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Orange County

Apartment
The fourth quarter of 2017 vacancy rate in the Orange County apartment market was 3.8%, up 20 basis points for the period and up 50 for the year following an increase by 10 basis points through 2016. At $1,871 and $1,807 per month, asking and effective averages for the fourth quarter represented increases of 3.9% and 2.1% for the year—following increases of 2.5% for both rates in 2016. Growth rates for the fourth quarter alone were low at just 0.2% and 0.1%.
Industrial
Orange CountyÂ’s existing warehouse/distribution space inventory is counted by Reis at 103.2 million square feet. The vacancy rate for the fourth quarter of 2017 was 6.2%, down 10 basis points for the period and down 30 for the year following a loss of 130 through 2016. Reis put fourth quarter average asking and effective lease rates for warehouse/distribution space at $7.31 psf and $6.88 psf, very high by national norms and up fully 4.6% and 4.9% for the year following increases of 5.3% and 5.5% all told in 2016. Gains for the latest quarter alone were 1.2% and 1.3% for both averages. Vacancy is lower still in the Flex/R&D market. Rent growth is strong in this sector. The fourth quarter vacancy rate in the local Flex/R&D sector was just 4.3%, down 20 basis points for the period and down 50 for the year after 2016Â’s decline by 20. At $11.65 psf and $10.90 psf, also high by national norms, fourth quarter average asking and effective lease rates for local Flex/R&D product were up 4.6% and 4.9% for the year. Increases of 1.2% and 1.3% are indicted for the final quarter.
Office
Orange CountyÂ’s recession woes left the general purpose, multi-tenant office market with uncharacteristically high vacancy. From the 21.0% peak reached in 2010, vacancy had descended to 15.4% by the third quarter of 2016. A surge in deliveries that followed thereafter arrested the descent. All the same, the rate closed the fourth quarter of 2017 at the same 15.4%, down 40 basis points for the period alone but unchanged overall for the year. At $32.81 psf and $24.70 psf, asking and effective averages for the fourth quarter represented gains of 3.5% each for the year following increases of 3.8% in 2016. Gains for the latest quarter alone were 1.5% asking and 1.4% effective. Through January 2018, rates grew an additional 0.2% each.
Retail
Low vacancy has been the abiding trend in the Orange County retail real estate market. Even during the latest recession, vacancy in the community-neighborhood shopping center market rose no higher than the 7.0% rate reported for the first quarter of 2010—from which it promptly descended. Indeed, from year-end 2012 through year-end 2017, the rate has not deviated from the narrow 5.0%-to-5.6% range. Even with 2017 producing the largest volume of new supply since 2009, the rate closed the fourth quarter at 5.1%, down 20 basis points for the period and down 30 for the year. With no new space added and minimal positive net absorption at 16,000 square feet, vacancy remained flat through January. At $33.67 psf and $29.76 psf, asking and effective averages for the fourth quarter represented gains of 1.9% and 2.1% for the year, approximating the growth rates calculated for 2016 and 2015. Respective increases for the quarter alone were 0.4% and 0.5%. Asking and effective rates grew 0.2% each during January 2018.

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!

CBC NRT NNN Investment Report

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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