Orange County - AIR Commercial Real Estate Association

Transcription

INDUSTRIAL MARKET REPORT
Orange County
1st Quarter 2016
Produced in partnership with
2016 Q1 Market Trends © 2016 by Xceligent, Inc. All Rights Reserved
Table of Contents/
Methodology of Tracked Set
Xceligent is a leading provider of verified commercial real estate information which assists real estate
professionals, appraisers, owners, investors and developers that make strategic decisions to lease, sell,
buy and develop commercial properties.
Table of Contents and Methodology/Map
2-3
Market Overview
4-5
Statistics by Market
6
Vacancy Rates & Asking Rates
7-8
Leasing & Absorption
9-10
New Construction
11
Industrial Advisory Board Members
12
Xceligent Team
13
The Orange County tracked set consists of an inventory of buildings considered to be competitive by
the brokerage community. All buildings within the competitive tracked set have been reviewed and
verified by members of the Advisory Boards for the market area.
Tracked
Inventory
(Industrial)
The total square feet of all single and multi-tenant buildings greater than 10,000 sf, including
owner occupied facilities.
Available SF
All of the available leasable space within a building, whether it is occupied or vacant, for
direct lease or sublease space. Space can be available but not vacant, for example, if the
landlord, or his agent, is marketing space that will be coming available at a future date
because a tenant is planning to move.
Vacant SF
The total of the direct vacant square footage in a building that is being marketed.
Net
Absorption
The net change in occupied square feet from quarter to quarter, expressed in square feet.
Note
This report reflects Direct Vacancy and Absorption, Sublease space is excluded.
2
Industrial Market Map
3
Orange County Industrial Overview
Overview

The Orange County industrial market continues to see healthy activity by closing out the first quarter with
positive net absorption of 399,439 square feet.

405,000 square feet of new construction was delivered in Q1 while 230,000 square feet of new industrial
space is underway.

L&L Foods leased ±207,000 square feet at the recently developed Anaheim Concourse. The 10 year term is
valued at ±$18 million. They join Disney & Phillips Feed Service as the parks largest tenants.
# of Bldgs
OC Airport Area
OC North
OC South
OC West
Grand Total
2,280
2,940
1,180
1,211
7,611
# of Bldgs
OC Airport Area
OC North
OC South
OC West
Grand Total
2,280
2,940
1,180
1,211
7,611
# of Bldgs
OC Airport Area
OC North
OC South
OC West
Grand Total
2,280
2,940
1,180
1,211
7,611
Inventory (SF)
Total Available (SF)
67,317,373
109,549,218
40,177,508
42,123,215
259,167,314
Inventory (SF)
2,562,706
3,597,185
1,980,461
2,390,700
10,531,052
Sum of Direct
Available SF
67,317,373
109,549,218
40,177,508
42,123,215
259,167,314
Inventory (SF)
Total Vacant (SF)
985,932
2,415,411
854,654
623,960
4,879,957
Direct Vacant (SF)
2,460,208
3,361,328
1,836,714
2,097,736
9,755,986
985,932
2,387,708
819,774
508,090
4,701,504
Total Vacancy
Rate (%)
1.5%
2.2%
2.1%
1.5%
1.9%
102,498
235,857
143,747
292,964
775,066
27,703
34,880
115,870
178,453
YTD Total Net
Absorption (SF)
8,893
254,946
13,384
122,216
399,439
Direct Vacancy Direct Quarterly Net
Rate (%)
Absorption (SF)
1.5%
2.2%
2.0%
1.2%
1.8%
Sublease
Available Sublease
Sublease Vacant (SF) Vacancy Rate
(SF)
(%)
67,317,373
109,549,218
40,177,508
42,123,215
259,167,314
Total Quarterly Net
Absorption (SF)
8,893
254,946
13,384
122,216
399,439
YTD Direct Net
Absorption (SF)
2,477
272,651
23,100
119,632
417,860
Sublease Quarterly
Absorption (SF)
0.0%
0.0%
0.1%
0.3%
0.1%
2,477
272,651
23,100
119,632
417,860
YTD Sublease Net
Absorption (SF)
6,416
(17,705)
(9,716)
2,584
(18,421)
6,416
(17,705)
(9,716)
2,584
(18,421)
Historical Vacancy Rate & Net Absorption
1,200,000
3.0%
1,000,000
2.5%
800,000
2.0%
600,000
1.5%
400,000
1.0%
200,000
0.5%
-
0.0%
2015 Q1
2015 Q2
2015 Q3
2015 Q4
2016 Q1
4
Orange County Industrial Overview
Historical Vacancy Rates by Use
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
2015 Q1
2015 Q2
2015 Q3
Whse/Mfg
2015 Q4
2016 Q1
Flex/R&D
Historical Net Absorption by Use
900,000
848,304
800,000
754,528
703,454
700,000
600,000
472,742
500,000
400,000
368,015
300,000
256,972
200,000
106,632
105,795
100,000
33,926
31,424
-
2016 Q1
2015 Q4
2015 Q3
Whse/Mfg
2015 Q2
2015 Q1
Flex/R&D
5
Statistics by Market
# of
Bldgs
OC Airport Area
Inventory (SF)
Sublease
Vacant (SF)
Total Vacant (SF)
Vacancy Rate
(%)
Total Quarterly
Absorption
YTD Total Net
Absorption (SF)
2,280
67,317,373
985,932
-
1.5%
8,893
8,893
Costa Mesa
349
8,668,766
83,150
-
1.0%
(31,273)
(31,273)
Fountain Valley
188
4,492,873
4,218
-
0.1%
26,307
26,307
Irvine
533
17,641,739
217,535
-
1.2%
527
527
26
750,726
-
-
0.0%
2,500
2,500
Santa Ana
997
28,564,764
498,811
-
1.7%
(1,639)
(1,639)
Tustin
187
7,198,505
182,218
-
2.5%
12,471
12,471
2,940
109,549,218
2,415,411
27,703
2.2%
254,946
254,946
1,311
43,234,592
807,767
3,456
1.9%
302,850
302,850
Brea
276
10,798,568
480,214
-
4.4%
(39,127)
(39,127)
Buena Park
211
14,153,890
106,313
-
0.8%
(20,284)
(20,284)
Fullerton
350
19,703,585
767,137
24,247
3.9%
(27,365)
(27,365)
La Habra
81
2,926,582
23,334
-
0.8%
(1,574)
(1,574)
Orange
475
12,592,365
46,221
-
0.4%
12,798
12,798
Placentia
164
4,161,065
47,552
-
1.1%
24,358
24,358
72
1,978,571
136,873
-
6.9%
3,290
3,290
1,180
40,177,508
854,654
34,880
2.1%
13,384
13,384
Aliso Viejo
59
2,062,768
19,300
6,560
0.9%
33,036
33,036
Foothill Ranch
53
4,006,318
-
-
0.0%
-
-
Irvine Spectrum
455
18,717,015
418,398
11,335
2.2%
31,651
31,651
Laguna Hills
101
1,960,819
10,321
-
0.5%
6,340
6,340
32
640,439
2,342
-
0.4%
(2,342)
(2,342)
181
5,313,312
301,634
12,985
5.7%
(40,689)
(40,689)
Mission Viejo
53
970,373
39,343
-
4.1%
(14,596)
(14,596)
Rancho Santa Margarita
76
2,448,022
12,487
-
0.5%
(3,169)
(3,169)
113
2,670,234
49,167
4,000
1.8%
(4,788)
(4,788)
57
1,388,208
1,662
-
0.1%
7,941
7,941
OC West
1,211
42,123,215
623,960
115,870
1.5%
122,216
122,216
Cypress
93
5,978,077
147,604
-
2.5%
100,550
100,550
Garden Grove
349
13,397,328
36,706
-
0.3%
1,170
1,170
Huntington Beach
520
13,891,296
342,573
115,870
2.5%
(3,822)
(3,822)
La Palma
19
1,753,108
88,686
-
5.1%
22,888
22,888
Los Alamitos
91
2,735,727
4,051
-
0.1%
(4,051)
(4,051)
Seal Beach
10
831,438
-
-
0.0%
-
-
Stanton
65
1,295,542
4,340
-
0.3%
(1,600)
(1,600)
Westminster
64
2,240,699
-
-
0.0%
7,081
7,081
7,611
259,167,314
4,879,957
178,453
1.9%
399,439
399,439
Newport Beach
OC North
Anaheim
Yorba Linda
OC South
Laguna Niguel
Lake Forest
San Clemente
San Juan Capistrano
Grand Total
6
Vacancy Rate %
Average Weighted Direct Asking Rate
2015 Q1
2015 Q2
2015 Q3
2015 Q4
2016 Q1
2015 Q1
2015 Q2
2015 Q3
2015 Q4
2016 Q1
2.5%
2.0%
1.6%
1.5%
1.5%
$0.74
$0.76
$0.77
$0.75
$0.76
Whse/Mfg
2.1%
1.6%
1.2%
1.3%
1.3%
$0.71
$0.73
$0.73
$0.72
$0.73
Flex/R&D
4.4%
4.1%
3.1%
2.4%
2.2%
$0.80
$0.84
$1.19
$1.13
$1.22
2.8%
2.5%
2.3%
2.1%
2.2%
$0.63
$0.62
$0.62
$0.64
$0.66
Whse/Mfg
2.8%
2.5%
2.3%
2.0%
2.1%
$0.60
$0.60
$0.58
$0.58
$0.62
Flex/R&D
3.2%
2.4%
2.3%
2.8%
3.1%
$0.82
$0.86
$0.90
$0.88
$0.90
3.1%
3.4%
2.8%
2.2%
2.1%
$0.92
$0.96
$1.00
$1.05
$1.02
Whse/Mfg
2.9%
3.1%
2.5%
1.7%
1.9%
$0.81
$0.83
$0.86
$0.87
$0.91
Flex/R&D
3.3%
4.0%
3.3%
3.0%
2.6%
$1.10
$1.13
$1.10
$1.27
$1.13
1.6%
2.4%
1.6%
1.8%
1.5%
$0.67
$0.68
$0.67
$0.69
$0.68
Whse/Mfg
1.6%
2.6%
1.8%
2.1%
1.7%
$0.62
$0.64
$0.65
$0.68
$0.65
Flex/R&D
2.0%
1.4%
0.9%
0.5%
0.6%
$0.83
$0.82
$0.79
$0.76
$0.77
Grand Total
2.6%
2.5%
2.1%
1.9%
1.9%
$0.73
$0.74
$0.76
$0.78
$0.79
OC Airport
Area
OC North
OC South
OC West
7
Vacancy Rate by Submarket
2.2%
2.1%
1.5%
1.5%
OC Airport Area
OC North
OC South
OC West
Average Weighted Asking Rates by Submarket
$1.02
$0.76
$0.68
$0.66
OC Airport Area
$2.00
OC North
OC South
OC West
Asking Lease Rate Range by Type (NNN)
$1.75
$1.50
$1.50
$1.03
$1.00
$0.50
$0.71
$0.45
$0.52
$Whse/Mfg
Flex/R&D
8
Leasing & Absorption
Largest Leases & Absorption Changes
Property Name
SF Occupied or Vacated
Tenant Name
Submarket
Specific Use
5701 Skylab Rd
280,460
C&D Zodiac
OC West
Whse/Mfg
1151-1153 Ocean Cir
207,074
L&L Food Holdings
OC North
Whse/Mfg
701 Burning Tree Rd
156,096
Brentwood Homes
OC North
Whse/Mfg
3441 W MacArthur
122,060
Towne Allpoints
OC Airport Area
Whse/Mfg
1920-1928 W Malvern Ave
111,018
Westport
OC North
Whse/Mfg
1625 S Lewis St
109,732
Disney
OC North
Whse/Mfg
80 Icon
100,643
Image Options
OC South
Whse/Mfg
86,120
TravisMatthew
OC West
Whse/Mfg
15202 Graham St
20382 Hermana Cir
(24,103)
Lodis
OC South
Whse/Mfg
851 W 18th St
(27,476)
Cytec
OC Airport Area
Whse/Mfg
OC North
Flex/R&D
2830 W Orbiter St
(101,420)
Penny Saver
Top Transactions
Property Name
Sale Price
1315 Blue Gum St
Undisclosed
3560 Cadillac Ave
1 Argonaut
SF Sold
Buyer
Seller
Submarket
Specific Use
43,180MeriCal
TREF3 Anaheim LLC OC North
Whse/Mfg
$7,000,000
43,166Endural, LLC
Fulton Properties
OC Airport Area
Whse/Mfg
$4,000,000
32,3001 Argonaut LLC
William Simmons
OC South
Flex/R&D
9
New Construction
Current New Construction by Submarket
250,000
200,000
150,000
100,000
50,000
-
OC Airport Area
OC North
10
Industrial Advisory Board Members
Orange County
CBRE
Ben Seybold
Nick Spatafore
Clyde Stauff
Colliers International
Chuck Wilson
Rick Ellison
Cushman & Wakefield
Randy Ellison
Irvine Company
Sue Lyle
Louis Tomasellli
JLL
Steve Wagner
Jim Snyder
Lee & Associates
Dan Kruse
NAI Capital
JR Williamson
Newmark Grubb Knight Frank
Greg Osborne
Voit Real Estate Services
Seth Davenport
11
Xceligent Orange County Team
This information has been obtained from sources believed reliable. While we do not doubt its accuracy, we
have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to
independently confirm its accuracy. For more information, please contact :
Matt Nelson
Director of Analytics
714-509-1404
mnelson@xceligent.com
Monique Ebel
Director of Research
714-538-8432
mebel@xceligent.com
Brandon Koepnick
Director of Client Services
714-267-9171
bkoepnick@xceligent.com
Tim Hayes
Executive Director - AIR
213-687-8777
thayes@airea.com
Produced in partnership with
12

Orange County - AIR Commercial Real Estate Association

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