACANCY DIRECT VACANCY 600,000 % VACANT 14% 12% 10% 1.1% 0.3% 0.4% 12.7% 13.5% 12.4% 0.5% 1.6% SQUARE FEET 500, , , , , ,900 8% 6% 12.1% 9.3% 100, ,500 21,700 4% NORTH CENTRAL WEST AIRPORT SOUTH (100,000) (33,700) AIRPORT NORTH SOUTH CENTRAL WEST 2 Source: California Employment Development Department, August 2015 data P. 2 COLLIERS INTERNATIONAL
3 MARKET REPORT OFFICE ORANGE COUNTY 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 AIRPORT A ,136, % 0.6% 13.3% 15.3% 533,600 1,744, , , $2.64 B ,444, % 0.2% 12.6% 12.9% 329, ,200 41,300 59, $2.28 C 61 2,802, % 0.3% 5.7% 6.7% 88, ,100 27,500 81, $1.84 SUBTOTAL ,383, % 0.5% 12.5% 13.8% 951,200 3,581, , , $2.46 CENTRAL A 29 5,620, % 0.7% 15.0% 14.1% 116, ,200 (49,900) 370, $2.16 B 80 5,724, % 0.1% 10.6% 12.1% 83, ,800 85,200 59, $1.81 C 60 2,337, % 0.0% 18.8% 18.2% 11,000 64,300 (13,600) (10,200) 0 0 $1.37 SUBTOTAL ,682, % 0.3% 13.8% 14.0% 211, ,300 21, , $1.85 NORTH A 14 1,633, % 4.8% 14.7% 18.1% 9,100 92,300 56,000 (108,200) 0 72,343 $2.23 B 57 5,072, % 0.1% 13.0% 14.6% 46, ,800 78, , $1.93 C , % 0.3% 16.5% 18.0% 9,600 36,700 14,100 44, $1.48 SUBTOTAL 93 7,664, % 1.1% 13.8% 16.4% 64, , , , ,343 $1.92 SOUTH A 19 3,239, % 3.5% 9.9% 8.2% 74, ,400 (54,400) (68,800) 0 425,044 $2.98 B ,623, % 1.1% 10.2% 10.9% 241,700 1,330,700 84, , $2.29 C , % 0.1% 24.7% 26.8% 12,100 37,500 15,500 31, $2.18 SUBTOTAL ,615, % 1.6% 10.8% 11.1% 328,700 1,611,600 45, , ,044 $2.38 WEST A 8 1,029, % 0.8% 13.0% 11.9% 70, ,100 (11,000) 14, $2.49 B 54 2,883, % 0.3% 11.6% 10.8% 104, ,400 (22,100) (71,100) 0 0 $2.05 C 33 1,377, % 0.2% 15.2% 15.2% 22,000 37,300 (600) $1.68 SUBTOTAL 95 5,290, % 0.4% 12.8% 12.2% 196, ,800 (33,700) (55,600) 0 0 $2.03 MARKET TOTAL A ,659, % 1.1% 13.3% 14.6% 804,900 2,503, , , ,387 $2.54 B ,748, % 0.5% 11.6% 12.3% 804,500 2,841, , , $2.15 C 193 8,228, % 0.2% 14.0% 14.5% 143,100 1,111,900 42, , $1.64 TOTAL 1,016 81,637, % 0.7% 12.6% 13.5% 1,752,500 6,457, ,800 1,085, ,387 $2.26 Note: revisions to the inventory base were made effective, historical data reported here reflect these revisions and may not match data reported in previous quarters. COLLIERS INTERNATIONAL P. 3
4 MARKET REPORT OFFICE ORANGE COUNTY CONSTRUCTION >> Direct weighted average asking rentals rates increased to $2.26 P FSG >> Four out of five submarkets recorded an increase in average asking rents There were no office developments delivered to the market during third quarter of Currently, there are two office properties under construction. The Irvine Company s development at 200 Spectrum Center Drive in Irvine is expected to be completed by second quarter The new office building is 21 stories consisting of 425,044. This will be the first new office tower built in the Irvine Spectrum within the last seven years. The Source Tower is a 7-story building located in Buena Park totaling 72,343 and is expected to be completed fourth quarter of Parker Properties is expected to start construction by year-end at 35 Enterprise, a 205,000 office building located in Aliso Viejo which MicroVention has already pre-leased. ACTIVITY Leasing activity during the third quarter of 2015 totaled 1.8 million square feet, a decrease from 2.1 million square feet of transactions during second quarter Of the total leasing activity, 54% (951,200 ) occurred in the Airport Area submarket, followed by the South County submarket (328,700 ), Central County (221,200 ), West County (196,500 ), and North County (64,900 ). Buildings categorized as Class A recorded the largest amount with 804,900 of leasing activity and buildings categorized as Class C recorded the smallest amount with 143,100 of leasing activity. RENTAL RATES The direct weighted average asking rental rate in Orange County increased over the third quarter to $2.26 P FSG, up from $2.21 P FSG in the previous quarter and also up from $2.02 P FSG recorded one year ago. Class A weighted average asking rental rates increased to $2.54 P FSG from $2.48 P FSG from the previous quarter. Class B weighted average asking rental rates also increased to $2.15 P FSG from $2.09 P FSG. The high-caliber properties in Irvine Spectrum and Newport Center have the most consistent rental rate appreciation. CLASS A WEIGHTED AVERAGE ASKING LEASE RATES LEASING ACTIVITY BY SUBMARKET $3.50 1,000, ,200 $P PER MONTH (FSG) $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $2.16 $2.23 $2.49 $2.64 $2.98 SQUARE FEET 900, , , , , , , , , , , ,500 64,900 $0.00 CENTRAL NORTH WEST AIRPORT SOUTH 0 AIRPORT SOUTH CENTRAL WEST NORTH P. 4 COLLIERS INTERNATIONAL
5 MARKET REPORT OFFICE ORANGE COUNTY OUTLOOK The third quarter of 2015 ended with positive activity as vacancy rates continue to decline and asking rental rates increase. The increase in activity stems from confident economic conditions and job growth. Investment spending is expected to remain strong as investors take advantage of low interest rates, which are expected to increase by year end. There is approximatley 4.6 million of proposed office construction in the pipeline including 800,000 of creative office space. These positive market trends bode well for the Orange County office market. MARKET DESCRIPTION Orange County is a moderately large suburban office market comprised of 81 million square feet and represents 29% of the total inventory in office buildings 25,000 square feet and greater in the Los Angeles basin. It is a relatively new and moderate-density market with 41% of the space in Class A buildings. Orange County is home to a broad mix of firms, including significant representation from the finance, insurance, telecommunications, high-tech, real estate, engineering and professional-service sectors. HISTORICAL LEASING ACTIVITY Q UNEMPLOYMENT RATE United States, California & Orange County August ,200,000 2,000,000 1,800, % 6.0% 5.0% 4.0% 5.2% 6.1% 4.5% 1,600, % 1,400, % 1,200, % 1,000,000 3Q11 3Q12 3Q13 3Q14 3Q15 0.0% United States California Orange County RECENT TRANSACTIONS & MAJOR DEVELOPMENTS SALES ACTIVITY PROPERTY ADDRESS SIZE SALE PRICE PRICE P BUYER SELLER Quintana Portfolio, Irvine 427,746 $121,500,000 $284/P Hines Menlo Equities 1301 Dove St, Newport Beach 202,178 $72,275,000 $357/P Prudential Real Estate Investors MetLife 1900 S State College Blvd, Anaheim 273,632 $71,100,000 $260/P GEM Realty Capital, Inc. Kennedy-Wilson Properties & Portola Pky, Foothill Ranch 208,747 $49,400,000 $236/P Cornerstone RE Advisers, LLC CBRE Global Investors LTD Lakehills Corporate Park Portfolio, Laguna Hills 223,467 $46,000,000 $205/PFS CM Cruzam, Inc. AEW Capital Management LEASING ACTIVITY PROPERTY ADDRESS LEASED LEASE TYPE BLDG CLASS LESSEE LESSOR Alton Corporate Center/Irvine Oaks, Irvine 435,000 Renewal B Blizzard Entertainment Irvine Company/Olen Properties 5 Polaris Way, Aliso Viejo 78,703 New Direct A UST Global LBA Realty 6251 Katella Ave, Cypress 68,815 New Direct B Speedo USA Warland Investment Company 675 Anton Blvd, Costa Mesa 65,162 New Direct A Pacific Union Bank The Irvine Company Von Karman Ave, Irvine 48,468 Renewal A Advantage Sales & Marketing The Irvine Company MAJOR DEVELOPMENTS PROJECT DEVELOPER SIZE SUBMARKET STATUS ESTIMATED COMPLETION 200 Spectrum Center, Irvine The Irvine Company 425,044 South County Under Construction 2Q Beach Blvd, Buena Park M+D Properties 72,343 North County Under Construction 4Q Von Karman Ave, Irvine Hines 242,000 Airport Area Proposed N/A COLLIERS INTERNATIONAL P. 5
6 MARKET REPORT OFFICE ORANGE COUNTY DEFINITIONS OF KEY TERMS USED IN THIS REPORT Total Rentable Square Feet: Office space in buildings with 25,000 square feet 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 percent 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: Orange County Office License No Park Plaza, 12th Floor Irvine, CA TEL FAX CAUDILL, ROBERT Regional Director/Orange County MATTESON, CAITLIN Research Director Research Services PUPIL, MARTIN President, Western Region 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
Orange County Office Market Continues A Positive Stride Into 2016
OFFICE ORANGE COUNTY MARKET REPORT Continues A Positive Stride Into 2016 MARKET OVERVIEW MARKET INDICATORS - VACANCY 12.8% NET ABSORPTION 143,900 CONSTRUCTION 594,300 RENTAL RATE $2.31 P FSG UNEMPLOYMENT
More informationOrange County Office Market Continues to Tighten As Vacancy Decreases
OFFICE ORANGE COUNTY MARKET REPORT Continues to Tighten As Decreases MARKET OVERVIEW MARKET INDICATORS - VACANCY 13.5% NET ABSORPTION 101,500 CONSTRUCTION 497,387 RENTAL RATE $2.21 P FSG UNEMPLOYMENT 4.2%
More information>> New Construction Delivers to the Orange County Office Market
Research & Forecast Report ORANGE COUNTY OFFICE Accelerating success. >> New Construction Delivers to the Orange County Office Market Key Takeaways > Three new office developments were delivered to the
More information>> Orange County Market Gains Positive Momentum
Research & Forecast Report ORANGE COUNTY OFFICE Accelerating success. >> Orange County Market Gains Positive Momentum Key Takeaways > The Orange County office market saw positive demand for third quarter
More information>> Orange County Vacancy Continues to Decline
Research & Forecast Report ORANGE COUNTY OFFICE Accelerating success. >> Orange County Continues to Decline Key Takeaways > The South County submarket led the Orange County market in overall net absorption
More information>> Orange County Rents Increase to Start 2017
Research & Forecast Report ORANGE COUNTY OFFICE Accelerating success. >> Orange County Rents Increase to Start 2017 Key Takeaways > The Orange County office market saw positive demand for the first part
More informationOrange County Industrial Continues Positive Momentum
INDUSTRIAL ORANGE COUNTY MARKET REPORT Orange County Industrial Continues Positive Momentum MARKET INDICATORS - VACANCY 2.9% AVAILABILTY 5.2% NET ABSORPTION 394,960 SF CONSTRUCTION 676,700 SF RENTAL RATE
More informationSlow Start to the Year as Hollywood Awaits Construction Deliveries
office CENTRAL LOS ANGELES market report Slow Start to the Year as Hollywood Awaits Construction Deliveries Market overview MARKET indicators - VACANCY 19.1% NET ABSORPTION 24,300 CONSTRUCTION 1,242,600
More informationSan Fernando Valley and Ventura County Witness Declining Vacancy
OFFICE SAN FERNANDO & VENTURA MARKET REPORT San Fernando Valley and Ventura County Witness Declining MARKET OVERVIEW The San Fernando Valley and Ventura County office market saw total vacancy decrease
More informationPositive Net Absorption Recorded For The Ninth Consecutive Quarter
OFFICE SAN FERNANDO & VENTURA MARKET REPORT Positive Net Absorption Recorded For The Ninth Consecutive Quarter MARKET OVERVIEW MARKET INDICATORS - VACANCY 15.2% NET ABSORPTION 116,700 CONSTRUCTION 120,933
More informationThe Market Is Energized By Increased Development In Hollywood
OFFICE CENTRAL LOS ANGELES MARKET REPORT The Market Is Energized By Increased Development In Hollywood MARKET OVERVIEW MARKET INDICATORS - VACANCY 20.5% NET ABSORPTION 24,100 CONSTRUCTION 574,000 RENTAL
More informationSan Fernando Valley & Ventura County End 2015 On A Positive Note
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
More informationNegative Absorption Recorded For The First Time In Past Nine Quarters
OFFICE SAN FERNANDO & VENTURA MARKET REPORT Negative Absorption Recorded For The First Time In Past Nine Quarters MARKET OVERVIEW MARKET INDICATORS - VACANCY 15.6% NET ABSORPTION -124,000 CONSTRUCTION
More informationSouth Bay Experiences Slow and Steady Market Activity
OFFICE SOUTH BAY MARKET REPORT South Bay Experiences Slow and Steady Market Activity MARKET OVERVIEW MARKET INDICATORS - VACANCY 21.4% NET ABSORPTION -68,500 CONSTRUCTION 210,000 RENTAL RATE $2.08 FSG
More informationHISTORICAL VACANCY VS RENTS. Downtown Los Angeles Office Market Q Q RENTS VACANCY $31 2Q10 2Q11 2Q12 2Q13 2Q14
www.colliers.com/losangeles OFFICE LOS ANGELES MARKET REPORT Rate Decrease Below 20% As Market Activity Remains Flat MARKET OVERVIEW MARKET INDICATORS - VACANCY 19.5% The Downtown Los Angeles market in
More informationNegative Absorption And Sharp Rise In Total Vacancy to Begin 2014
OFFICE TRI-CITIES MARKET REPORT Negative Absorption And Sharp Rise In Total to Begin 214 MARKET OVERVIEW MARKET INDICATORS - VACANCY 19.4% NET ABSORPTION -154,9 CONSTRUCTION 155, RENTAL RATE $2.63 P UNEMPLOYMENT
More information>> Hollywood Market Activity Flattens
Research & Forecast Report Central Los Angeles OFFICE Q2 216 Accelerating success. >> Hollywood Market Activity Flattens Key Takeaways > There is currently 533,6 square feet () of office product under
More informationStrong Marketwide Leasing Activity Points To A Strong Finish for Tri-Cities
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
More information>> 2017 Begins With Continued Strong Demand
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
More informationRENTS VACANCY $2.10 2Q11 2Q12 2Q13 2Q14 2Q15
office Greater LOS ANGELES basin market report Los Angeles Basin Rental Rates Continue to Climb as Declines EXECUTIVE SUMMARY MARKET indicators - VACANCY 15.5% NET ABSORPTION +1,292,3 CONSTRUCTION 3,646,791
More information>> Market Records Strong Demand To End 2016
Research & Forecast Report Central Los Angeles OFFICE Q4 216 Accelerating success. >> Market Records Strong Demand To End 216 Key Takeaways > There is currently 61,4 square feet () of office product under
More information>> 2016 Off to A Good Start for Tri-Cities
Research & Forecast Report TRI-CITIES OFFICE Q1 216 Accelerating success. >> 216 Off to A Good Start for Tri-Cities Key Takeaways > The Tri-Cities office market saw vacancy decline for the seventh consecutive
More informationSix Consecutive Quarters Of Positive Absorption As Asking Rents Increase
OFFICE GREATER LOS ANGELES BASIN MARKET REPORT Six Consecutive Quarters Of Positive Absorption As Asking Rents Increase EXECUTIVE SUMMARY MARKET INDICATORS - VACANCY 15.3% NET ABSORPTION +789,2 CONSTRUCTION
More informationPostive Demand and Robust Leasing Fuels Tri-Cities Market
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
More informationSouth Bay Records Nine Straight Quarters of Rate Increases
office SOUTH BAY market report South Bay Records Nine Straight Quarters of Rate Increases Market overview MARKET indicators - VACANCY 20.0% NET ABSORPTION 210,400 CONSTRUCTION 365,300 RENTAL RATE $2.27
More informationRENTS VACANCY $2.10 1Q11 1Q12 1Q13 1Q14 1Q15
office Greater LOS ANGELES basin market report Rising Rents and Positive Absorption Lead to Tightening Market Conditions EXECUTIVE SUMMARY MARKET indicators - VACANCY 15.7% NET ABSORPTION +487,5 CONSTRUCTION
More informationSouth Bay Records Robust Investment Sales Amid Strong Demand
office SOUTH BAY market report South Bay Records Robust Investment Sales Amid Strong Demand Market overview MARKET indicators - VACANCY 20.5% NET ABSORPTION 295,000 CONSTRUCTION 365,300 RENTAL RATE $2.24
More informationSan Fernando Valley & Ventura County Industrial Market $0.48 1Q11 1Q12 1Q13 1Q14 1Q15
industrial SAN FERNANDO VALLEY & VENTURA COUNTY market report Rents Continue To Rise As Vacancy Rate Continues To Decrease Market overview MARKET indicators - VACANCY 2.9% AVAILABILITY 5.2% NET ABSORPTION
More informationTri-Cities Sees Increased Leasing Activity and Climbing Rents
OFFICE TRI-CITIES MARKET REPORT Tri-Cities Sees Increased Leasing Activity and Climbing Rents MARKET OVERVIEW MARKET INDICATORS - The Tri-Cities office market recorded 165, square feet () of positive absorption
More information>> Strong Sales Activity Persists in Second Quarter
Research & Forecast Report TRI-CITIES OFFICE Q2 217 Accelerating success. >> Strong Sales Activity Persists in Second Quarter Key Takeaways > Overall vacancy in the Tri-Cities office market decreased in
More informationDowntown Los Angeles Ends 2014 With Momentum
office downtown LOS ANGELES market report Downtown Los Angeles Ends 2014 With Momentum Market overview MARKET indicators - VACANCY 19.5% NET ABSORPTION 174,900 CONSTRUCTION 464,340 RENTAL RATE $35.77 P
More informationWest Los Angeles Marks Ten Consecutive Quarters Of Positive Market Activity
office market report West Los Angeles Marks Ten Consecutive Quarters Of Positive Market Activity Market overview MARKET indicators - VACANCY 12.9% NET ABSORPTION 84,900 CONSTRUCTION 549,665 RENTAL RATE
More informationLos Angeles Basin Retail Market Witnessed A Slight Increase In Vacancy Rates
RETAIL GREATER LOS ANGELES BASIN MARKET REPORT Witnessed A Slight Increase In Vacancy Rates MARKET INDICATORS - VACANCY 6.2% NET ABSORPTION -551,200 CONSTRUCTION 1,946,000 RENTAL RATE $1.96 P NNN UNEMPLOYMENT
More information>> Greater Los Angeles Retail Continues to Witness Declining Vacancy
Research & Forecast Report GREATER LOS ANGELES RETAIL Accelerating success. >> Greater Los Angeles Retail Continues to Witness Declining Vacancy Greater Los Angeles Retail Market The Los Angeles Basin
More information>> Greater Los Angeles Retail Starts 2017 At A Slow Pace
Research & Forecast Report GREATER LOS ANGELES RETAIL Q1 2017 Accelerating success. >> Greater Los Angeles Retail Starts 2017 At A Slow Pace Greater Los Angeles Retail Market The Los Angeles Basin retail
More informationHISTORICAL VACANCY VS RENTS $1.75 2Q10 2Q11 2Q12 2Q13 2Q14
www.colliers.com/greaterlosangeles RETAIL GREATER LOS ANGELES BASIN MARKET REPORT Vacancy Decreases and Net Absorption Increases From Previous Quarter MARKET INDICATORS - VACANCY 6. NET ABSORPTION 732,000
More informationPositive Net Absorption Recorded For The Fourth Consecutive Quarter
OFFICE SAN FERNANDO & MARKET REPORT Positive Net Absorption Recorded For The Fourth Consecutive Quarter MARKET OVERVIEW MARKET INDICATORS - VACANCY 16.7% NET ABSORPTION 25,4 CONSTRUCTION 12,3 RENTAL RATE
More information>> Greater Los Angeles Retail Ends 2016 With Mixed Results
Research & Forecast Report GREATER LOS ANGELES RETAIL Q4 2016 Accelerating success. >> Greater Los Angeles Retail Ends 2016 With Mixed Results Greater Los Angeles Retail Market The Los Angeles Basin retail
More information>> South Bay Market Hits 9-Year High in Demand
Research & Forecast Report South Bay OFFICE Q3 2016 Accelerating success. >> South Bay Market Hits 9-Year High in Demand Key Takeaways > The El Segundo/Beach Cities submarket once again led the South Bay
More informationLos Angeles Basin Retail Market Continues To Witness Decreasing Vacancy Rates
RETAIL GREATER LOS ANGELES BASIN MARKET REPORT Continues To Witness Decreasing Vacancy Rates MARKET INDICATORS - VACANCY 6.0% NET ABSORPTION 1,605,200 CONSTRUCTION 2,111,970 RENTAL RATE $2.03 P NNN UNEMPLOYMENT
More information>> Greater Los Angeles Retail Starts 2016 On a Positive Note
Research & Forecast Report GREATER LOS ANGELES RETAIL Accelerating success. >> Greater Los Angeles Retail Starts 2016 On a Positive Note Greater Los Angeles Retail Market The Los Angeles Basin retail market
More information>> Greater Los Angeles Retail Continues to Witness Declining Vacancy
Research & Forecast Report GREATER LOS ANGELES RETAIL Accelerating success. >> Greater Los Angeles Retail Continues to Witness Declining Vacancy Greater Los Angeles Retail Market The Los Angeles Basin
More informationLos Angeles Basin Retail Market Continues To Witness Decreasing Vacancy Rates
RETAIL GREATER LOS ANGELES BASIN MARKET REPORT Continues To Witness Decreasing Vacancy Rates MARKET INDICATORS - VACANCY 6. NET ABSORPTION 588,800 CONSTRUCTION 3,312,470 RENTAL RATE $2.04 P NNN UNEMPLOYMENT
More information>> Vacancy Drops As Rents Continue To Rise
Research & Forecast Report South Bay OFFICE Q3 2017 Accelerating success. >> Drops As Rents Continue To Rise Key Takeaways > Leasing activity fell year-over-year by 17.8%, the third consecutive quarter
More informationWest LA Continues To Present Strong Market Activity At Year-End
OFFICE MARKET REPORT West LA Continues To Present Strong Market Activity At Year-End MARKET OVERVIEW MARKET INDICATORS - VACANCY 13.1% NET ABSORPTION 388,900 CONSTRUCTION 549,665 RENTAL RATE $3.70 P FSG
More information>> Downtown LA Carries Momentum Into 2018
Research & Forecast Report DOWNTOWN L.A. OFFICE Accelerating success. >> Downtown LA Carries Momentum Into 218 Key Takeaways > Demand momentum carried over from last quarter into the new year, rising from
More informationVacancy Net Absorption Construction Rental Rate. Vacancy Rate 1.7% Change from Q3 17 (Basis Points) -20 BPS. Construction Completions
Forecast Vacancy Net Absorption Construction Rental Rate Vacancy Rate 1.7% Change from Q3 17 (Basis Points) -2 BPS Net Absorption 394,4 Construction Completions 191,7 Average Asking Rent Change from Q3
More information>> Negative Net Absorption Despite Completions
Research & Forecast Report MID-COUNTIES INDUSTRIAL Accelerating success. >> Negative Net Absorption Despite Completions Key Takeaways > This quarter, 542,000 square feet of industrial space finished construction,
More informationPositive Leasing Activity and Increasing Rents for Downtown Los Angeles
office downtown LOS ANGELES market report Positive Leasing Activity and Increasing Rents for Downtown Los Angeles Market overview MARKET indicators - VACANCY 18.8% NET ABSORPTION -44,700 CONSTRUCTION 771,892
More information>> Vacancy Rises With New Deliveries
Research & Forecast Report DOWNTOWN L.A. OFFICE Q1 217 Accelerating success. >> Rises With New Deliveries Key Takeaways > After seven consecutive quarters of declining or unchanged vacancy, the overall
More information>> South Bay Continues Momentum To Start 2017
Research & Forecast Report South Bay OFFICE Q1 2017 Accelerating success. >> South Bay Continues Momentum To Start 2017 Key Takeaways > Although leasing velocity dropped from 2016, demand from that period
More information>> Asking Rents Increase As Space Remains Limited
Research & Forecast Report MID-COUNTIES INDUSTRIAL Accelerating success. >> Asking Rents Increase As Space Remains Limited Key Takeaways > Average asking rents increased $0.02 Per Square Foot (P) Triple
More informationSouth Bay Leasing Activity Reaches 4-Year High as El Segundo Stays Hot
office SOUTH BAY market report South Bay Leasing Activity Reaches 4-Year High as El Segundo Stays Hot Market overview MARKET indicators - VACANCY 21.3% NET ABSORPTION 192,700 The South Bay office market
More information>> Vacancy Stabilizes As Rents Rise To End 2016
Research & Forecast Report DOWNTOWN L.A. OFFICE Q4 216 Accelerating success. >> Stabilizes As Rents Rise To End 216 Key Takeaways > After six consecutive quarters of declines, the overall vacancy rate
More information>> Deliveries Mute Demand While Rents Rise
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
More information>> West L.A. Maintains Momentum To Start Year
Research & Forecast Report West Los Angeles OFFICE Accelerating success. >> West L.A. Maintains Momentum To Start Year Key Takeaways > The average asking monthly rent for West Los Angeles rose to $4.63
More information>> Vacancy Falls To Lowest Rate Ever
Research & Forecast Report San Gabriel VALLEY INDUSTRIAL Accelerating success. >> Vacancy Falls To Lowest Rate Ever Key Takeaways Market Indicators Relative to prior period Forecast Construction Rental
More information>> Rents Rise To Highest Point Ever
Research & Forecast Report SAN FERNANDO VALLEY & VENTURA COUNTY INDUSTRIAL Accelerating success. >> Rents Rise To Highest Point Ever Key Takeaways > Asking rental rates rose $.2 P NNN to $.69 P NNN. Rents
More informationHISTORICAL VACANCY VS RENTS. San Fernando Valley & Ventura County Industrial Market RENTS VACANCY 1Q10 1Q11 1Q12 1Q13 1Q14
INDUSTRIAL SAN FERNANDO VALLEY & VENTURA COUNTY MARKET REPORT Positive Demand For Space Leads To A 4.% Vacancy Rate MARKET OVERVIEW MARKET INDICATORS - VACANCY 4.% AVAILABILTY 6.7% NET ABSORPTION +531,8
More informationVacancy Net Absorption Construction Rental Rate. Vacancy Rate 2.5% Change from Q2 17 (Basis Points) +30 BPS. GLA Industrial Market.
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
More informationNewly Completed Buildings Quickly Sold or Leased As Tight Market Continues
industrial San Gabriel Valley market report Newly Completed Buildings Quickly Sold or Leased As Tight Market Continues Market overview MARKET indicators - VACANCY 1.8% AVAILABILTY 3.7% NET ABSORPTION 16,500
More information2015 Continues With Strong Industrial Demand & Increased Build To Suit Activity
industrial INLAND EMPIRE market report 2015 Continues With Strong Industrial Demand & Increased Build To Suit Activity MARKET indicators - VACANCY 4.3% AVAILABILITY 6.2% NET ABSORPTION 6.9 Million CONSTRUCTION
More information>> West L.A. Rent Growth Climbs into Second Half
Research & Forecast Report WEST LOS ANGELES OFFICE Accelerating success. >> West L.A. Rent Growth Climbs into Second Half Key Takeaways > The average asking monthly rent for West Los Angeles rose to $4.74
More information>> Overall Market Vacancy Rises to Begin 2017
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
More information>> Vacancy Continues to Decline While Rents Rise
Research & Forecast Report DOWNTOWN L.A. OFFICE Accelerating success. >> Continues to Decline While Rents Rise Key Takeaways > continued its gradual descent for the sixth straight quarter, recording at
More information>> Tight Market Condions & Rising Rents
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
More informationVacancy Increased Slightly During the First Quarter
Research & Forecast Report STOCKTON SAN JOAQUIN COUNTY OFFICE Q1 2016 Vacancy Increased Slightly During the First Quarter > Vacancy rates have been steadily declining since the fourth quarter of 2011.
More informationOFFICE QUICK STATS SUMMARY & OUTLOOK MARKET TRENDS VACANCY & NET ABSORPTION ECONOMIC STATS
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
More information>> Construction Boom Continues Into 2016
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
More informationShrinking Supply Continues To Push Rates
Research & Forecast Report STOCKTON SAN JOAQUIN COUNTY OFFICE Q1 2017 Shrinking Supply Continues To Push Rates > Office inventory: 8,221,819 > Vacancy: 10.5 percent > Net absorption: 49,103 year-to-date
More informationOFFICE QUICK STATS SUMMARY & OUTLOOK MARKET TRENDS VACANCY & NET ABSORPTION ECONOMIC STATS
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
More informationOFFICE QUICK STATS SUMMARY & OUTLOOK MARKET TRENDS VACANCY & NET ABSORPTION ECONOMIC STATS
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
More informationOFFICE QUICK STATS SUMMARY & OUTLOOK MARKET TRENDS VACANCY & NET ABSORPTION ECONOMIC STATS
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
More informationOFFICE QUICK STATS SUMMARY & OUTLOOK MARKET TRENDS VACANCY & NET ABSORPTION ECONOMIC STATS
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
More information>> Heightened Investment Activity Highlights Year End
Research & Forecast Report South Bay OFFICE Accelerating success. >> Heightened Investment Activity Highlights Year End Key Takeaways > Leasing activity fell year-over-year by 23.5%, the fourth consecutive
More informationMarket Research. Market Indicators
colliers international LAS VEGAS, NV Market Research OFFICE Third Quarter 2009 Market Indicators Net Absorption Construction Rental Rate Q3-09 Q4-2009 Projected Clark County Economic Data Jul-09 Jul-08
More informationMarket Research. Market Indicators
colliers international LAS VEGAS, NV Market Research OFFICE Second Quarter 2009 Market Indicators Net Absorption Construction Rental Rate Q2-09 Q3-2009 Projected Clark County Economic Data UNEMPLOYMENT
More informationMarket Research. OFFICE First Quarter 2010
colliers international LAS VEGAS, NV Market Research OFFICE First Quarter 2010 Market Indicators Net Absorption Construction Rental Rate Q1-10 Q2-2010 Projected Clark County Economic Data Jan-10 Jan-09
More informationRESEARCH & FORECAST REPORT
Q2 2012 OFFICE LAS VEGAS NEVADA RESEARCH & FORECAST REPORT Recovery Without Job Growth? Despite office employment still trending downwards, Southern Nevada s office market posted positive net absorption
More informationINDUSTRIAL QUICK STATS SUMMARY & OUTLOOK MARKET TRENDS VACANCY & NET ABSORPTION ECONOMIC STATS
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
More informationFOURTH QUARTER 2013 LEASING ACTIVITY CONTINUES TO BE BETTER THAN EXPECTED MARYLAND OFFICE MARKET REPORT MARKET SUMMARY ABSORPTION
Q4 2013 MARYLAND OFFICE MARYLAND OFFICE MARKET REPORT FOURTH QUARTER 2013 LEASING ACTIVITY CONTINUES TO BE BETTER THAN EXPECTED MARKET SUMMARY Updated April 2013 MARKET INDICATORS Q4 2013 Q1 2014* VACANCY
More informationINDUSTRIAL QUICK STATS SUMMARY & OUTLOOK MARKET TRENDS VACANCY & NET ABSORPTION ECONOMIC STATS. Current Quarter. Direct Vacancy 2.
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
More informationMedical Takes a Sick Quarter
Research & Forecast Report LAS VEGAS MEDICAL OFFICE Q3 2015 Medical Takes a Sick Quarter > > After two quarters of growth, the medical real estate sector stalled in the third quarter of 2015 > > Asking
More informationINDUSTRIAL QUICK STATS SUMMARY & OUTLOOK MARKET TRENDS VACANCY & NET ABSORPTION ECONOMIC STATS
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
More information2018: A Ground Breaking Year
Research & Forecast Report STOCKTON SAN JOAQUIN COUNTY OFFICE Q4 2017 2018: A Ground Breaking Year > Office inventory: 8,527,819 > Vacancy: 10.6 percent > Net absorption: 310,934 year-to-date The Northern
More informationOFFICE QUICK STATS SUMMARY & OUTLOOK MARKET TRENDS VACANCY & NET ABSORPTION ECONOMIC STATS
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
More informationTime for Retail to Take Stock
Q1 2013 RETAIL LAS VEGAS NEVADA RESEARCH & FORECAST REPORT Time for Retail to Take Stock It is heartening to say, after five years of a bad economy, that the first quarter of 2013 s 119,649 square feet
More informationINDUSTRIAL QUICK STATS SUMMARY & OUTLOOK MARKET TRENDS VACANCY & NET ABSORPTION ECONOMIC STATS
PHOENIX, ARIZONA INDUSTRIAL THIRD QUARTER 217 QUICK STATS Direct Vacancy 8.7% Overall Vacancy 9.% Lease Rate NNN $.54 Gross Absorption Under Construction MARKET TRENDS Current Quarter 5,991,128 SF 4,751,494
More informationRESEARCH & FORECAST REPORT
Q3 2014 INDUSTRIAL STOCKTON SAN JOAQUIN COUNTY, CALIFORNIA RESEARCH & FORECAST REPORT Vacancies Continue to Decline to Historic Lows Vacancy rates for San Joaquin County industrial space fell to pre-great
More informationSecond Quarter: Suburban Maryland s Uptick in Leasing has yet to be Realized in Absorption Numbers
Q2 2013 OFFICE SUBURBAN MARYLAND SUBURBAN MARYLAND MARKET REPORT Second Quarter: Suburban Maryland s Uptick in has yet to be Realized in Numbers Updated May 2012 MARKET INDICATIONS Q2 2013 Q3 2013 (p)
More informationOffice Market Continues to Improve
Research & Forecast Report LAS VEGAS OFFICE Q3 2016 Office Market Continues to Improve > > Southern Nevada s office market is improving at a steady rate > > Net absorption has been positive in twelve of
More informationOffice Stays Positive
Q2 2014 OFFICE LAS VEGAS NEVADA RESEARCH & FORECAST REPORT Office Stays Positive While it may not always be pretty, Southern Nevada s office market continues to improve. Net absorption increased in the
More informationINDUSTRIAL QUICK STATS SUMMARY & OUTLOOK MARKET TRENDS VACANCY & NET ABSORPTION ECONOMIC STATS. Current Quarter. Direct Vacancy 2.
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
More informationIndustrial Market Review
Q1 2012 industrial Stockton San JoAquin County, California research & forecast Report Industrial Market Review Momentum built-up from 2011 carried the industrial market into its fifth consecutive quarter
More informationKEY TOWER SALE highlights start of 2017
KEY TOWER SALE highlights start of 2017 Demand for office space in the Greater Cleveland office market remained strong as 2016 wound down and transitioned into the first quarter of 2017. After netting
More informationMARKET WATCH SOUTHERN CALIFORNIA & PHOENIX
SOUTHERN CALIFORNIA & PHOENIX COMMERCIAL REAL ESTATE MARKET FOURTH QUARTER 217 MARKET WATCH SOUTHERN CALIFORNIA & PHOENIX 1.888.659.DAUM WWW.DAUMCOMMERCIAL.COM D/AQ Corp. # 1129558 DAUM TABLE OF CONTENTS
More informationHomestretch: Office Market Set to Finish Strong
Research & Forecast Report RENO OFFICE Q3 2016 Homestretch: Office Market Set to Finish Strong >> Vacancy drops significantly the largest drop quarter over quarter in 2016 >> Rental rates are not increasing
More information2.8% 2.0% $811M. 2017: A Solid Year for the Metro Denver Office Sector HIGHLIGHTED METRO DENVER OFFICE. Market Report Q ECONOMIC TRENDS
Market Report METRO DENVER OFFICE Q4 2017 2017: A Solid Year for the Metro Denver Office Sector MARKET OVERVIEW Denver s office market finished 2017 with strong positive absorption during the fourth quarter
More informationRESEARCH & FORECAST REPORT
Q3 2012 OFFICE LAS VEGAS NEVADA RESEARCH & FORECAST REPORT Office Forges Ahead Southern Nevada s office market continued to post positive net absorption in the third quarter of 2012, despite weak employment
More informationOrange County Multifamily
MARKET REPORT / Orange County Multifamily Employment Gains Driving Rental Demand, Low Vacancy Rates More than 2,600 units have come online to this point in, and nearly 5,000 apartments are currently under
More information