RENTS VACANCY $2.10 2Q11 2Q12 2Q13 2Q14 2Q15
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1 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 RENTAL RATE $2.56 P UNEMPLOYMENT 6.6% In second quarter 215, the Greater Los Angeles Basin office market recorded positive net absorption of 1,292,3 square feet (). The total vacancy rate decreased to 15.5% from 15.7% last quarter. Weighted average asking rental rates increased to $2.56 per square foot (P), per month Full Service Gross (FSG). Leasing activity recorded at 6,634,183. There is currently 3,646,791 of office space currently under construction/renovation, the majority of which is in LA County. LOS ANGELES COUNTY SUMMARY May 215 figures for nonfarm employment in Los Angeles County showed a recovering job market. Over the past 12 months, Los Angeles County has gained 1,5 jobs for an increase of 2.4%. This gain in employment led to the unemployment lowering to 7.6% compared to 8.% one year ago. In second quarter 215, the Los Angeles County office market recorded positive activity, experiencing 1,364,2 of net absorption, resulting in vacancy falling to 16.3%. Weighted average asking rental rates increased to $2.77 P FSG. BASIN WIDE MARKET trends - >> Total vacancy rate decreases to 15.5% >> Weighted average asking rental rate increases to $2.56 P >> Leasing activity at 6,634,183 >> There was positive absorption of 1,292,3 $ P PER MONTH (WEIGHTED) HISTORICAL VACANCY VS RENTS Q RENTS VACANCY $2.6 $2.55 $2.5 $2.45 $2.4 $2.35 $2.3 $2.25 $ % 2.% 15.% 1.% 5.% HISTORICAL net absorption & Construction COMPLETIONS - Q ,5, 2,, 1,5, 1,, 5, NET ABSORPTION CONSTRUCTION COMPLETIONS >> Construction activity at 3,646,791 $2.15 $2.1 2Q11 2Q12 2Q13 2Q14 2Q15.% (5,) (1,,) 2Q11 2Q12 2Q13 2Q14 2Q15 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 greater LOS ANGELES basin VENTURA Simi Valley Thousand Oaks Oxnard N Santa Monica Lancaster Palmdale LOS ANGELES COUNTY Burbank los angeles BASIN DEMOGRAPHICS >> Population: 18,577,818 (215 Estimate) 19,348,242 (22 Projection) 4.15% (Growth ) >> Household income: $8,493 (Average) $57,862 (Median) >> Job growth: 2.5% (past 12 months) >> Unemployment rate: 6.6% (as of May 215) 5 Wrightwood 395 Pomona 1 1 Whittier 15 Los Angeles Riv 5 Anaheim 45 Santa Ana Long Beach ORANGE 1 COUNTY Newport Beach Mission Viejo Laguna Beach Dana Point The Central Los Angeles office market remained on a positive note during mid-215 as the total vacancy rate decreased 2 basis points to 18.9% and direct weighted average asking rents increased to $2.4 P FSG. There is approximately 1.24 million of office space currently under construction in the Central Los Angeles market, which is approximately 4% of all new construction in Los Angeles County. DOWNTOWN los angeles The Downtown Los Angeles market continued the year with solid leasing activity totaling 793,27 (), making it the second straight quarter of activity in excess of 75,. Leasing highlights included Lewis Brisbois renewing 215, for 15 years at 633 W. 5th St., The Sullivan Group renewing for 25,916 at 8 W.6th St. and Meyers Nave leasing 19,114 at 77 Wilshire Blvd. The total overall vacancy rate decreased to 18.3% from 18.8% in the previous quarter. Rental rates continued to climb, recording at $3.16 P, which marks the 9th consecutive quarter of rental rate increases for the market. west los angeles The West Los Angeles office market recorded positive absorption of 637,4 in the second quarter of 215. Total vacancy decreased 6 basis points to 12.3%, and direct weighted average gross asking rents jumped to $3.88 P FSG. Investment sales activity in the second quarter remained robust as Invesco Real Estate acquired Colorado Ave. in Santa Monica for $899 P from Centurion RE Partners, a joint venture of The Swig Company and Intercontinental Real Estate Corporation purchased 63 Wilshire Blvd. in Miracle Mile for $37 P from Legacy Partners Commercial, and Karney Management Company acquired Robertson Blvd. in Culver City for $325 P from UDC Properties. sfv & Ventura County The San Fernando Valley and Ventura County office market saw total vacancy decrease for the ninth consecutive quarter to 15.2%. Net absorption in second quarter 215 was 116,7, bringing the vacancy rate down by 4 basis points. Direct weighted average asking rents stayed the same at $2.18 P FSG. New leasing activity recorded at 631,86 compared to 628,53 in first quarter 215. VACANCY BY market NET ABSORPTION BY MARKET % VACANT 26% 24% 22% 2% 18% 16% 14% 12% 1% 8% 6% 4% 2% % SUBLEASE VACANCY DIRECT VACANCY.4%.1%.2%.1%.5%.8% 21.8%.7%.6%.% 18.8% 18.1% 16.7% 14.5% 14.7% 15.3% 11.6% 12.9% V & VENTURA CO. 7, 6, 5, 4, 3, 2, 1, (1,) (2,) (3,) 141,7 116,7 41,6 V & VENTURA CO 193,6 637,4 213,2 11,5 2, (173,4) p. 2 Colliers International
3 market Report OFFICE greater LOS ANGELES basin 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 A ,512,75 14.%.7% 14.7% 14.9% 3,79,78 7,718, ,1 1,465,1 286,592 2,761,51 $3.1 B 1, ,697, %.2% 16.5% 16.6% 2,6,42 4,845,29 465,3 322,66 413, ,74 $2.2 C 45 18,221, %.3% 16.8% 16.9% 243,1 443,644 5,1 115,2 166,48 $1.59 Subtotal 16 13,384, %.1% 18.9% 19.1% 171, ,523 2, 44,3 1,242,6 $2.4 Subtotal 72 32,258, %.2% 18.3% 18.8% 793,27 1,664, ,7 97, 771,892 $3.16 Subtotal ,956,7 11.6%.7% 12.3% 12.9% 1,351,896 2,577,58 637,4 722,3 411, ,767 $3.88 Subtotal ,487, %.8% 16.1% 16.% 553,373 1,428, ,2 573,6 288, ,724 $2.78 SAN FERNANDO VALLEY & VENTURA COUNTY Subtotal ,616, %.5% 15.2% 15.6% 631,86 1,259, ,7 28,3 12,933 $2.18 Subtotal 273 3,289, %.4% 22.2% 22.8% 595,685 1,59, ,6 (271,) 482,488 $2.22 Subtotal 158 1,342, %.% 14.5% 13.8% 134, ,182 41,6 16,4 166,48 $2.9 LOS ANGELES SUBTOTAL Subtotal 1, ,334, %.5% 16.3% 16.5% 4,231,534 8,555,325 1,364,2 1,48,36 866,912 3,149,44 $2.77 Subtotal 1,17 81,674, %.6% 13.5% 13.6% 2,114,87 3,941,93 11,5 396,8 497,387 $2.21 Subtotal 423 2,421, %.1% 16.8% 16.% 287,779 51,126 (173,4) 35,2 $1.69 GREATER LOS ANGELES BASIN MARKET TOTAL Total 3,97 31,431, %.5% 15.5% 15.7% 6,634,183 13,7,354 1,292,3 1,912,36 866,912 3,646,791 $2.56 Colliers International p. 3
4 market Report OFFICE greater LOS ANGELES basin >> The West Los Angeles market continues its trend of positive absorption with +637,4 for the quarter >> Construction activity remains strong at 3,646,791 >> The direct weighted average asking rental rate increased to $2.56; rents have been rising for the past 12 quarters. south bay The South Bay office market saw total vacancy decrease during the second quarter of 215 by 6 basis points to 22.2% from 22.8% last quarter. Direct weighted average asking rents increased to $2.22 P FSG from $2.16 P FSG last quarter. Demand for space was positive with 193,6 of net absorption resulting in -271, of net absorption for the year. The outlook for the overall South Bay remains positive as leasing activity reached a four-year high of 595,685. san gabriel valley The total vacancy rate for the San Gabriel Valley office market increased by 7 basis points to 14.5% in second quarter 215. Absorption was positive 41,6 square feet (), marking the 5th straight quarter of positive absorption over the same time period. New leasing activity in second quarter 215 dropped to 134,812 compared to 143,37 one quarter ago, a decrease of 6%. This marks the 6th straight quarter of leasing activity in excess of 11,. TRI Cities The Tri-Cities office market recorded 213,2 of positive absorption for second quarter 215. The total vacancy rate slightly increased to 16.1% due to the delivery of 39 W Alameda Ave in Burbank and 68 E Colorado Blvd in Pasadena. Direct weighted average asking rents increased to $2.78 P FSG compared to $2.72 P FSG last quarter. New leasing activity was 553,373 in second quarter, the third highest total since mid-211. Investment sales activity continued to pick up as System Property Development Company purchased 35 W Colorado Ave in Pasadena for $33M from Zurich Asset Management. orange county The Orange County office market continued a positive stride into the mid-part of the year. In second quarter 215, total vacancy decreased 1 basis points to 13.5% from the previous quarter s rate of 13.6%. Total net absorption remained positive for the fifth consecutive quarter recording at 11,5. As market conditions continue to improve and vacancy rates decline, overall direct weighted average asking rental rates increased to $2.21 P FSG from the previous quarter s rate of $2.14 P FSG. Asking rental rates have increased 12% since the start of 214. WEIGHTED AVERAGE ASKING LEASE RATES BY MARKET LEASING ACTIVITY BY MARKET $4. $3.88 2,5, $ P PER MONTH (FSG) $3.5 $3. $2.5 $2. $1.5 $1. $1.69 $2.4 $2.21 $2.22 $2.9 $2.16 V & VENTURA COUNTY $2.63 $3.16 2,, 1,5, 1,, 5, 282, ,523 CENTRAL LOS ANGELES 553,373 51,126 INLAND EMPRIRE 631,86 793,27 595,685 V & VENTURA CO. DOWNTOWN LOS ANGELES 1,351,896 2,114,87 p. 4 Colliers International
5 market Report OFFICE greater LOS ANGELES basin inland empire In second quarter 215, the total vacancy rate for the Inland Empire office market increased 8 basis points from 16.% last quarter to 16.8%. This is down 25 basis points from vacancy rates reported a year ago. Net absorption for the second quarter was -173,4 compared to 26,3 in first quarter 215. Although absorption fell into the negative, leasing activity recorded higher at 287,779 compared to one quarter ago at 217,357. The average asking rental rate in the Inland Empire office market has been relatively flat over the past two years, fluctuating only $.2 up or down over each quarter recording at $1.69 P FSG. market description The Los Angeles Basin office market is comprised of 31.5 million of multi-tenant office space in buildings 25, or larger. It ranks as the third largest office market in the nation, following New York City and the Greater Washington DC area. Most of its space, 55 percent, was built in or after 1985, making it a relatively young market. It is also relatively decentralized, with only 11% of the space located within Downtown Los Angeles and 89% dispersed throughout the region. 4% of the space is in low-rise buildings, followed by 31% in mid-rise buildings and 29% in highrise structures. HISTORICAL LEASING ACTIVITY Q UNEMPLOYMENT RATE United States, California & Los Angeles Basin May 215 7,, 6,, 7.% 6.% 5.% 5.3% 6.2% 6.6% 5,, 4.% 4,, 3.% 3,, 2.% 2,, 1.% 1,, 2Q11 2Q12 2Q13 2Q14 2Q15.% United States California Los Angeles Basin RECENT TRANSACTIONS & MAJOR DEVELOPMENTS SALES ACTIVITY PROPERTY ADDRESS SIZE SALE PRICE PRICE P BUYER SELLER Colorado Ave., Santa Monica 316, $284,, $899 P Invesco Real Estate Centurion Real Estate Partners 63 Wilshire Blvd., Los Angeles 47,915 $151,, $37 P The Swig Company/Intercontinental Legacy Partners Commercial 33 N Glenoaks Blvd, Burbank (Portfolio) 326,522 $84,175, $258 P Angelo, Gordon & Co. Kennedy-Wilson Properties, Ltd Hawthorne Blvd, Torrance 32,628 $68,5, $226 P Stream Realty Partners, LP Bixby Land Company Del Amo Financial Center, Torrance 353,12 $62,4, $177 P The Muller Company Jamison Services, Inc. LEASING ACTIVITY PROPERTY ADDRESS LEASED LEASE TYPE BLDG TYPE LESSEE LESSOR 633 W 5th St, Los Angeles 215, Renewal A Lewis Brisbois Bisgaard & Smith LLP Overseas Union Enterprise Limited 35 Enterprise, Aliso Viejo 25, Direct A MicroVention Parker Properties 3 S Grand Ave, Los Angeles 132, New A AECOM Beacon Capital & Town Centre, Foothill Ranch 131,267 Renewal A LoanDepot Arden Realty, Inc Park Place, El Segundo 13, Direct B DaVita HealthCare Partners Invesco MAJOR DEVELOPMENTS PROJECT DEVELOPER SIZE MARKET STATUS ESTIMATED COMPLETION Columbia Square (5 bldgs) Kilroy Realty 461,14 Hollywood Under Construction Q2-Q Spectrum Center, Irvine The Irvine Company 425,44 South County Under Construction 1Q 216 Icon at Sunset Bronson Studios (2 bldgs) Hudson Pacific Properties, Inc 45, Hollywood Under Construction Q4 216 Colliers International p. 5
6 market Report OFFICE greater LOS ANGELES basin 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. 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: Los Angeles Headquarters Office License No S. Figueroa Street, Suite 35 Los Angeles, CA 917 tel FAX PUPIL, MARTIN President, West Region HOLLINGSWORTH, JOHN Executive Managing Director 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
RENTS VACANCY $2.10 1Q11 1Q12 1Q13 1Q14 1Q15
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