Beruflich Dokumente
Kultur Dokumente
88
294 Population 536,926 9,573,949
56
171 Employment 270,853 4,656,565
59
55
800
space in the Far West submarket. Last year’s deliveries outpaced
600 the trailing five-year average of 190,000 square feet annually.
square foot, while effective rents have posted a 3.2 percent gain to
$20 9% $18.59 per square foot.
$19 6% ◆ Asking rents are anticipated to improve 2.3 percent to $21.05 per
square foot this year, and effective rents are forecast to rise 1.4
$18 3% percent to $18.85 per square foot. Concessions are being offered in
04 05 06 07 08*
* Forecast an effort to attract quality retailers to the area while retaining cur-
Sources: Marcus & Millichap Research Services, PPR, Reis
rent tenants as vacant space becomes harder to fill.
SALES TRENDS
◆ Multi-tenant sales velocity has slowed over the last year by 45 per-
cent, while deal flow for single-tenant assets has increased signif-
icantly; investor focus has shifted to these properties, which usu-
ally have quality occupants and long-term lease deals with sched-
Sales Trends uled rent escalation.
$400 Single-Tenant
Despite decelerating multi-tenant sales, the median price for this
Median Price per Square Foot
Multi-Tenant ◆
$300 asset type improved 12.5 percent to $232 per square foot in 2007,
while single-tenant prices appreciated 1.2 percent to $260 per
$200 square foot. A greater number of quality multi-tenant properties
have traded during the past year, improving the median price.
$100
◆ Cap rates for multi-tenant assets have hovered in the low-7 per-
$0 cent range during the last 12-month period. Meanwhile, single-
03 04 05 06 07 tenant properties have changed hands with cap rates in the high-
Sources: Marcus & Millichap Research Services, CoStar Group, Inc. 6 percent to low-7 percent range, as investors have been more
aggressive in purchasing these assets in their flight to quality.