The Orange County office market ended the 4th quarter 2014 with a strong showing and positive indicators across the board. Vacancy rate dropped to 11.7%, down from 12.7% in the previous quarter. Absorption totaled 1,122,170 sf, more than doubling the 523,610 sf posted in the 3rd quarter. Asking rates continue their upward swing and are expected to stay on pace as vacancy rates continue to decline. Class A buildings continue to dominate the market as tenant activity still favors the South County areas.
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Marshal Vogt and Erik Thompson of Lee & Associates – Orange’s Office Advisory Group have successfully negotiated the lease of a 6,500 square foot office space. The pair represented the landlord, Brea Metro, LLC, as they signed Phar/Med Quest Pharmacy. With a goal of delivering the highest cost-effective care to patients, Phar/Med Quest Pharmacy invests in optimal resources to formulate transformational and innovative tools, knowledge, and management for clinicians and payors.
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The last year has been a broker vs broker debate of who holds the power, tenants or landlords. And the answer would vary week to week, submarket to submarket and broker to broker. It seems in the last quarter the scales have finally tipped in favor of the landlords.
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Marshal Vogt and Jaimeson Hearne of the Lee & Associates – Orange’s Office Advisory Group (OAG) have facilitated the lease of 1,456 square feet of office space. Their client, State Farm, leased the space from Slater Avenue II Limited Partners for a three year term.
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Marshal Vogt of Lee & Associates – Orange’s Office Advisory Group has assisted his longtime client, the Fountain Valley School District, in leasing out 1,450 square feet of office space for a four-year term at Crossroads Office Park. In addition to representing the landlord, Marshal also represented the tenant, Achstein, Gibb & Tae.
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Marshal Vogt of Lee & Associates – Orange’s Office Advisory Group has assisted his longtime client, the Fountain Valley School District, with the renewal of 1,555 square feet of office space at Crossroads Office Park. Marshal has been working with the Fountain Valley School District since 2011, and has completed approximately 20 separate transactions at Crossroads Office Park.
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Marshal Vogt of Lee & Associates – Orange’s Office Advisory Group has assisted the Fountain Valley School District in leasing out 1,907 square feet of office space for a 5 year term. His client leased the space to Freightgate, Inc., a leading “Best-in-Class” logistics cloud platform, offering transportation management solutions for global shippers, forwarders and carriers. With this lease, the property is now 100% occupied.
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Marshal Vogt, Stacey Hall and Jaimeson Hearne of the Lee & Associates – Orange’s Office Advisory Group (OAG) have successfully completed a medical office lease at the Anaheim Professional Building. The team represented both the landlord and tenant in the transaction. The tenant, Hess Rehabilitation & Chiropractic, has grown their business to include 17 locations that range from Central Los Angeles to San Bernardino.
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Marshal Vogt of Lee & Associates – Orange’s Office Advisory Group has facilitated the lease of a 1,726 square foot warehouse space. His client, Orange County Medical Association, leased the space to The File Depot, a confidential records storage, retention and disposal service with locations across the United States. With this lease, the property is now 100% occupied.
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Marshal Vogt of Lee & Associates – Orange’s Office Advisory Group has assisted an existing client in renewing 3,159 square feet of office space. His client, On the Go Transportation Services, has been a full service compliance provider for the commercial vehicle industry since 1974 and Marshal’s client since 2011.
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The US office property market continued on a steady course of progress, shaving another 10 basis points off the vacancy rate for the third consecutive quarter. The benchmark rate now stands at 11.4%. While there are several markets outperforming the national average, net absorption and leasing activity is consistently positive across the country in both primary and secondary markets.
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Marshal Vogt and Jaimeson Hearne of Lee & Associates – Orange’s Office Advisory Group have assisted their client in leasing of office space for a 38 month term. Their client, Vector Marketing, is a direct sales company with over 250 independently run locations throughout the United States, Canada, and Puerto Rico.
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Day in and day out, our job as real estate brokers is to keep our clients up to date on market trends and advise them as to how to leverage the market to meet their long and short term goals. As the market slowly rebounds from the recession, we are left to answer the question, “ Whose market is it anyway? ”
Some brokers will say tenants are quickly losing the strong upper hand they have held since the recession. Others will say that landlords still have to compete aggressively for tenants. The rest of us are left scratching our heads because it cannot be explained so simply these days. In truth, the Orange County market cannot be easily described on a macro level. The tenant vs. landlord tug of war needs to be examined at a micro level and varies submarket to submarket, and at this point, even building to building.
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Marshal Vogt and Jaimeson Hearne of the Lee & Associates – Orange office have closed a 48 month lease on behalf of their client/tenant, Frank Garofalo, D.C.\
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Market indicators show a weakened tenant demand in Q1 but the truth is in the details. Several large tenants have played musical chairs throughout the country and it has painted an unclear picture. Although tenant activity has stalled, landlord confidence has continued to gain momentum and rents continue to rise and while concessions dip.
First-quarter rents countywide are up 6.1% since lease rates bottomed in 2012. Lease rates are likely to continue increasing as landlords push rents to rejuvenate internal growth. The weighted average of asking full-service rents for available space remains 23% off its peak in 2007.
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Lee & Associates Commercial Real Estate Services, Inc., one of the largest national commercial real estate service providers with regional expertise, has completed 39 month lease transaction for a 1,731 square foot suite in a 43,800 square foot office building located at 330 E. Lambert Road, in Brea, California.
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