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Office Market Research/Reports

  1. Washington

    1. Seattle Office Market Report
      First Quarter 2019

      After another solid performance for the regional office market during 2018, the 1st quarter 2019 office metrics are somewhat lackluster in comparison as the Puget Sound braces for more office construction. Over the quarter, the regional office market saw vacancy increase to 6.48%, up from 6.10% at year-end 2018. The regional availability rate also jumped by 43 bps over the quarter to 8.57%.

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      First Quarter 2019 Seattle Office Market Report
      Fourth Quarter 2018 Seattle Office Market Report
      Third Quarter 2018 Seattle Office Market Report
      Second Quarter 2018 Seattle Office Market Report
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  2. Oregon

    1. Portland Office Market Report
      First Quarter 2019

      Strong demand for the Portland office market ensured that occupancy has remained constant quarter-over-quarter and year-over-year, despite seeing over 2.2 million s.f. delivered to the market since the beginning of 2018. The unprecedented deliveries of 2018 have barely made a dent in the development pipeline, as it is still very robust with over 2.5 million s.f. of space under construction. The first quarter of 2019 marks the ninth straight quarter of growth in asking lease rates, further proving that demand for office space in Portland is highly coveted.

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      First Quarter 2019 Portland Office Market Report
      Fourth Quarter 2018 Portland Office Market Report
      Third Quarter 2018 Portland Office Market Report
      Second Quarter 2018 Portland Office Market Report
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  3. California

    1. Inland Empire Office Market Report
      First Quarter 2019










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      First Quarter 2019 Inland Empire Office Market Report
      Fourth Quarter 2018 Inland Empire Office Market Report
      Third Quarter 2018 Inland Empire Office Market Report
      Second Quarter 2018 Inland Empire Office Market Report
    2. Los Angeles Office Market Report
      First Quarter 2019

      Migration from New York, Baltimore, and Miami is driving the office job sector in Los Angeles. Consequently, workers are moving to Inland Empire and Las Vegas due to cost of living. The LA talent pool is diverse, but waning. There is a disconnect between where people live and work, and this past year of office leases continues to make this difficult.



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      First Quarter 2019 Los Angeles Office Market Report
      Fourth Quarter 2018 Los Angeles Office Market Report
      Third Quarter 2018 Los Angeles Office Market Report
      Second Quarter 2018 Los Angeles Office Market Report
    3. Oakland/East Bay Office Market Report
      First Quarter 2019

      After a stellar 2018, the East Bay office real estate market mostly maintained the gains in occupancy and continued to see increased rental rates at the end of 1Q 2019. Since 2010, rental rates have continuously increased year-over-year, and this year promises to be no different. New deliveries have slowed after a year of deliveries not seen since 2001, but the development pipeline remains robust with over 1.6 million s.f. still under construction. Sales volume jumped to a level not seen in a single quarter since the end of 2015, with average sales price per s.f. increasing 17.37% quarter-over-quarter. 2018 ended strong for this market, and indications from 1Q 2019 appear to show that trend staying strong

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      First Quarter 2019 Oakland/East Bay Office Market Report
      Fourth Quarter 2018 Oakland/East Bay Office Market Report
      Third Quarter 2018 Oakland/East Bay Office Market Report
      Second Quarter 2018 Oakland/East Bay Office Market Report
    4. Orange County Office Market Report
      First Quarter 2019

      The Orange County office market reduces transaction activity in 1Q19 as office demand begins to keep pace with the supply in the pipeline. Direct vacancies settled at 9.7% this quarter with average rental rates increasing to $2.74 s.f. fully serviced, a 5.38% increase year over year. The supply-demand fundamentals of the Orange County office market were such that only 63,766 s.f. was net absorbed. In addition, 339K s.f. was delivered. High quality product slowed arrival this quarter and existing product commanded higher asking rates. Overall market economy and job growth declined by 24K primarily in trade, transportation, and utilities with 90% of those in retail trade. The population grew 3.9%. Although this loss of jobs may be alarming, the number is less now than a year ago, during the same time. With healthy economic fundamentals in place, we can expect stable supply and demand growth in the Orange County office market to remain positive moving further into 2019. Keep in mind several hundred Fortune 500 companies have offices in one of the submarkets. Overall, the market is strong.

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      First Quarter 2019 Orange County Office Market Report
      Fourth Quarter 2018 Orange County Office Market Report
      Third Quarter 2018 Orange County Office Market Report
      Second Quarter 2018 Orange County Office Market Report
    5. Peninsula/San Mateo County Office Market Report
      First Quarter 2019

      The foundation of San Mateo County's office market remains strong, as low unemployment (2.3%) and strong job growth in the tech sector have contributed to a strong economy. Average direct rental rates rose to $5.28/s.f. fully serviced, with direct vacancy rates increasing slightly to 8.3%. Over 4.2 million s.f. remains under construction on the Peninsula, consisting of high-quality, Class A space.

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      First Quarter 2019 Peninsula/San Mateo County Office Market Report
      Fourth Quarter 2018 Peninsula/San Mateo County Office Market Report
      Third Quarter 2018 Peninsula/San Mateo County Office Market Report
      Second Quarter 2018 Peninsula/San Mateo County Office Market Report
    6. Sacramento Office Market Report
      First Quarter 2019

      Office property in the Sacramento market ended 1Q19 strong with leasing activity finishing 9.66% higher year-over-year. Direct vacancy rates continued to decline, ending the quarter 20 basis points lower quarter-over-quarter and 40 basis points lower year-over-year. The construction pipeline is very robust with over 2.3M s.f. still under construction by the end of the quarter. Asking lease rates are up 2.19% quarter-overquarter and have grown roughly 14% in the last five years. While this market continues to be primarily driven by the State of California government's demand for office space, the private sector has started to view the market very favorably with Fortune 100 companies relocating their regional headquarters to the state capital of California.

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      First Quarter 2019 Sacramento Office Market Report
      Fourth Quarter 2018 Sacramento Office Market Report
      Third Quarter 2018 Sacramento Office Market Report
      Second Quarter 2018 Sacramento Office Market Report
    7. San Diego Office Market Report
      First Quarter 2019

      The San Diego office market started the year off on solid footing, with net absorption picking up in the first quarter, asking rental rates still peaking at the record high from last year and occupancies hovering near post-recession highs. Sales transaction volume more than doubled from this time last year and vacancies are holding steady at near record low rates. The foundation of San Diego's office market is sturdy, bolstered by a strong employment base sustained in tech, life sciences and healthcare. Apple, the tech giant, committed to providing 1,200 jobs by the end of 2021 after taking up 100,000 square feet in UTC in the 4th quarter of 2018.

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      First Quarter 2019 San Diego Office Market Report
      Fourth Quarter 2018 San Diego Office Market Report
      Third Quarter 2018 San Diego Office Market Report
      Second Quarter 2018 San Diego Office Market Report
    8. San Francisco Office Market Report
      First Quarter 2019

      The office market in San Francisco kicked off 2019 with over 770K square feet of construction deliveries. Even with the large scale of deliveries, the construction pipeline remains robust with over 4.1 million square feet yet to be delivered, 72.9% of which is already pre-leased. Sales volume hit its highest quarterly total in two years, while average sales price per square foot jumped over $100 quarter-over-quarter, and skyrocketed more than $400 year-over-year. 2018 was a historic year in terms of occupancy, net absorption, rent, and development. The first quarter of 2019 has mostly maintained much of those gains, despite the quarter being less active than previous years.

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      First Quarter 2019 San Francisco Office Market Report
      Fourth Quarter 2018 San Francisco Office Market Report
      Third Quarter 2018 San Francisco Office Market Report
      Second Quarter 2018 San Francisco Office Market Report
    9. Silicon Valley Office Market Report
      First Quarter 2019

      The Silicon Valley Office market carries over 2018's stellar growth into the first quarter of 2019. Large tech companies and developers are meeting this demand by constructing over 4.7 million s.f. of office space. Roughly 80% of this is already preleased, pointing to the strong demand regionally. Vacancy rates are relatively flat and rental rates are still inching upwards. Sales activity jumped 122% year-over-year. The strong economy and robust development pipeline indicates that 2019 will build upon the strong market activity of 2018.

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      First Quarter 2019 Silicon Valley Office Market Report
      Fourth Quarter 2018 Silicon Valley Office Market Report
      Third Quarter 2018 Silicon Valley Office Market Report
      Second Quarter 2018 Silicon Valley Office Market Report
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  4. Arizona

    1. Phoenix Office Market Report
      First Quarter 2019

      The Phoenix office market started the year off with continued signs of a tightened market, as asking rents reach a new post-recession record high, and vacancy and availability rates remain stagnant at the record low from year end 2018. Leasing activity slowed down a bit this quarter from the historical average in transaction volume, but in contract, the office sales volume experienced one of the highest number of properties traded in a first quarter, almost doubling the volume from this time last year.

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      First Quarter 2019 Phoenix Office Market Report
      Fourth Quarter 2018 Phoenix Office Market Report
      Third Quarter 2018 Phoenix Office Market Report
      Second Quarter 2018 Phoenix Office Market Report
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  5. Nevada

    1. Reno Office Market Report
      First Quarter 2019

      The office real estate market in the greater Reno/Sparks area had a slower than usual first quarter with a reported 134,251 square feet in leasing activity, and 214,790 square feet in building sales. However, both direct and overall vacancy have shown an uninterrupted decline quarter over quarter, continuing the upward push of lease rates market-wide.

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      First Quarter 2019 Reno Office Market Report
      Fourth Quarter 2018 Reno Office Market Report
      Third Quarter 2018 Reno Office Market Report
      Second Quarter 2018 Reno Office Market Report
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