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Industrial Market Research/Reports
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Washington
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Seattle Industrial Market Report
First Quarter 2013
Leasing activity during the first quarter 2013 showed positive results with just under one million s.f. of net absorption. This compares to the more active fourth quarter 2012 which had 1.2 million s.f. of positive absorption. With this good news, vacancy continued its downward trend, ending the quarter at 5.62%, a drop of 27 basis points. Since the beginning of 2011, the region has achieved nearly 7.3 million s.f. of positive absorption. We have seen an increase in land sale activity as developers are positioning themselves for new development. These are summarized in the Market Up Close section.
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Oregon
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Portland Industrial Market Report
First Quarter 2013
The Portland Industrial market started the new year steady, with relatively flat vacancy and net absorption. There was a sentiment of uncertainty in the first quarter with the fiscal cliff and sequester, which may have affected companies making long term real estate commitments. There are, however, many companies that continue to actively expand in Oregon, having a positive impact on the industrial real estate market. Nike, Intel, Boeing, Precision Castparts, and other Portland top employers are continuing to absorb real estate and many of these companies are still in the market for more space.
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California
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Peninsula/San Mateo County Industrial Market Report
First Quarter 2013
The San Francisco Peninsula industrial market finished the first quarter with positive absorption of 454,671 square feet, returning the market to positive absorption from fourth quarter 2012's slight negative absorption. The signs are pointing to a strong industrial market overall in 2013. This strong growth should continue throughout the year due to continuing sector optimism and stability in the Peninsula market. The year started off slow with only 13 fewer deals completed than the previous quarter, showing stable activity. Because of this, the Peninsula will remain a popular market for foreign companies to locate, and will continue to be popular for investors and owner/users, which will
drive more growth.
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San Francisco Industrial Market Report
First Quarter 2013
In San Francisco, investors have been looking to acquire high-quality, traditional industrial sites and redevelop them for non-industrial uses. Owners have also been reaching out to tenants who historically would not locate in industrial buildings. As the San Francisco industrial market shifts, the result will be a further depletion of inventory and a steady rise in rental rates over the foreseeable future. With no new updates to the Orton's Pier 70 industrial refurbishment plans, we expect that work will get underway in 2013 as was reported over a year ago.
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Silicon Valley Industrial Market Report
First Quarter 2013
The Silicon Valley industrial and warehouse markets began 2013 with strong owner/user sale activity. Speculation as to what would happen with the 411,618 square foot former Solyndra facility in Fremont was put to rest when Seagate closed on the property this quarter. Eureka Drive in Newark had two large owner/user sales, with Mitac purchasing 237,933 square feet and Unigen purchasing 127,781 square feet right up the block. In the south, Del Monaco Specialty Foods purchased a 126,378 square foot industrial building in Morgan Hill. Despite these large sales, it was not able to outpace new space available on the market. We recorded negative absorption in both property types for the first quarter.
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Washington
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Seattle Industrial Market Report
First Quarter 2013Leasing activity during the first quarter 2013 showed positive results with just under one million s.f. of net absorption. This compares to the more active fourth quarter 2012 which had 1.2 million s.f. of positive absorption. With this good news, vacancy continued its downward trend, ending the quarter at 5.62%, a drop of 27 basis points. Since the beginning of 2011, the region has achieved nearly 7.3 million s.f. of positive absorption. We have seen an increase in land sale activity as developers are positioning themselves for new development. These are summarized in the Market Up Close section.
Oregon
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Portland Industrial Market Report
First Quarter 2013The Portland Industrial market started the new year steady, with relatively flat vacancy and net absorption. There was a sentiment of uncertainty in the first quarter with the fiscal cliff and sequester, which may have affected companies making long term real estate commitments. There are, however, many companies that continue to actively expand in Oregon, having a positive impact on the industrial real estate market. Nike, Intel, Boeing, Precision Castparts, and other Portland top employers are continuing to absorb real estate and many of these companies are still in the market for more space.
California
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Peninsula/San Mateo County Industrial Market Report
First Quarter 2013The San Francisco Peninsula industrial market finished the first quarter with positive absorption of 454,671 square feet, returning the market to positive absorption from fourth quarter 2012's slight negative absorption. The signs are pointing to a strong industrial market overall in 2013. This strong growth should continue throughout the year due to continuing sector optimism and stability in the Peninsula market. The year started off slow with only 13 fewer deals completed than the previous quarter, showing stable activity. Because of this, the Peninsula will remain a popular market for foreign companies to locate, and will continue to be popular for investors and owner/users, which will drive more growth.
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San Francisco Industrial Market Report
First Quarter 2013In San Francisco, investors have been looking to acquire high-quality, traditional industrial sites and redevelop them for non-industrial uses. Owners have also been reaching out to tenants who historically would not locate in industrial buildings. As the San Francisco industrial market shifts, the result will be a further depletion of inventory and a steady rise in rental rates over the foreseeable future. With no new updates to the Orton's Pier 70 industrial refurbishment plans, we expect that work will get underway in 2013 as was reported over a year ago.
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Silicon Valley Industrial Market Report
First Quarter 2013The Silicon Valley industrial and warehouse markets began 2013 with strong owner/user sale activity. Speculation as to what would happen with the 411,618 square foot former Solyndra facility in Fremont was put to rest when Seagate closed on the property this quarter. Eureka Drive in Newark had two large owner/user sales, with Mitac purchasing 237,933 square feet and Unigen purchasing 127,781 square feet right up the block. In the south, Del Monaco Specialty Foods purchased a 126,378 square foot industrial building in Morgan Hill. Despite these large sales, it was not able to outpace new space available on the market. We recorded negative absorption in both property types for the first quarter.