Opportunistic Buyers Still Enjoy the Multifamily Market

The Inland Empire multifamily market will retain its solid foundation of positivity this year as the economy again provides a healthy supply of new jobs and freshly formed households seek apartments to rent. The number of new multifamily units scheduled for delivery is a fraction of what it was last year, and this will place downward pressure on vacancy. Tightening vacancy will support another year of above-trend rent growth. [caption id="attachment_181837" align="alignright" width="110"] …

May 23, 2017California, Market Reports, Multifamily, Western, Western Market Reports

Experiences Win Out Over Some Traditional Big Boxes in San Diego

There was a big shake-up in the big box world with long-time sporting goods staples Sports Chalet and Sports Authority shuttering stores across the county. Macy’s in Mission Valley is also closing, while Nordstrom is shutting down in downtown. Interestingly, Hobby Lobby and the large pet stores seem to be buffered by the big box epidemic. In Chula Vista, two long-time vacant big boxes were finally chopped up into four spaces to accommodate the mid-sized box users. The good news is that big, …

March 21, 2017California, Market Reports, Retail, Western, Western Market Reports

Industrial, R&D Development Returns to San Diego In Full Force

After a decade of scarce industrial development in San Diego County, 2016 marked its strong return. About 1.3 million square feet of industrial/R&D space was completed, which is more than what was delivered between 2013 and 2015 combined. This year is expected to be an even more active year for industrial/R&D speculative and build-to-suit development with an additional 1.4 million square feet currently under construction. [caption id="attachment_182208" align="alignright" …

March 7, 2017California, Industrial, Market Reports, Western, Western Market Reports

OC’s Apartment Market Continues Expansion

Rent an apartment or buy a home? That is the question now posed to many Millennials as they face the facts about the high barriers to homeownership that generations before them, at the same stage of life, could easily overcome. But since the Great Recession and the loose homeownership qualifications that helped spawn it, banks and other home-lending institutions have been under the tight-fisted control of government regulators who have demanded, rightly or wrongly, that prospective homeowners …

February 28, 2017California, Market Reports, Multifamily, Western, Western Market Reports

OC’s Retail Market to Remain Stable With Mild Volatility

Expect the Orange County retail landscape to be characterized by continued strong fundamentals and high transaction volumes in 2017. The area remains among the most stable markets nationally—attractive to both high-end and affordable retailers thanks to its high median income and population growth. [caption id="attachment_182195" align="alignright" width="100"] Matt Hammond, Coreland Companies[/caption] However, a bit of volatility would be welcomed in the coming year to generate …

February 21, 2017California, Market Reports, Retail, Western, Western Market Reports

Los Angeles Office Market Points to Steady Demand, Further Growth in 2017

The Los Angeles office market continues to experience steady demand and accelerated rent growth as we enter 2017. The market is heading into its sixth consecutive year of expansion, after seeing a sharp contraction between 2008 and 2011. The Los Angeles office market has witnessed vacancy rates steadily decline from 16.3 percent to 13.7 percent since 2011, all the while absorbing more than 10.5 million square feet of occupied space. The market only added 4.5 million square feet of new …

February 14, 2017California, Market Reports, Office, Western, Western Market Reports

Downtown LA’s Industrial Supply Gives Way to Other Uses

When you visit Los Angeles, the sight of the cranes looming in the sky in all directions shows a city undergoing significant revitalization and redevelopment. Not so long ago, the Downtown area of Los Angeles went “dark.” This occurred after the hustle and bustle of the normal workday was done and the streets were mostly empty, businesses closed. Fortunately, Los Angeles has seen significant construction and redevelopment over the past few years. [caption id="attachment_181986" …

February 7, 2017California, Industrial, Market Reports, Western, Western Market Reports

Encouraging Multifamily Market Fundamentals Drive Investors to the Inland Empire

A steady supply of job opportunities and the growing population in the Inland Empire are supporting household formation, raising demand for housing and bolstering the performance of the area’s multifamily property market. [caption id="attachment_184043" align="alignright" width="100"] Kevin Boeve, Marcus & Millichap[/caption] Nearly 22,420 households were formed in the Inland Empire over the past four quarters that ended in September, while 48,500 individuals were added to the local …

January 24, 2017California, Market Reports, Multifamily, Western, Western Market Reports

Inland Empire: The Industrial Sector’s Well-Rounded Evolution

People are aware of the Inland Empire’s rapidly growing market and the fulfillment center trend that’s sweeping Southern California. Amazon, Walmart and many others continue to be pioneers in logistics and door-to-door fulfillment, but the side of the market people are missing is the smaller, more locally sourced user, the groups that service these large international companies. [caption id="attachment_184038" align="alignright" width="100"] Ryan Lal, Lee & …

January 17, 2017California, Industrial, Market Reports, Western, Western Market Reports

Demand Drives Multifamily Development

The Orange County apartment market is currently enjoying strong fundamentals that comes from several sources. These include robust renter demand, strong local economy and historic low interest rates, all of which make for a perfect storm. As more renters enter the market due to strong employment numbers, it gives way to new household formation. While home prices in the region escalate, more would-be homebuyers are being priced out of the market and forced to remain in the rental pool, further …

December 20, 2016California, Market Reports, Multifamily, Western, Western Market Reports