LOS ANGELES 1st Quarter 2016 - AIR Commercial Real Estate

Transcription

INDUSTRIAL MARKET REPORT
Los Angeles
1st Quarter 2016
Produced in partnership with
2016 Q1 Market Trends © 2016 by Xceligent, Inc. All Rights Reserved
Table of Contents/
Methodology of Tracked Set
Xceligent is a leading provider of verified commercial real estate information which assists real estate
professionals, appraisers, owners, investors and developers that make strategic decisions to lease, sell,
buy and develop commercial properties.
Table of Contents and Methodology/Map
2-3
Market Overview
4-5
Statistics by Market
6
Vacancy Rates & Asking Rates
7-8
Leasing & Absorption
9-10
New Construction
11
Industrial Advisory Board Members
12
Xceligent Team
13
The Los Angeles tracked set consists of an inventory of buildings considered to be competitive by the
brokerage community. All buildings within the competitive tracked set have been reviewed and
verified by members of the Advisory Boards for the market area.
Tracked
Inventory
(Industrial)
The total square feet of all single and multi-tenant buildings greater than 10,000 sf, including
owner occupied facilities.
Available SF
All of the available leasable space within a building, whether it is occupied or vacant, for
direct lease or sublease space. Space can be available but not vacant, for example, if the
landlord, or his agent, is marketing space that will be coming available at a future date
because a tenant is planning to move.
Vacant SF
The total of the direct vacant square footage in a building that is being marketed.
Net
Absorption
The net change in occupied square feet from quarter to quarter, expressed in square feet.
Note
This report reflects Direct Vacancy and Absorption, Sublease space is excluded.
2
Industrial Market Map
3
Los Angeles Industrial Overview
Overview

The Los Angeles industrial market closed out the first quarter of 2016 with a total of 941,267 square feet
of positive net absorption, lowering the total vacancy rate to 1.1%.

The LA Central submarket recorded the most activity by absorbing 542,923 square feet in Q1.

Construction activity remains active with 1 million square feet of new product added to the base while just
over 3 million square feet is currently under development.

Amazon continues to expand its Los Angeles operations by leasing 215,000 square feet in Hawthorne and
121,000 square feet in Vernon.
# of Bldgs
LA Central
LA South
LA Northwest
LA East
MidCounties
Grand Total
4,740
4,612
3,967
3,824
2,142
19,285
# of Bldgs
LA Central
LA South
LA Northwest
LA East
MidCounties
Grand Total
4,740
4,612
3,967
3,824
2,142
19,285
# of Bldgs
LA Central
LA South
LA Northwest
LA East
MidCounties
Grand Total
4,740
4,612
3,967
3,824
2,142
19,285
Inventory (SF)
207,180,182
213,317,000
127,147,486
165,419,830
106,088,566
819,153,064
Inventory (SF)
207,180,182
213,317,000
127,147,486
165,419,830
106,088,566
819,153,064
Inventory (SF)
Total Available (SF)
Total Vacant (SF)
9,079,652
6,315,882
4,695,849
4,290,088
2,860,234
27,241,705
3,462,180
1,829,531
2,065,302
1,327,410
731,482
9,415,905
Sum of Direct
Available SF
Direct Vacant (SF)
8,387,587
5,859,551
4,361,750
3,731,400
2,446,342
24,786,630
Available Sublease
(SF)
207,180,182
213,317,000
127,147,486
165,419,830
106,088,566
819,153,064
3,384,034
1,829,531
2,015,769
1,060,391
731,482
9,021,207
Sublease Vacant (SF)
692,065
456,331
334,099
558,688
413,892
2,455,075
78,146
40,933
267,019
386,098
Total Vacancy
Rate (%)
Total Quarterly Net
Absorption (SF)
1.7%
0.9%
1.6%
0.8%
0.7%
1.1%
Direct Vacancy
Rate (%)
YTD Total Net
Absorption (SF)
542,923
165,476
25,712
(108,621)
315,777
941,267
542,923
165,476
25,712
(108,621)
315,777
941,267
Direct Quarterly Net
Absorption (SF)
1.6%
0.9%
1.6%
0.6%
0.7%
1.1%
552,499
155,820
61,383
(111,611)
315,777
973,868
Sublease Vacancy Sublease Quarterly
Rate (%)
Absorption (SF)
0.0%
0.0%
0.0%
0.2%
0.0%
0.0%
YTD Direct Net
Absorption (SF)
552,499
155,820
61,383
(111,611)
315,777
973,868
YTD Sublease Net
Absoprtion (SF)
(9,576)
9,656
(35,671)
2,990
(32,601)
(9,576)
9,656
(35,671)
2,990
(32,601)
Historical Vacancy Rate & Net Absorption
3,500,000
2.0%
3,000,000
1.5%
2,500,000
2,000,000
1.0%
1,500,000
1,000,000
0.5%
500,000
-
0.0%
2015 Q1
2015 Q2
2015 Q3
2015 Q4
2016 Q1
4
Los Angeles Industrial Overview
Historical Vacancy Rates by Use
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
2015 Q1
2015 Q2
2015 Q3
Whse/Mfg
2015 Q4
2016 Q1
Flex/R&D
Historical Net Absorption by Use
3,500,000
3,038,589
3,000,000
2,500,000
1,903,560
2,000,000
1,424,358
1,500,000
1,128,185
903,475
1,000,000
500,000
188,266
18,690
64,273
87,251
37,792
2015 Q1
2015 Q2
2015 Q3
Whse/Mfg
2015 Q4
2016 Q1
Flex/R&D
5
Statistics by Market
# of Bldgs
Inventory (SF)
Total Vacant (SF)
Sublease Vacant
(SF)
Vacancy Rate
(%)
Total Quarterly
Absorption
YTD Total Net
Absorption (SF)
LA East
3,824
165,419,830
1,327,410
267,019
0.8%
(108,621)
(108,621)
West
1,336
36,653,303
446,306
13,531
1.2%
(26,407)
(26,407)
Industry
1,257
79,330,931
490,382
3,145
0.6%
(64,701)
(64,701)
210 Corridor
651
25,744,901
90,881
-
0.4%
(37,662)
(37,662)
Pomona
580
23,690,695
299,841
250,343
1.3%
20,149
20,149
2,142
106,088,566
731,482
-
0.7%
315,777
315,777
1,912
90,181,568
536,483
-
0.6%
313,173
313,173
230
15,906,998
194,999
-
1.2%
2,604
2,604
4,740
207,180,182
3,462,180
78,146
1.7%
542,923
542,923
Commerce/Vernon
2,313
128,724,538
1,860,188
49,820
1.4%
449,384
449,384
CBD
1,557
49,661,782
1,124,996
28,326
2.3%
48,781
48,781
870
28,793,862
476,996
-
1.7%
44,758
44,758
3,967
127,147,486
2,065,302
40,933
1.6%
25,712
25,712
1,871
57,026,455
1,006,944
14,637
1.8%
(216,711)
(216,711)
West
984
29,939,445
654,522
23,116
2.2%
36,514
36,514
Santa Clarita
557
22,788,419
310,536
3,180
1.4%
64,284
64,284
Central
555
17,393,167
93,300
-
0.5%
141,625
141,625
LA South
4,612
213,317,000
1,829,531
-
0.9%
165,476
165,476
1,361
87,097,285
606,125
-
0.7%
(52,799)
(52,799)
880
31,518,626
360,172
-
1.1%
8,541
8,541
932
28,542,065
215,096
-
0.8%
96,799
96,799
Torrance
762
36,735,515
484,522
-
1.3%
79,711
79,711
LAX Area
586
25,036,498
159,354
-
0.6%
33,224
33,224
91
4,387,011
4,262
-
0.1%
-
-
19,285
819,153,064
9,415,905
386,098
1.1%
941,267
941,267
MidCounties
LA Southeast
Buena Park/La Palma
LA Central
Outside Submarket
Area
LA Northwest
East
Carson-Compton/
Rancho Dominguez
Gardena/North
Compton
Long Beach/
Paramount/Signal Hill
Port District
Grand Total
6
Vacancy Rate %
2015 Q1
LA East
2015 Q2
2015 Q3
2015 Q4
2016 Q1
1.0%
1.0%
1.0%
0.7%
0.8%
Whse/Mfg
0.9%
0.9%
1.0%
0.7%
0.7%
Flex/R&D
2.3%
2.3%
1.9%
2.1%
2.3%
LA Central
1.6%
1.9%
1.8%
1.8%
1.7%
Whse/Mfg
1.5%
1.9%
1.7%
1.7%
1.7%
Flex/R&D
3.5%
3.9%
4.0%
4.0%
2.7%
1.5%
1.5%
1.2%
0.9%
0.9%
Whse/Mfg
1.5%
1.4%
1.1%
0.8%
0.8%
Flex/R&D
2.4%
2.6%
1.7%
1.7%
1.5%
MidCounties
2.5%
1.5%
1.4%
1.0%
0.7%
Whse/Mfg
2.6%
1.5%
1.4%
1.0%
0.7%
Flex/R&D
1.3%
0.8%
1.0%
1.1%
0.8%
LA Northwest
2.0%
1.9%
1.8%
1.6%
1.6%
Whse/Mfg
1.7%
1.6%
1.6%
1.5%
1.4%
Flex/R&D
4.9%
4.7%
4.2%
3.5%
3.5%
1.6%
1.5%
1.4%
1.2%
1.1%
LA South
Grand Total
Average Weighted Direct Asking Rate
2015 Q1
2015 Q2
2015 Q3
2015 Q4
2016 Q1
LA East
$0.66
$0.75
$0.66
$0.67
$0.73
LA Central
$0.76
$0.76
$0.81
$0.75
$0.75
LA South
$0.66
$0.66
$0.67
$0.77
$0.76
MidCounties
$0.57
$0.58
$0.59
$0.62
$0.63
LA Northwest
$0.68
$0.70
$0.72
$0.73
$0.75
$0.67
$0.68
$0.70
$0.73
$0.73
Grand Total
7
Vacancy Rate by Submarket
1.7%
0.8%
LA East
1.6%
0.9%
0.7%
MidCounties
LA Central
LA Northwest
LA South
Average Weighted Asking Rates by Submarket
$0.75
$0.75
$0.76
LA Central
LA Northwest
LA South
$0.73
$0.63
LA East
$2.50
MidCounties
Asking Lease Rate Range by Type (NNN)
$2.00
$1.50
$1.95
$1.55
$1.00
$0.50
$0.72
$0.40
$0.93
$0.59
$Whse/Mfg
Flex/R&D
8
Leasing & Absorption
Largest Leases & Absorption Changes
Property Name
SF Occupied
or Vacated
Tenant Name
Submarket
Specific Use
2815 W El Segundo Blvd
215,411 Amazon
LA South
Whse/Mfg
1451 W Knox St
152,790 MAS Logistics Inc
LA South
Whse/Mfg
5804-5884 E Slauson Ave
136,473 HD Buttercup
LA Central
Whse/Mfg
4700 S Eastern Ave
128,228 UPS
LA Central
Whse/Mfg
5119 District Blvd
121,098 Amazon
LA Central
Whse/Mfg
16290-16300 Shoemaker Ave
115,560 Toolots
MidCounties
Whse/Mfg
11600 Los Nietos Rd
MidCounties
Whse/Mfg
28210 N Avenue Stanford
(116,143) Bang Printing
107,740 Packaging Corporation of America
LA Northwest
Whse/Mfg
500-550 S 7th Ave
(144,042) Closet World
LA East
Whse/Mfg
18300 Central Ave
(183,473) Epson West
LA South
Whse/Mfg
6281-6285 E Slauson Ave
(224,232) Cummins Logistics
LA Central
Whse/Mfg
Top Transactions
Property Name
2801 E 46th St
15025 Proctor Ave
16200 Commerce Way
Sale Price
$14,050,140
Undisclosed
$8,445,000
SF Sold
Buyer
129,960 2801 East 46th Street LLC
128,581 Undisclosed
71,048 Caspian II LLC
Seller
Alisu Investments Ltd
Proctor Industrial Investors
Carson Estate Trust
Submarket Specific Use
LA Central
LA East
MidCounties
Whse/Mfg
Whse/Mfg
Whse/Mfg
9
New Construction
Current New Construction by Submarket
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
-
LA East
LA Central
LA South
MidCounties
LA Northwest
10
Industrial Advisory Board Members
Central
MidCounties
John Privett
CBRE
Rick McGeagh
CBRE
Jeff Stephens
Colliers International Will Smith
Cushman &
Wakefield
Laird Perkins
Colliers International Steve Calhoun
Dave Hess
Daum Commercial Jerry Sackler
Heger Industrial
Paul Sablock
NAI Capital
Philip Attalla
The Quantum
Associates
Iqbal Hassan
Voit
Dave Fults
CBRE
Cushman &
Wakefield
Chuck Berger
Mike Foley
JLL
Colliers International Patrick DuRoss
John Erickson
Daum Commercial Kevin Tamura
Delphi Business
Properties
Cameron Driscoll
Luke McDaniel
Lee & Associates
Voit
Tim Cronin
Peter Castleton
David Harding
Coldwell Banker
Greg Barsamian
Commercial Alliance
Chris Sheehan
Jon Reno
JLL
Northwest
David Hoffberg
Jeff Puffer
JLL
Bart Reinhard
Lee & Associates Randy Kobata
NAI Capital
Chad Gahr
David Young
East
Ashwill & Associates Mitch Ashwill
Jason Chao
CBRE
Lynn Knox
South
CBRE
Brian Held
Colliers International Chuck Littell
Cushman &
Wakefield
Will Kim
Steve Bohannon
Rudy Lara
Colliers International
Tony Phu
Cushman &
Wakefield
Daum Commercial Andrew Lara
Stu Milligan
Daum Commercial Charles Johnson
Casey Mungo
Heger Industrial
Jeff Bethel
John Bowman
Harvey Beesen
JLL
Lee & Associates
Christopher Bonney
Todd Launchbaugh
Ryan Campbell
Barry Hill
Lee & Associates
David Bales
NAI Capital
Philip Attalla
NAI Capital
Rich Horn
Newmark Grubb
Knight Frank
Realty Advisory
Group
The Klabin Company David Prior
Rick Sheckter
Rustin Mork
11
Xceligent Los Angeles Team
This information has been obtained from sources believed reliable. While we do not doubt its accuracy, we
have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to
independently confirm its accuracy. For more information, please contact :
Matt Nelson
Director of Analytics
714-509-1404
[email protected]
Monique Ebel
Director of Research
714-538-8432
[email protected]
Mike Foxworthy
Director of Client Services Northwest LA & Ventura
805-807-6291
[email protected]
Pablo Dresie
Director of Client Services South Bay
310-916-7394
[email protected]
Sam Vaden
Director of Client Services Central
305-335-7893
[email protected]
Mark Masliah
Director of Client Services West LA
818-634-8431
[email protected]
Danny Teng
Director of Client Services LA East
626-319-3640
[email protected]
Tim Hayes
Executive Director - AIR
213-687-8777
[email protected]
Produced in partnership with
12

LOS ANGELES 1st Quarter 2016 - AIR Commercial Real Estate

Transcription

Similar documents

Orange County - AIR Commercial Real Estate Association