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Office Market Research/Reports

  1. Washington

    1. Seattle Office Market Report
      Fourth Quarter 2016

      Apple, Cisco, eBay, and Alibaba, these familiar names are examples of tenants looking for new or more office space in the Seattle and Bellevue markets. This follows expansions announced in 2016 by Google, Facebook, Tableau, Salesforce, Valve, Wave Broadband, WeWork, and, of course, Amazon. The growth in the tech industry continues to place the region's office market near the top national markets. This growth is currently bumping up against a shortage of large, tech-friendly, spaces. Even with all of the new space added in the past three years, and that under construction, the regional market has only 14 available spaces over 100,000 s.f. in existing buildings and only six of those are over 200,000 s.f. Only three of the 14 spaces are in projects built after 2000.

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      Fourth Quarter 2016 Seattle Office Market Report
      Third Quarter 2016 Seattle Office Market Report
      Second Quarter 2016 Seattle Office Market Report
      First Quarter 2016 Seattle Office Market Report
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  2. Oregon

    1. Portland Office Market Report
      Fourth Quarter 2016

      The Portland office real estate market held its own in the fourth quarter of 2016, while strong economic conditions, diversifying tenant demand, and an appealing investment and development environment indicated considerable growth potential in the new year. Metro Portland reported 82,794 square feet of positive net absorption, its seventh straight quarter in the black, but vacancies ticked up to 7.9% during the quarter, after the market added 189,051 square feet in construction deliveries, some of which were unoccupied at year's end.

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      Fourth Quarter 2016 Portland Office Market Report
      Third Quarter 2016 Portland Office Market Report
      Second Quarter 2016 Portland Office Market Report
      First Quarter 2016 Portland Office Market Report
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  3. California

    1. Oakland/East Bay Office Market Report
      Fourth Quarter 2016

      The East Bay office real estate market continued to tighten in the fourth quarter of 2016, as the regional unemployment rate fell to 4%, fueling demand for space that is hard to come by in preferred submarkets. Vacancies marketwide fell to 6.9% amid 67,993 square feet of positive net absorption, but Oakland CBD (4.8%) and Berkeley (3.4%) were both well below the East Bay average. Asking rental rates increased to $2.69, fully serviced, throughout the East Bay, and Oakland CBD asks were much higher, at $3.84 overall and $4.65 for some upper-floor Class A offerings. Despite extremely tight market conditions, the East Bay remains a relatively affordable alternative to San Francisco for companies that are able to find suitable spaces. A handful of new full-floor listings should provide a hint of relief to the severely constrained market, but many large-block users are looking even farther eastward to satisfy their needs. The combination of unyielding demand pressure and limited new construction has brought vacancies to cycle lows, increased rental rates, and enhanced appeal of well-located inner East Bay assets to investors, bringing in new landlords from around the country.

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      Fourth Quarter 2016 Oakland/East Bay Office Market Report
      Third Quarter 2016 Oakland/East Bay Office Market Report
      Second Quarter 2016 Oakland/East Bay Office Market Report
      First Quarter 2016 Oakland/East Bay Office Market Report
    2. Orange County Office Market Report
      Fourth Quarter 2016

      The Orange County office market continued to improve in 2016, as pricing continued to increase, vacancy was stable, but we are seeing an increase in the amount of available space on the market. Further into 2017, positive absorption should progress, occupancy costs will continue to increase but new deliveries in the southern half of the county may apply more upward pressure on vacancy. We foresee 2017 being another year of growth.

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      Fourth Quarter 2016 Orange County Office Market Report
      Third Quarter 2016 Orange County Office Market Report
      Second Quarter 2016 Orange County Office Market Report
      First Quarter 2016 Orange County Office Market Report
    3. Peninsula/San Mateo County Office Market Report
      Fourth Quarter 2016

      The Peninsula office market continued to send mixed signals as the fourth quarter began, but several indicators point towards a healthy market as we head into 2017. Leasing activity for existing space was relatively sluggish, but the county's vacancy rate remained stable as existing tenants and landlords were reluctant to put space back on the market. While speculation of a declining market lingered throughout the year, several fourth quarter pre-leases in Redwood City, San Mateo, and Burlingame suggested that demand for space remains robust.

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      Fourth Quarter 2016 Peninsula/San Mateo County Office Market Report
      Third Quarter 2016 Peninsula/San Mateo County Office Market Report
      Second Quarter 2016 Peninsula/San Mateo County Office Market Report
      First Quarter 2016 Peninsula/San Mateo County Office Market Report
    4. Sacramento Office Market Report
      Fourth Quarter 2016

      The Sacramento office real estate market commanded national attention during an exceptional fourth quarter that saw record investment activity and across-the-board absorption gains in the region. More than $300 million worth of Sacramento-area assets changed hands, the first time the market has eclipsed that mark since the second quarter of 2007. The downtown and suburban submarkets recorded 534,469 s.f. of positive net absorption, which translated to a 100-basis-point year-over-year drop in vacancies, now at a cycle-low 11.4% market wide and 9.6% in the CBD. Asking rents averaged $1.76/s.f. in the fourth quarter, up from $1.74 at the same time in 2015, and downtown asks were at $2.37, both fully serviced.

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      Fourth Quarter 2016 Sacramento Office Market Report
      Third Quarter 2016 Sacramento Office Market Report
      Second Quarter 2016 Sacramento Office Market Report
      First Quarter 2016 Sacramento Office Market Report
    5. San Diego Office Market Report
      Fourth Quarter 2016

      The San Diego Office market finished the year with strong leasing activity, high absorption and increasing rental rates. The direct vacancy rate in the overall San Diego market is 10.1% a decrease of 110 basis points from the end of last year. The San Diego County unemployment rate sits at 4.8%, a decrease of 30 basis points from a year ago, and we expect the strong local economy and increasing job growth to drive the real estate market in 2017.

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      Fourth Quarter 2016 San Diego Office Market Report
      Third Quarter 2016 San Diego Office Market Report
      Second Quarter 2016 San Diego Office Market Report
      First Quarter 2016 San Diego Office Market Report
    6. San Francisco Office Market Report
      Fourth Quarter 2016

      The San Francisco office real estate market was as dynamic as ever in the fourth quarter of 2016, as tech-sector giants traded space and investors continued to bet big on some of the city's most coveted assets. This quarter's 49,732 square feet of positive net absorption pared the vacancy rate down to 6.2%, and several large move-ins anticipated in the first half of 2017 portend a return to sub-6.0% vacancy in the coming quarters.

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      Fourth Quarter 2016 San Francisco Office Market Report
      Third Quarter 2016 San Francisco Office Market Report
      Second Quarter 2016 San Francisco Office Market Report
      First Quarter 2016 San Francisco Office Market Report
    7. Silicon Valley Office Market Report
      Fourth Quarter 2016

      The Silicon Valley office market remained strong during the closing quarter of 2016, and appears poised for slower, but steady growth moving forward. The Silicon Valley economy continues to lead the nation in the areas of growth, income, innovation, and venture capital investment. Santa Clara County's unemployment rate dropped from 4.0% in August to 3.5% in November, according to data released by the California Employment Development Department. The election led to some uncertainty in the market, resulting in a more conservative approach regarding real estate decisions during Q4.

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      Fourth Quarter 2016 Silicon Valley Office Market Report
      Third Quarter 2016 Silicon Valley Office Market Report
      Second Quarter 2016 Silicon Valley Office Market Report
      First Quarter 2016 Silicon Valley Office Market Report
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  4. Arizona

    1. Phoenix Office Market Report
      Fourth Quarter 2016

      The Phoenix office real estate market experienced strong leasing activity, over a million square feet of net absorption and rising rental rates during the fourth quarter. Direct vacancy decreased to 15.1%, a 140 basis points decrease from this time last year. The strong local economy and job creation should drive real estate market growth for many quarters to come. The Phoenix unemployment rate sits at 4.5%, a 60 basis point decrease from the 5.1% recorded this time last year.

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      Fourth Quarter 2016 Phoenix Office Market Report
      Third Quarter 2016 Phoenix Office Market Report
      Second Quarter 2016 Phoenix Office Market Report
      First Quarter 2016 Phoenix Office Market Report
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