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West Los Angeles Rents Continue to Rise

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West Los Angeles Rents Continue to Rise Research & Forecast Report WEST LOS ANGELES | OFFICE Accelerating success. Q2 2019 >> West Los Angeles Rents Continue to Rise Key Takeaways Market Indicators | Relative to Prior Period > The average asking monthly rent for West Los Angeles Q2 2019 Forecast sustained its second straight quarter of $0.10 increases, Vacancy moving to $4.92 per square foot (PSF) full service gross Net Absorption (FSG). Construction > Demand recorded 315,900 square feet, the ninth straight Rental Rate quarter of positive absorption. > No new projects delivered from the under-construction pipeline. A total of 18 buildings remain in the pipeline. Summary Statistics | West Los Angeles, Q2 2019 > Investment activity maintained momentum with four Class A Class B All Classes properties trading, highlighted by Onni Group’s long-awaited Vacancy Rate 13.4% 9.4% 12.4% acquisition of Wilshire Courtyard. Change from Q1 ‘19 -40 +80 -60 > Leasing activity recorded 1,348,500 square feet, marking (Basis Points) six consecutive quarters of velocity exceeding 1.1 million Net Absorption* +208.5 +92.4 +315.9 square feet. Century City, Culver City and Beverly Hills drove Construction Completions* 0.0 0.0 0.0 velocity for the quarter. Under Construction* 1,273.5 694.6 1,968.1 *SF, Thousands West Los Angeles Office Market Asking Rents | West Los Angeles, Q2 2019 Vacancy in the West L.A. market dropped by 60 basis points from the previous quarter, driven by absorption gains in Class A Class B All Classes Santa Monica and Brentwood. High leasing activity from legal, Average Asking Rent $4.93 $4.27 $4.92 Change from Q1 ‘19 entertainment and consumer product tenants in Century City, +$0.07 +$0.06 +$0.10 Culver City and Beverly Hills will help maintain demand levels ($) through the rest of 2019 and into 2020. Rental growth slightly Y.O.Y. Change (%) 1.4% 1.9% 3.7% slid, posting growth of 3.7%. The West L.A. market is poised to add just under two million Labor Force | Los Angeles County, May 2019 square feet over 18 projects construction and creative conversions deliver over the next two years. Developers’ Total Prof. & Financial Nonfarm Business Activities attraction to submarkets dense with technology and Services entertainment figures to continue through 2019. 12-mo Employment 1.3% 2.2% -1.5% Growth (%) 12-mo Actual 58,900 13,600 -3,400 Employment Change WEST LOS ANGELES | OFFICE Q2 2019 Vacancy Historical Vacancy v. Rents | West Los Angeles Office > Vacancy decreased 60 basis points to 12.4%, 50 basis Market Q2 ‘15-’19 points short of the current cycle low of 11.7% recorded in the fourth quarter of 2016. RENTS VACANCY > For the second straight quarter, a lack of new projects $5.10 18% $4.90 delivering to the market helped push vacancy down. 16% $4.70 > Santa Monica and Brentwood accounted for most of the 14% movement in vacancy, accounting for 250- and 180-basis- $4.50 $4.30 point drops respectively. 12% $4.10 > FOREcaST: With preleasing activity becoming the new 10% $3.90 normal in West Los Angeles, no major jumps in vacancy are %(TOTAL) VACANT expected through the duration of 2019. $3.70 8% $3.50 $ PSF FSG PER MONTH (WEIGHTED) 6% $3.30 Absorption and Leasing Activity $3.10 4% > Absorption recorded 315,900 square feet for the quarter. 2Q15 2Q16 2Q17 2Q18 2Q19 Leasing velocity reached 1,348,500 square feet. > Manatt Phelps & Phillips agreed to relocate from Olympic Corridor to 116,400 square feet at 2049 Century Park East, Net Absorption by Submarket | West Los Angeles Office while Greenberg Glusker signed for 84,000 square feet Market Q2 ’19 at the same building. Scopely preleased the entirety of 234,300 Runyon Group’s 66,000-square-foot Platform project. In the 250,000 burgeoning West Adams district, Sweetgreen preleased all 200,000 of 3100 Exposition Place. The 50,000-square-foot has yet to 150,000 100,000 SF 79,200 60,500 start being converted from its current industrial use. 46,600 35,300 50,000 > McDermott Will & Emery LLP downsized into 56,500 24,100 square feet at 2029 Century Park East from its former 0 (17,800) (1,000) (50,000) (19,200) 80,400-square-foot space at sister tower 2049 Century Park (50,100) East. In Santa Monica, both Tennis Channel and Entertainment (100,000) (76,000) One moved into respective spaces at Lantana Center (69,500 square feet) and 2700 Pennsylvania Ave (41,000 square feet). WESTWOOD BRENTWOOD CULVER CITY MIRACLE MILE CENTURY CITY SANTA MONICA > FOREcaST: Legal and preleasing activity from the BEVERLYHILLS WEST HOLLYWOOD OLYMPIC CORRIDOR coworking, entertainment and technology industries, along WEST LOS ANGELES with anticipated activity in the second half of 2019, will keep MARINADEL REY/VENICE demand moderate for West Los Angeles into 2020. Rental Rates Historical Leasing Activity | West Los Angeles Office Market Q2 ‘15 - ‘19 > Increases in Century City, Marina Del Rey/Venice and Olympic Corridor provided most of the stimulus for increased rental rates in the West Los Angeles market. 1,900,000 > Year-over-year growth slowed to 3.6% after posting a 4.2% 1,700,000 growth rate last quarter 1,500,000 1,300,000 > In some markets, the absorption of high-quality new space 1,100,000 put the brakes on rental growth that, up to now, had been SF 900,000 approaching 10%. 700,000 > FOREcaST: Demand in the entertainment and content 500,000 generation industries will continue to propel West L.A. rental 300,000 rates. 100,000 2Q15 2Q16 2Q17 2Q18 2Q19 2 WEST LOS ANGELES | OFFICE Q2 2019 Construction Historical Net Absorption & Construction Completions > The West L.A. construction pipeline remains active. Culver West Los Angeles Office Market Q2 ‘15-’19 City alone accounts for 49% of all new construction across the market. NET ABSORPTION CONSTRUCTION COMPLETIONS > Northwood Investors will begin renovations on Trident 800,000 Center once its current anchor tenant, Manatt Phelps & 600,000 Phillips, moves out in early 2020. The Olympic Corridor 400,000 property will be rebranded as LUMEN West LA, a Class A 200,000 creative office project. 0 SF > FOREcaST: West Los Angeles constitutes 32% of new (200,000) office construction in Los Angeles County, and robust (400,000) construction activity will persist through 2019 and 2020. (600,000) (800,000) (1,000,000) Investment Trends (1,200,000) > Activity for properties greater than 25,000 square feet 2Q15 2Q16 2Q17 2Q18 2Q19 recorded $1,067.2 million in investment sale volume. > The lion’s share of activity came from Onni Group’s purchase of Wilshire Courtyard for $630 million ($628 PSF) Investment Trends Chart from Tishman Speyer, which purchased the property for $422 West Los Angeles Office Market 2013-2019 million in 2012. The property was 59% leased at time of sale. Average Price PSF Cap Rate > IDS Real Estate and PNC Realty Investors recapitalized $900 6 5800 Bristol Parkway, bringing in Morgan Stanley for $800 approximately $260 million, or $836 PSF. 5 $700 > FOREcaST: Robust demand from the entertainment and $600 4 media industries will continue to keep West Los Angeles on the radar of institutional investors looking for both value-add $500 3 and core opportunities, as evidenced by the numerous office $/PSF $400 Rate Cap properties currently under contract or on the market. $300 2 $200 1 Outlook $100 The West L.A. market finished the first half of 2019 with $- 0 continued momentum. Demand remained positive for the 2013 2014 2015 2016 2017 2018 2019 quarter, and should continue to be in the black despite new construction deliveries due to strong preleasing activity. Rent growth slid from last quarter, but growth should remain Unemployment Rate | U.S., CA & Los Angeles County | May 2019 positive for the near future. West Los Angeles continues to be one of the premier office 4.6% 4.5% markets for entertainment and technology tenants, and we expect this to remain so for the foreseeable future, whether 4.4% rent growth continues or not. Developers seem to agree, as 4.2% 4.2% new projects loom on the horizon to fill demand in the major creative markets of Santa Monica, Culver City and Marina 4.0% Del Rey/Venice. Once those submarkets reach saturation, 3.8% look for interest to spread to other outlying markets, similar 3.8% to how West Adams has seen raised levels of leasing and construction activity in recent quarters 3.6% 3.4% United States California Los Angeles County 3 WEST LOS ANGELES | OFFICE Q2 2019 Market Description Submarket Map West Los Angeles is a moderately large office market comprised of 56.2 million square feet, representing 19% of the total office space in buildings 25,000 square feet and greater in the Los Angeles Basin. It is also a moderately young and dense market, with 40% of its space built in 1985 or later, and 70% of its space contained within mid-rise and high-rise buildings. It has a large concentration of high- margin firms (including those in the entertainment, digital media, software, and finance sectors), and is situated in the midst of some of the most affluent neighborhoods nationally. RECENT TRANSACTIONS & MAJOR DEVELOPMENTS West Los Angeles Office Market Q2 2019 SALES ACTIVITY PROPERTY ADDRESS SIZE SF SALE PRICE PRICE PSF BUYER SELLER Wilshire Courtyard (2 Bldgs.)., Los Angeles 1,002,800 $630,000,000 $628 PSF Onni Group Tishman Speyer 5800 Bristol Pky., Culver City (Recapitalization) 311,000 $260,000,000 $836 PSF Morgan Stanley PNC/IDS 520 Broadway, Santa Monica (Recapitalization) 113,000 $119,225,000 $1,055 PSF Artemis Real Estate Partners Olive Hill Group, LLC 11611 W.
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