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Office Market Research/Reports

  1. Washington

    1. Seattle Office Market Report
      Fourth Quarter 2018

      On a national basis, the office market continues to see positive absorption, falling vacancy rates, and continued rent growth. There are a few regional exceptions, but the Puget Sound is definitely not one of those. The fourth quarter is typically slow in terms of leasing activity as companies are preoccupied with the holidays and year-end accounting. Not this year. The fourth quarter of 2018 saw regional absorption of 1.37 million square feet; more than 2017's annual total.

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

    1. Portland Office Market Report
      Fourth Quarter 2018

      2018 was a banner year for development in the Portland office market, with 2,053,389 s.f. delivered, which is more than any other year in the last decade. This incredible amount of development grew office inventory by 2.17% in just one year. Despite so much space coming on the market, direct vacancy only rose by 50 basis points (bps) year-over-year. Furthermore, despite the slight increase in vacancy, rental rates grew 4.23% year-over-year and are now higher than at any other time in the last 15 years.

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

    1. Inland Empire Office Market Report
      Fourth Quarter 2018










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

      2018 was another banner year for Los Angeles's office sector. In fact, the market forces propelling the rebirth of the sector did not wane in any way; instead, they only quickened and further galvanized throughout the year. With Google, City National Bank, and ACCO Engineered Systems occupying a combined 640,000 square feet at year-end, net absorption was positive for the sixth consecutive quarter.

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

      The inner East Bay Office real estate market had a stellar 2018, finishing the year with the lowest vacancy rate the area has seen in 20 years. Rental rates increased for the sixth straight year, and set a new 20 year high for the second consecutive year. New deliveries for 2018 totaled over 700k s.f., which is the highest amount of annual deliveries since 2001. Even after the large footprint of the 2018 deliveries, the development pipeline remains robust with over 1.1 million s.f. still under construction. The East Bay set decade highs in direct asking rental rate, occupancy rate, and average sales price (psf) in 2018. The East Bay market has had a very impressive run up since the recession ended, and by all indications will continue this run in 2019.

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

      The Orange County office market remains strong in 4Q18 as office demand continues to increase in lock-step with the heavy inflow of new supply. Direct vacancies settled at 9.5% this quarter with average rental rates increasing to $2.68/s.f. fully serviced, a year over year growth of 4.69%. The supply-demand fundamentals of the Orange County office market were such that even with over 1.0 million s.f. of high quality product arriving onto the market, they were able to command higher asking rates. Overall market economy and job growth has remained positive as the unemployment rate sits at 2.8%, 110 basis points (bps) lower than the state's average of 3.1%. Steady demand from the tech field, financial and business services, and now the life science industry has provided stability that was not present during the last cycle. With healthy fundamentals in place, we can expect consistent growth in the Orange County office market to remain robust moving into 2019.

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

      The San Francisco Peninsula closed out 2018 with rising direct rental rates, positive net absorption and increased tenant demand, particularly within the technology sector. Direct vacancy rates increased slightly to 8.9%, with average direct asking rental rates standing at $5.05/s.f. fully serviced. With nearly 2.8 million s.f. under construction on the Peninsula, San Mateo County remains a favorable market for tenants seeking a Bay Area presence.

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

      The office real estate market in the greater Sacramento area ended 2018 with over 3.6 million square feet in leasing activity. With the uninterrupted decline in direct and overall vacancy, the minor increases in lease rates are to be expected considering the ongoing tenant demand for quality office space market-wide.


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

      The San Diego office real estate market ended the year with continued signs of a tightened market, as asking rental rates climb to a new all-time record high coupled with vacancy rates hovering just slightly above the record low from year end 2017 at 10.6%. With its prime location on California's southern coast, its geographic constraints and steady demand, vacancies in the county are holding steady. Although net absorption posted at a modest positive 101,000 square feet for the year, the foundation of San Diego's office market is still set on firm footing backed by a diverse employment base buoyed by tech, life sciences, and healthcare in a city that boasts one of the top high-tech and life science clusters in the country.

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

      San Francisco's office market finished 2018 very strong, with tech giants leading the way once again. Google and Facebook signed on to leases that committed them to occupy over one million s.f. combined. This year saw over 3,125,180 s.f. of construction deliveries for San Francisco, which is the largest amount of newly constructed space in over 20 years. Demand continues to keep pace with deliveries, as direct vacancy ended the year at 3.95%. 2018 was a particularly remarkable year in this current bull market, finishing with decade highs in occupancy, net absorption, new deliveries, and direct rental rates.

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

      The Silicon Valley office property market was strong in 2018, with direct asking lease rates rising 7.35%, and average sales price per s.f. rising 18.9% year-over-year. Average sales price (psf), direct lease rates, leasing activity, and occupancy rates finished 2018 at or very close to their highest points in a decade. 2018 was another strong year for development in the valley as the year ended with over 2.96 million s.f. of new construction delivered, and over 4.8 million s.f. still under construction. The market's year-over-year job growth is almost double that of the national average, which taken together with the robust development pipeline, indicates that in 2019 the office market in Silicon Valley will likely be as or more robust than 2018.

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

    1. Phoenix Office Market Report
      Fourth Quarter 2018

      2018 was another banner year for the Phoenix office market. By any measure, the sector is thriving and performing excellently. Even without including sublet space, occupancy demand exceeded 3.3 million square feet (msf) this year; in terms of leasing activity, although slightly below the 10 msf averaged over the past decade, 8.5 million square feet of space came off the market in 2018; direct vacancy declined more than 10% from this time last year, reaching a market wide rate of 12.5%, and, at $26.04 per square foot on an annualized basis, asking rental rates are the highest they have ever been in the recorded history of the market.

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      Fourth Quarter 2018 Phoenix Office Market Report
      Third Quarter 2018 Phoenix Office Market Report
      Second Quarter 2018 Phoenix Office Market Report
      First Quarter 2018 Phoenix Office Market Report
      Fourth Quarter 2017 Phoenix Office Market Report
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  5. Nevada

    1. Reno Office Market Report
      Fourth Quarter 2018










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      Fourth Quarter 2018 Reno Office Market Report
      Third Quarter 2018 Reno Office Market Report
      Second Quarter 2018 Reno Office Market Report
      Fourth Quarter 2017 Reno Office Market Report
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