Seattle’s Industrial Market Pauses During COVID-19

By Jeff Forsberg, Principal, NAI Puget Sound PropertiesIt has been interesting, to say the least, since our governor issued the stay-at-home order on March 23 and we all started contemplating a future where we’d never have to get out of our pajamas.  Though our market’s industrial sector isn’t immune to disruptions, the immediate fallout from the COVID-19 pandemic is not quite as dire as some might have projected.The Seattle industrial market comprises about 223 million square …

Multifamily Trends Remain Positive in Phoenix

By Brian Tranetzki, Principal, Taylor Street AdvisorsMultifamily is staying strong despite COVID-19. That’s because this product type was coming off an extremely hot market at the end of 2019 and early 2020 before the pandemic hit. The Phoenix metro area remains one of the few markets nationally with positive rent growth due to the steady population increase. Now, just months away from 2021, the market is faced with many unknown factors, such as unemployment, election outcomes, continued …

In Search of Relative Value in Orange County’s Apartment Sector

Orange County offers residents all the key elements of the American dream. Its virtues are numerous and faults few. Indeed, Moody’s Analytics ranks the quality of life in the OC 10th highest among the 378 U.S. metros it reports on, just a half-step behind leaders Santa Barbara and Santa Cruz.Orange County is a terrific place to live, but is it a good place to invest? Gauging by observed capitalization rate trends, one may conclude that county apartment properties are highly prized gems. …

A Hollywood Ending for LA Retail?

By Matthew M. May, President, May Realty AdvisorsA bird's-eye look at the Los Angeles metro prior to the coronavirus outbreak reveals that the area was already beginning to soften as it worked its way through more than 1.26 million square feet of new retail space that was delivered to neighborhood and community shopping centers over the past five years. According to REIS, about 35 percent of that, or 443,000 square feet, came online in 2018.Vacancy rates increased every year for the …

Office Market Remains Steady in Albuquerque

By Jordan Shipley, Associate Broker, Allen Sigmon Real Estate GroupLease rates are up and vacancy is down, two important things all landlords want to hear. For office landlords in New Mexico, these are two promising trends that have continued for the past few quarters to round out 2019. Average asking rates in Albuquerque came in at $18.76 per square foot, full service, according to Collier’s fourth-quarter 2019 Albuquerque office market report. Colliers also noted this was the first …

L.A.’s Office Market Pauses after Robust Start to 2020

By Chandler A. Larsen, Principal, Avison YoungThis year started off where 2019 finished for the Los Angeles office property sector – and that’s red hot! During the first two and a half months of the year, office space absorption was on pace to beat 2019. Rents were steadily increasing past $39.84 per square foot on an annual gross basis, record-high (psf) sales prices were recorded across product types and rising construction costs were complemented by a construction pipeline of more …

New Mexico Retail Pauses, But Should Return After COVID-19

By George Chronis, Senior Advisor, SVN/Walt Arnold Commercial BrokerageNew Mexico retail has been negatively impacted by the state’s stay-at-home order due to the coronavirus. The retail industry was looking pretty promising with robust sales and leasing activity in 2019 and at the beginning of 2020 – New Mexico included. I thought we were off to a good start with several developments near completion, several in progress and several more to begin in 2020.  The full economic impact of …

Greater LA’s Industrial Real Estate Enters a New World

By Kurt Strasmann, Executive Managing Director, CBREIndustrial properties have been in high demand in recent years both nationally and, particularly, in Southern California and the Greater Los Angeles area. Our region is a strategic hub for goods coming from all over the world, especially Asia, and boasts the necessary infrastructure to store and deliver product regionally and throughout the nation. Greater LA is also a major consumer hub. About 50 percent of product coming through the LA …

New Mexico is Primed for Industrial Development

By Riley McKee, Advisor, NAI Maestas & WardIf summarized in one word, New Mexico’s industrial real estate market can best be described as undersupplied. Steady increases in demand, combined with a dearth of new construction, have resulted in record-low vacancy rates in Albuquerque, Las Cruces and Santa Fe – the state’s primary metropolitan areas.A string of noteworthy projects are underway in Albuquerque. Food products supplier Ben E. Keith Foods is building a …

Reno’s Economic Expansion, Population Surge Keep Multifamily Developers Active

By Kenneth Blomsterberg, Senior Managing Director of Investments, Marcus & MillichapReno recorded robust job creation last year. This was bolstered by corporate growth at the Tahoe-Reno Industrial Center in Sparks, which houses Tesla’s Gigafactory, Apple and Switch data centers, in addition to a collection of fulfillment and distribution centers. The standout pace of employment growth supported the strongest rates of net migration and household formation this cycle, increasing local …

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