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Market Analysis
San Gabriel Valley Market Analysis
The reported office vacancy rate for the San Gabriel Valley at the end of 2007 fell 10 basis points to 6.4%. The average rate for Class B office is estimated at $2.20 PSF. There is an estimated 550K SF of office development currently planned for the San Gabriel Valley for 2008.The industrial vacancy rate for the San Gabriel Valley is at a low 1.2% for the first quarter of 2008. There is 1.5 million SF of new industrial construction planned. However, there is a distinct shortage of land in the San Gabriel Valley for additional development, which may cause the larger industrial users to move East to the Inland Empire. The projections for the industrial market indicate a steady market with a continuing challenge for lack of vacant industrial land.
Pasadena
The current office vacancy rate in Pasadena has risen in the first quarter of 2008 to approximately 15%. This is projected to be a result of increased rents over the past few years with rents lingering above $3.00 per square foot in most locations. There has been an influx of mixed-use development throughout Pasadena and very little additional office space entering the market. New mixed-use developments are in process at Lake and Walnut, Hill and Walnut, Orange Grove and Fair Oaks, Raymond and Holly, Arroyo and Bellevue, Green St. and DeLacey and Lincoln and Orange Grove.
Monrovia
The current office vacancy rate in Monrovia is about 3%. There is
new office construction planning on Huntington Drive with a 20,000 SF
building offering space at $2.50 PSF or selling at 8 million. New
office will also be available with the planned construction of Station
Square. This is an 80 acre development planned with parameters from
Mayflower to Shamrock below the 210 freeway to Duarte Road. This
development will include new 200K SF office building, retail,
condominium units, residential housing and transportation center. The
current estimated time for the Gold Line extension to Monrovia is
2011. A new mixed-use development with 236 planned apartment units on
Myrtle and Olive has been proposed as well. Construction has completed
for the Colorado Commons Condominium development on Primrose.
Arcadia
The current office vacancy rate in Arcadia is about 5%. There are
new office developments occurring along Huntington Drive, First Avenue
and Santa Anita Avenue. The project to expand the grounds at the
Racetrack has recently been approved but is still going through
litigation issues. This site proposes an open-air mall similar to The
Grove at Fairfax and Anaheim by the well-known Developer Rick Caruso.
It would include an outdoor mall, condominium units, parks and
recreation.
Azusa
The city of Azusa is going through extensive redevelopment efforts
with strategic plans for various zones. The Foothill Blvd. Azusa
Avenue corridor has plans for a large mixed-use development that will
have retail on the bottom floor and condos on the top floors. New
retail buildings are planned along Foothill with the anticipation of
the Gold-Line extension. The industrial area along Foothill Blvd. is
targeting new industrial construction to replace outdated building that
do not meet current standards. New mixed-use developments are also
planned near Azusa Pacific University. APU has began construction on
an extension that is located at Alosta and Foothill.
San Fernando Valley Market Analysis
San Fernando Valley
The San Fernando Valley is experiencing a 2.7% vacancy rate, which is extremely low in comparison to just a few years ago when it rose to 11%. Due to the lack of vacant land and high construction costs, there is little new industrial development in the area. There is a new industrial condominium development in Sylmar with the North Valley Commerce Center by VOIT with over 200k SF of industrial space.
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