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Equity Office Daily Brief: April 7, 2016

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Daily Brief

April 07, 2016

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Technology Firms Search for New Office Markets in Effort to Cut Costs

National Real Estate Investor

 

For the past few years, Silicon Valley has been the darling of the American tech industry. In 2015, San Francisco and the surrounding area had some of the highest-priced office rents in the country (and office rents continue to soar) while...

 


Retail Continues Sluggish Growth

Commercial Property Executive

 

The U.S. retail sector continued to slowly improve in the first quarter of 2016, but not by much. The U.S. retail sector remains commercial real estate’s the most sluggish property type, an unwanted distinction it’s had since the recession. That’s partly because...

 


High-Profile Pickup Pumps Up Firm's Portfolio

San Fernando Valley Business Journal

 

Johnston Group in Agoura Hills has raised the profile of its portfolio of office and industrial properties by trading out a lower-quality industrial and office park for one of Ventura County’s most recognizable office buildings. The developer and property management firm last...

 


Industrial-Size Space Shortage

San Fernando Valley Business Journal

 

Unable to find warehouse space in the San Fernando Valley, Darwin Lau considered moving his fast-growing business from Van Nuys to Ontario – but he would have lost his entire workforce and most of his customers as a result. Lau’s 40 employees...

 



BLOG & ONLINE NEWS

 

Submarket Snapshot: Culver City's office market in Q1 2016

The Real Deal

 

Culver City, which has an inventory of 4.6 million square feet of office space, saw 108,751 square feet of positive absorption in the first quarter of 2016, according to a report by Transwestern. Its total vacancy rate was 10 percent, lower than...

 


LA's co-working craze is driving down office vacancy

The Real Deal

 

Increased demand for office space from creative and co-working tenants is driving down office vacancy in the Greater Los Angeles area, according to a new report by CBRE. The overall vacancy rate for the region decreased by 10 basis points to 15.1...

 


California Industrial May Face a Slowdown

GlobeSt.com

 

The industrial market in Southern California is on fire, with one on the lowest vacancy rates in the country, but could the market be facing a slow down? At the Pulse of the Ports conference last week, Lori S. Smith, souring...

 

FULL TEXT


Technology Firms Search for New Office Markets in Effort to Cut Costs

National Real Estate Investor

 

For the past few years, Silicon Valley has been the darling of the American tech industry. In 2015, San Francisco and the surrounding area had some of the highest-priced office rents in the country (and office rents continue to soar) while experiencing the highest demand from technology sector tenants. But as new tech players continue popping onto the scene facing low office space supply and sky high rents, are they seeing greener grass outside the Valley?

Over the past decade, technology giants, including Apple, Google, Amazon, Facebook, Twitter, Netflix, Tesla and Uber, enjoyed free reign of the San Francisco Bay area office market. Venture capital was pouring in. Freshly minted millionaires were launching new start-ups and entrepreneurs passionate about technology looked for more office space as their firms expanded.

Fast forward to the present. The average rent per sq. ft. for San Francisco office space in February 2016 was $99.42, marking a 102.4 percent year-over-year increase, according to online real estate database LoopNet. During the same period, the amount of available office space dropped by more than 21.0 percent. And 2015 brought record employment to California, mostly in tech sector office jobs. In the same year, San Francisco was cited as one of the most expensive cities in the U.S., according to the Council for Community and Economic Research. Tech giants are driving much of that momentum, as the biggest names in U.S. technology call the San Francisco Bay Area home.

"In the Northern Peninsula and the Valley, in the last quarter or so Apple has expanded by another 1 million square feet. Google has leased over 500,000 square feet, and they have entered into additional building purchase agreements. Palo Alto Networks has expanded by 300,000 square feet. Facebook has taken on 200,000 square feet," executives with office REIT Boston Properties noted in the company’s fourth quarter 2015 earnings report.

Technology-firm led growth in established tech hubs may be slowing down, however.

“The tech sector has been so strong over the past 36 to 48 months. Can this be sustained? There is the possibility of pull-back. Venture capital funding has slowed down considerably, the IPO market is more cautious and corporate bond yield spreads have widened,” notes Alan Pontius, senior vice president in the commercial property group of brokerage firm Marcus & Millichap.

Slowing demand from tech tenants is the greatest source of risk to office and multifamily property owners in San Francisco, Silicon Valley, Seattle, New York and Los Angeles, according to Fitch Ratings, which classified the tech sector as “cooling” in a recent report.

But what about markets that are just emerging as potential tech hubs?

Office developers are now looking outside of the San Francisco area for new project opportunities. One example is Fremont, Calif. "Because of the growth in Palo Alto, there is movement out of the core and into secondary and tertiary markets, where developers are setting up tech parks,” says Jerry Hoffman, president of Hoffman Strategy Group, an urban retail and integral use consultant.

Across the office sector in general, Fitch expects tech-oriented sub-markets will outperform in 2016. Major ratings agencies and data firms cite 2016 as a strong year for both central business districts (CBDs) and suburban office real estate. But where are technology start-ups planting roots today?

In simplest terms, technology firms are moving to the Midwest and the Southwest to enjoy lower office rents and more affordable housing for their workers. Those that wish to stay on the West Coast are moving north to Portland, Ore. or south to Los Angeles. These movements are even spurring spin-off market names such as “Silicon Prairie,” “Silicon Desert,” “Silicon Mountains,” “Silicon Forest” and “Silicon Beach.”

Consultants and brokerage firms in these emerging tech markets are seeing two new trends in office space preferences. The first is the adaptive reuse of older buildings, such as factories and older grocery store spaces, into creative office hubs. Another is construction of new buildings offering more open layouts and communal work spaces. “There is a fundamental shift underway in the way people use their office space,” says Jay Chernikoff, founder and CEO of DeskHub, a provider of shared office space. Chernikoff notes that new developments in Scottsdale, Ariz., have removed interior walls and incorporate larger sheets of glass with higher sight lines, enabling office workers to enjoy the quality of light and views previously reserved for C-suite executives.

“In the Phoenix market, we are seeing developers target this type of demand with projects incorporating larger floorplates, higher ceilings and indoor/outdoor connectivity—all in amenity-rich environments,” says Tiffany Winne, senior vice president and branch manager of the Phoenix office of commercial real estate services firm Savillis Studley. Hoffman is seeing development trends of adaptive reuse and new development incorporating communal space also occurring in Missouri and Nebraska.

-Diana Bell

Retail Continues Sluggish Growth

Commercial Property Executive

 

The U.S. retail sector continued to slowly improve in the first quarter of 2016, but not by much.

The U.S. retail sector remains commercial real estate’s the most sluggish property type, an unwanted distinction it’s had since the recession. That’s partly because robust building during the 2000s, which left a hangover of space, and partly because the U.S. recovery hasn’t meant robust wage gains. Thus the slow improvement for the property sector continued in early 2016, according to Reis Inc.‘s 1Q 2016 report on the sector.

Neighborhood and community center vacancy was unchanged during the first quarter at 10 percent even, according to Reis. Retail mall vacancy was also unchanged for the quarter, but at a lower level: 7.8 percent. For both subsectors, supply and demand were roughly equivalent during the first quarter.

Asking and effective rents for neighborhood and community shopping centers did manage some growth, up 0.5 percent and 0.6 percent, respectively, during the quarter. The growth rates for both types of rents have been more-or-less constant since Q4 2014. Over the last 12 months (as of the end of March), asking and effective rents grew by 2.1 percent and 2.2 percent, respectively, close to the year-over-year growth rates of the previous quarter.

New completions for neighborhood and community centers remain mired at low levels, the report added, with just about 1.6 million square feet coming online during the first quarter, the lowest quarterly figure since Q1 2014. Net absorption of 2.5 million square feet was slightly ahead of the figure from the fourth quarter, though demand for neighborhood and community center space remains limited.

-Dees Stribling

High-Profile Pickup Pumps Up Firm's Portfolio

San Fernando Valley Business Journal

 

Johnston Group in Agoura Hills has raised the profile of its portfolio of office and industrial properties by trading out a lower-quality industrial and office park for one of Ventura County’s most recognizable office buildings.

The developer and property management firm last month bought 1000 Town Center in Oxnard, a six-story Class A office building with a curved blue-green glass façade that towers over the 101 freeway across from shopping center the Collection at RiverPark.

Johnston paid Equity Office Management in Chicago $24.2 million for the 115,000-square-foot building, which was 97 percent occupied at the time of the sale, according to the buyer. The structure, built in 1989, was once the headquarters of the region’s largest law firm, Nordman Cormany Hair & Compton, before it closed in 2013.

“We’re trying to move toward more high-profile Class A buildings in our portfolio,” said Jeff Johnston, president of his eponymous firm. “We feel that’s where the market tends to move, especially in downtimes. When downturns do come, the Class A, more prominent properties do tend to do well.”

In turn, the company is cleaning out its older and lower-image properties. In February, Johnston Group sold its Canwood Business Park, a Class B mix of 120,000 square feet of office and industrial space in Agoura Hills, for $21 million to Van Nuys property owner and operator Majestic Asset Management Inc. and JS/JS Properties Inc. in Canoga Park.

According to the Building Owners and Managers Association International, Class A buildings get above-average rents for an area because of high-quality finishes, state-of-the-art systems and high accessibility. Class B properties have fair to good finishes for the area with adequate systems and draw average rents.

The 1000 Town Center sits on the edge of RiverPark, a massive residential and retail development involving five different homebuilders and the Collection, a 600,000-square-foot open-air shopping center owned by CalCenter Properties in El Segundo.

Medical Expansion

In another sign of the medical real estate sector’s robust health, a doctors group has bought a Palmdale office park with plans to expand in the Antelope Valley.

Roy Medical Group of Canoga Park, Van Nuys and Palmdale recently bought the six-building Woodland Business Park at 1601 to 1609 and 1543 Palmdale Blvd. for $4.87 million from Woodland Business Park, according to commercial real estate brokerage Lee & Associates-LA North/Ventura Inc. in Sherman Oaks.

The doctors group already occupies about 3,000 square feet of the 44,000-square-foot complex and plans to take over more than half of the space, said John Battle, managing director and principal of Lee & Associates, who brokered the deal on behalf of the seller.

“It took advantage of good financing terms available through the Small Business Administration to buy owner-occupied buildings,” Battle said. “The rule is they need to occupy 51 percent or more of the premises. But they have a year to do it.”

It’s the second purchase and expansion by doctors in the region. In February, Pasadena’s Huntington Orthopedics Surgical Medical Group bought its second building in the past year near Huntington Hospital for $9.25 million. The 22,000-square-foot medical building is occupied mostly by the hospital but once that lease expires next month, the surgical group plans to occupy most of that property as well as part of a building it bought next to the hospital last April after an expansion.

Pricey Residences

A lack of homes and condos for sale and the rising prices of those that are on the market slowed sales activity in February in the valley areas, according to the Southland Regional Association of Realtors Inc.

In the San Fernando Valley, the number of single-family homes that sold fell 6.7 percent to 322 year to year, according to the association. The number of condos dropped 10.6 percent to 135 units.

Median prices of single-family homes that sold in February rose 6.9 percent to $561,000. Median prices for condos climbed even more – 10 percent – to $380,000.

The total number of condos and single-family homes on the Multiple Listing Service fell 6.7 percent to 1,300 in February from a year ago’s inventory, the association added.

In Santa Clarita, 130 single-family homes sold – down 4.2 percent from a year ago. On the upside, 55 condominiums sold, a 17 percent increase from the previous year.

Single-family home median prices stayed flat from the prior month at $530,000. Condo median prices increased 11.7 percent from the year-ago period to $335,000.

-Staff Reporter Carol Lawrence can be reached at (818) 316-3123 or clawrence@sfvbj.com.

Industrial-Size Space Shortage

San Fernando Valley Business Journal

 

Unable to find warehouse space in the San Fernando Valley, Darwin Lau considered moving his fast-growing business from Van Nuys to Ontario – but he would have lost his entire workforce and most of his customers as a result.

Lau’s 40 employees had refused to relocate, even though Ontario’s industrial real estate market would have saved Lau Enterprises Inc. a lot of money. Effectively, the move would have shut down the framed art wholesaler for two months, putting his relationships with national retailers at risk.

“I would’ve had to retrain, and would’ve had to cut off service to clients because I ship to them every week,” Lau said. “It wasn’t worth it.”

Industrial space in the Valley has dried up as the postrecession economy has gained steam. It has reached the point where it’s no longer simply a matter of price – often space just isn’t available, period. The shortage threatens to push companies, such as Lau Enterprises, out of the Valley, and presents a big obstacle to growing local businesses to bring new jobs to the region.

Lau ended up settling for a warehouse in North Hills that he said is less than ideal.

“I’m working with a lot of different clients, and some are getting nosed out – they are either staying in places they don’t like or having to take spaces of less than optimum use,” said Matt Ehrlich, senior associate with NAI Capital Co. in Encino, who brokered the Lau Enterprises deal. “You have to pay asking rates and take as is. It’s a lessor’s market. They’re definitely holding the cards now and it’s a simple case of supply and demand.”

Competitive landscape

With industrial vacancy at only 0.8 percent in the Valley, according to NAI Capital, competition is getting fierce.

Brokers attribute the space race to a stronger economy, in which consumers are buying again and enabling distributors and e-commerce businesses to expand and outgrow existing locations. When they look for larger accommodations to lease, they must compete with budding industries, such as solar panel installers and marijuana growers. Even traditional businesses that used to rent in retail centers are taking warehouse space as retail rents rise.

“Thirty years ago, these buildings were occupied only by big manufacturers and aerospace,” Ehrlich said. “New emerging industries are partly responsible in the competition for trade manufacturing space, and solar would be a good example. Solar and fitness – these are two industries that were either not around 10 years ago, or as in the case of fitness businesses, they were more in retail space rather than industrial.”

When it comes to buying industrial buildings, investors are eager for deals of any size, and that’s driving up the sale price or keeping it at asking price, said Jeff Puffer, senior vice president of Delphi Business Properties Inc. in Van Nuys. He said for buildings from 1,000 square feet to 100,000 square feet, the demand is there and is even greater for larger spaces. For most of the buildings he’s listed recently, several buyers are offering to pay the asking price and just as many are offering more.

“The last time this happened was the last market run-up of 2007,” he said. “It’s a stronger economy; there are historically low debt costs for buyers so financing is relatively inexpensive based on historic interest rates, and I think there’s a fear of inflation driving investors to either refinance or purchase a new or additional facility.”

It’s taking about three times as long for tenants to find new locations compared with six to 12 months ago, Puffer said.

For example, a four-building industrial park in Van Nuys that he helped broker sold in January for $8.8 million, or $600,000 more than the asking price. The leased spaces ranged from 1,000 square feet to 4,000 square feet and there were about 20 to 30 tenants. This was the first time it was on the market, Puffer said, and it brought in multiple all-cash offers in the first two weeks after being listed. The buyer waived his rights to do property inspections, and investigated only for environmental conditions and title issues.

“They were buying it as is, with all faults and conditions,” Puffer said. “The buyer we selected (Rex Investment) was so motivated and wanted the property so bad that he basically waived (almost) all his rights.”

Martin Agnew, vice president of investments with Marcus & Millichap Inc. in Calabasas, said the most desirable space for investors he’s working with is buildings between 2,000 square feet and 5,000 square feet. Prices for those have increased to the mid-$200 a square-foot range, compared with roughly $125 a square foot about five years ago, he said.

Competition for these buildings is from business owners in Hollywood, on the Westside and in surrounding areas – including film production companies as well as marijuana growers and dispensaries – who want less-expensive Valley buildings after getting priced out of their previous locations, Agnew said.

“As long as you have parking, you can jam almost anything into industrial spaces,” he added.

Stay or go?

Darwin Lau, who signed a lease for 30,000 square feet in a North Hills warehouse that has some issues rather than move to Ontario, is far from alone. Many business owners have had to make do with less than ideal situations.

Pods Enterprises, a moving container company, leased 91,000 square feet in a Van Nuys building even though it came with extra office space the company didn’t need, and therefore possibly higher rent, Puffer said.

In addition, a Burbank company that builds stages inside industrial buildings for production companies was forced to lease 35,000 square feet as far away as Pacoima – an area beyond its customer base – because it couldn’t find space any closer, he added.

Ghostlight of San Fernando, which provides stunt vehicles for movies, may relocate to Georgia after having searched for a larger facility in the Valley for about a year, Delphi’s Puffer said. There, the owner could get a 50,000-square-foot building on five acres, along with other perks and incentives offered to the company if it moves.

AGF Media Services also had to settle for a location in Canoga Park, farther than it had hoped for from its clients in Beverly Hills and Santa Monica. The company, which rents out and sets up audiovisual equipment and staging materials for presentations in hotels and conference rooms, had to move after selling its building in Van Nuys, said AGF’s president and owner, Jeff Baker. Now, the company has to pay its hourly employees for the longer drives back and forth between the new location and clients, he added.

“When we put (our building) on the market (in July and August), our broker told us there were 100 properties available; and when we closed (in late February), there were three,” he said. “The challenges we face are our transportation costs have gone up considerably and so have our labor costs. We’re making the best of it.”

Finally, industrial property is increasingly being converted to retail and residential use, said Kenn Phillips, chief executive of the Valley Economic Alliance, a business recruitment and retention organization in Sherman Oaks. That will present an economic problem in the near future, he added.

“If you don’t safeguard the industrial space, it will turn over to residential or retail and you’ll never get that property back for manufacturing,” Phillips said. “Now we have jobs that pay a lot less than manufacturing and some vacancies – but it’s not going to flip back to manufacturing. That’s the biggest problem we have.”

-Carol Lawrence

Submarket Snapshot: Culver City's office market in Q1 2016

The Real Deal

 

Culver City, which has an inventory of 4.6 million square feet of office space, saw 108,751 square feet of positive absorption in the first quarter of 2016, according to a report by Transwestern.

Its total vacancy rate was 10 percent, lower than the Westside average of 12 percent.

But it also took in less rent money. The average asking rent in Culver City was $3.43 in the first quarter, well below the West Los Angeles average of $4.52, and nothing to sneeze at if you’re Beverly Hills.

-Hannah Miet

LA's co-working craze is driving down office vacancy

The Real Deal

 

Increased demand for office space from creative and co-working tenants is driving down office vacancy in the Greater Los Angeles area, according to a new report by CBRE.

The overall vacancy rate for the region decreased by 10 basis points to 15.1 percent in the first quarter from 15.8 percent a year ago, the report shows. Vacancy fell most substantially in West Los Angeles, where it dropped from 12.7 percent to 11.3 percent in just a year.

CBRE analysts attributed the increased occupancy rate in part to the co-working craze that’s been sweeping the whole city and Downtown L.A. in particular.

“Though many market observers and participants tend to hold overly bullish or overly bearish opinions about the concept of co-working, the one undeniable truth is that co-working companies are accounting for an ever-increasing chunk of net absorption and nowhere is this more true than in Downtown Los Angeles.”

WeWork, for instance, has been gobbling up space all over the county. It entered the L.A. market in 2011, signing on for 35,700 square feet at 7083 Hollywood Boulevard in Hollywood. Last year, it signed for roughly 90,000 square feet at the Brookfield-owned Gas Company Tower in Downtown Los Angeles at 555 West 5th Street. It also has a 44,500-square-foot space in Downtown’s historic Fine Arts Building at 811 West 7th Street, which it leased in 2014 for a 15-year term, The Real Deal previously reported.

Falling vacancy rates are likely contributing to upward pressure on office rents. The average overall asking lease rate for an L.A. office space increased to $2.91 in the first quarter, a 4.6 percent increase year-over-year, the report shows. In Downtown L.A., asking lease rates increased by 7.9 percent over the past year.

Meanwhile, new development of office space is in full swing. More than 2.3 million square feet of new office space is currently under construction in Greater L.A., including a whopping 459,431 square feet in Hollywood, according to CBRE.

-Katherine Clark

California Industrial May Face a Slowdown

GlobeSt.com

 

The industrial market in Southern California is on fire, with one on the lowest vacancy rates in the country, but could the market be facing a slow down? At the Pulse of the Ports conference last week, Lori S. Smith, souring lead for ocean for CLS Regional Transportation Organization at Johnson & Johnson, said that the company is looking at alternative ports to curb port unreliability, noting the disruption last year.

“When the disruption happened, it started causing a very unpredictable supply chain for us, and our focus is very customer centric,” Smith said in her presentation. “Reliability is the most important thing, and keeping our customer happy is the most important thing. When the disruption happened, it caused increased costs, increased lead-time and increased inventory requirements. Minimizing and limiting impact with a high level of customer service continues to be the most important thing.”

After detailing the challenges of beneficial cargo owners, which included unpredictable port productivity, larger ships—which she says hampers productivity—and rate volatility, she recommended that the industry focus on KPIs, end-to-end visibility and terminal and gate hour consistency. But, she also admitted that one way her company is working around these challenges is to using alternate shipping options, including trans-loading and multiple port discharges. “Where we might have previously only gone to California, we are the Gulf Coast and at the East Coast. I think you will see more of that as time goes on.”

Fran Inman, SVP at Majestic Realty Co. and a member of the California Transportation Commission took the comments seriously, saying, “It is really important to meet the customer’s needs no matter where you are in the supply chain. Reliability is a concern for all of us, we have heard that over and over again.”

However, when focusing on the real estate market, Inman had a more positive message. “It has been a great year. The big box market is a hot market. We are at post recession highs with very low vacancy,” she said, adding, that this has been the company’s biggest year ever. “The sweet spot this last 18 months has really been meeting the demands of ecommerce and the Omni-channel distribution that most retailers are trying to figure out.”

In California, however, developments are having a hard time penciling because of increased costs. Inman admitted that 90% to 95% of the Majestic’s new development is outside of the state of California. “There is new product coming onto the market, but not quite so much new product coming onto the market in California, because there has been some trouble with deals penciling out.”

Even if there is a slow down in construction, though, there doesn’t seem to be a slow down in demand, which is still high and putting upward pressure on rents. “Because of the low vacancy, there is some pressure on rates, especially in the Inland Empire and the port areas.”

She ended her presentation by saying that we should all be a part of the transportation conversation to increase reliability, and to cultivate the private partnerships in transportation and with the railroads.

-Kelsi Maree Borland

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