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Regional Summaries

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Los Angeles, CA

Apartment
The 798,027-unit market-rate, investment grade Los Angeles apartment market continues to enjoy high rents and low vacancy. Rent growth was strong throughout 2017 although it slowed down slightly towards the end of the year. Reis reports a fourth quarter 2017 vacancy rate of 3.3%, unchanged from the prior quarter and for that matter every quarter back to the fourth quarter of 2016. Low vacancy is more or less the rule here, but to not record even a 10-basis-points variation for a full year is remarkable. Rent growth slowed down in the fourth quarter of 2017, after three strong quarters. The average asking and effective rents rose 0.4% each, to $1,883 and $1,811 per month. These were up 5.5% and 4.5%, respectively, over the year. VIEW APARTMENT LISTINGS >
Industrial
The Los Angeles warehouse/distribution market posted very solid rent gains in 2017, and vacancy dipped slightly. Flex/R&D space had extremely low vacancy, and rents were strong. Reis reports a fourth quarter 2017 vacancy rate of 4.6% for 456 million square feet of warehouse/distribution space in Los Angeles County, down 20 basis points from the prior quarter and down 60 year-over-year. This is a very high-performing market. Rents for warehouse/distribution space had another strong quarter in the fourth quarter of 2017. Reis reports the average asking and effective rents rose 1.9% and 2.0%, respectively, over the fourth quarter to finish at $7.50 psf and $7.06 psf. These rates are up 6.2% and 6.8% for the year. For 38.8 million square feet of Flex/R&D space, Reis reports a vacancy rate of 2.6% in the fourth quarter, unchanged from the prior quarter and down 50 basis points over the year. For Flex/R&D space, the average asking and effective rents were up 1.0% and 1.1% during the quarter to $12.52 psf and $11.45 psf. These rates are up 3.7% and 4.2% over the year. VIEW INDUSTRIAL LISTINGS >
Office
The 201-million-square-foot Los Angeles general purpose, multi-tenant office market finished 2017 with falling vacancy and another round of rent gains. Net absorption was positive for the year. Reis reports a fourth quarter 2017 vacancy rate of 14.8%, down 20 basis points from the prior quarter and up 30 basis points year-over-year. Office rents in Los Angeles finished off 2017 with a round of solid gains. The average asking rent rose 1.0% to $37.71 psf, and the average effective rose 1.1% to $30.82 psf, a strong performance for both rental categories. Indeed, the fourth quarterÂ’s gains stand out in a year of solid rental gains. These rates are up 2.8% and 2.9% year-over-year. VIEW OFFICE LISTINGS >
Retail
The 67.6-million-square-foot Los Angeles community-neighborhood shopping center market finished the fourth quarter of 2017 with steady occupancy and another round of rent gains, according to Reis. The community-neighborhood shopping center marketÂ’s fourth quarter 2017 vacancy rate of 6.0% is unchanged from the past two quarters. Indeed, the rate has remained close to the 6.0% mark since the end of 2009, after having been below 5.0% during the 2000s. Community-neighborhood shopping center rents continued to post gains through the fourth quarter of 2017, Reis reports. The average asking rent finished the quarter at $32.56 psf and the average effective rent at $28.75 psf, up 0.5% and 0.6% for the quarter. The year-over-year gains are 1.8% and 1.9%, respectively. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

Coldwell Banker Commercial® Reports

Coldwell Banker Commercial® Blue Book

The Coldwell Banker Commercial® (CBC) organization is proud to present its’ 2017 Year-End Blue Book!

The Blue Book is a helpful market report with information brought to you by the true “on the ground” experts – the professionals of the Coldwell Banker Commercial organization from all over the world.

CBC-affiliated professionals represent one of the largest commercial real estate footprints in the U.S.  The Blue Book brings their local market feedback directly to you with up-to-date commercial real estate research covering 130+ Primary, Secondary, Tertiary & International markets. If you are thinking of investing in alternative markets, the Blue Book is your go-to resource for local commercial real estate market data!

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This is a market report that Coldwell Banker Commercial NRT prepared for the CBC Global Conference. This report provides the 2018 forecast of net-lease properties and details why NNN properties remain well-positioned for continued success and growth in the coming months.

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