>> West L.A. Maintains Momentum To Start Year
|
|
- Simon Walton
- 5 years ago
- Views:
Transcription
1 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 per square foot (P) full service gross (FSG), a $0.02 increase over the previous quarter. > Demand rose, recording 122,500 square feet of positive absorption. Gains in Marina Del Rey/Venice and Culver City figured prominently for the quarter. > The under-construction pipeline held steady, adding three more planned properties while four projects delivered; a total of 17 buildings remain in the pipeline > Investment maintained momentum with three properties trading, highlighted by Rockwood Capital s acquisition of the Water s Edge campus in Playa Vista. > Leasing activity recorded 1,417,400 square feet, up 7.6% year-over-year. Market Indicators Relative to prior period Forecast Net Absorption Construction Rental Rate Summary Statistics West Los Angeles, Class A Class B All Classes 15.1% 10.0% 13.9% Rate Change from Q4 17 (Basis Points) Net Absorption* Construction Completions* Under Construction* *, Thousands West Los Angeles Office Market in the West Los Angeles market rose by 10 basis points as the delivery of a few partially vacant buildings negated absorption gains in Marina Del Rey/Venice and Culver City. Rents continued their ascent, rising by $0.02 to $4.63 P FSG, although year-over-year growth fell considerably. Leasing activity rebounded from last quarter s 896,700 square feet, recording 1,417,400 square feet of velocity. The West Los Angeles market is poised to add more than 1.65 million square feet in the next two years as construction and creative conversions deliver. Leasing efforts for these projects will go a long way in determining whether vacancy stabilizes in the West Los Angeles market or continues to rise. Asking Rents West Los Angeles, Class A Class B All Classes $4.77 $4.14 $4.63 -$0.05 +$0.05 +$ % 5.3% 4.2% Average Asking Rent Change from Q4 17 ($) Y.O.Y. Change (%) Labor Force Los Angeles County, February 2018 Nonfarm Prof. & Business Services Financial Activities 12-mo Employment Growth (%) 1.4% 2.1% 0.5% 12-mo Actual Employment Change 61,500 12,800 1,000
2 West Los Angeles OFFICe > The overall vacancy rate for West Los Angeles rose 10 basis points to begin the year at 13.9%. > Class A properties accounted for most of the movement in vacancy, with a 30-basis-point increase from 14.8% to 15.1%. > rose despite positive absorption due to the delivery of vacant buildings in Culver City and Marina Del Rey/Venice. > Forecast: Heading into the middle of the year, vacancy should mirror 2017 s trend of incremental tightening, though much of that will depend on the occupancy of current construction projects at delivery. Absorption and Leasing Activity > Absorption recorded 122,500 square feet for the quarter. Leasing velocity rebounded from last quarter s 896,700 square feet, posting 1,417,400 square feet. > Culver City led the market in velocity as NFL Networks renewed for 175,000 square feet at W. Washington Boulevard, while Apple signed for 128,000 square feet and Amazon signed for 75,000 square feet at the 8777 Washington and Culver Steps projects, respectively. > Tesla occupied its 131,100-square-foot space at 4729 Alla Road in Marina Del Rey, while WeWork moved into 60,000 square feet at W. Washington Boulevard. At the same time, move-outs like Wasserman Media Group s exit from Wilshire Boulevard contributed to lower net gains. > Forecast: The low unemployment rate and a focus on space efficiency will lessen demand into early Rental Rates > Overall monthly asking rental rates continued along an upward trend, albeit at a more measured pace than past quarters. The current overall rental rate of $4.63 P increased by $0.02 from the previous quarter. > The current year-over-year growth of 4.1% is the lowest percentage since the first quarter of However, the torrid gains of the past few years still make the current rental rate the high-water mark since Colliers started tracking rents in > Century City rents experienced the greatest negative delta, down $0.34 to $4.59 P, as several large blocks of space were leased out. > Forecast: West Los Angeles rental rates will continue to rise at a more moderate pace in the near future. Historical v. Rents West Los Angeles Office Market Q $ P FSG PER MONTH (WEIGHTED) Net Absorption by Submarket West Los Angeles Office Market Q1 18 $4.80 $4.70 $4.60 $4.50 $4.40 $4.30 $4.20 $4.10 $4.00 $3.90 $3.80 $3.70 $3.60 $3.50 $3.40 $3.30 $3.20 $ , , ,000 1Q14 1Q15 1Q16 1Q17 1Q18 50,000 0 (50,000) (100,000) (150,000) 60,900 CULVER CITY (112,000) MIRACLE MILE RENTS 71,800 WEST HOLLYWOOD (13,600) CENTURY CITY VACANCY (89,200) (12,100) (2,200) (39,600) 14, ,000 Historical Leasing Activity West Los Angeles Office Market Q ,900,000 1,700,000 1,500,000 1,300,000 1,100, , , , , ,000 WESTWOOD OLYMPIC CORRIDOR WEST LOS ANGELES BRENTWOOD SANTA MONICA MARINA DEL REY/VENICE 18% 16% 14% 12% 10% 8% 6% 4% % VACANT (TOTAL) 61,400 1Q14 1Q15 1Q16 1Q17 1Q18 BEVERLY HILLS 2
3 West Los Angeles OFFICe Construction > Four properties came to market, highlighted by the delivery of Building E at Rockwood Capital s Playa Jefferson. The property will expand the campus footprint by 55,000 square feet. > The West Los Angeles construction pipeline remains active. Hackman Capital s 5500 W. Jefferson Boulevard project and Colorado Creative Studios Santa Monica Gateway are due to deliver in the second quarter of > Three new projects broke ground in Culver City and Marina Del Rey/Venice adding just more than 160,000 square feet to the pipeline. > Forecast: West Los Angeles constitutes 40% of new construction in Los Angeles County, and robust construction activity will persist through Historical Net Absorption & Construction Completions West Los Angeles Office Market Q , , , ,000 0 (200,000) (400,000) (600,000) (800,000) (1,000,000) (1,200,000) NET ABSORPTION CONSTRUCTION COMPLETIONS 1Q14 1Q15 1Q16 1Q17 1Q18 Investment Trends > Investment activity for properties greater than 25,000 square feet increased from the previous quarter s total of $273.4 million, recording $350.5 million in investment sales volume. > Rockwood Capital continued to bet on Playa Vista by purchasing the Water s Edge campus from DivcoWest for $190 million ($733 P). The property was 89% leased at the time of sale and included 2.4 acres entitled for a third building of up to 160,000 square feet. > The other notable sale took place in Beverly Hills. CIM Group acquired Wilshire Boulevard for $132 million, or $1,416 P. The building, which was sold by a private family trust, was 90% occupied at the time of sale and anchored by Union Bank. > Forecast: Investment activity was robust in The market will be hard pressed to match this level of activity in Investment Trends Chart West Los Angeles Office Market $/P $900 $800 $700 $600 $500 $400 $300 $200 $100 $- Average Price P Cap Rate Cap Rate Outlook The West Los Angeles market maintained limited momentum to begin experienced a slight uptick due to the delivery of vacant space, but demand remained positive for the quarter. While rents once again increased from the previous quarter, year-over-year growth slowed considerably. West Los Angeles continues to be one of the premier office markets for entertainment and tech tenants and we expect this to remain so for the foreseeable future whether rent growth continues to slide. Developers seem to agree, as new projects break ground to replace those that deliver to the market. Unemployment Rate U.S., CA & Los Angeles County February % 4.5% 4.4% 4.3% 4.2% 4.1% 4.0% 4.1% 4.3% 4.5% 3.9% United States California Los Angeles County 3
4 West Los Angeles OFFICe Market Description West Los Angeles is a moderately large office market comprised of 56.2 million square feet, representing 19% of the total office space in buildings 25,000 square feet and greater in the Los Angeles Basin. It is also a moderately young and dense market, with 40% of its space built in 1985 or later, and 70% of its space contained within mid-rise and high-rise buildings. It has a large concentration of highmargin firms (including those in the entertainment, digital media, software, and finance sectors), and is situated in the midst of some of the most affluent neighborhoods nationally. Submarket Map RECENT TRANSACTIONS & MAJOR DEVELOPMENTS West Los Angeles Office Market SALES ACTIVITY PROPERTY ADDRESS SIZE SALE PRICE PRICE P BUYER SELLER Water's Edge (3 Bldgs.)., Playa Vista 259,200 $190,000,000 $733 P Rockwood Capital LLC DivcoWest Wilshire Blvd., Beverly Hills 93,200 $132,000,000 $1,416 P CIM Group LP Universal Properties Inc Wilshire Blvd., Los Angeles 47,700 $28,500,000 $598 P Parsons Corporation ICDC College LEASING ACTIVITY PROPERTY ADDRESS LEASED LEASE TYPE BLDG TYPE LESSEE LESSOR W. Washington Blvd., Culver City 175,000 Renewal B NFL Networks Hudson Pacific Properties 8777 Washington Blvd., Culver City 128,000 Direct A Apple Clarion Partners 9300 Culver Blvd., Culver City 75,000 Direct A Amazon Studios Hackman Capital Partners 2029 Century Park East, Century City 55,000 Direct A Proskauer Rose LLP NES Financial Constellation Ave., Century City 45,400 Direct A Knight Law Group JMB Financial Advisors MAJOR DEVELOPMENTS PROJECT DEVELOPER SIZE SUBMARKET STATUS ESTIMATED COMPLETION 5865 S. Campus Center Dr., Playa Vista ASO Group 310,000 Marina Del Rey/Venice Under Renovation Q National Blvd., Culver City City of Culver City 200,000 Culver City Under Construction Q Colorado Ave., Santa Monica (2 bldgs) Colorado Creative Studios, LLC 200,000 Santa Monica Under Construction Q Culver Blvd., Culver City City of Culver City 70,500 Culver City Under Construction Q Colorado Ave., Santa Monica Seritage Growth Properties 52,800 Santa Monica Under Renovation Q N. Maple Dr., Beverly Hills GRT Portfolio Properties 100,000 Beverly Hills Under Construction Q W. Jefferson Blvd., Culver City Hackman Capital Partners 85,000 Culver City Under Construction Q Exposition Blvd/, Los Angeles Exposition Owner Llc 80,400 Olympic Corridor Under Construction Q N. Sycamore Ave., West Hollywood CIM Group 65,800 West Hollywood Under Construction Q Glencoe Ave., Marina Del Rey Glencoe Avenue Associates LLC 65,200 Marina Del Rey/Venice Under Construction Q McConnell Ave., Marina Del Rey Marina Creative Office LP 65,200 Marina Del Rey/Venice Under Renovation Q Panama St., Marina Del Rey (3 Bldgs) Ron-pan LLC 155,000 Marina Del Rey/Venice Under Construction Q W. Jefferson Blvd., Culver City Rad Beverly Llc 49,000 Culver City Under Construction Q N. Canon Dr., Beverly Hills Fes Limited Partnership 48,800 Beverly Hills Under Construction Q Rodeo Rd, Culver City Westport Capital Partners 40,000 Culver City Under Renovation Q Colorado Ave., Santa Monica Colorado Campus Owner LLC 37,000 Santa Monica Under Construction Q Exposition Pl., Culver City Lion Real Estate Group, LLC 29,700 Culver City Under Renovation Q
5 West Los Angeles OFFICe OFFICE OVERVIEW West Los Angeles Office Market EXISTING PROPERTIES VACANCY ACTIVITY ABSORPTION CONSTRUCTION RENTS Submarket/ Class Bldgs Inventory Direct Sublease Prior Qtr Leasing Activity Current Qtr Leasing Activity YTD Net Absorption Current Qtr Net Absorption YTD Completions Current Qtr Under Construction Weighted Avg Asking Lease Rate A ,663, % 1.3% 15.1% 14.8% 1,178,500 1,178,500 (51,000) (51,000) 55,500 1,128,300 $4.77 B ,221, % 0.9% 10.0% 10.1% 238, , , , , ,100 $4.14 C , % 0.5% 2.5% 5.4% ,600 21, $2.70 CENTURY CITY Subtotal 20 10,594, % 1.0% 9.0% 8.9% 230, ,200 (13,600) (13,600) 0 0 $4.59 SANTA MONICA Subtotal 103 9,432, % 0.9% 11.7% 11.9% 86,600 86,600 14,100 14, ,800 $5.41 BEVERLY HILLS Subtotal 72 6,815, % 1.5% 13.2% 14.1% 197, ,400 61,400 61, ,800 $5.35 MIRACLE MILE Subtotal 25 5,279, % 1.4% 17.7% 15.6% 81,700 81,700 (112,000) (112,000) 0 0 $3.91 WESTWOOD Subtotal 27 4,743, % 0.9% 15.9% 14.1% 171, ,800 (89,200) (89,200) 0 0 $4.27 CULVER CITY Subtotal 50 4,053, % 0.5% 22.8% 23.4% 389, ,100 60,900 60,900 49, ,200 $4.35 MARINA DEL REY/VENICE Subtotal 59 6,226, % 3.1% 20.6% 21.6% 115, , , , , ,400 $4.82 BRENTWOOD Subtotal 20 3,370, % 0.2% 9.1% 7.9% 37,300 37,300 (39,600) (39,600) 0 0 $4.58 OLYMPIC CORRIDOR Subtotal 27 3,301, % 0.8% 5.5% 5.2% 55,400 55,400 (12,100) (12,100) 0 80,400 $3.99 WEST HOLLYWOOD Subtotal 32 2,954, % 1.0% 17.0% 19.4% 44,800 44,800 71,800 71, ,800 $4.28 WEST LOS ANGELES Subtotal , % 0.0% 18.1% 17.9% 7,900 7,900 (2,200) (2,200) 0 0 $3.59 MARKET TOTAL ,619, % 1.2% 13.9% 13.8% 1,417,400 1,417, , , ,200 1,654,400 $4.63 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. 5
6 West Los Angeles OFFICe Q Definitions of key terms in this report Rentable Square Feet: Office space in buildings with 25,000 square feet or more of speculative office space, including competitive space in Class A, B and C single-tenant 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 under-construction, underrenovation or off-market. Class A Space: Space that an image-conscious company would lease for its headquarters. Typically, this space has a very high level of finish, an excellent location and commands the highest rents in the market. Class B Space: Highly functional, attractive space that is less prestigious than Class A Space and commands lower rental rates. Class C Space: Functional, competitive space with a lower level of finish and/or a less desirable location than Class B Space and commands lower rental rates. Low-Rise: Buildings with four or fewer total floors. Mid-Rise: Buildings with five or 13 total 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, space being held for a future commitment). : Space in existing buildings that is vacant and immediately available during the quarter for direct lease or for sublease, plus space that is vacant but not available for direct lease or sublease. Net Absorption: Net change in occupied square feet from one period to the next (including the impact of change in vacant space available for sublease). Leasing Activity: Square feet leased from all known transactions completed during the quarter, excluding lease renewals. Weighted Average Asking Rental Rates: Rental rates weighted by the total square feet available for direct lease. Data, reported on a monthly basis, is based on per square foot (P) full service gross (FSG) rents and includes all costs associated with occupying the space, including taxes, insurance, maintenance, janitorial service and utilities. Space Added (Net): square feet added during the quarter via construction completions, including renovated space returned to market, less total square feet taken off-market due to demolitions or conversions. Under Construction: Includes buildings that are in some phase of construction, beginning with foundation work and ending with the issuance of a Certificate of Occupancy. Technical Note: Colliers International is continuously refining its database. The data shown in the historical tables and graphics in this report have been adjusted to take into account these changes in the database. This report has been prepared by Colliers International for general information only. Information contained herein has been obtained from sources deemed reliable and no representation is made as to the accuracy thereof. Colliers International does not guarantee, warrant or represent that the information contained in this document is correct. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This report and other research materials may be found on our website at offices in 69 countries on 6 continents United States: 145 Canada: 28 Latin America: 23 Asia Pacific: 79 EMEA: 131 UNITED STATES: Downtown LA Office License No S. Figueroa St., Ste Los Angeles, CA HANS MUMPER Executive Managing Director Southern California CHRIS WONG Regional Research Analyst Research Services > $2.7 billion in annual revenue > 2.0 billion square feet under management > Over 15,400 professionals TEL: FAX: CAITLIN MATTESON Research Director Research Services 6
>> 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>> 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 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>> 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 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 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 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>> 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 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 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 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>> 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 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 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 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 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>> 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 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>> 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 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 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>> 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>> 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 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 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 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 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 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 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 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 informationOrange County Office Market Continues to Tighten Causing Rental Rates to Increase
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
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 informationOrange 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 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 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 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 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 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 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 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>> 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 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 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 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 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 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 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 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>> 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 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 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 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 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 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>> 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 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 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 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 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 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 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 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>> 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 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 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 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 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 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 informationVacancy Inches Higher, Despite Continued Absorption
Research & Forecast Report GREATER PHOENIX OFFICE 1Q 2017 Vacancy Inches Higher, Despite Continued Absorption Key Takeaways > > Improving conditions in the Greater Phoenix office market took a pause in
More informationEast Los Angeles Flex Office with Abundant Parking For Sale 5128 VALLEY BOULEVARD & 2262 BEATIE PLACE LOS ANGELES, CA 90032
East Los Angeles Flex Office with Abundant Parking For Sale 5128 VALLEY BOULEVARD & 2262 BEATIE PLACE LOS ANGELES, CA 90032 Colliers Brokerage NATHAN PELLOW Executive Vice President License No. 01215721
More informationStronger Office Market Looking Into Future
Research & Forecast Report Long Island OFFICE MARKET Q2 2015 Stronger Office Market Looking Into Future Rose Liu Research & Financial Analyst Long Island Takeaways Class A & B Long Island economic and
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 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 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 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 informationRed Hot Rents & Cooling Vacancy
Research & Forecast Report NORTH I-680 CORRIDOR OFFICE Q3 2017 Red Hot Rents & Cooling Vacancy > > Office Inventory: 16,926,446 Square Feet > > Vacancy: 12.9 percent > > Net absorption: (380,946) Square
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 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 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 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 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 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 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 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 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 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 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
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 informationIndustrial Market Review
Q3 2013 industrial Stockton San JoAquin County, California research & forecast Report Industrial Market Review Amazon s Completed Facility Helps Balance the Market The San Joaquin County industrial real
More informationThe Improvement of the Industrial Market
Research & Forecast Report Long Island industrial MARKET Q2 2015 The Improvement of the Industrial Market Rose Liu Research & Financial Analyst Long Island Takeaways The overall economy on Long Island
More informationSwitching Gears NORTH I-680 CORRIDOR OFFICE Q % Research & Forecast Report. Market Indicators
Research & Forecast Report NORTH I-680 CORRIDOR OFFICE Q4 2017 Switching Gears > > Office Inventory: 16,926,446 square feet > > Vacancy: 14 percent > > Net absorption: (562,879) square feet, year to date
More informationRESEARCH & FORECAST REPORT
Q4 INDUSTRIAL FAIRFIELD: SOLANO & NAPA COUNTIES CALIFORNIA RESEARCH & FORECAST REPORT MARKET INDICATORS Q4-13 Projected Q1-14 Industrial Market Review Wine Industry Growth Inspires Development was one
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 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 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 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 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 informationGreater Los Angeles MARKETBEAT. Office Q Economy. Market Overview
LOS ANGELES COUNTY Economic Indicators Market Indicators (Overall, All Classes) Overall Net Absorption / Overall Asking Rent Overall Vacancy Q4 15 Q4 16 Los Angeles Employment 4.3M 4.4M Los Angeles Unemployment
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 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 information