Market Reports

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Market Research

Hotel Market Research/Reports

  1. Washington

    1. Seattle Hotel Market Report
      Fourth Quarter 2016

      With nearly 5,000 rooms under construction and many more planned, the current wave of hotel development in and near Seattle is about to crest. After several years of very strong performance, particularly in urban markets, we expect that the coming increase in supply will outpace growth in demand, reducing occupancy rates and intensifying price competition.

      Downloads
      Fourth Quarter 2016 Seattle Hotel Market Report
      Second 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
      First Quarter 2017

      The industrial market continued its strong performance starting 2017 with another robust quarter of leasing activity. 2.0 million s.f. was absorbed in the first quarter and with deliveries of nearly 974,000 s.f., brought the vacancy rate down to its lowest point ever in the region at 3.02%. Construction activity remains very active with 3.35 million s.f. underway. Absorption should continue to do well as 46% of these projects are pre-leased.

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

    1. Portland Industrial Market Report
      First Quarter 2017

      The Portland industrial real estate (excluding flex) market continued to grow during the first quarter of 2017, with 508,474 square feet of positive net absorption inching the total vacancy rate down to 3.5%, despite 496,567 square feet of new construction deliveries. Asking rental rates steadied at $0.55 on a blended triple-net basis, varying by size, quality, and location of product, with superior offerings seeing 12% year-over-year rent growth and others closer to 5%. Leasing and investment activity both dipped from last year's quarterly totals, but demand remains strong, keeping vacancies low as new product is quickly absorbed and vacated spaces are backfilled.

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

    1. Inland Empire Industrial Market Report
      First Quarter 2017

      The Inland Empire industrial market continued to improve in the first quarter 2017, as asking lease rates continued to increase. Vacancy and availability rates remain at historically low levels, even as massive amounts of new inventory continues to be added to the base. The lack of product available for lease and sale in some size ranges (particularly below 100,000 square feet) is driving prices upward and limiting transaction volume. Net occupancy remains positive, and with new inventory being added each quarter there is a possibility of upward pressure on vacancy but only in the short run.

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

      The Los Angeles industrial market continued to improve in first quarter of 2017, as pricing continued to trend upward, and both vacancy and availability rates remain at historically low levels. The lack of product available for lease and sale in some size ranges (particularly below 100,000 square feet) is driving prices upward and limiting transaction volume. We expect moderate increases in leasing and sales activity in 2017, as job creation stays strong. Furthermore, we anticipate gains in absorption to continue even as occupancy costs rise, and with few deliveries in the pipeline to apply upward pressure on vacancy, we foresee 2017 being another strong year of growth for the sector.

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

      After reaching record-low vacancies during the fourth quarter of 2016, the East Bay industrial market loosened slightly to begin 2017, but demand remains strong for the area's logistically superior product. This quarter's 325,845 square feet of negative net absorption brought the vacancy rate up to 3.4%, but the loss was a blip on the radar compared to the East Bay's 2.5 million square foot gain in occupied industrial space last year. Rental rates continued to rise throughout the region, to averages of $0.71 for all industrial product, $0.65 for bulk warehouse/ distribution spaces, and $1.55 for flex product.

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

      The Orange County industrial market continued to improve in the first quarter of 2017, as pricing continued to trend upward. With the amount of overall vacant space decreasing by over 3.2% year-over-year, vacancy remains at historically low levels. The lack of product available for lease and sale in some size ranges (particularly below 100,000 square feet) is driving prices upward and limiting transaction volume. Moderate increases are expected in leasing and sales activity in the coming year, as job creation stays strong. Even with rising occupancy costs, gains in absorption are anticipated throughout the year, and with very few deliveries in the pipeline to apply upward pressure on vacancy, 2017 will most likely be another year of growth.

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

      The Peninsula industrial market cooled off during the first quarter of 2017 after experiencing five consecutive quarters with positive absorption. A decrease in transaction volume led to 255,781 s.f. of negative net absorption, which was primarily felt in the north county region. Record-setting rental rates were likely a contributing factor to the first quarter's slowdown, but asking rents started to plateau after the dip in activity. As rates begin to soften, leasing activity will likely resume as the north county region remains a highly desirable location for warehouse and distribution users. Nonetheless, limited availabilities will continue to make it difficult for users to find suitable space to fit their requirements.

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

      The Sacramento industrial and flex real estate market started 2017 with a bang, as 1,374,529 square feet of positive net absorption brought vacancies across the area to new cycle lows. Direct-lease vacancies in industrial buildings fell to 7.2%, despite 423,734 square feet of new deliveries, underscoring users' insatiable appetite for space in the logistically superior corners of the market. Rental rates overall held at $0.44 per square foot, but newer, Class A buildings were achieving well over $0.50/sf as bulk space became increasingly hard to come by.

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

      The San Diego County industrial real estate market started the year with negative absorption in spite of heavy leasing activity as a result of several large move outs and new construction deliveries. Countywide total vacancy rose this quarter by 40 basis points, to 5.5%, which is still below the 5.6% vacancy recorded at the beginning of last year. Despite this quarter's setback, vacancy and availability are forecasted to drop as new construction gets leased before hitting the market. The San Diego County unemployment rate sits at 4.5%, a decrease of 20 basis points from a year ago, and we expect the strong local economy and increasing job growth to drive the real estate market in 2017.

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

      The San Francisco industrial market relaxed slightly in the fourth quarter of 2016, as 57,931 square feet of negative net absorption increased the vacancy rate to 3.6%. Nonetheless, asking rental rates rose to an average of $17.92 per square foot, triple-net, amid limited availabilities and a growing trend of creative reuse of industrial spaces. A slowdown in land-value sales has stabilized the city's industrial stock for now, and most landlords marketing recently vacated spaces quickly secured replacement tenants, suggesting a return to positive absorption in the early quarters of the new year. Still, the region's largest traditional industrial leases are being consummated in San Mateo County and the East Bay, where available space and expansive facilities are in much greater supply. In early 2016, the San Francisco Planning Department began to engage in stricter enforcement of its Production, Distribution, and Repair (PDR) zoning, aiming to reinvigorate the manufacturing sector of the city's economy and prevent further conversion or demolition of the city's industrial buildings.

      Downloads
      Fourth Quarter 2016 San Francisco Industrial Market Report
      Third Quarter 2016 San Francisco Industrial Market Report
      Second Quarter 2016 San Francisco Industrial Market Report
      First Quarter 2016 San Francisco Industrial Market Report
    9. Silicon Valley Industrial Market Report
      First Quarter 2017

      The industrial and warehouse market remained very tight to open the year, as users seeking small and medium-sized spaces found scarce supply to meet their requirements. Net absorption for industrial and warehouse products were essentially flat, posting negative 24,853 square feet and negative 90,319 square feet respectively. Industrial vacancy was also relatively flat going from 4.90% in Q1 of 2016 to 4.95% this quarter, a very modest year over year increase. Warehouse vacancies were also increased year over year going from 3.76% to 2.46%. The average asking rate for industrial and warehouse were $1.15 and $0.95 per square foot per month on a triple-net basis respectively. Silicon Valley's industrial stock continues to decline, as investors buy older properties and repurpose them for other uses. Demand for well-placed product is still strong, but the lack of supply has forced users to look at the far edges of the Valley for suitable spaces. The limited supply paired with steady demand means rental rates figure to trend upward in the near future.

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

    1. Phoenix Industrial Market Report
      First Quarter 2017

      The Phoenix industrial real estate market started the year with strong leasing activity, increasing development and steady rental rates. Despite 1.6 million square feet of positive absorption, new deliveries of over two million square feet caused total vacancy to remain unchanged at 9.8%. We expect increased competition for space and higher rates to continue throughout 2017, in spite of new construction, as a result of the strong economy and business expansion.

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

    1. Reno Industrial Market Report
      First Quarter 2017

      The Reno industrial real estate market took a brief pause in the first quarter, catching its breath after a record-setting 2016. Nonetheless, this quarter's 246,547 square feet of negative net absorption is not indicative of a decline in demand, as the vacated spaces were quickly backfilled and leasing activity picked up toward the end of the period. Asking rents inched up to a bulk-rate average of $0.36 per square foot on a blended triple-net basis, with the increase primarily occurring in the 50,000-150,000 square foot range, as mid-size landlords responded to strong demand.

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

  1. California

    1. San Francisco Life Science Market Report
      First Quarter 2017

      The Life Science industry continues to be one of the most active in the Bay Area after finishing the first quarter with 389,649 square feet (s.f.) of gross absorption and 156,443 s.f. of positive net absorption. San Mateo County and Alameda County continue to drive the region's leasing activity, accounting for nearly 90% of the first quarter's absorption.

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

  1. Washington

    1. Seattle Multifamily Market Report
      First Quarter 2017

      The regional apartment market vacancy rate is currently 3.4%, 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 three years as consistent demand has nearly matched the significant amounts of new inventory. Rental rates are at historic highs but only recently has the rate of increase moderated in the close-in markets. Some suburban markets are seeing increased rent growth as they started their recovery later.

      Downloads
      First Quarter 2017 Seattle Multifamily Investments Market Report
      Third Quarter 2016 Seattle Multifamily Investments Market Report
      First Quarter 2016 Seattle Multifamily Investments Market Report
      Fourth Quarter 2015 Seattle Multifamily Investments Market Report
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  2. Oregon

    1. Portland Multifamily Market Report
      First Quarter 2017

      The Portland multifamily market softened slightly during the first quarter, but employment growth in the metro area continues to fuel strong demand, and rental rates continue to climb. Nearly 9,000 residential units were under construction in metro Portland at quarter's end, giving renters a wide menu of urban and suburban options. Conversely, buyers are finding significant upward demand pressure on prices, as the supply of units for sale remains low. Ongoing population and wage growth in Portland and the surrounding area portends higher rents and decreasing vacancies in the multifamily market in the coming quarters.

      Downloads
      First Quarter 2017 Portland Multifamily Investments Market Report
      Third Quarter 2016 Portland Multifamily Investments Market Report
      Third Quarter 2015 Portland Multifamily Investments Market Report
      Second Quarter 2014 Portland Multifamily Investments Market Report
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  3. California

    1. San Diego Multifamily Market Report
      First Quarter 2017

      The San Diego apartment market remains lucrative as rents continue to increase and vacancy decreases, despite surging construction. San Diego remains a top destination for relocating workers who seek good weather and proximity to the ocean, high wages and a low unemployment rate. The city's diverse industries include biotech, manufacturing and the largest concentration of military in the world. The growing population and high cost of buying a home ensure that San Diego will remain a strong multifamily market.

      Downloads
      First Quarter 2017 San Diego Multifamily Investments Market Report
      Fourth Quarter 2016 San Diego Multifamily Investments Market Report
      Third Quarter 2016 San Diego Multifamily Investments Market Report
    2. San Francisco Multifamily Market Report
      Third Quarter 2015

      The Bay Area apartment market continues to reach levels of unprecedented demand. While the location is a major attraction, the growing economy has been the main driving force. Venture capital funding for the U.S. has reached its highest level since 2000 at $65 billion. This has flooded the market with new jobs as nearly 60% of the VC funding has been injected into California companies, the majority of which are located in the Bay Area. As a result of the growing population and increased demand for housing, apartment rental rates continue to experience record highs.

      Downloads
      Third Quarter 2015 San Francisco Multifamily Investments Market Report
      Second Quarter 2015 San Francisco Multifamily Investments Market Report
      First Quarter 2015 San Francisco Multifamily Investments Market Report
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  4. Arizona

    1. Phoenix Multifamily Market Report
      First 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
      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
      First Quarter 2017

      Compared with the rush of activity in a strong 4th quarter finish to 2016, the region's office market coasted through the first quarter of 2017. All trends held their course; vacancy falling, absorption positive, rents increasing, investors buying, but the changes were modest. The regional vacancy rate inched downward from 7.73% to 7.69% while 19 bps were shaved off the availability rate dropping that indicator to 10.82%. This on net absorption of only 43,375 s.f. in the quarter. The average asking rent was up in each of the submarkets, ranging from 1% in East King County to 5% in South King County. The net number of projects under construction fell to 19 in the quarter with the delivery of Amazon II (now called Day 1) and the Commons at Ballard. The total amount of space underway is 7.33 million square feet. Overall, these buildings are 55% pre-leased, including 44% of the 5,930,000 s.f. of speculative space. Part of these numbers is the first quarter announcement that Amazon will lease the 290,700 s.f. Tilt49 building nearing completion on the south edge of the South Lake Union neighborhood. Also this quarter, Kemper Development announced that the Lincoln Square II office building is 90% leased to 11 tenants with additional leases in progress. This leaves only the 929 Tower with significant blocks of available space out of the three towers built so far this cycle.

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

    1. Portland Office Market Report
      First Quarter 2017

      Steady leasing activity, rising rental rates, and increasing demand from technology sector companies reaffirmed the strength of the Portland office market during the first quarter of 2017. Vacancies ticked up to 8.2% marketwide, following 74,977 s.f. of negative net absorption, but landlords marketing creative office spaces were able to quickly secure replacement tenants. The Pearl District continues to attract an array of tech-sector firms, and a pair of cloud-based software firms landed there this quarter on leases of about 20,000 s.f. each. Portland office assets retained their appeal to national investors, drawing buyers from Southern California and Chicago this quarter, as the average price per square foot climbed to $252.

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

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

      The East Bay office real estate market made headlines throughout the first quarter, as strong demand spurred a new wave of development activity and kept rental rates on an upward trajectory. Developers will soon break ground on two office towers in Downtown Oakland, the CBD's first large-scale deliveries of the cycle, after securing anchor tenants in Blue Shield and the University of California's Office of the President. Those projects will add large-block availabilities that could attract technology sector tenants to Oakland, as will the Uptown Station renovation, initially targeted for Uber, which pulled back from its commitment as it builds a campus in San Francisco's Mission Bay. Vacancies increased to 7.9% marketwide this quarter, after 141,243 square feet of negative net absorption, but should revert toward cycle lows as those spaces are backfilled. Rental rates increased to a marketwide average of $2.78 fully serviced, but Class A properties in the CBD were asking $4.50 or higher, and rents overall are up by more than 25% year over year. Significant demand pressure coupled with a lack of existing availabilities and a strong economy is likely to keep vacancies low and rates rising into the coming quarters.

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

      The Orange County office market continued to improve in Q1 2017, as pricing continued to increase, and vacancy was stable, even as increasing amounts of available space come onto the market. We anticipate that positive absorption shall progress and occupancy costs will continue to increase, but new deliveries in the southern half of the county may apply more upward pressure on vacancy. Even so, 2017 portends to be another year of growth.

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

      The Peninsula office market remained active during the first quarter as strong leasing activity led to 408,289 s.f. of positive net absorption. The Peninsula's lower rates are attracting tenants from the overpriced markets of San Francisco and Silicon Valley, which will likely continue throughout the year. Increased development within San Mateo and Redwood City's downtown cores have made the Peninsula a more desirable location for companies to relocate to, while an influx of multifamily properties have allowed companies to retain and recruit new talent.

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

      After ending 2016 on a high note, with record investment activity and widespread absorption gains, the Sacramento office market relaxed slightly during the first quarter of 2017. Office properties marketwide saw 166,745 s.f. of negative net absorption, increasing total vacancies to 11.4%, though the downtown area held steady at 8.6%. Most large lease and investment transactions during the first quarter took place in suburban submarkets, as tenants searching for more space, on-site parking, and lower rents considered alternatives like Natomas, Point West, and Roseville.

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

      The San Diego Office market started the year with strong leasing activity, high net absorption and increasing rental rates. The total vacancy rate in the overall San Diego market is 10.3%, a decrease of 110 basis points from this time last year. The San Diego County unemployment rate sits at 4.5%, a decrease of 20 basis points from a year ago, and we expect the strong local economy and increasing job growth to drive the real estate market in 2017.

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

      The San Francisco office real estate market is positioned for substantial growth in the coming quarters, as tech sector giants aspire to attract elite industry talent by forming urban campuses in the city. While San Francisco properties saw 387,145 s.f. of negative net absorption during the first quarter, strong tenant demand should see the newly vacated spaces backfilled soon. At least a dozen firms were searching for 100,000 or more square feet at quarter's end. Asking rents have steadied over the past year, at averages of $72.40 for Class A Financial District product, $66.01 for Class B offerings, and $67.44 for creative Class C spaces.

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

      The Silicon Valley Office market got off to a healthy start to 2017, with heavy activity across most categories that it will look to build on throughout the year. Demand for office space remains robust as economic performance in the region still leads the nation. Santa Clara County's unemployment rate remained low at 3.5% from November to the end of February, per the California Employment Development Department. There is still some uncertainty about how President Donald Trump's policies will impact Silicon Valley, especially with regard to the many immigrant workers. Overall, office product enjoyed a strong first quarter, and indicators point to Silicon Valley remaining in a mode of steady growth.

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

    1. Phoenix Office Market Report
      First Quarter 2017

      The Phoenix office real estate market experienced over a million square feet of positive net absorption, strong leasing activity and steady rental rates during the first quarter of 2017. Total vacancy decreased to 15.9%, a 120 basis point decrease from this time last year. The strong local economy and job creation should drive real estate market growth for many quarters to come. The Phoenix unemployment rate sits at 4.5%, only a 10 basis point decrease from the 4.6% recorded this time last year.

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

  1. California

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

      The Silicon Valley R&D market got off to a steady start in 2017. Demand for R&D product remains robust, and the product's versatility and placement in key submarkets continues to attract various users. Net absorption for the quarter ended up at positive 300,372 square feet, while the vacancy rate dropped to 8.16%. Average asking rates were stable at $2.18 per square foot per month on a triple-net basis, which is down from $2.41 at this time last year. This may be attributable to high leasing volume of higher priced repositioned assets, and an increase in supply in less expensive submarkets. Demand has been strong, despite notable tech giants continuing to digest their newly held space from the acquisition frenzy over the past few years.

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

  1. Washington

    1. Seattle Retail Market Report
      First Quarter 2017

      The retail market is 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. There is positive absorption, new construction and a strong investment climate for stabilized centers and single tenant net leased properties. That said, there are several areas of concern. Pressure continues to grow from e-commerce Entities and retailers who cannot differentiate themselves from this form of competition are under stress. Labor costs are increasing and labor intensive industries are feeling that impact. Also, interest rate increases are starting to impact cap rates.

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

    1. Portland Retail Market Report
      First Quarter 2017

      The Portland retail market held its own during the first quarter of 2017, with 8,030 square feet of positive net absorption keeping the vacancy rate at 4%. Retail assets across the market continue to attract interest from local and national investors, and single-tenant properties with well-known tenants earned outlays in excess of $400/sf this quarter while trading at cap rates below 6%. When Albertsons store closures created large vacancies, they were quickly subleased to new tenants, highlighting the robust demand for space in the Portland metro area.

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

    1. 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
      First Quarter 2017

      The Phoenix retail market started 2017 with strong leasing activity, rising net absorption, and steady rental rates. Total vacancy decreased by 20 basis points to 8.6%, a result of 803,000 square feet of positive net absorption and over 1.0 million square feet of leasing activity this quarter. With growing demand the market continues to tighten, and we expect increased competition for space and higher rates to continue in 2017. The Phoenix unemployment rate sits at 4.5%, only a 10 basis point decrease from the 4.6% recorded this time last year.

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