Southern California Industrial Real Estate Blog

THE EPA WANTS TO IMPROVE YOUR BUILDING

By Jodi Summers

Southern California Edison is one of a handful of state utilities selected to partake in the U.S. Environmental Protection Agency’s new pilot program – the Building Performance with Energy Star program. The goal of the program is similar to some of SoCal’s green building initiatives - to further improve energy efficiency in commercial buildings.

According to the EPA, energy use in commercial buildings accounts for 17 percent of U.S. greenhouse gas emissions at a cost of over $100 billion per year. Energy Star Leaders prevented the emissions of more than 220,000 metric tons of carbon dioxide and saved more than $48 million across their commercial building portfolios in 2009.

The goal of the Building Performance with Energy Star program is to help utilities and state energy-efficiency programs become Energy Star Leaders and achieve greater energy savings and reduce greenhouse gas (GHG) emissions by targeting whole building energy improvements with their business customers.

In addition to Southern California Edison, pilot program partners are Com Ed, MidAmerican, National Grid, the New Jersey Board of Public Utilities, Pacific Gas & Electric and Wisconsin Focus on Energy.

Key elements of the pilot, which follows the EPA’s Home Performance with Energy Star program, include:

* Incorporating use of the EPA’s Portfolio Manager, the agency’s online energy measurement and tracking tool, to score building performance;

* Approaching energy efficiency opportunities in the context of findings from whole building assessments; and

* Creating a robust delivery network for whole building efficiency services.

The program will allow operators of commercial properties to realize greater savings by strategically planning and implementing whole-building energy efficiency improvements. SoCal Edison and the other selected partners are expected to help business customers plan and implement energy-efficiency improvements over time, starting with low-payback measures that can create revenue to fund capital upgrades in the future.

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http://www.environmentalleader.com/2010/05/06/epa-help-states-utilities-reap-greater-energy-savings/

http://www.greenbiz.com/news/2010/05/06/epa-powers-building-performance-new-energy-star-program

http://www.cbpca.org/

http://yosemite.epa.gov/opa/admpress.nsf/e51aa292bac25b0b85257359003d925f/23d4c522b2e723da8525771a0057a925!OpenDocument

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SOCAL INDUSTRIAL REAL ESTATE SNAPSHOT – AUGUST 2010

By Jodi Summers

Industrial property prices are on the rise! Port-area California industrial prices stabilized early in year, and now, the U.S. industrial real estate is headed into recovery after six quarters of negative absorption.

“For owners, the warehouse sector is still working through some significant market turbulence,” the CoStar Group reported in its State of the Commercial Real Estate Industry Mid-Year 2010 Industrial Review & Outlook. “Broad-based growth in rental rates probably won’t resume until 2011, and the investment sales market remains choppy, with total transaction volume still well below the historical average. Liquidity hasn’t yet returned for owners and industrial capitalization rates and pricing, though improving, still show a mixed picture.”

In Los Angeles County, Grubb + Ellis reports that for 2^nd quarter, the vacancy rate declined slightly for the first time in five consecutive quarters to 3.3%, while quarterly net absorption was positive for the first time in over a year with 471,861 square feet. Asking rental rates continued their year-and-a-half-long decline, reaching a quarterly low of $0.45 per square foot –a rate not seen since the late 90s — inspiring sale and leasing activity to a four-year-high of 11.4 million square feet.

Our positive net absorption is on par for national industrial real estate Country-wide, records report 13 million square feet of positive net absorption in the second quarter — the first positive reading since mid-2008. This is huge, as it brings to a close to, what the experts call, “A period that has experienced far more severe and dramatic demand declines than the years of the dot-com collapse and economic recession of the early 2000s.”

Records show that in 2009, every major metro market except Houston saw negative absorption, with significant losses in Chicago, San Francisco and South Florida. Oakland and Los Angeles began to strengthen in the first quarter. The ports of Los Angeles and Long Beach have been aggressively pursuing export development in Los Angeles County, strengthening our warehouse market in the process.

In Los Angeles County, the Downtown area saw its industrial vacancy rate decrease by -0.1% year-to-year, Mid-Cities increase by +1.9%, San Fernando Valley by +0.2% and the San Gabriel Valley decreasing by -0.5 percentage points over the second quarter of last year. Finally, the South Bay area industrial vacancy rate slightly increased in the second quarter when compared to the second quarter of last year.

Our port numbers are impressive. The Los Angeles Economic Development Corporation reports that the total number of containers handled in June at the ports of Los Angeles and Long Beach rose by +29.6 percent on a year-over-year basis to 1,250,418 TEUs (twenty-foot equivalent units). Despite the recession, this was the seventh consecutive month of year-to-year increases and third consecutive month of TEU container totals above one million. Impressively, the Port of Los Angeles experienced the largest gain in trade volumes over the year, as total containers grew by +32.3 percent in June. Noteworthy economic achievement: this was the busiest June in the history of the Port of Los Angeles, even surpassing June in the peak year of 2006. The Port of Long Beach also witnessed a very strong gain in volumes as total containers were up by +25.8 percent on a year-to-year basis.

The success of our ports, is driving the regional industrial market. In second-quarter 2010 more than half of the top 20 industrial markets tracked by CoStar saw positive absorption, led by Southern California. Warehouse leasing in the Inland Empire led the country with 4.8 million square feet, followed Orange County, CA (4.5 million sf), and far ahead of the other growth areas - South Florida and Philadelphia, which each gained 2.8 million sf.

Don’t get too excited, liquidity has yet to return to the industrial market. Properties are sitting on the market far too long, and many are not being sold. Deals that are being done tend to involve creative financing and seller carrybacks.

If your investing, CoStar notes that cap rates on industrial deals of $20 million and above fell to 8%, due to demand by institutional investors who will pay more for high-quality assets. Low-profile industrial investments are yielding cap rates from 8.5% to 9%.

“Net leases or really sale leasebacks play an important role in the market and that role will continue to grow as companies turn to the real estate that they own in order to generate capital,” observes Gordon Whiting, founder and Senior Portfolio Manager of Angelo. “It is also a good time to be an investor in net leased real estate as prices are lower than they have been in many years, cap rates are up and they provide steady current income with the possibility for long term capital gains.”

We’re here to help you with industrial properties. Please contact Jodi Summers - jodi@jodisummers.com or 310.392.1211, and let us move forward together.

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http://www.globest.com/blogs/netleaseinsider/-300881-1.html?ET=globest:e22792:277110a:&st=email

http://www.portoflosangeles.org/maritime/stats.asp,http://www.polb.com

http://www.portofoakland.com/

http://www.laedc.org/eedge/index.html#7

http://www.costar.com/News/Article.aspx?id=222199DB507C4529AEB9E4E34A07CCFB&ref=100&iid=191&cid=383F14EEE265B182474DA2442BACBBBF

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http://latimesblogs.latimes.com/.a/6a00d8341c630a53ef0120a876ad50970b-600wi

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http://www.realestatechannel.com/commercial.php

http://www.grubb-ellis.com/SitePages/GetFileFromDB.ashx?type=9&id=672

GREEN REAL ESTATE – GOOD FOR CALIFORNIA, GOOD FOR THE COUNTRY?

By Jodi Summers

Once again, when it comes to green, what’s good for California tends to become good for the country. The US Environmental Protection Agency and the Department of Energy have formed an action group to help states achieve the maximum cost-effective energy efficiency improvements possible in offices, buildings, industries and homes by 2020. Dubbed the State Energy Efficiency (SEE) Action Network, they are seeking to create a national version our statewide CALGREEN building code.

The CALGREEN Code was devised California Building Standards Commission is setting minimum green-building criterion that may, at the discretion of any local government entity, be applied.

“You will have a whole bunch of cities that never would have included this in their building doing it, and doing it in a way that won’t kill the economy,” observes Matthew Hargrove, a vice president with the California Business Properties Association. “Outside the coastal areas it will be helpful - like in West Sacramento, where they looked into creating a green building code but balked because it’s cumbersome to develop and they didn’t have the resources.”

Take the whole bunch of cities concept and spread it across a bunch of states. The DOE and EPA noted that 32 state public utility commissions requested help from the agencies last year regarding energy efficiency programs. SEE will be working with states to provide technical assistance and policy and program issues to advance energy efficiency efforts. Those state efforts may include financing solutions, residential efficiency programs and improving availability of energy usage information.

No doubt SEE’s goals will be similar to what we set forth in California. The purpose of CALGREEN’s codes is to improve public health, safety and general welfare by enhancing the design and construction of buildings through the use of building concepts that have a positive environmental impact, and by encouraging sustainable construction practices in the following categories:

• Planning and design

• Energy efficiency

• Water efficiency and conservation

• Material conservation and resource efficiency

• Environmental air quality

As California did with CALGREEN, now SEE and other DOE programs will help states develop strategies and action plans to improve the energy efficiency of existing building and reduce costs and emissions.

One small step for man, one giant leap for mankind.

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http://www.businessgreen.com/business-green/news/2257243/agencies-action-buildings

http://www.socalmultiunitrealestateblog.com/?p=673

http://www.socalgreenrealestateblog.com/?p=764

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GLOBAL USE OF GREEN BUILDING PRODUCTS SKYROCKETING

GLOBAL USE OF GREEN BUILDING PRODUCTS SKYROCKETING

By Jodi Summers

Keep studying those lists of top rated green building products, because global purchasing of green building products will grow to $571 billion by 2013. This growth is more than tenfold from the $455.3 billion spent on green materials in 2008, notes the study by Allied Business Intelligence Research.

“Innovation, particularly in wood and insulation, is a key driver behind the growth of green building products,” observes Larry Fisher, research director of ABI Research’s next generation practice.

“The most significant driver of growth in the green building materials sector is concern for the environment. While environmental preservation has been a topic of discussion for decades, only recently has the level of concern for the environment driven governments, manufacturers and consumers to respond.”

The study notes that businessmen and builders will look toward products with greater energy efficiency produced in an environmentally-friendly manner. Preferred lumber and wood products will come from well-managed forests.

Now if we can only figure out an efficient way to make drinkable ocean water.

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http://www.purchasing.com/article/439362-Buying_of_green_building_products_to_increase.php

http://www.mossgreenchildrensbooks.co.uk/wp-content/uploads/2009/10/iStock_000001111800Small-2.jpg

20% OF CITIES HAVE PASSED GREEN POLICIES

20% OF CITIES HAVE PASSED GREEN POLICIES

Edited by Jodi Summers

Here’s a note of real estate optimism in dismal economic times - according to a recent survey by the American Institute of Architects (AIA), more than one in five U.S. cities with populations greater than 50,000 report having a policy to promote green buildings.

The AIA report, titled Green Building Policy in a Changing Economic Environment, is an inventory of legislation intended to help policymakers advance a more sustainable legislative agenda for growth and development.

The report contains detailed case studies of the green building programs in Los Angeles, Philadelphia, Boston, Nashville, and Grand Rapids, Mich.

“It is encouraging that cities are recognizing the economic benefits of energy-efficient buildings, and equally encouraging that the number of programs across the country are increasing despite such difficult economic conditions,” said AIA Executive Vice President / CEO, Christine McEntee. “Our ultimate goal is to achieve carbon neutrality in buildings by 2030 and that all design projects will be sustainable as a matter of course.”

Highlights from the report:

* 138 cities have green building programs, compared with 92 cities in 2007 – an increase of 50 percent

* 24 of the 25 most populated metropolitan regions in the United States are built around cities with a green building policy

* The Western region has the most green building programs with 56 cities in just six states

* The Mountain region is second in the percentage of cities with green building programs, with 24 percent of residents living in those cities

* The Eastern region has seen a 75 percent rise in green building programs since 2007

* The central region has 21 cities with green building programs

The report goes on to make recommendations McEntee added, “The American Recovery and Reinvestment Act is helping to move sustainability efforts forward, with programs such as the Energy Efficient and Conservation Block Grant that are providing an unprecedented opportunity for the advancement of green building efforts nationwide. The inclusion of strong green building provisions in energy and climate legislation before Congress shows that our message about the importance of sustainable design is getting through.”

There are also a series of recommendations for steps a municipality could take to green their city. The AIA initially conducted this survey in 2007 for a Local Leaders in Sustainability report that has just been updated. It accounts for more than 53 million people.

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http://www.aia.org/walkthewalk

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http://www.aia.org/press/AIAB081674

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SOCAL INDUSTRIAL REAL ESTATE SNAPSHOT – JULY 2010

by Jodi Summers

The price on industrial properties in Los Angeles County has hit bottom, and will soon be on the rise. Los Angeles, with its “natural deep-water harbor, large-scale logistics industry and export-oriented manufacturing, is well positioned to benefit from an export-driven expansion and we expect (Los Angeles) to recover more rapidly than California as a whole,” proclaims UCLA Anderson economist Julia Thornton Snider in a report on the L.A. economy “Emerging from Quicksand.”

Meantime, according to Clarus Market Metrics, the Los Angeles County Industrial Real Estate Market was stagnant in June. Their records show nothing sold…

…. and nothing went under contract….

BUT despite this report, we know first hand deals are still being made. Among other factors, the ports of Los Angeles and Long Beach have been aggressively persuing export development in Los Angeles county. The Port of Long Beach reported a total of 138,659 loaded outbound TEUs (excluding empties) in the month of May, an increase from 121,064 TEUs in May 2009 (+14.1%). The Port of Los Angeles saw a total of 160,621 loaded outbound TEUs for the month of May, an increase of +5.3% from May 2009.

Total volume @ the Port of Long Beach and the Port of Los Angeles rose by +22.1% on a year-to-year basis to 1,214,136 TEUs (twenty-foot equivalent units). This was the sixth consecutive month of year-to-year increases and the second consecutive month of TEU totals above one million. The Port of Long Beach experienced the largest gain in trade volumes over the year, as total containers grew by +25.1% in May. The Port of Los Angeles also witnessed a significant gain in volumes as total containers were up by +19.9% on a year-to-year basis.

This has translated into a rise in the number of industrial properties for sale. Contrasting Jun-08 vs. Jun-10: The number of for sale properties is up 3%.

This increase in volume supports the UCLA Anderson report “Emerging from Quicksand.” Thornton Snider offers evidence that a recovery is under way, pointing out that exports turned the tide first and provide the most natural engine for recovery, with housing now showing signs of a recovery as well. Job growth is the necessary next step and the forecast says that it will start to revive this year, although unemployment will remain “painfully high” through 2012.

Locally, our real estate news is positive. According to the midyear UCLA Anderson Forecast, the Los Angeles regional economy will likely recover faster than the rest of the state, but the economic recovery in California is going to be a slow climb at all levels. The forecast, covering markets from the local level in California to the national economy, foresees a tepid recovery with unemployment levels slowly declining…just as state unemployment dropped from12.% in April to 12.4% in May.

The state “will grow slower than the US and a slow recovery in jobs will leave unemployment at 12.1% for the year,” Nickelsburg notes. “The latter part of our forecast (through 2012) calls for health care, professional and business services, exports, construction and technology-related manufacturing sectors to generate a bit more robust growth in California.”

We’re here to help you with industrial properties. Please contact Jodi Summers – jodi@jodisummers.com or 310.392.1211 for details.

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http://www.globest.com/news/1684_1684/losangeles/300380-1.html?ET=globest:e22415:277110a:&st=email

http://www.laedc.org/eedge/index.html#1

https://www.terradatum.com/agentmetricsonline/property_type_selection.td

http://www.portoflosangeles.org/maritime/stats.asp

http://www.polb.com/

THE SUN IN SHINING BRIGHTLY ON CALIFORNIA SOLAR

By Jodi Summers

Prices on solar panels have dropped considerably in the past 18 months – and this has caused the California solar installation market to boom. According to research by Mark Bachman of Auriga USA, in the first quarter of 2010 there have been applications for the installation of almost as many megawatts of residential, commercial, and government solar power as the entire year in 2009.

2010 applications for the state’s solar subsidy program, the California Solar Initiative, totaled 252 megawatts in the first quarter. At this point last year, only 68 megawatts had been applied for, and the by the year’s end the number sat at 267 megawatts.

A big boom in manufacturing capacity in Asia, the economic slowdown, cheaper raw materials and less generous subsidy programs in Europe have combined to cause the drop in prices. Companies such as Suntech Power (NYSE:STP), Yingli Green Energy (NYSE:YGE), Trina Solar (NYSE:TSL), and Kyocera Solar (NYSE:KYO) are dominating the market.

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http://www.energyboom.com/solar/driven-asian-manufacturers-solar-fire-california?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+energyboom+%28EnergyBoom+Daily+Briefing%29

http://blogs.forbes.com/energysource/2010/05/06/solar-on-fire-in-california/

http://www.rechargenews.com/multimedia/archive/00027/Suntech_solar_panels_27731b.jpg

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LOS ANGELES IS A BETTER PLACE THAN PARIS TO BUY INVESTMENT REAL ESTATE

LOS ANGELES IS A BETTER PLACE THAN PARIS TO BUY INVESTMENT REAL ESTATE

by Jodi Summers

Sacre bleu! Los Angeles is a better real estate…according to Forbes.com. In a recent top 10 article called World’s Best Places For Real Estate Buys, Ten cities investors will target in 2009 our beloved Los Angeles was #7 – after San Francisco and before Paris.

Washington D.C. topped the list this year, thanks to the proposed $1 trillion swell of government spending. As Forbes notes, “At present, D.C. has the lowest unemployment rate in the country–4.1%, compared to the 7.2% national average. With President Obama’s stimulus package recommending $1 trillion in new spending, it’s unlikely government jobs–and those they support–will be leaving the District anytime soon.”

Not many investors were looking at L.A. in 2008, as we were hammered by the subprime crisis and a massive volume of foreclosures. As we all know, our perceived property poverty curtailed spending and our whole local economy limped along. We were 19^th on the 2008 Forbes World’s Best Places For Real Estate Buys, so this 12-point rise is a huge boost for real estate morale.

“It’s all about perception,” notes a local investor. “If people perceive Los Angeles is a good value, then it becomes a good value, and prices grow strong.”

Good news for local property owners - sales surged 102%in the residential sector, according to Radar Logic, a derivatives firm, and Forbes notes that this wave “has that market hinting at a bottom.”

The 2009 Top 10 Best Places For Real Estate Buys

1. Washington, D.C.

2. London, U.K.

3. New York, N.Y.

4. Tokyo, Japan

5. Shanghai, China

6. San Francisco, Calif.

7. Los Angeles, Calif.

8. Paris, France

9. Houston, Texas

10. Singapore

Please note Forbes’ rankings come from the Association of Foreign Investors in Real Estate, a research association that tracks where member investors are finding the best opportunities around the world.

Get the whole story @ http.//www.forbes.com/2009/01/21/investment-obama-realestate-forbeslife-cx_mw_0121realestate.html?partner=alerts

http://mightyminnow.files.wordpress.com/2007/11/washington-dc.jpg

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HOW MANUFACTURING + INDUSTRIAL REAL ESTATE FIGURES INTO THE ECONOMIC DOWNTOWN

By Jodi Summers

Now that we are coming out of the recession, the statistics are coming in. According to a report by Cushman + Wakefield, the manufacturing sector was one of the hardest hit in the recent economic downturn. Bet you didn’t know that more than 15.8% of all the manufacturing jobs in the US were lost in the recession, which is why the usually strong industrial marketplace took such a huge hit.

California cities with the highest proportion of employment in manufacturing include: Orange County (11.3%). San Francisco (11.1%) and Los Angeles (10.2%). As you might expect, all three of these cities have seen above-average employment declines.

An interesting national trend, in the 10 cities where employment has fallen the most, manufacturing accounts for, on average, 7.5% of all jobs, while in the eight cities with the smallest decline, manufacturing represents 6.1% of total employment.

The bright side to the whole equation is that the manufacturing sector tends to be one of the most cyclical markets. Just as we saw steep declines in employment during the recession, this sector is likely to experience above-average increases in the recovery. It is expected that new industries and new types of jobs are likely to emerge as the economy resumes growth (imagine the rise of L.A. Green Tech corridor).

Cushman + Wakefield deduce that the cities with the greatest potential to expand in the recovery will be those that have a diverse, educated work force that can adapt to new growth areas as they arise.

The report concludes, “Commercial real estate in the US is in much better condition than one would expect given that the nation just experienced the worst recession in 70 years. Relatively low vacancy compared to previous recessions suggests that the industry will also recover more quickly than expected.”

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https://www.cushwake.com/cwglobal/docviewer/AmericasEconomicPulseMAY2010.pdf?id=c33600033p&repositoryKey=CoreRepository&itemDesc=document&cid=c27400005p&crep=Core&cdesc=binaryPubContent&Country=GLOBAL&Language=EN&just_logged_in=1

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THE INDUSTRIAL REAL ESTATE MARKET IN L.A. IS GROWING STRONGER

By Jodi Summers

“This particular cycle has caught us with something we have never seen before. We have been left with a significant amount of industrial space,” observed Ken Jackson, director of sales and acquisitions at Dynamic Builders. “Nonetheless, the demand for industrial space is still strong, he said.”When you are Downtown, and look to the southeast and see the one-story and two-story buildings out there, there are thousands of apparel and general merchandise companies that started there. It shows the huge strength of L.A.”

In 2009, the industrial market had one of the worst years in decades, purchase prices and lease rates reached 10-year lows. The U.S. vacancy rate for industrial properties hit 10.3% at the end of last year, according to the Urban Land Institute. Other firms, such as Grubb & Ellis, peg it slightly higher at 10.7%. Locally, we have always been blessed, as Los Angeles, peaked at 3.3% in the fourth quarter of last year, according to the Los Angeles Economic Development Corporation – up from 2.2% a year earlier.

Now, the industrial property market is slowly returning. “The worst has passed,” confirmed Craig Meyer, a managing director for Jones Lang LaSalle. “We’re clearly at the bottom looking up.”

Major cargo hubs like Los Angeles, Seattle, Kansas City, Houston and Dallas are expected to bounce out of the slump faster than other markets. While Phoenix, Chicago and Detroit are among the cities projected to lag.

Exports are up and manufacturing activity jumped last month to the fastest pace in more than five years. Around the ports of Los Angeles and Long Beach, which together handle about 40% of the nation’s cargo container shipments, sales and leasing activity for industrial properties began rising last summer. Cargo volume posted a 28% annual increase in February, reinforcing the continued strengthening of the industrial real estate market.

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http://www.knoxnews.com/news/2010/apr/09/industrial-property-market-recovery-seen-2011/

http://www.laedc.org/businessscan/index.html

http://articles.latimes.com/2010/mar/29/business/la-fi-ports-exports29-2010mar29

https://www.cushwake.com/cwglobal/docviewer/AmericasEconomicPulseMAY2010.pdf?id=c33600033p&repositoryKey=CoreRepository&itemDesc=document&cid=c27400005p&crep=Core&cdesc=binaryPubContent&Country=GLOBAL&Language=EN&just_logged_in=1

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