SoCal Office Markets Lead Nation in Year-Over-Year Rent Growth
After a protracted period of economic expansion, Los Angeles and Orange County ranked as the top two office markets nationwide for year-over-year rent growth, according to CBRE’s latest research report.
Los Angeles led with 11.1% growth, and Orange County followed closely behind at 10.8%. Sustained investor confidence, new construction, renovation, and the return of high quality product across the region all contributed to the increased growth.
Los Angeles County’s growth was boosted by suburban submarkets, led by West Los Angeles, where average asking lease rates exceeded $5-per-square-foot. The delivery of more than one million square feet of new construction, as well as the return of some high quality product to the market during the year, drove the increase last year. The South Bay submarket increased 12% year-over-year.
Orange County asking lease rates increased since 2012, surpassing the previous peaks by 3.4%. Increased tenant demand for new and renovated Class A office space boosted growth. The 2.5 million square feet of new construction, plus 900,000 square feet of renovations, drove up the average asking lease rate in leading submarket South Orange County by 19% from year-end 2016 to $3.08-per-square-foot per-month.
Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services.
In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company.
In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix.
Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator.
Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements.
Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.
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