Jodi Summers = Green Real Estate ? GREEN TECHNOLOGY IS ...

August 17, 2012 on 12:53 am | In Green Cities, Reasons to Love L.A., Solutions, Statistics, Trends, Uncategorized | No Comments

By Jodi Summers

The Los Angeles office real estate market is still unimpressive, but, believe it or not, we?ve got it better than most, thanks to our focus on green and technology.

?The energy and the tech-driven markets are the clear standouts right now. It has become a reoccurring theme that markets in Texas and California are leading the nation in most demand and rent growth metrics,? supports Kevin Thorpe, Cassidy Turley?s chief economist.

While San Francisco led the country in rent growth compared to a year-ago, Los Angeles ranked in the top 10 markets, along with? San Jose, Seattle, Austin, Denver, Miami, Orlando and Raleigh, NC. Overall, the West region led the way with the largest amount of new net demand, followed by the South, then the Midwest and the Northeast, respectively. Nationwide, nearly one third of markets reporting an uptick in sales.

?We are at a point where there is healthy job creation, but over 50% of the jobs created in recent months using office space were temp jobs,? shares Thorpe. ?These jobs don?t move the needle immediately for the office sector, but they do set the stage for much stronger demand numbers down the road.?

Export statistics note that U.S. office rents hit bottom at the end of 2010. But given that there are still high vacancy levels, lease rates are not expected to increase anytime soon. It?s anticipated that office asking will increase by approximately 1% this year.

?Overall, the first quarter presented a mixed bag of results and expectations for the rest of the year,? notes John Sikaitis, senior vice president of research at Jones Lang LaSalle. ?While the recovery slowed during the quarter, it remains intact.?

Technology expansion and startup activity gained momentum in almost every market with prospects for growth. Additionally, energy-heavy markets posted some of the largest leases and witnessed sales momentum and speculative new construction.

?Looking ahead to the remainder of 2012, markets will continue to recover, and in some cases contract, at different rates of speed,? observes Sikaitis. ?Overall rents across most markets will grow, but at slow and measured paces unless some significant cushion of technology or energy pockets exist.?

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http://www.costar.com/News/Article/Brokers-Report-CRE-Deal-Activity-Decelerating/137281?ref=/News/Article/Brokers-Report-CRE-Deal-Activity-Decelerating/137281&src=rss

http://www.socalgreenrealestateblog.com/?p=2100

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http://ecosimply.com/wp-content/uploads/green-office.jpg

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Source: http://www.socalgreenrealestateblog.com/?p=2100

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