| SUMMERS 2006 –
COMMERCIAL AND INDUSTRIAL PROPERTIES
ARE AN APPEALING INVESTMENT IN 2006
|Apartment Market Conditions Continue to Strengthen|
know that last year a total of $268 billion in investment grade real estate
(properties valued over $5 million) were sold throughout the country.
That amount is a 44% increase over the transaction volume in 2004, notes
the National Association of Realtors.
Investment dollars continue to flow into Southern California's Industrial real estate market in 2006, and by all predictions, the California Industrial real estate will stay strong.
Office properties accounted for $99.7 billion in transaction in 2005 – a 34% rise from 2004. Multifamily real estate sales topped $87 billion – an increase of 72% over the previous year. Industrial properties accounted for $35.5 billion – up 65%. Retail totaled $46.4 billion in 2005 – a 16% increase from the previous year.
The National Association of Realtors Forecasts – “…Demand is increasing especially for warehouse and
| All of the recent real
estate economic forecasts agree - Southern California apartment rents and
occupancy rates rank among the highest in the country, and continuing regional
economic gains should push these levels higher.
This information has been confirmed by several powerful studies conducted by the likes of the Richard S. Ziman Center for Real Estate at UCLA, the Anderson School of Management at UCLA, the USC Lusk Center for Real
|GRIND, MELT, SMELT AND MANUFACTURE
1295 MEYERS RD, OJAI 93023
31,792 sq.ft. Highly prized, hard to find M3 zoned land in scenic Ojai
|OFFICE SPACE NEEDED IN SOCAL
| 2005 was an
incredible year for office building purchases. Across the country, $99.7
billion of office properties traded hands – a 34% increase over 2004,
and more than 1/3 of the $268 billion in investment grade commercial real
estate transactions in 2005. Locally, according to Cushman & Wakefield
Global Real Estate Services, buyers spent close to $5 billion on office
buildings in L.A. County last year – up from $4.2 billion in 2004,
which was 6% more than 2003, and double the 2001 figure.
"There have been gobs and gobs of money thrown at commercial real
estate," confirms Nicolas Buss of PNC Real Estate Finance.
Southern California has the tightest industrial market in the U.S., and
a rapidly tightening office market. The SoCal challenge is demand vs.
supply - there is not enough land available for new commercial development
to accommodate business growth. Still, we try. According to the Los Angeles
County Economic Development Corporation, there were a total of 252 major
expansions in the five-county region during 2005.
Office vacancy rates have been declining across the Los Angeles five-county region since the second quarter of 2004, a period when businesses started hiring more employees. Among the growing white-collar businesses in Southern California are law, accounting, banking and management consulting: more employees = the need for more office space. Between 4th quarter 2004 and 4Q 2005, L.A. office vacancy rates dropped from 14.8% to
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DUPLEXES AND DEVELOPMENT OPPORTUNITIES
sq.ft. Retail/Office building in Historic Tucumcari, New Mexico
My client has a 5,250 sq. ft. commercial building (retail/office) on
Main Street in Tucumcari, New Mexico (on I-40 between Albuquerque and
Amarillo) and my asking price is $65,000. Inside the building are a number
of small offices, several large rooms and 2 bathrooms. The present tenant
has been paying $900 mo. rent for the past 6 years but the lease expires
later this year.
Contact Jodi Summers if you have anyone who is interested.
Sotheby's International Realty
** Question: You do a lot of business transactions, perhaps you can help…I'm purchasing a retail business for a price based on existing inventory, equipment, assets and goodwill. The seller has indicated that the landlord is willing to extend the long-term lease. Do we need an escrow company to handle the money transfer? Other than turning over the keys, what else is involved in turning over assets, existing supply and service contracts, and utilities?
|Hollywood Sign - cemetery view|
1, 2006 POPULATION FOR CITIES
The California Department of Finance recently released its January 1, 2006 population estimates for cities and counties in the state. Three of the 10 fastest growing cities were in Southern California: (# 5.) Temecula +14.7% to 93,923 residents; (# 6.) Coachella +13.7% to 35,207 residents; and (# 8.) Desert Hot Springs +12.8% to 22,011.
Of the state's 10 largest cities, five were in Southern California, including: 1.) Los Angeles +1.15 to 3,976,071