LA Office Market Struggles, but Tenants, Investors See Opportunity

By Jerry Holdner, Southern California Region Lead, Avison YoungThe Greater Los Angeles office sector is experiencing a fragmented and slow recovery post-pandemic as the fallout is being addressed in various ways by office tenants, investors and owners. The first quarter of 2022 ended with a 15.4 percent office vacancy rate, which was up from 15 percent at the end of 2021. It is also up from the previous high of 13.1 percent that was recorded in 2010. We started to see several companies …

LA Apartment Market Stays Tight, Values Soar

By Kimberly Stepp, Principal, Stepp CommercialThe strength of the Greater Los Angeles apartment market has exceeded expectations coming out of the pandemic. Despite reports of an exodus from California and population decline in the metro, apartment rental demand is seeing an all-time high, with net absorption of units running at its highest level in decades. As a result, vacancy is at a low 3.4 percent, lower than the pre-COVID level of 4.4 percent.  Asking rents have seen a 7.7 percent …

Los Angeles Industrial Market Reaches New Heights

By Elizabeth Capati, Associate, Colliers Greater Los AngelesA new trend has emerged across Greater Los Angeles’ industrial market that has developers waiting for under-construction projects to capture the highest possible rent near the final development stages or closer to their target completion dates. With rents increasing at historical rates, a certain hesitancy exists, and companies are less likely to sign a lease during earlier development stages. In some instances, landlords …

Reno Retail Sets Record Highs, Lows

By Bret Nicholson, Retail Specialist, Marcus & MillichapReno’s retail sector is setting records as of February 2022. Vacancies are hovering near an all-time low of 4.9 percent, and asking rents have risen to new heights, averaging $1.72 per square foot on a monthly basis. Sellers are achieving cap rates comparable to those seen in core markets, resulting in sale prices that many would not have thought possible only a few years ago. A number of factors have contributed to the …

Orange County’s Retail Sector Looks Resilient in 2022

By Glenn R. Rudy, Senior Managing Director, Retail Capital Markets, NewmarkWe all know the commercial real estate industry is cyclical and there are casualties in every cycle across asset classes. However, retail seems to always be in everyone’s crosshairs. It quite frequently is the tail wagging the dog across institutional investors. Consider this, though: if there is one thing the pandemic has proven (once again), it is that the retail sector as a whole is one of the most …

Unprecedented Industrial Rent Growth Puts Eyes on Northern Nevada

By Shawn Jaenson, Senior Vice President, Industrial Specialist, Kidder MathewsThe Northern Nevada industrial market is composed of 98.7 million square feet of industrial real estate spread across six submarkets. Northern Nevada’s centralized location allows for a one-day truck service to more than 60 million customers. Couple that with the fact that Nevada has no corporate tax, personal tax, inventory tax, franchise tax, or special intangible tax and the city is one of the most …

Orange County’s Office Market Ebbs, Flows

By Bob Caudill, Executive Vice President, ColliersWe continue to see a flight by tenants into low-rise office properties, typically four stories or less, and out of high rises. This trend began pre-pandemic, but COVID has undoubtedly accelerated its movement. Asking rates in the market have flattened, while concessions like free rent, beneficial occupancy and improvement allowances have increased. The surge in construction costs continues, putting stress on the economics of lease …

Reno Remains in Demand for Multifamily Investors

By Robert Skinner, Broker-Salesperson, Sierra Nevada Properties Commercial GroupBack in the day, Reno had lots of land, we did not need high density development and there was little reason to build vertically.Because of the efforts of state and community leaders, as well as economic development agencies like Economic Development Agency of Western Nevada (EDAWN) and the Northern Nevada Development Authority (NNDA), many companies relocated and expanded here.With the increase in …

Orange County Retail Recap: Keep Calm and Carry On

By Terrison Quinn, Managing Principal, SRS Real Estate PartnersDespite the headwinds facing the Orange County retail property sector in 2021, retailers experienced record sales, while shopping center owners realized all-time-high property values. Orange County’s retail vacancy rate also decreased in 2021 from 4.58 percent to 4.32 percent as compared to 2020, according to CoStar. Meanwhile, rents increased from $33.12 per square foot, per year to $34.55 per square foot, per year — …

Reno Office Leasing, Development Bounce Back

By Patrick Riggs, Senior Advisor, Office, Dickson Commercial GroupThe leasing market in Reno/Sparks is back on track following a strong end to 2021. The fourth quarter of 2021 concluded with an impressive 145,558 square feet of positive net absorption. This was the third straight quarter of positive net growth.[caption id="attachment_312783" align="alignright" width="150"] Patrick Riggs, Senior Advisor, Office, Dickson Commercial Group[/caption]Panasonic Energy stole the headlines …

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Walker & Dunlop

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