Outlook is Bright as Orange County Retail Continues to Heal

By Terrison Quinn, Managing Principal, SRS Real Estate PartnersDespite a recent uptick in vacancy from 4.07 percent to 4.5 percent and a softening of rents from $32.99 to $32.55 per square foot, Orange County remains Southern California’s tightest retail market. And retail investors remain bullish for good reasons.Theaters, gyms and other uses shuttered by the pandemic have reopened to greater-than-expected customer demand. In fact, several health club chains have reported they are …

Investors Look to Orange County Multifamily Sector for Stability, Diversification

By Dan Blackwell, Executive Vice President, CBREDemand for multifamily properties in Orange County continues to show great strength. This is driven by steady rent collections and favorable interest rates as apartments in the region have performed well during the pandemic. As investors look to buy stable, income-producing assets in Southern California, the focus on the multifamily sector in our region has intensified.We have witnessed increasing interest from first-time buyers over the …

Orange County Solidifies Itself as a Leading Life Sciences Market

By Bob Caudill, Executive Vice President, Colliers InternationalFrom public and private funding increases to the demand created by the COVID-19 pandemic and the vaccine rollout combatting it, the life sciences sector is continuing to see a significant increase in interest from both developers and investors across the country. Rapid growth in advanced therapy medicinal products (ATMP) science, which includes gene therapy, is also driving demand for lab and manufacturing space from both …

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 …

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 …

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 …

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. …

Inland Empire Multifamily Sales Volume Down, but Economics Stronger than Ever

By Cray Carlson, CBREWith 2020 coming to an end, we look back at a year of much uncertainty, confusion and unprecedented restrictions. Yet amidst all that, the Inland Empire multifamily market has been going steady, continuing to thrive in spite of some substantial drops in sales volumes.Total multifamily sales of eight units and larger in the Inland Empire were $2.5 billion in 2018 and $2.1 billion in 2019. That compares with only $1.09 billion in 2020, as of October. We expect total …

Inland Empire Retail Market Poised for Resiliency in 2021

While the Inland Empire economy was hit hard in 2020, we remain optimistic on the retail sector’s recovery over the coming 12 to 24 months. This market is a benefactor of COVID-19 in that more people than ever before are able to work remotely. This has triggered a migration from urban cores to more spacious and affordable housing in the newer residential communities of Riverside and San Bernardino counties. As the population is anticipated to expand here, retail will directly benefit as …

Soaring Demand for Inland Empire Warehouse Space Brings Opportunities for Developers

By Richard Lee and J.C. Casillas, NAI Capital CommercialIn the fourth quarter of 2020, the Inland Empire industrial market continued to battle the effects of an economy that has so far spent three-fourths of the year under a COVID-19 shutdown. After dipping for several quarters, the average asking rent held steady at $0.72 triple net, down 6.5 percent from the fourth quarter of 2019. The vacancy rate nudged up 10 basis points from the previous quarter’s record low, down 90 basis points …

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