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 …

April 1, 2022Industrial, Market Reports, Nevada, Western, Western Market Reports

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 …

March 25, 2022California, Market Reports, Office, Western, Western Market Reports

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 …

March 21, 2022Market Reports, Multifamily, Nevada, Western, Western Market Reports

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 — …

March 18, 2022California, Market Reports, Retail, Western, Western Market Reports

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 …

March 14, 2022Market Reports, Nevada, Office, Western, Western Market Reports

Job Gains, Visitors Returning Jolt Retail Consumption in Phoenix, While Growth Projections Buoy Investor Sentiment

By Ryan Sarbinoff, First Vice President, Regional Manager, Marcus & MillichapRetail metrics in the Valley have soundly improved after enduring some turbulence during the health crisis. Through the first nine months of 2021, net absorption totaled roughly 1.6 million square feet, putting the market on a trajectory to record its highest annual count since 2017. More than half of that absorption was logged between July and September, indicating that momentum is building. Phoenix …

March 7, 2022Arizona, Market Reports, Retail, Western, Western Market Reports

Southern Nevada’s Economic Recovery Continues Toward Pre-COVID Levels

By John Stater, Research Manager, ColliersSouthern Nevada gained 15,400 industrial jobs between August 2020 and August 2021, according to the Nevada Department of Employment, Training and Rehabilitation. The logistics and wholesale sectors added jobs on a year-over-year basis, while the natural resources and construction sectors lost jobs. Unemployment in the Las Vegas-Paradise MSA was 8.3 percent in August 2021. Over the past 12 months, total employment in Southern Nevada increased …

March 4, 2022Industrial, Market Reports, Nevada, Western, Western Market Reports

Lack of Supply Drives New Industrial Development in Orange County

By Garrett McClelland, Vice President, JLLWith a global pandemic still in flux, strong demand for Orange County industrial remained constant throughout 2021. As we start the New Year, signs of a slowdown are nowhere in sight. Orange County’s overall vacancy was at 2 percent last quarter, which ranks among the lowest nationally. Demand continues to outpace supply — with limited inventory bringing the vacancy rate down and driving rents to historic highs. With very few viable …

March 3, 2022California, Industrial, Market Reports, Western, Western Market Reports

No End in Sight for Phoenix’s Industrial Strength

By Pat Harlan, Managing Director, JLLLabor, geography, population growth and a steady stream of cost-effective, “speed to market” solutions make Phoenix one of the most dynamic industrial markets in the country. Based on existing fundamentals, 2022 is on track to be another record year. As of third-quarter 2021, Phoenix had landed just under 16 million square feet of net leasing year-to-date. Absorption had improved by more than 28.5 percent in the same 12-month period, to total …

February 25, 2022Arizona, Industrial, Market Reports, Western, Western Market Reports

The Inland Empire’s Office Sector Comes Into its Own

By Mark McAdams, Vice President, JLL While the Inland Empire is more well-known for its industrial real estate, the region’s office market has continued with its own success and stability pre- and post-COVID. As employees of office buildings seek refuge from high home prices in neighboring Los Angeles and Orange counties, occupiers equally appreciate the accommodating office rental rates while supporting their employee’s draw to the region.The current office market is in nearly …

February 22, 2022California, Market Reports, Office, Western, Western Market Reports