Press Release?Source: UCLA Anderson School of Management
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LOS ANGELES?(BUSINESS WIRE)? The latest Allen Matkins/UCLA Anderson Forecast California Commercial Real Estate Survey provides clues to current CRE asset prices and a turn around in the market. over the past 18 months Class A commercial real estate values have increased to near peak levels. The increase is not supported by the current rental and occupancy rates. This rise in asset prices is either an indicator of investor expectations of improving fundamentals over the next three to four years or the beginning of a new asset bubble. The June 2011 Allen Matkins UCLA Anderson Forecast California Commercial Real Estate Survey, a forward-looking survey of commercial real estate developers, is consistent with an expected improvement in fundamentals.
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The Survey found developer optimism increasing in major markets in California with respect to both vacancies and rents, an improvement that would, at least in part, justify higher asset prices. On a regional basis the Survey showed the San Francisco and Silicon Valley office markets as the most likely to be the first to turn the corner with new commercial construction, with Los Angeles and San Diego not far behind. The Survey reports an expected improvement in industrial markets correlated with the pattern of growth in manufacturing and particularly in Silicon Valley and Orange County.
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?Optimism with respect to office and industrial market fundamentals in 2013 and 2014, which first appeared a year ago, is an important precursor to the re-start of commercial construction,? said Jerry Nickelsburg, senior economist, UCLA Anderson Forecast. Nickelsburg added, ?While the overall sluggishness of the general economic recovery will engender a slow recovery in commercial real estate as well, the prospects are improving.?
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The Allen Matkins/UCLA Anderson Forecast California Commercial Real Estate Survey and Index Research Project polled a panel of California real estate professionals in the office space and investment market, and asked a series of questions on various aspects of the commercial real estate market. It was initiated by Allen Matkins in 2006, to further the firm?s desire to improve the quality and frequency of available market information and forecasts of commercial real estate. The Index is comprised of a survey of commercial real estate developers in each of San Diego, Orange County, Los Angeles, the East Bay, San Francisco and Silicon Valley.
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Download the full report:?AM_CRES_book_June2011_v1
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About Allen Matkins
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Allen Matkins Leck Gamble Mallory & Natsis LLP, founded in 1977, is a California-based law firm with approximately 230 attorneys practicing out of seven offices in Los Angeles, Orange County, San Francisco, San Diego, Century City, Del Mar Heights and Walnut Creek. The firm?s broad areas of practice include real estate, land use, construction, real estate finance, business litigation, corporate and securities, intellectual property, environmental, taxation, bankruptcy and creditors? rights, and employment and labor law. For more than 30 years, Allen Matkins has helped clients turn opportunity and challenge into success by providing practical advice, innovative solutions and valuable business opportunities. Allen Matkins is located on the Web at allenmatkins.com.
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About UCLA Anderson Forecast
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UCLA Anderson Forecast is one of the most widely watched and often-cited economic outlooks for California and the nation and was unique in predicting both the seriousness of the early-1990s downturn in California and the strength of the state?s rebound since 1993. More recently, the Forecast was credited as the first major U.S. economic forecasting group to declare the recession of 2001. Visit UCLA Anderson Forecast on the Web at uclaforecast.com.
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About UCLA Anderson School of Management
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UCLA Anderson School of Management, established in 1935, is regarded among the very best business schools in the world. UCLA Anderson faculty are ranked #1 in ?intellectual capital? by BusinessWeek and are renowned for their teaching excellence and research in advancing management thinking. Each year, UCLA Anderson provides management education to more than 1,600 students enrolled in MBA, Executive MBA, Fully-Employed MBA and doctoral programs, and to more than 2,000 professional managers through executive education programs. Combining highly selective admissions, varied and innovative learning programs, and a world-wide network of 35,000 alumni, UCLA Anderson develops and prepares global leaders.
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