News
Welcome Back, Optimism
July 16, 2012
| Despite bumps in the recovery, developers believe there's enough momentum in many California office, industrial, and multifamily markets (including Orange County) to start planning new developments. Which they are. The latest Allen Matkins/UCLA Anderson Forecast surveyed developer sentiment across the state. |
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| In this video overview of the survey, Allen Matkins' John Tipton says that optimism will lead to action, and the firm's Tony Natsis notes that developers are "filling their pipelines" for the first time in a long time. UCLA Anderson Forecast senior economist Jerry Nickelsburg says that a significant portion of those surveyed will begin new projects in the next 12 months. |
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| Orange County's office market has been "somewhat problematic," says Jerry. But more recently, with the growth of tech and import-export businesses, OC's office market is making a comeback. Click on the video to hear more. |
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| Both Greater Los Angeles and Greater San Francisco are seeing high multifamily developer confidence. Small wonder, considering that multifamily has seen consistently higher rents and lower vacancies because of the housing slump. Almost everyone in the industry is planning new product. (For more analysis, watch the video above.) |
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| California manufacturing and warehouse space developers and brokers are also positive, especially in LA and Orange counties, "where vacancy rates are down below 5% and in some cases below 3%," UCLA's Jerry Nickelsburg says. Manufacturing and distribution growth is now driving demand for space, he adds. Watch. |
