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Equity Office Daily Brief: April 21, 2016

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Daily Brief

April 21, 2016

  EquilityOffice

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Seat Of Power: Inside Michael Milken's Pine-Paneled Office

Forbes

 

WHEN 69-YEAR-OLD Michael Milken’s jet-set schedule allows him to be home in Los Angeles, he works from his airy, pine-paneled sixth-floor office in a Santa Monica building where the Milken Family Foundation and the Milken Institute (a think tank) have their headquarters. “Giving...

 


Can $250 million and a Ferris wheel finally turn the Queen Mary into a Long Beach tourist destination?

Los Angeles Times

 

When one of the most famous ocean liners in the world sailed into Long Beach in 1967, city boosters figured they were well on their way to creating a must-see tourist destination. But in the decades since, proposals to build attractions that...

 



BLOG & ONLINE NEWS

 

Univision Building Trades for $102M

GlobeSt.com

 

CBRE Global Investors has acquired the Univision Building from Univision TV Group for $102 million. The 174,084-square-foot property is located in the Howard Hughes Center at 5999 Center Dr. in Los Angeles. Univision also included a lease-back in the sale agreement,...

 


This Week's LA Deal Sheet

Bisnow

 

Forest City Enterprises' $100M Blossom Plaza in Chinatown has officially begun pre-leasing now that it's been completed. Bisnow caught up with the players to get the details and find out what impact this new development will have on the area. Blossom Plaza,...

 


Report: Downtown LA Is A 'Boomtown'

Bisnow

 

Downtown LA is the nation’s second-largest “boomtown” when it comes to household growth, according to a new Realtor.com report. LA's 90012 ZIP code, which includes the LA Financial District, Little Tokyo, Boyle Heights and part of the neighborhood near the Walt...

 


Submarket Snapshot: El Segundo's office market in Q1 2016

The Real Deal

 

El Segundo continues to benefit from its position as an overflow market. In recent years, tenants looking for bigger spaces and cheaper rents than those in Silicon Beach locations like Santa Monica and Playa Vista entered the submarket in droves. The result?...

 


Steaven Jones Development Buys Marina Del Rey Redevelopment Site

CoStar.com

 

Steaven Jones Development acquired the 11,344-square-foot retail building on a 51,401-square-foot lot at 4065 Glencoe Ave. in Marina Del Rey, CA from private investors for $17 million. The building was fully leased to two auto-related businesses at the time of sale. The...

 


InvenTrust Invests in LA Retail Market

CoStar.com

 

DSB Properties, Inc. sold the Stevenson Ranch Plaza shopping center at 24955-24975 Pico Canyon Rd. in Valencia, CA to InvenTrust Properties Corp. for $72.5 million, or about $388 per square foot. The 187,035-square-foot, Ralphs grocery-anchored community center was built in 1997 on...

 


Magellan Sells $105.5M Self Storage Portfolio

CoStar.com

 

Sovran Self Storage, Inc. (NYSE: SSS) acquired a portfolio of self-storage properties located across Southern California from The Magellan Group, Inc. in two tranches totaling $105.5 million. The sales price equates to roughly $234 per square foot, or about $28,500 per...

 


Industrial Investor Sells and Buys in Van Nuys

RENTV.com

 

We’ve got a couple of industrial sales comps to report from Van Nuys, on behalf of one investor, who sold one building and purchased another. The two deals have a combined value of $8.42 mil. In the larger deal, the investor, Alon...

 


Metropolitan LA Office Rent Growth Hits Eight-Year High

RENTV.com

 

The Los Angeles metropolitan area’s economy continued to expand with a net 107,300 jobs added during the 12 months ending February, representing a 2.5% annual increase, which exceeds its 2.0% average growth rate experienced in the prior four years. The metro...

 

FULL TEXT


Seat Of Power: Inside Michael Milken's Pine-Paneled Office

Forbes

 

WHEN 69-YEAR-OLD Michael Milken’s jet-set schedule allows him to be home in Los Angeles, he works from his airy, pine-paneled sixth-floor office in a Santa Monica building where the Milken Family Foundation and the Milken Institute (a think tank) have their headquarters. “Giving yourself to others is the most important thing. When you give, you get something in return,” says the financier, who was banned from the securities industry after pleading guilty to fraud in 1990. Armed with an estimated $2.5 billion fortune, he has devoted his time to helping solve some of the world’s most intractable problems. Through his groups he has given hundreds of millions of dollars to everything from cancer research to public health to education reform and has created a Davos-like yearly conference in L.A. where the world’s power players discuss global issues.

Canvas tote bags

Canvas tote bags are “my filing cabinet,” says Milken, who stuffs them with papers to take on flights. He travels so much, he says, that there are trips where he works roughly 24 hours straight across different time zones. “You have to be in shape for that.”

The Giving Tree

One of Milken’s favorite books, Shel Silverstein’s The Giving Tree, sits on his desk. He has read it to all nine of his grandchildren, ages 2 to 10. He babysits a lot.

Top Dog cap

“It was a shrine to me,” Milken says of Top Dog, a late-night munchies stop he frequented as a U.C. Berkeley undergrad. He once ate 12 hot dogs in a single sitting.

Check

The only Wall Street souvenir in Milken’s office: a glass-encased copy of a check for $2,444,944,666.67. It commemorates the amount Drexel Burnham Lambert raised in March 1986 for Occidental Petroleum, one of 3,200 financings Milken participated in while at Drexel.

Signed baseball bat

A baseball bat signed by former Los Angeles Dodgers manager Tommy Lasorda is a totem of Milken’s annual fundraising tour of Major League stadiums for his prostate cancer foundation. (Lasorda often accompanies him.)

Corporate financing cube

Milken tosses this large felt cube into the crowd when giving talks about finance, emphasizing how sudden cultural shifts can affect markets.

Pine paneling

While battling prostate cancer 23 years ago, Milken surrounded himself with pleasant smells of the sea and pine to “energize immune system.” His love of pine goes back to walks with his dad at Big Bear. He has had pine paneling in his home since before the diagnosis and in this office since 2003.

LIFE magazines

A collection of Life magazines includes one from his birth month (July 1946), as well as others about the Space Race. As a young man, Milken wanted to become an astronaut.

Clinton letter

Milken penned a September 2000 Wall Street Journal op-ed arguing that the country’s huge and growing wage gap would be solved only by making education and training a greater national priority; it caught the eye of President Bill Clinton, who sent him a thank-you note.

Marvel Comics

A huge Marvel Comics nerd, Milken has dressed up as Captain America on Halloween for the past two years.

-Follow me on Twitter at @kate_vinton.

Can $250 million and a Ferris wheel finally turn the Queen Mary into a Long Beach tourist destination?

Los Angeles Times

 

When one of the most famous ocean liners in the world sailed into Long Beach in 1967, city boosters figured they were well on their way to creating a must-see tourist destination.

But in the decades since, proposals to build attractions that would complement the Queen Mary — from a Disney marine park to a science fiction museum — have been trumpeted, only to fade away.

Now, the city is trying once again to develop a large swath of vacant land surrounding the historic vessel turned hotel, and it's banking on a relatively unknown L.A. real estate company with a big plan: a $250-million entertainment and retail complex that might even feature a giant Ferris wheel.

"The idea is to do something spectacular on the water that will also connect to downtown," Mayor Robert Garcia said.

The company, Urban Commons, was chosen by the city late last year as the new leaseholder of the marine complex. The company formally took over the lease this week and is working with a task force appointed by the mayor on ideas for developing the surrounding 45 acres, now mostly parking lots.

While plans are still preliminary, company principal Taylor Woods said he would like to add to the 314 staterooms available on the ship. He envisions a 200-room landside boutique hotel, restaurants, a marina and an amphitheater for thousands to enjoy live music and events — all linked together by jogging and bike paths near the water.

Woods said a giant Ferris wheel is also a possibility, as long as it wouldn't detract from the Long Beach skyline.

Such attractions have become increasingly popular in recent years since the 443-foot high London Eye opened along the Thames in 2000. Others built since then include a 550-foot wheel in Las Vegas.

"This is a tremendous opportunity to transform a beloved Southern California icon into a beloved world-class destination," Woods said.

Garcia said the amphitheater, marina and hotel are ideas that have been discussed as possible, but he emphasized that nothing has been finalized.

The question is whether Urban Commons can deliver where other companies have failed.

Even Howard Hughes' massive Spruce Goose wooden airplane, which went on display in 1982 in a giant dome next to the ship, was taken apart and shipped to an Oregon museum in 1993. The dome is now used as a terminal for Carnival Cruise Line.

Other ambitious plans included Walt Disney Co.'s attempt to incorporate the ship into a $3-billion sea-themed amusement park.

But the Burbank entertainment giant declined to renew its lease in the early 1990s and instead built the California Adventure amusement park next to Disneyland.

In 1995, Queen's Seaport Development Inc., formed by businessman Joseph F. Prevratil, took over the lease and floated various plans over the years, including a science fiction museum and time-share condominiums. But in 2005, Queen's Seaport filed for bankruptcy.

Urban Commons took over the lease from Garrison Investment Group, a New York company that had held the lease since 2009. It is working out final terms with the city on a new 66-year lease of its own.

Michael Conway, the city's director of economic and property development, said one reason past plans were stymied was the lease didn't allow for the land to be subdivided, preventing developers from getting financing to build individual projects.

"This will change in the new lease," he said in an email.

Woods said Urban Commons has been holding substantive meetings with city officials and the Queen Mary Land Development Task Force and hopes to have a master plan for the city's approval within a year. He hopes the whole development will be finished within five years.

Urban Commons, based in downtown Los Angeles, has a portfolio that includes a nearly 800 room hotel near Walt Disney World, along with hotels in Denver, Pasadena and Miami, according to the company.

The firm also said it broke ground on a new hotel project in Grover Beach along the Central Coast in November and has other "projects currently under development, including hotels, apartment buildings and mixed-use properties."

Its hotel near Walt Disney World is named Nickelodeon Suites Resort, but in June the resort will stop featuring Nickelodeon branding and entertainment offerings.

In a statement, Nickelodeon said it and Urban Commons "have mutually agreed to not extend the partnership," while "Nickelodeon will continue to broaden its recreation portfolio by partnering with leading hospitality companies around the globe."

Bruce Baltin, a hospitality consultant with PKF Consulting, said he wasn't very familiar with Urban Commons, other than they've been busy. "They have been pretty aggressive," he said.

Although previous leaseholder Garrison did not undertake any major development, the company started a series of events to attract more visitors to the complex, including a Halloween festival, dubbed Dark Harbor, that drew tens of thousands of people last year.

Woods said he would like to expand events and further renovate the ship, which also features restaurants and several ornate ballrooms that host weddings and conferences. Garrison spent some $13 million improving the ship.

"The entire property should be enhanced with a greater touch of luxury," Woods said, noting the staterooms should have more of a "spa" feel and the original woodwork should be restored.

Garrison had hired Evolution Hospitality, a Newport Beach firm, in 2011 to run the ship. Urban Commons plans to retain Evolution as the operator.

Built in 1934, the Queen Mary was billed as the fastest and most luxurious cruise ship in the word — the Duke and Duchess of Windsor, as well as Elizabeth Taylor, took to the high seas on the liner.

During World War II, the ship transported soldiers to the European front, earning it the name the Gray Ghost. The city of Long Beach bought the ship in 1967 from the Cunard Line shipping company.

Woods said Urban Commons will spend $10 million to $15 million to renovate the Queen Mary and an additional $250 million to develop the surrounding land, money the company plans to raise.

One possible financing avenue is through the federal Eb-5 visa program, which allows foreign investors to gain permanent U.S. residency in exchange for investments that create American jobs.

Urban Commons is approved to raise and use funds through the program, though a company spokesperson said the Queen Mary project "does not include that component at this time."

While many details remain to be worked out, Garcia called the deal with Urban Commons the most promising one he's seen.

"This is farther than we've come in many years," he said.

-andrew.khouri@latimes.com

Univision Building Trades for $102M

GlobeSt.com

 

CBRE Global Investors has acquired the Univision Building from Univision TV Group for $102 million. The 174,084-square-foot property is located in the Howard Hughes Center at 5999 Center Dr. in Los Angeles. Univision also included a lease-back in the sale agreement, and will occupy 105,000 square feet through 2026.  The lease brings the property to 60% occupancy.

Location played a huge role in CBRE’s decision to acquire the asset. “I like the Playa Vista market in general, and that market is pretty much built out at this point,” Gardner Ellner, western region acquisitions director of CBRE Global Investors, tells GlobeSt.com. “It is right on the 405 freeway, so we have great access, and we think we are really the gateway to Playa Vista in that sense. I also like that pocket market. The micro market has 1,000 apartment units coming, which is totally going to change the vibe of that little pocket itself.”

But, the strength of Univision as an in-place tenant with a 10-year lease definitely sweetened the opportunity. “We are really happy to have them as a tenant there,” adds Ellner. “They are one of the top Hispanic television stations in the United States, and we have and increasing Hispanic demographic in Southern California. We think this is a great opportunity to partner with a company like Univision.”

The property was built in 2000, and Univision purchased it in 2004 for $52.5 million. While the property is in good condition, CBRE Global Investors plans to invest an additional $2 million, estimated by Ellner, to update the lobby and common areas as well as the landscaping. “We plan to put in a synergistic tenant,” Ellner says. “We are going to do a capital campaign in the lobby and improve the courtyard into more of a work-play environment.”

Ryan Gallagher and Andrew Harper of HFF represented the seller in the transaction. We have reached out to them for comment as well, and will update the story with any further information on the deal.

The Howard Hughes Center is a mixed-use campus that includes office and a retail center, the Promenade at Howard Hughes. The Laurus Corp. is currently rolling out a $30 million renovation of the retail portion, to create a community-gathering place that fits the changing retail landscape and moves away from anchor tenants. That project will only further enhance the area.

-Kelsi Maree Borland

This Week's LA Deal Sheet

Bisnow

 

Forest City Enterprises' $100M Blossom Plaza in Chinatown has officially begun pre-leasing now that it's been completed. Bisnow caught up with the players to get the details and find out what impact this new development will have on the area.

Blossom Plaza, at the intersection of Broadway and College Street, has 237 apartments and 19k SF of retail space. It sits on nearly two acres near the Metro Gold Line Chinatown station. Forest City VP of development Frank Frallicciardi says Forest City is “proud and excited” to be part of the neighborhood. Chinatown is not far from Dodgers Stadium, adjacent to the Downtown Civic Center and near “the transformative 20-plus acre State Historic Park” and the Gold Line, according to Frank.

Forest City has a strong track record for transformative projects in previously overlooked underdeveloped metropolitan areas, Frank says. JLL VP Lorena Tomb (pictured above with her husband) and JLL senior associate Danielle Cornwell are marketing the retail space for lease in Blossom Plaza on behalf of Forest City. Lorena says Chinatown is in the midst of a revitalization, and Blossom Plaza will be a great addition to the neighborhood. In addition to the new residential units coming to the neighborhood, the new retail corridor and outdoor community space will connect the Chinatown Gold Line station to Broadway Street, according to Lorena. The retail focus is on food and beverage offerings.

"This is what brings people together after all," Lorena says. "With restaurant and bar entitled spaces, we are already seeing a great number of chefs and bar operators interested in joining the recent young up-and-coming star chefs who have entered the Chinatown market." These include: Little Jewel of New Orleans with Marcus Christiana Beniger, Pok Pok with Andy Ricker, Ramen Champ with Alvin Cailan and Burgerlords with the Guerrero brothers, according to Lorena. The complex's plaza will connect to the adjacent train station and directly into a pedestrian paseo between its two buildings.

SALES

Stepp Commercial sold a 10-unit apartment property (1846 10th St) in Santa Monica for $4.2M. The transaction closed at a cap rate of 3.6% and the price was $420k/unit, which is the top of the market for similar properties in the neighborhood. The two-story building, which consists of two-bedroom, one-bathroom units, was built in 1958. The property was recently renovated and upgraded with individual washers and dryers in each unit as well as custom retro-style finishes and new electrical panels. Stepp Commercial principal Kimberly Roberts Stepp repped both parties, including the seller, Idaho Land Management, and private buyers from LA.

***

Charles Dunn Co sold a 5k SF single-tenant, triple net leased property occupied by Union Bank (9738 Alondra Blvd) in Bellflower for $3.19M. The transaction closed at a cap rate of 4.43% and sold for $638/SF. Charles Dunn Co's Kyle Gulock and Jason Cope repped both the seller, a private investor from Orange County, and the buyer, a Chinese investor.

***

CBRE Group’s Capital Markets Los Angeles Retail Investment Properties team sold a Wells Fargo-occupied property (10781-10789 West Pico Blvd and 2380 Glendon Ave) in West LA across the street from Westside Pavilion to Harbor Group International for $11M. CBRE Capital Markets experts Daniel Riley and Austin Wolitarsky repped the seller, LDW Pico Properties, a family-owned real estate investment firm. The buyer, Harbor Group, is a Norfolk, VA-based real estate investor.FINANCING

Sonnenblick-Eichner Co arranged $65M of first mortgage debt for refinancing the 341-room Marriott Monterey Hotel in downtown Monterey. The 10-year, fixed-rate financing was provided by a European Money Center bank and was underwritten at a debt yield below 10%. The AAA-rated, Four Diamond, 10-story hotel is adjacent to the Monterey Conference Center in the heart of the downtown retail district. The hotel has 16,500 SF of meeting space, a spa, two restaurants and subterranean parking for 142 cars.

***

NorthMarq Capital VP Mark Dodson arranged for the acquisition and bridge financing of $2.28M for a portfolio of two multifamily properties (1744 East 2nd St and 563 Cherry Ave) in Long Beach. They have a combined 20 units. The transaction was structured with a two-year interest-only term. NorthMarq arranged financing for the borrower through its relationship with a regional bank.

EXECUTIVE NEWS

Jay Levine was named as associate of investment sales at Stepp Commercial. He will focus on apartment investment sales transactions in West Hollywood as well as other Westside locations. Previously, Jay was an executive producer in the music industry and worked as a consultant with the chairman of both Warner Music Group and Columbia Records.-Karen Jordan

Report: Downtown LA Is A 'Boomtown'

Bisnow

 

Downtown LA is the nation’s second-largest “boomtown” when it comes to household growth, according to a new Realtor.com report. LA's 90012 ZIP code, which includes the LA Financial District, Little Tokyo, Boyle Heights and part of the neighborhood near the Walt Disney Concert Hall, is expected to see more growth in the number of households of any city nationwide over the next five years after the No. 1 city, Gilbert, AZ, according to The Real Deal. About 22,000 new housing units are scheduled to begin construction in that ZIP code this year, and 65,000 new jobs will be created, according to the report. As a result, that part of downtown LA is growing six times faster than the average rate for ZIP codes in the top 100 counties in the US. The report was based on forecast job creation, the formation of households and new construction projects this year. Households in the 90012 ZIP code are expected to grow by 8.8% over the next five years. The growth is occurring due to local residents with higher incomes moving downtown because of restaurants, clubs and other amenities, according to the report.-Karen Jordan

Submarket Snapshot: El Segundo's office market in Q1 2016

The Real Deal

 

El Segundo continues to benefit from its position as an overflow market. In recent years, tenants looking for bigger spaces and cheaper rents than those in Silicon Beach locations like Santa Monica and Playa Vista entered the submarket in droves.

The result? It doesn’t have all that much space left.

El Segundo saw the lowest vacancy in the South Bay in the first quarter of 2016, at 12.1 percent, according to a report by Transwestern. The South Bay as a whole saw 18.6 percent vacancy, and the long-struggling LAX submarket saw a whopping 37.9 percent.

El Segundo also had the highest average asking rent, at $2.71 a square foot a month, compared to the South Bay average of $2.25.

The 10.1 million-square-foot submarket saw 92,763 square feet of positive absorption in the first quarter.

-Hannah Miet

Steaven Jones Development Buys Marina Del Rey Redevelopment Site

CoStar.com

 

Steaven Jones Development acquired the 11,344-square-foot retail building on a 51,401-square-foot lot at 4065 Glencoe Ave. in Marina Del Rey, CA from private investors for $17 million.

The building was fully leased to two auto-related businesses at the time of sale. The buyer plans on tearing down the existing building to redevelop the property into multifamily and creative use.

Daniel Hirth and Steven Schechter of Marcus & Millichap represented both the buyer and the seller in the sale.

-Mary Vinal

InvenTrust Invests in LA Retail Market

CoStar.com

 

DSB Properties, Inc. sold the Stevenson Ranch Plaza shopping center at 24955-24975 Pico Canyon Rd. in Valencia, CA to InvenTrust Properties Corp. for $72.5 million, or about $388 per square foot.

The 187,035-square-foot, Ralphs grocery-anchored community center was built in 1997 on 12.7 acres in the Santa Clarita Valley submarket of suburban Los Angeles, 35 miles northwest of downtown. The Kroger affiliate anchors the center along with LA Fitness, PetSmart and Stein Mart.

"We are excited to announce the acquisition of Stevenson Ranch Plaza, a premier retail center with a top-tier grocer in one of the largest retail markets in the U.S.," said Michael E. Podboy, executive vice president, chief financial officer and chief investment officer of InvenTrust, which has announced more than $300 million in trophy-class acquisitions over the past month alone. "Stevenson Ranch Plaza presents an opportunity to drive value over the long term to our investors."

InvenTrust became a self-managed REIT in 2014, and as of December 2015 owned 112 shopping centers totaling 18.5 million square feet across 24 states in addition to 11,000 student housing beds and 5.7 million square feet of non-core commercial product.

Both parties reportedly handled the direct sale in-house.

-Justin Sumner

Magellan Sells $105.5M Self Storage Portfolio

CoStar.com

 

Sovran Self Storage, Inc. (NYSE: SSS) acquired a portfolio of self-storage properties located across Southern California from The Magellan Group, Inc. in two tranches totaling $105.5 million. The sales price equates to roughly $234 per square foot, or about $28,500 per unit.

The properties are all located in core, urban markets in Los Angeles and Orange Counties. They total more than 450,000 square feet of rentable space and offer 3,700 units in varying sizes and configurations.

SSS is a self-storage real estate investment trust that operates under the trade name Uncle Bob's Self Storage. They were advised in the sale by Locke Group.

"This portfolio was significant for a variety of reasons," said Gregory D. Wells, director of Cushman & Wakefield’s Self Storage Practice Group in San Diego. "The Magellan Storage portfolio offered an incredibly rare opportunity to acquire Class A, institutional-quality assets located in the highly desirable Los Angeles and Orange County markets. The combination of the high-quality assets, locations with high barriers to entry and compelling demographics provided Sovran Self Storage with an opportunity to expand on its recent entry into the Southern California market."

Greg Wells and David Hasbrouck with Cushman & Wakefield led the team representing the seller. Cushman & Wakefield's Mark Root with the equity, debt and structured finance group and Lars Platt with its valuation and advisory services team helped facilitate the sale.

-Justin Sumner

Industrial Investor Sells and Buys in Van Nuys

RENTV.com

 

We’ve got a couple of industrial sales comps to report from Van Nuys, on behalf of one investor, who sold one building and purchased another. The two deals have a combined value of $8.42 mil.

In the larger deal, the investor, Alon Peled, sold a 29k sf facility for $5.37 mil ($185/sf). Situated on 1.1 acres of land at 6901-6911 Hayvenhurst Ave, the multi-tenant building offers approximately 12.7k sf of office space, 14’ clearance, and four grade-level loading doors.

Chris Sullivan and Daniel Frees of DAUM Commercial Real Estate Services represented Peled in the deal. Nick Hadim represented the buyer, Pink Dolphin Clothing.

In the other transaction, Peled paid $3.05 mil for a 17.7k sf ($172/sf) building on 0.68 acres of land at 6703-6705 Valjean Ave. The building was completed in 1971 and offers 17’ clearance and one grade-level loading door.

DAUM’s Sullivan and Frees repped Peled in this transaction, as well. Pat Hall and Mark Anderson of Told Partners repped the seller, Goldfein Investments LLC.

-Staff

Metropolitan LA Office Rent Growth Hits Eight-Year High

RENTV.com

 

The Los Angeles metropolitan area’s economy continued to expand with a net 107,300 jobs added during the 12 months ending February, representing a 2.5% annual increase, which exceeds its 2.0% average growth rate experienced in the prior four years. The metro area has created an impressive 454,700 jobs since its trough in 2010, bringing total non-farm employment to a record high.

The education & healthcare services and leisure & hospitality sectors remained the job growth leaders. With a combined 1.27 million workers, the two industries account for slightly more than 29% of the metro area’s employment base but accounted for 52.7% of the annual employment gains through February 2016. As a result of the steady job growth, LA’s unemployment rate has dropped by 190 basis points to 5.5% during the same period to reach its lowest point since the end of 2007.

The Los Angeles office market experienced a quarterly net absorption gain of 783.8k sf, after recording an impressive 1.3 msf in the previous quarter. The office market has posted nearly 3.3 msf of direct net absorption over the prior 12-months, causing the overall direct vacancy rate to slide 70 basis points to 13.9%. During the first quarter, the Class A sector recorded a net absorption gain of 198,762 sq. ft. of direct space, but new supply slightly outpaced demand causing its vacancy rate to climb 10 basis points to 14.5%. Meanwhile, Class B properties accounted for the bulk of the quarterly gains with 585k sf, causing the sector’s vacancy rate to slide by 60 basis points to 12.8%.

Job growth in the technology and entertainment industry has led to strong demand for creative space, which has helped bring vacancy levels to their lowest point in six years and placed upward pressure on rents. Class A asking rents continued to trend higher, which have incr
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