Western Market Reports Archives - REBusinessOnline

Portland Industrial Market Finds Stability as Supply Pressures Ease

John Nelson — Fri, 04 Sep 2026 11:34:00 +0000

— By David Tabata of Marcus & Millichap — After several years of rapid expansion, elevated vacancy and shifting global trade patterns, Portland’s industrial market is entering a more balanced phase. While tariff uncertainty and evolving West Coast trade dynamics continue to influence leasing decisions, improving fundamentals are creating new opportunities for occupiers and investors. One of the market’s most encouraging developments is the gradual stabilization of activity at the Port of Portland. Following pandemic-related disruptions and reduced container traffic, port operations have begun to recover, giving industrial users greater confidence in long-term planning. Portland’s strategic location also continues to support its role as a key distribution hub for the Pacific Northwest. At the same time, the development pipeline has slowed significantly. After several years of elevated construction, new deliveries are expected to remain well below recent peaks, allowing the market time to absorb existing inventory. Although vacancy has increased, the slowdown in new supply should help ease competitive pressure and support healthier market conditions over time. Demand remains strongest for modern warehouse and distribution facilities near major transportation infrastructure, including the Interstate 5 Corridor, Interstate 84 and port-related logistics hubs. Smaller industrial buildings also continue to perform well, driven…

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Portland Multifamily: Stabilization After a Historic Supply Cycle

John Nelson — Thu, 27 Aug 2026 11:23:00 +0000

— By Jordan Carter and Clay Newton of Kidder Mathews — Portland’s multifamily market is showing signs of stabilization after working through one of the largest apartment construction cycles in its history, compounded by one of the most dramatic swings in lending rates in recent memory. This combination compressed investment activity, weighed on asset values and drove sales volume to decade lows. Demand remains healthy, with apartment absorption over the past 12 months totaling about 3,500 units, in line with long-term historical averages and nearly double the trough of 2023. Vacancy currently sits at 7.1 percent, down from its 2024 peak and below the national average of 8.3 percent. The most consequential shift is the rapid decline in new supply. As of mid-2026, about 2,400 units remain under construction, totaling roughly 1 percent of inventory growth. Deliveries in 2025 were half of 2024 levels, and 2026 is projected to be half of 2025. This is creating the lightest new supply environment in more than a decade as higher interest rates, rising construction costs and tighter lending standards have constrained development. Rent growth remains under pressure but should bottom out near-term as the supply demand balance continues to tighten. Asking rents…

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Portland Retail Finds Strength in Experience-Driven Tenants

John Nelson — Fri, 21 Aug 2026 11:19:00 +0000

— By Austin McElroy of Colliers — Portland’s retail market is performing better than the headlines suggest. With vacancy sitting at 4.6 percent and triple-net rents averaging $24.45 per square foot — a 10 percent increase over just two years — the market reflects a quiet resilience built on selectivity rather than volume. The concepts and submarkets gaining traction share a common thread: they actively engage visitors, drawing people in and consistently driving repeat visits. Meanwhile, structural forces are reshaping the playing field. A suspension of the ground-floor retail mandate, a proposed vacancy tax, and a dramatic split in performance between suburban and urban submarkets are defining a leasing environment where quality of space matters more than quantity of options. Experience Outpaces Transactions The clearest trend reshaping Portland retail is the primacy of experience over pure transaction. Concepts that draw repeat visits, create community and deliver something beyond a simple purchase are generating foot traffic that traditional transactional retail cannot match. Nowhere is this more evident than at Bridgeport Village in Tualatin where the opening of a LEGO store drove a 19 percent year-over-year surge in foot traffic — a striking result for a single tenant addition. LaVerne’s Restaurant and Bar…

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What Comes After Live-Work-Play? South Coast Metro Has Some Observations

John Nelson — Fri, 14 Aug 2026 11:15:00 +0000

— By Diane Pritchett of South Coast Metro Alliance — How do maturing mixed-use districts stay competitive as office, retail, multifamily and hospitality demand patterns continue to shift? The experience of South Coast Metro in Orange County, Calif., offers several practical lessons. In the 1960s, developer and philanthropist Henry Segerstrom envisioned the growth of a vibrant urban center that became South Coast Metro, covering 2,500 acres within 3.5 square miles, including sections of Costa Mesa and Santa Ana. Today, the district’s continued evolution offers a useful case study for other employment centers, mixed-use districts and economic development organizations looking to remain relevant as tenant and resident expectations change. Start with a Strong Anchor, then Keep it Current When the Segerstroms developed South Coast Plaza, they believed the indoor shopping destination would become a magnet, attracting others to the area. That anchor helped establish South Coast Metro’s identity well beyond Orange County. The lesson for other districts is that an anchor only works if it continues to evolve. Tenant mix, programming, dining, public space and visitor experience all need regular attention as consumer and workforce expectations change. Make Experience Part of the Business Case Office districts can no longer rely on…

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Power-Hungry Users Drive Orange County Industrial Demand

John Nelson — Fri, 07 Aug 2026 11:10:00 +0000

— By Wes Hunnicutt of Stream Realty Partners — The Orange County industrial market is showing signs of stabilization through the first half of 2026 after experiencing more challenging conditions throughout 2025. Vacancy has increased from the historic lows seen during the pandemic-driven expansion cycle and is currently hovering around 5.5 percent, while asking lease rates have begun to stabilize following a significant correction from the record highs achieved in 2023. Since the beginning of 2025, more than 3 million square feet of new Class A industrial inventory has been delivered throughout Orange County, representing more than 20 industrial distribution development projects. While these developments have elevated overall market availability, leasing activity within the newly delivered product has been slower than anticipated. Many of these buildings have remained vacant for 10 months or more after completion, reflecting a narrower pool of tenants able to justify the occupancy costs associated with large, modern industrial facilities. Notable leasing transactions within recently delivered Class A developments include: — Anduril Industries’ 177,766-square-foot lease at 1100 Valencia Ave. in Tustin — Anduril Industries’ 162,656-square-foot lease at 3100 South Harbor Blvd. in Santa Ana — Hyper Solutions’ 100,784-square-foot lease at 2100 East Howell Ave. in Anaheim…

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Orange County Office Finds Firmer Footing After Years of Vacancy Pressure

John Nelson — Fri, 31 Jul 2026 11:07:00 +0000

— By Shane Halpern of Avison Young — The Orange County office market comprises about 1,800 buildings totaling more than 126 million square feet of inventory. After navigating a period of elevated vacancy and negative absorption between 2020 and 2023, the market has entered a measured recovery phase characterized by three consecutive quarters of positive net absorption, declining vacancy and stabilizing rental rates. Over the past decade, the Orange County office market has delivered 78 properties and 8.1 million square feet of new supply, supported by a regulatory environment that’s comparatively more business-permissive than neighboring Los Angeles County. Orange County employment grew from 1.7 million jobs in 2020 to more than 1.8 million in 2025, an 8.6 percent increase over five years. It did this despite a 1.1 percent regional population decline over the same period. Demand for office space is anchored by three industries: healthcare, government and professional services. All of these sectors have demonstrated consistent space requirements through varying market cycles. After peaking at 14.8 percent in 2023, total vacancy has compressed to 12.6 percent in the first quarter of 2026, the lowest level recorded since first-quarter 2022. The market has posted three consecutive quarters of positive net…

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OC Multifamily Market Continues to Gain Momentum

John Nelson — Fri, 24 Jul 2026 11:03:00 +0000

— By Shane Shafer of Colliers — The Orange County multifamily market continues to attract significant investor attention as buyers increasingly view the broader Southern California environment as an opportunity to acquire assets at more attractive prices following the market’s recent adjustment. Orange County has emerged as one of the most sought-after investment destinations due to its strong economic fundamentals, population growth and operational stability. This renewed confidence has led to increased transaction activity and greater competition for well-located assets throughout SoCal’s best multifamily submarkets. Looking ahead, market fundamentals are expected to continue improving. Employment growth, housing affordability challenges and limited new supply continue to support long-term apartment demand. Markets like Orange County are particularly well-positioned due to its diversified economies, high barriers to entry and strong demographic trends. These factors have contributed to stable occupancy levels and continued rent growth across much of the region, especially in urban infill submarkets. A notable trend in today’s market is the increasing number of Los Angeles-based owners seeking acquisitions in Orange County. This market allows investors to diversify geographically while remaining close to existing portfolios. Many owners view this strategy as an effective way to balance exposure across multiple Southern California markets…

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It’s Summertime in SoCal, And Orange County Retail Is Hot

John Nelson — Fri, 17 Jul 2026 12:31:00 +0000

— By John Read of CBRE Retail Investment Properties-West — Often defined by its 42 miles of Pacific coastline, Orange County’s weather may not be the hottest throughout the Southern California region, but its retail performance arguably is. Orange County remains a target for retailers and investors alike, driving it to be one of the strongest retail markets in the larger region and nation. Orange County’s coastline and famously consistent weather with globally recognized theme parks — Disneyland and Knott’s Berry Farm — and retail landmarks like South Coast Plaza and Fashion Island, do contribute to the region’s exposure and appeal, but the county’s retail fundamentals are planted in its scale and demographics. Orange County’s nearly 800 square miles are home to more than 3.1 million residents and one of the most diverse populations in the U.S. with significant affluence and education. Average household income exceeds $157,000 and 46 percent of residents hold a bachelor’s degree or higher. With diversified industry sectors and major employers, including Disney, UC Irvine, Providence, Kaiser Permanente and Hoag, Orange County’s unemployment rate remains low, ending May 2026 at 3.5 percent. Together, those factors support retail fundamentals that remain stronger than many comparable markets. The…

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From Office to Experience: Retail Repositioning Gains Ground in Las Vegas

John Nelson — Fri, 10 Jul 2026 11:58:00 +0000

Adaptive reuse has always been an astute trend when it comes to utilizing location, existing bones, and saving a little time and money on delivery. It’s also particularly useful in submarkets like the southeast Las Vegas submarket of Henderson where strong population growth and rising household incomes outpace the availability of new retail. This long-standing unmet demand for Class A retail has inspired one developer to reshape how it views underperforming office assets. Steve Neiger, managing principal at CAST Capital Partners, is co-developing the Cliff, a 100,000-square-foot office-to-retail conversion in Henderson’s Green Valley Ranch submarket. The project involves the repositioning of a vacant, low-density suburban office property that had struggled to remain competitive as newer product and shifting workplace trends weighed on demand. Rather than pursue a traditional office lease-up or a residential conversion, the development team, which includes Partners Capital, is transforming the site into an open-air retail and dining destination designed to better align with the area’s demographics, accessibility and surrounding residential density. The repositioning reflects a broader trend in how developers are evaluating aging office assets in high-growth suburban markets, particularly where strong consumer demand is not being met by existing retail supply. Situated along Paseo Verde…

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Las Vegas Strip Isn’t Cooling — It’s Normalizing

John Nelson — Tue, 07 Jul 2026 12:00:00 +0000

— By Mike Mixer of Colliers — Recent headlines have pointed to a “cooling” of the Las Vegas Strip, with RevPAR down, visitation below peak levels and growth moderating from 2022 and 2023 highs. On paper, the numbers look softer. But before drawing conclusions, it’s important to consider how the data is being viewed as the comparisons most often used are distorted. The Pandemic was Not a Normal Cycle COVID-19 shut down the Strip in March 2020, an unprecedented event in modern history. Southern Nevada visitor volume dropped by more than 50 percent. Resorts closed, occupancy collapsed and revenues fell sharply. The 2021 to 2023 rebound that followed was equally unusual. Pent-up demand, stimulus liquidity and limited new supply drove record ADR growth and historic RevPAR levels. Both the downturn and the surge were outliers. When those years are used as a benchmark, today’s performance appears negative. In reality, it reflects normalization. Rates Remain Elevated Even with recent moderation, Strip ADR remains materially above pre-pandemic levels. Operators have maintained rate discipline and are not aggressively discounting to chase occupancy. That suggests stability rather than weakening demand. Capital Signals Confidence If the Strip were in decline, capital would be retreating. Instead,…

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Las Vegas’ Retail Market Holds Firm as Growth Moderates

John Nelson — Fri, 26 Jun 2026 12:00:00 +0000

— By Hillary Steinberg of Avison Young — The Las Vegas retail market delivered a mixed but resilient performance in 2025, with vacancy remaining tight and demand holding steady. Vacancy closed the year at 5.6 percent with nearly 5.6 million square feet of available space. While these fundamentals reflect a healthy market, rent growth softened, increasing by just 2.4 percent year over year. At the same time, development activity remains robust, with roughly 880,000 square feet of retail space currently under construction. New projects continue to emphasize mixed-use and experiential concepts, positioning the market to capture sidelined capital and evolving consumer demand in the year ahead. Vacancy held steady at 5.6 percent in fourth-quarter 2025, supported by sustained population growth, a continued rebound in tourism and stable consumer spending. This momentum is being reinforced by Las Vegas’ economic diversification, which continues to fuel expansion across food, wellness and entertainment retail segments. Although rent growth has moderated from its 2022 peak, leasing fundamentals remain strong. Limited availability continues to favor landlords, who are maintaining pricing power and offering minimal concessions. However, rising construction and tenant improvement costs are placing upward pressure on deal economics. With inventory across Las Vegas, North Las…

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Las Vegas’ Multifamily Market Enters a New Demand Era as Supply Normalizes

John Nelson — Fri, 19 Jun 2026 12:00:00 +0000

— By Justin Neubeck of CBRE — Las Vegas is approaching an important turning point in its multifamily cycle. After several years of elevated construction, the market is now moving beyond its peak delivery period. The region completed about 7,071 units in 2023 — the highest total in more than 20 years. This was followed by 5,247 units in 2024 and 6,302 units in 2025. Deliveries are expected to decline again in 2026, to roughly 5,334 units. Meanwhile, 2027 deliveries areprojected to return to the 30-year average of about 3,500 units, including the 3,321 units currently scheduled. This shift marks the beginning of a more balanced supply environment. At the same time, the region continues to attract new residents at levels that outpace the national average. Clark County reached a population of about 2.4 million in 2024, an increase of 2.1 percent from 2023. It is projected to grow to more than 2.9 million by 2040, and to surpass 3 million by 2045. Southern Nevada also welcomed more than 40,000 new residents in 2025 alone. Nearly 47 percent came from California. This included 14,200 from Los Angeles County and thousands more from Orange County, San Diego and the Bay Area.…

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Las Vegas’ Industrial Market Splits as Small-Bay Demand Holds Firm

John Nelson — Fri, 12 Jun 2026 12:00:00 +0000

— By Alma Cuevas and Jason Griffis of Cushman & Wakefield — The Las Vegas industrial market continues to evolve, shaped by new development and sustained demand. While vacancy has increased due to recent deliveries, the market tells a more nuanced story, particularly within smaller space requirements. Leasing activity in first-quarter 2026 totaled just under 3 million square feet, with an average deal size of about 21,000 square feet. Notably, about 95 percent of all leases occurred in spaces of less than 50,000 square feet. This concentration of activity underscores the continued depth of demand within the small and mid-bay segment. At the same time, the increase in vacancy is largely attributable to new construction, much of which has been concentrated in bulk distribution product. Continued development and expansion from groups like Prologis, OMP, EBS and Panattoni have added significant Class A institutional inventory to the market. While these projects enhance Las Vegas’ long-term positioning as a regional distribution hub, they have also expanded availability in spaces exceeding 100,000 square feet. This dynamic is effectively dividing the market into two distinct segments. Larger users are benefiting from increased optionality, more aggressive concessions and greater flexibility in lease negotiations. Smaller users,…

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A Crisis of Office Identity: Downtown LA’s Coming-of-Age Story

John Nelson — Fri, 05 Jun 2026 12:00:00 +0000

— By George Crawford of Kidder Mathews — In the city where heart-wrenching Hollywood movies originate, we bear witness to the harrowing coming-of-age story for one of the largest office submarkets in one of the largest metropolitan economies on earth, Downtown Los Angeles (DTLA). “I’m going to make him an offer he can’t refuse.” The Godfather, spoken by Don Vito Corleone It was almost too good to be true. In 2016, DTLA was the star of a commercial real estate love story. Landlords and tenants were captivated by a compelling script about creative tenants fleeing the expensive Westside into the welcoming arms of DTLA and sexy adaptive reuse offices. A steady flow of capital inspired 50 percent of DTLA’s submarket to trade in a 24-month period. Downtown was poised to rival the traditional metropolis, while retaining its gritty charm. Like any Hollywood romance, the chemistry was undeniable and the ending seemed predictable: sustained rent growth and long-term tenant demand. Then came the plot twist. “Where are we going so very quickly?” The New Adventures of Winnie the Pooh, spoken by Piglet The pandemic accelerated what technology had been threatening for years. Workplace flexibility and changing corporate…

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Multifamily Resets for a High-Velocity Recovery in Los Angeles

John Nelson — Sat, 30 May 2026 12:00:00 +0000

— By Kitty Wallace of Colliers — The Los Angeles multifamily market is undergoing a short-term reset as a recent wave of deliveries has softened rents and modestly increased vacancy. However, this dislocation is proving transitory as development has slowed dramatically and the forward pipeline is effectively falling off a cliff beyond 2026, reinforcing what remains one of the most supply constrained and fundamentally durable markets in the country. Since the onset of COVID, the Los Angeles market has contended with elevated legislative risk, homelessness and crime concerns, modest population fluctuations, rising operating expenses, and, most notably, increased insurance premiums and utility costs. Yet, with a vacancy in the mid-5 percent range, this multifamily market continues to outperform the national average of roughly 8 percent. Rents are now stabilizing and beginning to inflect upward as concessions burn off and demand normalizes. Policy Headwinds, Construction Challenges, Emerging Tailwinds The ULA tax, imposing a 5.5 percent levy on transactions above $10.6 million, has further constrained new construction. This has made it increasingly difficult for projects to pencil and has driven many sites toward lower-density uses or affordable housing backed by subsidized capital. As a result, much of the current development activity is concentrated among…

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LA’s Retail Investment Market Centers on Reset, Resiliency and Re-Engagement

John Nelson — Sat, 23 May 2026 12:00:00 +0000

— By Mark Damiani of CBRE — Los Angeles has always been a market that requires conviction. Recent headlines have tested that conviction, but institutional capital continues to look through short-term noise and focus on long-term fundamentals. By that measure, Los Angeles remains one of the most structurally advantaged retail markets in the United States, defined by scale, supply constraints and global relevance. The market today is not without challenges, but fundamentals are stabilizing and capital is re-engaging following a meaningful repricing cycle. A Global Gateway with Structural Advantages Greater Los Angeles is one of the largest retail markets in the country, with about 378 million square feet of inventory. It benefits from a diverse economic base, significant tourism, and a consumer profile that spans both necessity and luxury spending. At the same time, new supply remains extremely limited. Total deliveries in 2025 were negligible relative to the size of the market, continuing a multi-year trend of underdevelopment. Entitlements, construction costs and land availability remain significant barriers, particularly in infill locations. This combination of scale and scarcity continues to underpin long-term investment theses for institutional capital. Leasing Fundamentals: Stabilization with Positive Momentum Leasing fundamentals across LA have proven more resilient than broader narratives…

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LA’s Industrial Market Stabilizes After Record Highs

John Nelson — Sat, 16 May 2026 12:00:00 +0000

— Matt Moore and Wes Hunnicutt of Stream Realty Partners — The Los Angeles industrial real estate market is stabilizing after a historic run of record-high rents and the all-time-low vacancy seen in 2022 and 2023. Pandemic-driven demand pushed users to take on additional space at a rapid pace, with supply chain concerns forcing tenants to carry more inventory. As the pandemic subsided, the market began a softening period in 2024 through early 2025. This brought about a massive rent correction as tenants began to give back space and right-size their operations. Stabilization has begun, however, and most investors feel the market has found its bottom and is beginning to rebound at a normalized, moderate pace. Vacancy rates at the peak were less than 2 percent in a market with nearly 1 billion square feet of inventory, while rates hit $1.85 per square foot (triple net) in early 2023. Los Angeles’ industrial market has now settled at about 6 percent and $1.43 per square foot, which most would consider healthy. Today, tenants have options when looking for larger blocks of space, and they’re no longer forced to pay record-high rents with minimal concessions from landlords. Third-party logistics providers have continued…

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Salt Lake City’s New Wave of Urban Retail

John Nelson — Fri, 08 May 2026 10:59:00 +0000

— By Tanner Olson of Legend Commercial — Downtown Salt Lake City has undergone a meaningful transformation over the past decade. The growth of ground-floor mixed-use retail, a rapidly expanding bar and restaurant scene, and the arrival of nationally recognized brands such as STK Steakhouse, the Capital Grille, Uchi and concepts affiliated with Fox Restaurant Concepts reflect a maturing urban core. At the same time, local operators such as Aker, Matteo, Urban Hill and many others have elevated the city’s culinary identity, with homegrown concepts adding depth and authenticity to the market. It was only 15 years ago that Salt Lake largely functioned as a commuter-based retail environment. Consumers prioritized surface parking and drive-thru convenience. Downtown activity outside of peak weekend hours was limited, while urban living lacked the density and vibrancy needed to support consistent retail demand. That dynamic has shifted. Today, tens of thousands of multifamily units have been delivered in and around the CBD, accompanied by hundreds of thousands of square feet of ground-floor retail. Just two to three years ago, downtown contained roughly 200,000 square feet of available mixed-use retail space, fragmented across 60 to 70 small-format spaces. Filling that space required not just tenants, but…

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Utah Multifamily Signals Return to Rent Growth as Supply Tightens

John Nelson — Fri, 01 May 2026 11:00:00 +0000

— By Patrick Bodnar of CBRE — Utah’s multifamily market remains one of the most resilient and compelling real estate environments in the country, supported by exceptional economic fundamentals and a steadily tightening development pipeline. Utah once again ranked No. 1 in the nation in 2025 in the American Legislative Exchange Council’s (ALEC) economic outlook index, marking its 18th consecutive year at the top and earning high marks for overall performance, labor participation and business affordability. These strengths, paired with ongoing population and job growth, continue to reinforce consistent long-term demand for rental housing across the Wasatch Front. Against this backdrop, rent trends are beginning to shift. After several years of rent stagnation driven by elevated supply, rent growth is positioned to rebound in the second half of 2026. The past three years were characterized by relatively flat asking rents, but CBRE’s analysis indicates that future rent growth is approaching as new deliveries decline and supply is absorbed. This shift is largely the result of two converging factors: a meaningful slowdown in new construction starts — driven by higher interest rates and sustained construction cost pressures — and persistently strong absorption, which places Utah among the top-performing absorption markets in…

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Is Salt Lake City’s Office Market Set for a Rebound?

John Nelson — Fri, 24 Apr 2026 11:48:00 +0000

— By Mike Embree of Drawbridge Realty — After 16 consecutive quarters of either negative or negligible net absorption, Salt Lake City’s office market closed 2025 on a positive note. The end result was 114,700 square feet of direct occupancy gains, per Cushman & Wakefield. This resulted in 263,000 square feet of direct absorption for the year, spurring a 500-basis point decline in the direct vacancy rate, which now stands at 19.4 percent. It’s too early to say that the market has turned the corner, but the signs are promising. For landlords, one positive in a market with about 10 million square feet of availability is that new office construction has effectively stalled for now. Only one building was delivered in 2025, adding just 180,000 square feet to the existing inventory with no new office projects on the drawing board. At the same time, more than a dozen buildings were removed from the office leasing market, either by developers pursuing multifamily conversions or purchases by owner-users. One such sale occurred in the fourth quarter when the Salt Lake City Corporation of Public Utilities purchased One Airport Tech, a two-story, 87,657-square-foot building near Airport Technology Park campus. C&W data notes…

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