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Market Research

Hotel Market Research/Reports

  1. Washington

    1. Seattle Hotel Market Report
      Second Quarter 2017

      Thus far in 2017 hotels in South Lake Union have maintained very high occupancy rates, as have the upscale properties in SeaTac. Both markets also reported real growth in room prices. Occupancy was lower in peripheral markets, but prices continued to increase.


      Downloads
      Second Quarter 2017 Seattle Hotel Market Report
      Fourth Quarter 2016 Seattle Hotel Market Report
      Fourth Quarter 2015 Seattle Hotel Market Report
      Second Quarter 2015 Seattle Hotel Market Report
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  2. Oregon

    1. Portland Hotel Market Report
      Fourth Quarter 2016

      Hotels in and near Portland are operating near equilibrium, with minimal fluctuation in occupancy and sustained growth in room prices. Nearly a dozen hotels have opened over the past three years, but market demand has proved sufficient to absorb this new capacity. While pending additions to supply could reduce occupancy rates in the Portland CBD, we expect that most markets will see higher room prices and continued growth in revenue.

      There are still opportunities for development of new hotels. Many small and midsize communities outside the Portland metro area have seen little or no construction in over a decade. In such markets, a new hotel can quickly become the dominant lodging property if properly sized, positioned, and branded.

      Downloads
      Fourth Quarter 2016 Portland Hotel Market Report
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Industrial Market Research/Reports

  1. Washington

    1. Seattle Industrial Market Report
      Third Quarter 2017

      The Puget Sound region industrial market continues to be active, although net absorption was lower this quarter compared to the first two quarters. Development activity continues to be very robust with nearly 6.4 million s.f. under construction, and another 4.8 million s.f. that has been completed through the first nine months. Net absorption in the third quarter was positive at nearly 500,000 s.f. (nearly 3.7 million s.f. cumulative year-to-date), buoyed by both Pierce and Thurston Counties which helped offset negative net absorption in Seattle, South King, and East King County markets.

      Downloads
      Third Quarter 2017 Seattle Industrial Market Report
      Second Quarter 2017 Seattle Industrial Market Report
      First Quarter 2017 Seattle Industrial Market Report
      Fourth Quarter 2016 Seattle Industrial Market Report
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  2. Oregon

    1. Portland Industrial Market Report
      Third Quarter 2017

      Portland industrial real estate (excluding flex) landlords continued to benefit from strong demand during the third quarter, as vacancies remained at or near cycle lows and rental rates rose to new highs. The past three months saw 790,563 s.f. of positive net absorption, pushing metro Portland's year-to-date increase in occupied industrial space to 2.36 million s.f., ahead of the market's 2.07 million s.f. of new deliveries in that span. With demand for space still ahead of supply, rental rates ticked up to $0.63/s.f. on a blended triple-net basis. Continued rent growth and low vacancies contributed to robust investment sale activity, as higher-end assets traded for well over $100/s.f. and at cap rates below 5%. More than 3.3 million s.f. of industrial space was under construction at the end of the quarter, reflecting developers' confidence in the strength of the market for quarters to come.

      Downloads
      Third Quarter 2017 Portland Industrial Market Report
      Second Quarter 2017 Portland Industrial Market Report
      First Quarter 2017 Portland Industrial Market Report
      Fourth Quarter 2016 Portland Industrial Market Report
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  3. California

    1. Inland Empire Industrial Market Report
      Third Quarter 2017

      The Inland Empire industrial market continued its improvement in Q3 2017, as asking lease rates continued their upward trend. Vacancy and availability rates remain steady, even as substantial amounts of new inventory continue to be added to the base. Net absorption remains positive which indicates a strong demand in the market. Imports through the Port of Long Beach continue to record high shipment quantities, contributing to the high demand in industrial space. As a result, upward pressure on vacancy and availability in the short run remains unlikely, in spite of new inventory being added in the coming quarters. We expect moderate increases in leasing and sales activities for the remainder of 2017, as the demand for industrial space remains robust. We foresee the Inland Empire industrial market to continue its growth as new construction becomes available, occupancy costs continue its upward trend, and positive absorption remains strong.

      Downloads
      Third Quarter 2017 Inland Empire Industrial Market Report
      Second Quarter 2017 Inland Empire Industrial Market Report
      First Quarter 2017 Inland Empire Industrial Market Report
      Fourth Quarter 2016 Inland Empire Industrial Market Report
    2. Los Angeles Industrial Market Report
      Third Quarter 2017

      The Los Angeles industrial market continued to improve in Q3 2017, as pricing continued to trend upward, and vacancy and availability rates remain persistent at historically low levels. We expect increases in leasing and sales activity in 2017 as the Port of Long Beach continues to receive record levels of consumer goods. Additionally, we anticipate positive absorption to continue as well as occupancy costs continuing its upward trend. With strong demand keeping pace with new construction developments approaching completion, we may see vacancy rates remain at historically low levels. We foresee 2017 being another strong year of growth for the Los Angeles industrial market.

      Downloads
      Third Quarter 2017 Los Angeles Industrial Market Report
      Second Quarter 2017 Los Angeles Industrial Market Report
      First Quarter 2017 Los Angeles Industrial Market Report
      Fourth Quarter 2016 Los Angeles Industrial Market Report
    3. Oakland/East Bay Industrial Market Report
      Third Quarter 2017

      The inner East Bay remains a hotbed of industrial activity, as strong demand and cycle-high construction levels signal the continued strength of the market. Even after several givebacks produced 435,980 square feet of negative net absorption, the area's vacancy rate is just 2.9%, and warehouse properties were even tighter at 2.3%. Rental rates in the East Bay continue to rise, reaching an average of $1.04/sf NNN for all product types, and $0.90-$1.00/sf NNN for bulk warehouses. Developers have responded to the imbalance between demand and supply, with more than 1.6 million square feet of future industrial space being built at quarter's end, resulting in a brief uptick in availabilities. Leasing activity and absorption are likely to trend upward in the coming periods, as users satisfy their need for space along the logistically superior I-880 corridor.

      Downloads
      Third Quarter 2017 Oakland/East Bay Industrial Market Report
      Second Quarter 2017 Oakland/East Bay Industrial Market Report
      First Quarter 2017 Oakland/East Bay Industrial Market Report
      Fourth Quarter 2016 Oakland/East Bay Industrial Market Report
    4. Orange County Industrial Market Report
      Third Quarter 2017

      The Orange County industrial market continued its improvement in the third quarter of 2017, as prices continued to trend upwards. Vacancy remains at historically low levels, as it dropped 10 basis points to 2.3%. The lack of available product in the market is continuing to drive prices upward and limiting lease transactions. We expect increases in sales and leasing activity in the coming quarter, as the Orange County market remains attractive for many businesses, creating stable job growth. With few deliveries and construction projects becoming available, we anticipate downward pressure on vacancy, resulting in the market to remain tight in the coming quarters.

      Downloads
      Third Quarter 2017 Orange County Industrial Market Report
      Second Quarter 2017 Orange County Industrial Market Report
      First Quarter 2017 Orange County Industrial Market Report
      Fourth Quarter 2016 Orange County Industrial Market Report
    5. Peninsula/San Mateo County Industrial Market Report
      Second Quarter 2017

      The Peninsula industrial market experienced a healthy 515,059 s.f. of gross absorption, but finished in the red for the second consecutive quarter with 329,543 s.f. of negative net absorption. The net loss can be attributed to larger blocks of space being placed on the market, but this isn't time to panic as tenant demand remains strong and recent availabilities will provide new opportunities. The market continues to be constricted in spite of the second quarter's rise in vacancy, which led to another increase in the Peninsula's average rental rate. Leasing activity is expected to persist throughout the year with the north county region being a primary target for distribution and logistics purposes.

      Downloads
      Second Quarter 2017 Peninsula/San Mateo County Industrial Market Report
      First Quarter 2017 Peninsula/San Mateo County Industrial Market Report
      Fourth Quarter 2016 Peninsula/San Mateo County Industrial Market Report
      Third Quarter 2016 Peninsula/San Mateo County Industrial Market Report
    6. Sacramento Industrial Market Report
      Third Quarter 2017

      Greater Sacramento remained a highly coveted location for warehouse and distribution users during the third quarter, as the market reached new cycle lows in vacancy amid 1.16 million s.f. of positive net absorption. Sacramento industrial and flex properties have gained 3.33 million s.f. of occupied office space over the past nine months, bringing vacancies below 7% for the first time this cycle. Inbound demand from tenants remains well ahead of new construction, and big-name newcomers such as Amazon and McKesson are a testament to the market's regional strength.

      Downloads
      Third Quarter 2017 Sacramento Industrial Market Report
      Second Quarter 2017 Sacramento Industrial Market Report
      First Quarter 2017 Sacramento Industrial Market Report
      Fourth Quarter 2016 Sacramento Industrial Market Report
    7. San Diego Industrial Market Report
      Third Quarter 2017

      The San Diego industrial real estate market ended the third quarter with strong positive net absorption, steady rental rates and an even lower vacancy rate, increasing the competition for space and setting the stage for the remainder of 2017. Countywide total vacancy decreased this quarter by 30 basis points from last quarter, to 5%, below the 5.3% vacancy recorded at the same time last year. The vacancy rate for San Diego County's industrial market is one of the lowest numbers posted in the past fifteen years, and has remained in this record low for the past two years. The San Diego County unemployment rate sits at 4.7%, below the year-ago estimate of 4.9% and well below the unadjusted unemployment rate of 5.4% for California and slightly higher than the rate of 4.5% for the nation. According to the State of California's Employment Development Department, San Diego County's total nonfarm employment increased by 19,200 jobs year over year between August 2016 and August 2017, and we expect this strong local economy and increase in job growth to help drive the real estate market in the right direction in the coming future.

      Downloads
      Third Quarter 2017 San Diego Industrial Market Report
      Second Quarter 2017 San Diego Industrial Market Report
      First Quarter 2017 San Diego Industrial Market Report
      Fourth Quarter 2016 San Diego Industrial Market Report
    8. Silicon Valley Industrial Market Report
      Third Quarter 2017

      The industrial and warehouse market held relatively steady during the third quarter. Supply increased over the previous quarter, which should help satisfy some of the demand. Net absorption was negative for industrial coming in at negative 107,507 sf, and warehouse posted a positive 65,101 sf. Industrial and warehouse vacancies remain very low coming in at 4.94% and 1.91% respectively. The average asking rate was $1.11 per square foot per month for industrial spaces and $0.95 for warehouse spaces, both on a triple-net basis. Demand for small to medium sized industrial and warehouse product remains strong. The increase in supply paired with steady demand means rental rates figure to remain unchanged, if not soften a bit, in the near future.

      Downloads
      Third Quarter 2017 Silicon Valley Industrial Market Report
      Second Quarter 2017 Silicon Valley Industrial Market Report
      First Quarter 2017 Silicon Valley Industrial Market Report
      Fourth Quarter 2016 Silicon Valley Industrial Market Report
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  4. Arizona

    1. Phoenix Industrial Market Report
      Third Quarter 2017

      The Phoenix industrial real estate market continued to grow during the third quarter, as strong demand for space kept rental rates rising and vacancies trending downward. This quarter's 2.4 million square feet of positive net absorption brought the year-to-date gain to more than 6.8 million square feet, and another 4.5 million square feet of industrial space is under construction. Total vacancy fell to 9.2%, down 140 basis points since the third quarter of last year. We expect increased competition for space and higher rates to persist during the fourth quarter and into 2018, as business expansion in a robust economy continues to outpace the rate of new construction. The Phoenix-area unemployment rate sits at 4.3%, a 50 basis point decrease from the 4.8% recorded at this time last year.

      Downloads
      Third Quarter 2017 Phoenix Industrial Market Report
      Second Quarter 2017 Phoenix Industrial Market Report
      First Quarter 2017 Phoenix Industrial Market Report
      Fourth Quarter 2016 Phoenix Industrial Market Report
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  5. Nevada

    1. Reno Industrial Market Report
      Third Quarter 2017

      Fueled by Tesla's continued expansion and the growth of other local industrial tenants, the Reno market kept growing during the third quarter, with more than 2.2 million square feet of gross absorption. Inbound tenant demand remains robust, as a wide array of companies are drawn to Reno's logistical advantages and business friendly climate. Together, those factors have cut vacancies toward new record lows, and the quarter's 1,287,761 square feet of positive net absorption pulled the direct vacancy rate to its lowest level this cycle. With leasing volume increasing and a record number of new companies visiting the Reno area, the stage is set for further absorption gains and rate hikes to preserve a landlord-friendly market into 2018.

      Downloads
      Third Quarter 2017 Reno Industrial Market Report
      Second Quarter 2017 Reno Industrial Market Report
      First Quarter 2017 Reno Industrial Market Report
      Fourth Quarter 2016 Reno Industrial Market Report
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Life Science Market Research/Reports

  1. California

    1. San Francisco Life Science Market Report
      Third Quarter 2017

      The Bay Area life science market continued to experience steady leasing activity after finishing the third quarter with 374,292 s.f. of gross absorption. Older spaces being vacated by growing companies, along with some new short-term subleases, led to a slight negative net absorption of 6,222 s.f. San Mateo County and San Francisco County were the primary drivers in leasing activity as they accounted for 93% of the activity in the region. The Bay Area's overall vacancy rate increased marginally to 3.82%, but will likely decline due to strong demand for space and expiration of transitional short-term subleases. Tenant demand increased more than 500,000 s.f. since the previous quarter as we're currently tracking 45 tenants requiring an astounding 3.97 million s.f.

      Downloads
      Third Quarter 2017 San Francisco Life Science Market Report
      Second Quarter 2017 San Francisco Life Science Market Report
      First Quarter 2017 San Francisco Life Science Market Report
      Fourth Quarter 2016 San Francisco Life Science Market Report
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Multifamily Market Research/Reports

  1. Washington

    1. Seattle Multifamily Market Report
      Third Quarter 2017

      Regional apartment market vacancy rate is currently 3.9%, well below the 20-year average of 4.9%. Vacancy last peaked at a rate of 7.2% in Fall 2009 as the recession was fully felt. Occupancy increased ever since, with vacancy oscillating from 3.3% to 4.0% over the past four years as consistent demand has nearly matched the significant amounts of new inventory. Rental rates are at historic highs, but recently the rate of increase has moderated in the close-in markets. Some suburban markets are seeing increased rent growth as they started their recovery later.

      Downloads
      Third Quarter 2017 Seattle Multifamily Investments Market Report
      First Quarter 2017 Seattle Multifamily Investments Market Report
      Third Quarter 2016 Seattle Multifamily Investments Market Report
      First Quarter 2016 Seattle Multifamily Investments Market Report
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  2. Oregon

    1. Portland Multifamily Market Report
      Third Quarter 2017

      The Portland multifamily market kept on rolling during the third quarter, as strong demand for housing in the metro area kept rental rates and sale prices trending upward. Overall vacancies increased 36 basis points over the past six months, to 4.37%, but rental rates rose to a market-wide average of $1.57 per square foot. The market's development pipeline reached 30,000 units during the third quarter, and 2017 is on pace to be a record-setting year in permits issued for apartment construction.

      Downloads
      Third Quarter 2017 Portland Multifamily Investments Market Report
      First Quarter 2017 Portland Multifamily Investments Market Report
      Third Quarter 2016 Portland Multifamily Investments Market Report
      Third Quarter 2015 Portland Multifamily Investments Market Report
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  3. California

    1. San Diego Multifamily Market Report
      Third Quarter 2017

      The San Diego apartment market continues to flourish thanks to a strong economic base buoyed by innovation, tourism, the military and some of the most desirable weather in the U.S. The average rent per unit in San Diego County reached a record high as vacancy hit a record low, despite swelling construction. Low vacancies have led to impressive rent gains over the past few years, both of which have led to a sustained development wave that should last for a few more years. Projects continue to break ground in nearly every submarket across the metro, which have so far shown no signs of applying downward pressure on fundamentals and rents. Investors remain active in San Diego, although activity has slowed in 2017 compared to last year, a similar trend across the nation.

      Downloads
      Third Quarter 2017 San Diego Multifamily Investments Market Report
      Second Quarter 2017 San Diego Multifamily Investments Market Report
      First Quarter 2017 San Diego Multifamily Investments Market Report
      Fourth Quarter 2016 San Diego Multifamily Investments Market Report
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  4. Arizona

    1. Phoenix Multifamily Market Report
      Second Quarter 2017

      The Phoenix apartment market remains lucrative as vacancy continues to decrease in spite of new construction driving rents to record highs. Phoenix is a top destination for expanding companies who are attracted to the low-cost operating environment, vast pool of talent, and available tax credits in addition to more than 300 days of sunshine a year. The city's diverse industries include healthcare, manufacturing & logistics, and emerging technologies. The growing population, over 1,400 new residents relocate to Phoenix per week, ensures a strong multifamily market for years to come.

      Downloads
      Second Quarter 2017 Phoenix Multifamily Investments Market Report
      First Quarter 2017 Phoenix Multifamily Investments Market Report
      Fourth Quarter 2016 Phoenix Multifamily Investments Market Report
      Third Quarter 2016 Phoenix Multifamily Investments Market Report
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Office Market Research/Reports

  1. Washington

    1. Seattle Office Market Report
      Third Quarter 2017

      Perhaps the biggest story this quarter for the region overall, and specifically to the office market, was Amazon's announcement that they are looking for a location for a second headquarters, HQ2, that would house 50,000 employees. The company has not specifically ruled out the Puget Sound, but there is a very specific list of requirements, with a primary goal of tapping into a new employee pool in a location amenable to that talent.

      Downloads
      Third Quarter 2017 Seattle Office Market Report
      Second Quarter 2017 Seattle Office Market Report
      First Quarter 2017 Seattle Office Market Report
      Fourth Quarter 2016 Seattle Office Market Report
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  2. Oregon

    1. Portland Office Market Report
      Third Quarter 2017

      The Portland office market grew tighter during the third quarter, as tenants seeking large blocks of space awaited the delivery of several speculative projects set to come on line next year. Vacancies dropped to a cycle-low 7.4% on the strength of 478,730 square feet of positive net absorption, which pushed the year-to-date gain in occupied office space to 619,168 square feet. Rental rates rose to a marketwide average of $25.06, fully serviced, with the upper floors of downtown trophies, including the under-construction Broadway Tower, asking in the mid-$30s or higher.

      Downloads
      Third Quarter 2017 Portland Office Market Report
      Second Quarter 2017 Portland Office Market Report
      First Quarter 2017 Portland Office Market Report
      Fourth Quarter 2016 Portland Office Market Report
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  3. California

    1. Oakland/East Bay Office Market Report
      Third Quarter 2017

      The inner East Bay office real estate market held its own during the third quarter, as 99,870 square feet of positive net absorption ticked the vacancy rate down to 7.7%. While rental rates have plateaued across the Bay Bridge in San Francisco, Oakland and other BART-served markets in the East Bay continue to experience asking rent growth, to an average of $3.23 FS marketwide and over $4.75 for Class A space in Oakland CBD. Institutional investors have largely tapped out the value-add opportunities in San Francisco and are becoming more active in the inner East Bay, where properties with below-market rents and renovation upside are still relatively abundant. With more than 1.3 million square feet of office space under construction, developers are betting on the sustained strength of the East Bay market, which is well positioned to benefit from trends in the region's technology sector. While employment growth in Silicon Valley and San Francisco has recently been by the region's soaring housing costs, Oakland and the East Bay have enjoyed continued workforce expansion because of their relative affordability. Tech firms are increasingly eyeing relocation or back-office opportunities in the East Bay to be closer to their workers.

      Downloads
      Third Quarter 2017 Oakland/East Bay Office Market Report
      Second Quarter 2017 Oakland/East Bay Office Market Report
      First Quarter 2017 Oakland/East Bay Office Market Report
      Fourth Quarter 2016 Oakland/East Bay Office Market Report
    2. Orange County Office Market Report
      Third Quarter 2017

      The Orange County office market continued its improvement in the third quarter of 2017, as prices continued to increase, vacancy remained stable, and the amount of available space in the market increased. We expect the ongoing trend of positive absorption in the market to continue, along with consistent increases in occupancy costs. With larger office buildings on the way into the Orange County market, a bump in inventory may apply some upward pressure on vacancy in the short run. Nonetheless, with strong demand and consistent employment growth, we expect further growth to continue.

      Downloads
      Third Quarter 2017 Orange County Office Market Report
      Second Quarter 2017 Orange County Office Market Report
      First Quarter 2017 Orange County Office Market Report
      Fourth Quarter 2016 Orange County Office Market Report
    3. Peninsula/San Mateo County Office Market Report
      Third Quarter 2017

      The Peninsula office market continued to experience significant leasing activity after finishing the third quarter with 787,602 square feet of gross absorption and 90,312 square feet of positive net absorption. This marked the sixth consecutive quarter with positive gains, and brings the year-to-date total to 505,220 square feet. Positive leasing activity led to a marginal decline in the overall vacancy rate, which currently sits at 8.3%.

      Downloads
      Third Quarter 2017 Peninsula/San Mateo County Office Market Report
      Second Quarter 2017 Peninsula/San Mateo County Office Market Report
      First Quarter 2017 Peninsula/San Mateo County Office Market Report
      Fourth Quarter 2016 Peninsula/San Mateo County Office Market Report
    4. Sacramento Office Market Report
      Third Quarter 2017

      A hot summer further tightened the Sacramento office real estate market, as vacancies in the metro area fell to a cycle-low 10.8% on the strength of 600,073 square feet of positive net absorption. Rental rates continue to trend upward, pressed by growing demand and stagnant supply, reaching a marketwide average of $1.80, fully serviced. With most Bay Area value-add opportunities having been exhausted, institutional investors are considering Sacramento-area assets, both downtown and in preferred suburban submarkets such as Roseville/Rocklin, pushing some sale prices past $200/sf. The Sacramento MSA economy has added 16,100 jobs year over year, trimming unemployment to 5.2%, and ongoing expansion of office-based sectors such as Professional and Business Services means more demand for space. A lack of large-block availabilities has slowed the influx of Bay Area companies to the Sacramento market, but this inbound demand could increase with new construction, suggesting that vacancies and rental rates might hold firm in the short run against an increase in supply.

      Downloads
      Third Quarter 2017 Sacramento Office Market Report
      Second Quarter 2017 Sacramento Office Market Report
      First Quarter 2017 Sacramento Office Market Report
      Fourth Quarter 2016 Sacramento Office Market Report
    5. San Diego Office Market Report
      Third Quarter 2017

      A diverse employment base combined with a well-educated workforce and tepid development have set the San Diego office market on firm footing. San Diego's Scripps Ranch and UTC submarkets highlight the market's innovative foundation, with Downtown trying to establish itself as the home for the next wave of start-ups. Tightening vacancies, limited sublet space, a lack of wide-scale development, and steady rent growth have contributed to the confidence of investors who continue to find a market with average yields more favorable than in the apartment sector. Downtown has been a favorite target of institutional capital this year with a number of big properties trading hands.

      Downloads
      Third Quarter 2017 San Diego Office Market Report
      Second Quarter 2017 San Diego Office Market Report
      First Quarter 2017 San Diego Office Market Report
      Fourth Quarter 2016 San Diego Office Market Report
    6. San Francisco Office Market Report
      Third Quarter 2017

      A rising wave of new construction accommodated soaring technology sector tenant demand during the third quarter, stabilizing the San Francisco office market. The city's vacancy rate has leveled off between 6.5-7.0% since the beginning of the year, and rental rates have plateaued over the same period, prompting landlords to boost tenant improvement allowances to retain higher face rents. On average, the Class A Financial District asking rent was just over $70 FS, Class B offerings were in the mid-$60s, and Class C tech product in SOMA was in the high-$60s, all up less than 1% year-over-year. Landlords marketing creative spaces that appeal to technology users continue to see shorter vacancy periods than traditional office owners, who are increasingly motivated to renovate despite the surging cost of construction.

      Downloads
      Third Quarter 2017 San Francisco Office Market Report
      Second Quarter 2017 San Francisco Office Market Report
      First Quarter 2017 San Francisco Office Market Report
      Fourth Quarter 2016 San Francisco Office Market Report
    7. Silicon Valley Office Market Report
      Third Quarter 2017

      The Silicon Valley Office market took a breather during the third quarter of 2017, but demand for office space remains steady across all size ranges. Santa Clara County's unemployment rate rose from 2.9% in May to 3.8% in August, but added 15,700 new workers per the California Employment Development Department. The rise in the unemployment rate can be attributed to the influx of new workers into the market. Overall, the market for office product relaxed during the third quarter, but this does not necessarily point to a downward trend.

      Downloads
      Third Quarter 2017 Silicon Valley Office Market Report
      Second Quarter 2017 Silicon Valley Office Market Report
      First Quarter 2017 Silicon Valley Office Market Report
      Fourth Quarter 2016 Silicon Valley Office Market Report
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  4. Arizona

    1. Phoenix Office Market Report
      Third Quarter 2017

      The Phoenix office real estate market stayed strong in the third quarter, with vacancies at a cycle-low 15.9% and rental rates rising to an average of $24.12 fully serviced. Leasing activity approached 2.5 million square feet, signaling high levels of demand for office space, fueled by a strong local economy that reported 4.3% unemployment. Continued economic growth and job creation should drive expansion in the Phoenix office real estate market for quarters to come.

      Downloads
      Third Quarter 2017 Phoenix Office Market Report
      Second Quarter 2017 Phoenix Office Market Report
      First Quarter 2017 Phoenix Office Market Report
      Fourth Quarter 2016 Phoenix Office Market Report
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R&D Market Research/Reports

  1. California

    1. Silicon Valley R&D Market Report
      Third Quarter 2017

      The Silicon Valley R&D market continued to show slow growth during the third quarter. Demand for R&D product remains steady, and the product's versatility and placement in key submarkets continues to attract a variety of users. Net absorption for the quarter ended up at positive 147,914 square feet, while the vacancy rate remained fairly constant at 7.85%, down from last quarter's 7.95%. Average asking rates were relatively stable at $2.12 per square foot per month on a triple-net basis. The market is moving along steadily, but fairly flat.

      Downloads
      Third Quarter 2017 Silicon Valley R&D Market Report
      Second Quarter 2017 Silicon Valley R&D Market Report
      First Quarter 2017 Silicon Valley R&D Market Report
      Fourth Quarter 2016 Silicon Valley R&D Market Report
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Retail Market Research/Reports

  1. Washington

    1. Seattle Retail Market Report
      Third Quarter 2017

      The retail market continues to be strong in the core markets of Seattle and the Eastside, where most of the employment growth is occurring. The balance of the market ranges from stable to slightly soft. The most the third quarter saw was slight negative absorption, new construction, and a strong investment climate for stabilized centers and single tenant net leased properties. Ongoing areas of concern include pressure from e-commerce, increasing labor costs, and interest rate increases.

      Downloads
      Third Quarter 2017 Seattle Retail Market Report
      Second Quarter 2017 Seattle Retail Market Report
      First Quarter 2017 Seattle Retail Market Report
      Fourth Quarter 2016 Seattle Retail Market Report
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  2. Oregon

    1. Portland Retail Market Report
      Third Quarter 2017

      The nature of brick-and-mortar retail continues to shift rapidly in the Amazon era, and the Portland market is bearing witness to both the positive or negative effects of the change. While long-standing chains like JC Penney, Radio Shack, and Gymboree are cutting their presence in malls nationwide, boutique gyms, shared food halls, and other new forms of retail are populating city streets. Metro Portland experienced 127,154 square feet of negative net absorption during the third quarter, as leasing activity slowed during the summer months, lifting vacancies to 4.3%.

      Downloads
      Third Quarter 2017 Portland Retail Market Report
      Second Quarter 2017 Portland Retail Market Report
      First Quarter 2017 Portland Retail Market Report
      Fourth Quarter 2016 Portland Retail Market Report
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  3. California

    1. Sacramento Retail Market Report
      Second Quarter 2017

      Similar to other property types within this metro, the Sacramento retail market was hit especially hard by the recession. But thanks to exceptionally strong demand throughout the current cycle, retail vacancies have compressed significantly. Construction has been steady, but 2017 is poised to emerge as the strongest year of the cycle for new deliveries based on what's underway. Sacramento's average rents are a fraction of those in the Bay Area, and healthy rent growth over the last several years has maintained momentum into the first half of 2017.

      Downloads
      Second Quarter 2017 Sacramento Retail Market Report
    2. San Francisco Retail Market Report
      Fourth Quarter 2016

      The Bay Area retained its place as one of the most competitive and coveted retail markets in the country during the fourth quarter of 2016, as many cities and submarkets flirted with full occupancy, particularly in desirable retail corridors. San Francisco's retail vacancy rate was 1.8% to close the year, while San Mateo and Berkeley hovered around the 1% mark. Rental rates are at or near cycle highs throughout the market, and demand remains robust, as food and beverage concepts take over spaces vacated by traditional, brick-and-mortar retailers.

      Downloads
      Fourth Quarter 2016 San Francisco Retail Market Report
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  4. Arizona

    1. Phoenix Retail Market Report
      Third Quarter 2017

      The Phoenix retail real estate market stayed hot during the third quarter, with 851,810 s.f. of positive net absorption accompanied by almost 1.3 million s.f. of leasing activity. Rental rates are up 2.5% year-over-year, on average, but preferred submarkets have seen 10% or greater rent growth over the past 12 months. A growing economy, highlighted by strong job growth and a 4.3% unemployment rate, suggests the potential for further growth and tightening in the retail market in the quarter's to come.

      Downloads
      Third Quarter 2017 Phoenix Retail Market Report
      Second Quarter 2017 Phoenix Retail Market Report
      First Quarter 2017 Phoenix Retail Market Report
      Fourth Quarter 2016 Phoenix Retail Market Report
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