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Equity Office Daily Brief: January 23, 2017

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Daily Brief

January 23, 2017

  EquilityOffice

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Office Rents Inch Up as Vacancy Rates Tighten

Los Angeles Business Journal

 

Los Angeles County is skipping into the new year with office vacancies sliding down and rents creeping up. The fourth quarter of 2016 ended with vacancy at 14.6 percent, according to data from Jones Lang LaSalle, continuing a downward trend across the...

 


Los Angeles developer curbs height on luxury apartment tower

Construction Dive

 

Los Angeles developer Rick Caruso will shorten a planned luxury residential tower in the city from the proposed 240 feet to 185 feet in response to concerns over its height and a petition with 1,000 signatures from locals opposed to the...

 



BLOG & ONLINE NEWS

 

Work on Nickelodeon's Expanded Burbank Campus is Completed

RENTV.com

 

Construction was recently completed on Nickelodeon’s newly expanded West Coast facility in Burbank. The 200k sf+ campus now includes a new 110k sf, five-story, state-of-the-art animation building; an expansive, redesigned courtyard; and a newly renovated 72k sf studio that first opened...

 


OnTrac Leases New 255k sf Facility at Sun Valley Business Center

RENTV.com

 

OnTrac, a logistics company specializing in contracting regional shipping services in the Western United States, has inked a lease for a 255.5k sf logistics/warehouse facility currently under construction at the state-of-the-art Sun Valley Business Center. The building is located at 11063...

 


Why The Office Isn't Necessarily An Office Anymore

GlobeSt.com

 

Morningstar Credit Ratings just published research report that suggest a paradigm shift in the officing world. Dubbed, “Sharing the Experience—As Co-Working Grows, the Office Isn’t Necessarily an Office Anymore,” the study offers some interesting insights into where we are and where we’re going. Coworking, which typically...

 

FULL TEXT


Office Rents Inch Up as Vacancy Rates Tighten

Los Angeles Business Journal

 

Los Angeles County is skipping into the new year with office vacancies sliding down and rents creeping up.

The fourth quarter of 2016 ended with vacancy at 14.6 percent, according to data from Jones Lang LaSalle, continuing a downward trend across the past several years.

“That’s a healthy vacancy rate,” said Devon Parry, a senior research analyst at JLL. “All the markets are performing well and we’re still seeing rent growth.”

Average monthly rents have now hit $3.47 a square foot countywide, the highest they’ve been in about a decade. They seem poised for a slow but steady climb.

“I would expect to continue to see a little bit of rent growth, especially in the Class A sector, as vacancy stays low. The delivery of new product will inflate the rents, too,” Parry added.

Hollywood saw the greatest plunge in vacancy, dipping to 21.6 percent from 27.6 percent the prior quarter. The new vacancy rate – which still tops all others in Los Angeles – is mostly a result of new construction that has yet to be snatched up.

But the decline in the fourth quarter is beginning to show the reality of high demand in a once lackluster office market.

“It’s a false number because Hollywood is doing quite well and that’s why we’re seeing new development come to market,” said Parry. “It’s being absorbed rather quickly when it’s delivered.”

The South Bay also experienced a dip in vacancy, declining to 16.9 percent from 17.9 percent in the prior quarter.

That drop mostly derived from El Segundo, the area’s largest submarket, with 10.2 million square feet. Average rents there budged a few cents higher in the fourth quarter to hit $3.06 – far above the South Bay average of $2.60.

Sitting on the border between the South Bay and Westside, El Segundo has drawn tenants looking to relocate or expand out of pricier submarkets such as Playa Vista or Santa Monica. It will likely retain that appeal, particularly as developers take on creative conversions of Class B offices. Lincoln Property Co. and Rockwood Capital did just that in November with their $120 million purchase of Gateway El Segundo, an office park with 355,000 square feet.

“We think long term that the market has a lot left to improve,” said Rob Kane, Lincoln’s senior vice president, at the time of the sale.

All told, the South Bay absorbed 282,438 square feet of office space.

Activity is likely to heat up in the next couple of quarters on the Westside, which has 1.3 million square feet of office space under construction. At Tishman Speyer’s Brickyard project in Playa Vista, Loyola Marymount University is considering taking a lease for 50,000 square feet at $5.50 a square foot, according to a source familiar with the property. That rate would be among the highest on the Westside, where the average monthly rent is $4.83 a square foot.

Tight industrial

L.A.’s industrial vacancy rate did not budge in the last quarter, staying at an extremely tight 0.9 percent. Without new supply to help companies move or expand, just 10.7 million square feet were sold or leased, compared with 15.5 million a year ago.

Monthly rents are getting pushed up as a result, hitting 75 cents a foot in north Los Angeles and as much as 77 cents in the South Bay.

“Landlords have complete leverage,” said a Newmark Grubb Knight Frank report, pointing out that asking rents are now higher than their prior high point in 2008.

Viacom Inc., for example, is now occupying 180,000 square feet at just-renovated Columbia Square, for which it signed an 11-year lease back in 2014. There now remain 760,779 square feet under construction in the submarket, including Hudson Pacific Properties’ Cue building, part of the Sunset Bronson Studios campus. Netflix Inc. signed a lease for the full building, nearly 92,000 square feet, this month.

Flying a bit under the radar – but holding strong – have been the Tri-Cities of Pasadena, Glendale, and Burbank. Vacancy is down to 11.6 percent, the lowest of any L.A. market.

Companies in these cities have grown organically and empty space has backfilled quickly. WeWork was one newcomer to the market in the fourth quarter, picking up 74,740 square feet at the Tower in Burbank.

Critical Content also moved in, taking 50,562 square feet at the Burbank Empire Center. The one hiccup in the trend happened in Pasadena, which put 55,212 square feet back on the market when Bank of America left its office at the Pasadena Financial Center.

-Daina Beth Solomon

Los Angeles developer curbs height on luxury apartment tower

Construction Dive

 

Los Angeles developer Rick Caruso will shorten a planned luxury residential tower in the city from the proposed 240 feet to 185 feet in response to concerns over its height and a petition with 1,000 signatures from locals opposed to the project, according to the Los Angeles Times.

The project at 333 La Cienega Boulevard was originally earmarked to hold 145 residential units, with about 10% set aside as affordable units, Curbed reported. Caruso has also pledged an additional $500,000 to the city’s affordable housing fund under the new deal.

The building’s opponents say the height reduction is an insufficient compromise that would allow Caruso to build a tower in an area zoned for buildings approximately three stories tall, the Times reported, noting that the developer and others close to him gave $476,000 to city officials and projects in the last five years. The tower will be roughly the same height as the nearby Cedars-Sinai Advanced Health Sciences Pavilion.

Now back to the drawing board, Caruso's tower is set to add to the growing number of residential and commercial projects shooting up in Los Angeles.

In November, city officials gave the green light to the Reef, a $1.2 billion, 35-story, mixed-use luxury development in the city's South Central neighborhood. The project was also not without controversy after neighborhood advocates claimed lower-income residents unable to afford the higher costs of housing and other resources associated with the project would be forced out of the area.

Plans for a mixed-use scheme in the city’s Arts District were put forward in September by developer SunCal, with more than 1,700 residential units proposed along with retail, office space, a school and two hotels. The 14-acre development is racing the clock to secure the necessary variances from local density requirements before a March vote that could undercut its rezoning attempts.

Earlier this month, developer Lightstone Group announced it was moving ahead with a one-acre development comprising two mixed-use hotel towers in the city’s South Park entertainment district ahead of a forthcoming expansion to the city’s convention center.

And last week, the Federal Aviation Administration gave its approval for the construction of the Los Angeles Rams’ $2.6 billion stadium in Inglewood, CA, southwest of downtown Los Angeles, which will be a part of a 300-acre mixed-use retail, entertainment and residential development.

-Sean Barry

Work on Nickelodeon's Expanded Burbank Campus is Completed

RENTV.com

 

Construction was recently completed on Nickelodeon’s newly expanded West Coast facility in Burbank. The 200k sf+ campus now includes a new 110k sf, five-story, state-of-the-art animation building; an expansive, redesigned courtyard; and a newly renovated 72k sf studio that first opened in Burbank in 1998. The campus is home to more than 700 Nickelodeon employees and 20 active show productions.

McCormick Construction was the general contractor for the work, which included the construction of the core and shell of the animation building; the 151k sf, five-story, 450-stall parking structure; and a design-build media mesh system on the exterior of the building to display animation.

Nickelodeon’s animation building is targeting LEED Gold certification, and incorporates a number of sustainable strategies, including reduced lighting power through efficient LED fixtures, lighting controls and use of daylighting. Priority was also placed on the use of healthy and environmentally friendly building materials, such as low-emitting flooring and paint and products with high recycled and regional content. McCormick installed the necessary infrastructure to assist in Nickelodeon’s goal of obtaining LEED Gold certification.

Since Nickelodeon’s campus is located in the heart of Burbank, surrounded by tight urban constraints, McCormick streamlined a number of processes which limited the amount of workers simultaneously present on-site, significantly reducing site congestion during the construction process.

Additional features of Nickelodeon’s newly expanded campus include the following:

• Screening Room – Employees can gather in a new 88-seat screening room where old-world Hollywood meets contemporary design • Three Voice-Over Studios – A new state-of-the-art recording studio complements the two existing studios • Café – Hoek and Stimpson, Nickelodeon’s café located in the lobby of the new building, overlooks the courtyard and offers a place for employees to gather • Indoor/Outdoor Connection – Each floor has courtyard-facing break out areas and balconies • Health and Wellness – The project includes both a fitness room and a calming Zen garden • Music Room, Game Room, Arcade – Employees can play instruments such as drums, guitars and piano, or gather for games of pinball and air hockey

The McCormick project management team members included Steve McKee, senior superintendent; Jeff DeLuca, assistant superintendent; Chris Allen, project engineer; and Isaac Ayala, project manager.

Additional project team members for the complex included DLR Group, executive architect, which led conceptual planning and building design, city entitlement approvals, construction drawings and construction administration for the core and shell of the project; STUDIOS Architecture, design architect for the new animation building, courtyard and all interiors; Environmental Contracting Corporation, which constructed the interior of the animation building; Brightworks Sustainability, which led the LEED Green Building certification process for the project, working with Nickelodeon and the design team to create a sustainable and healthy work environment; and Accord Interests, LLC, which developed the original and new buildings and will continue to own and manage the complex.

-Staff

OnTrac Leases New 255k sf Facility at Sun Valley Business Center

RENTV.com

 

OnTrac, a logistics company specializing in contracting regional shipping services in the Western United States, has inked a lease for a 255.5k sf logistics/warehouse facility currently under construction at the state-of-the-art Sun Valley Business Center. The building is located at 11063 Pendleton St, close to I-5 and just North of Burbank Airport, making it an excellent location for goods distribution.

The building is one of two structures now under construction at Sun Valley Business Center. The second building at the 352.5k sf project will be 97k sf in size.

The project is being developed by a Joint Venture between Xebec Realty Partners, long a pioneer in building urban infill warehousing and distribution buildings, and Barings Real Estate Advisers, the global real estate investment adviser. Completion is expected in July 2017.

The 15-acre site was once a truck storage yard. The new Sun Valley Business Center will be the first in the valley to include cross-dock loading, 32-foot minimum height clearances, abundant dock-high loading positions, a power platform to provide heavy electricity use and fenced loading areas.

John DeGrinis, SIOR, Patrick DuRoss, SIOR, and Jeff Abraham, SIOR, with Colliers International represented the development venture, who acted on behalf of an institutional investor, in the long-term transaction. George Stavaris and Colette Ramirez with Triniti Commercial Real Estate partnered with Team DeGrinis in representing the landlord. The Colliers team, along with Colliers brokers John Kovaleski and David Buchholz, from Colliers Silicon Valley office, also represented the tenant, OnTrac in the landmark transaction. Terms of the deal were not disclosed.

-Staff

Why The Office Isn't Necessarily An Office Anymore

GlobeSt.com

 

Morningstar Credit Ratings just published research report that suggest a paradigm shift in the officing world. Dubbed, “Sharing the Experience—As Co-Working Grows, the Office Isn’t Necessarily an Office Anymore,” the study offers some interesting insights into where we are and where we’re going.

Coworking, which typically involves individual members or member businesses paying a fee to share office space, is spreading quickly, evolving with pioneering rental models and innovative service offerings. Different than executive office suites, the alternative workspace method has sprung up in cities large and small.

“The coworking model involves firms leasing office space from owners and re-leasing the space to individual users, creating unpredictable revenue streams,” Steve Jellinek, vice president of CMBS at Morningstar Credit Ratings, tells GlobeSt.com. “Consequently, underwriting such loans must account for the fact that, although the space appears fully occupied, the coworking companies might not be able to rent the entire space.”

Fueled by structural changes in the workforce and mainstream companies looking for more flexible expansion options, the firm contends, co-working—another facet of the sharing economy—will play a more significant role in commercial real estate. That, the report suggests, poses challenges to underwriting and valuation standards for the commercial mortgage-backed securities market.

While loans with exposure to coworking account for a small portion of the CMBS universe, office loans with exposure to coworking spaces could become a significant part of the CMBS universe as this business evolves, Morningstar suggests. And its evolution so far has been rapid.

Since coworking’s inception with executive suite giant Regus PLC, the number of coworking spaces climbed to about 7,800 globally, a 36% rise between 2014 and 2015. Even with this rapid growth, these companies lease roughly 1 million square feet backing just 1.1% of the $139.32 billion in outstanding CMBS office loans, as of November 2016, says Morningstar.

-Jennifer LeClaire

Daily Brief January 23, 2017 unsubscribe

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