Western Market Reports

Apartment Values Continue to Climb in Orange County

Orange County’s well-diversified and growing economy, coupled with its high quality of life, attract residents nationally and internationally to the region. Prohibitive home pricing also intensifies the high barrier to home ownership, further supporting overall apartment fundamentals in the Orange County market. Developers are targeting urban centers where they can transform the areas with Class A rentals. Anaheim’s Platinum Triangle, the Disney Resort, Convention Center Complex and..

August 22, 2017

Competition Increases for Hawaii’s Office Space

Hawaii’s office market is dominated by Honolulu, which is home to 70 percent of the state’s population and commerce. More than 90 percent of the state’s 12 million square feet of multi-tenant Class A and B office space is located in Honolulu, with nearly 80 percent of Honolulu’s inventory situated in the four-mile stretch between the Central Business District and Waikiki. [caption id="attachment_181933" align="alignright" width="100"] Jamie Brown, Hawaii Commercial Real..

August 15, 2017

OC Spec Office Development Signals Post Recession Recovery

Orange County’s innovative office economy continues to be supported by healthy underlying demand drivers. Tech, financial and business services companies continue to provide a strong employment base that was not readily present during the last cycle. Major colleges and universities such as Chapman and UC Irvine provide a steady pool of job-seeking professionals. The climate, lifestyle and general quality of life also continues to attract top employment talent from across the..

August 8, 2017

Hawaii: Ground-Up Shopping Centers on Rise Despite High Construction Costs

Construction costs in Hawaii are beginning to plateau after seeing year-over-year increases for the past several years. The market has seen gray shell retail building costs of about $275 per square foot; and to vanilla shell, another $80 per square foot to $100. Restaurants range from $300 per square foot to $350 to take them from gray to finished shell without fixtures. Remarkably, even with escalating construction costs, retail leasing and development are both extremely active. This, combined..

August 1, 2017

Tech Growth Fuels Apartment Market All Around Puget Sound

From the hottest commercial submarkets, such as Downtown Seattle’s South Lake Union neighborhood, to far-flung suburbs like Lynnwood, the Puget Sound multifamily market has been firing on all cylinders lately. [caption id="attachment_181873" align="alignright" width="100"] David Young, JLL Capital Markets[/caption] [caption id="attachment_181872" align="alignright" width="100"] Corey Marx, JLL Capital Markets[/caption] A major reason for this is the huge growth in tech employment..

July 25, 2017

L.A. County Apartment Sector is Feeling the Pressure From Buyers, Renters

Los Angeles County is facing a significant lack of housing product — an issue that can’t be resolved any time soon. With the fight to limit new development, it is a very uphill and challenging battle that is unfortunate for the economy, business and, most of all, residents. An influx of about 160,000 new residents moved to the county from 2010 through 2015, but we have only seen upwards of 25,000 new housing units built during that same time frame. The demand drivers are extremely..

July 18, 2017

The Changing Face Of Puget Sound Retail

The Puget Sound region is one of the fastest growing areas in the U.S. We are seeing that reflected in the retail landscape, with innovation and expansion throughout the area. We are at the forefront of retail evolution, thanks to having some of the best-known retail innovators in our back yard who have turned the world of retail upside down by giving every consumer access to virtually every product available via home delivery. And yet, they are also innovating into brick and mortar..

July 11, 2017

L.A. Industrial Boasts High Demand and Creative Solutions

With limited inventory and historically high values and rental rates, it’s safe to say the Los Angeles industrial market is enjoying an all-time high. [caption id="attachment_181863" align="alignright" width="100"] David Freitag, DAUM Commercial Real Estate Services[/caption] There are several factors contributing to ongoing strength in the market, including a healthy appetite for acquisitions, strong tenant activity and creative solutions to adapt to supply constraints and maximize..

July 4, 2017

Denver Industrial Market is Still Climbing

Denver’s industrial market has had an impressive run so far this economic cycle – so much so that the top-of-mind-question is, “Where do we go from here?” Last year was a prolific year, attracting new investors, delivering 4.5 million square feet of Class A space and posting the fifth straight year of sub-5 percent vacancy. But the outlook for 2017 is brighter given Denver’s strong economic foundation, the arrival of e-commerce users and delivery of much-needed warehouse..

June 27, 2017

Five Transformative Years Elevate Denver’s Office Market

The region is creating transformative projects that are substantially elevating the desirability of its office market five years into Denver’s strong development cycle. This trend — strongest in Denver’s Central Business District (CBD) and Southeast Suburban (SES) submarkets — is attracting a new breed of tenants to the Denver landscape. [caption id="attachment_181853" align="alignright" width="100"] Jamie Gard, Newmark Grubb Knight Frank[/caption] [caption..

June 20, 2017