An Inflection Point for the Greater Los Angeles Office Market

By Nico Vilgiate, Executive Vice President, ColliersGreater Los Angeles has one of the largest office development pipelines in the nation, which includes new construction and some sizeable adaptive reuse projects. There is currently more than 6 million square feet in this pipeline with nearly 2.7 million square feet scheduled to deliver this year. This will increase overall vacancy throughout 2021. The most significant developments are occurring in Downtown and West Los Angeles, which …

June 23, 2021California, Market Reports, Office, Western, Western Market Reports

New Mexico is Primed for Industrial Growth

By Tim With, Senior Vice President, ColliersThe amount of empty space in New Mexico’s industrial market has shrunk to unforeseen levels. Albuquerque, the state’s largest MSA, reported a total of 41.5 million square feet of industrial space and only a 2.4 percent vacancy rate at the end of 2020. Absorption levels have increased through the first quarter of 2021, and available inventory is becoming difficult to find as the vacancy is down to 1.9 percent. Albuquerque has been on the …

June 16, 2021Industrial, Market Reports, New Mexico, Western, Western Market Reports

Industrial Leasing Activity Outpaces New Construction in Denver

By Tyler Smith, Managing Director, Cushman & WakefieldWhile the office and retail sectors in Denver continue to grapple with pandemic-related disruptions, the industrial sector remained the dominant performer within the commercial real estate market through the early part of 2021.The Denver industrial market recorded more than 718,000 square feet of positive net absorption, and nearly 3.8 million square feet of leasing activity during the first quarter of 2021. However, with …

June 10, 2021Colorado, Industrial, Market Reports, Western, Western Market Reports

Affordability, Jobs Drive Multifamily Residents to the High Desert

By Bob Basen, Executive Vice President, Coldwell Banker Commercial Real Estate SolutionsThe High Desert’s multifamily market remained surprisingly strong during the pandemic. Historic low vacancies in the High Desert apartment market, combined with low cap rates in Los Angeles and Orange counties, have made this market a favorite for “down the hill” investors. With the exception of three substantial multifamily projects in Hesperia, there has been no real apartment development in the …

June 9, 2021California, Market Reports, Multifamily, Western, Western Market Reports

Industrial Demand is Unabated in the High Desert

By Joseph W. Brady, President, Bradco Cos.The High Desert portion of San Bernardino County, also known as the Mojave River Valley, is anticipating exceptional industrial development growth in the upcoming years as the balance of the Inland Empire builds out and has no significant land to further develop. The Mojave River Valley region contains more than 22 million square feet of industrial space. The City of Hesperia has recently experienced a mass grading project — probably the …

May 27, 2021California, Industrial, Market Reports, Western, Western Market Reports

Seattle Companies Are Watching Three Top Retail Trends

By Tory Glossip, Managing Director, ColliersPuget Sound has 553,566 square feet of retail under construction, comprising 0.4 percent of existing inventory. The market dynamic will keep retail property values in the Pacific Northwest higher than most U.S. markets that are overbuilt. Puget Sound’s retail market posts rents 30 percent above the national average at $20.71 per square foot. Pricing is traditionally a function of supply and demand. In the retail world, that demand relies …

May 24, 2021Market Reports, Retail, Washington, Western, Western Market Reports

Strong Market Fundamentals, Ecommerce Expansion Fueled Seattle’s Industrial Market in 2020

By Kaden Eichmeier, Director, JLL Capital MarketsStrong economic fundamentals bolstered market dynamics in the Puget Sound over the past 12 months. This market is driven in part by significant amounts of capital targeting industrial, the availability of low-cost debt and strong tenant demand. There were 125 industrial transactions totaling nearly $1.9 billion closed last year, and the outlook for 2021 looks even brighter.Competition has stiffened through the first quarter of 2021. …

May 10, 2021Industrial, Market Reports, Washington, Western, Western Market Reports

Multifamily Market Signals Stability in Seattle

By Dylan Simon, Kidder MathewsAs we left 2020 behind, we collectively hoped that turning the calendar to 2021 would stem to tide of COVID and bring about a V-shaped economic recovery. Alas, we enter this spring with many of the same hold-over concerns from a very rocky 2020.Thankfully, stability is right around the corner!A comprehensive and broad recovery may not be immediately recognizable, but there are signs economic stability is imminent for the Seattle apartment market.Big …

May 3, 2021Market Reports, Multifamily, Washington, Western, Western Market Reports

Phoenix’s Industrial Market Remains Busier than Ever

By Peter Batschelet, Principal, Lee & AssociatesIn a year of unknowns, hypotheticals and uncertainties, the Phoenix metropolitan area and Maricopa County were the complete opposite. In fact, 2020 was a record-setting year in this region’s industrial market for several reasons. For starters, there was nearly 14 million square feet of new construction delivered. This is twice as high as any year in the past decade and roughly equivalent to the deliveries from the past two years. In …

March 8, 2021Arizona, Industrial, Market Reports, Western, Western Market Reports

Inland Empire Office Demand Stagnates, Medical Office Leasing Remains Strong

By Drew Sanden, Senior Managing Director, NewmarkThe Inland Empire office market boasted very strong fundamentals heading into 2020. The vacancy rate across the 28.3 million-square-foot base was 9.5 percent, lease rates were reaching peak levels and developers were again exploring larger spec developments. Like many markets across the U.S., COVID-19 has greatly impacted the Inland Empire’s office market. Office usage, demand, absorption and leasing transactions are down year-over-year. …

March 1, 2021California, Market Reports, Office, Western, Western Market Reports