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Allen Matkins was founded with deep roots in real estate, and we have leveraged that foundation to build prominent litigation, corporate, tax, labor and employment, land use, and environmental practices.
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The 17th Annual View From the Top
Key Topics Include:
- An economic overview of the current and future effects of the post-pandemic impact, the war in Ukraine, rising interest rates, and the upcoming election on all facets, transaction types, and product types of commercial real estate in the United States.
- A discussion focusing on the post-pandemic effects, both now and in the future, on real estate in general, on particular product types, on particular categories of owners and tenants, and on particular markets.
- An in-depth review of current distressed assets issues, and the current investment sales markets. An in-depth review of the current leasing markets in the Western Region.
Commission Grants the Burrowing Owl “Candidate” Species Status under the California Endangered Species Act
This decision temporarily affords the burrowing owl broad CESA protections throughout the entirety of California over the next 12-18 months while the California Department of Fish and Wildlife (CDFW) conducts a species status review to confirm whether (and where) listing is warranted and to recommend management and recovery actions.
AB 98 and the Impacts on Logistics Facilities
Find out about the new development standards of California AB 98 by viewing our recent Webinar or reading our recent alert. Our team covered the details and challenges of the bill, which will dictate the siting, design, and operation of warehouses. We also discussed efforts to seek amendments to the bill in the next legislative cycle.
THE SUMMER 2024 ALLEN MATKINS/UCLA ANDERSON FORECAST CALIFORNIA COMMERCIAL REAL ESTATE FORECAST
The Summer 2024 Allen Matkins/UCLA Anderson Forecast California Commercial Real Estate Survey reveals that a majority of California’s commercial real estate industry participants (71%) anticipate distress levels to rise in the coming months, with 53% predicting that new development will decrease over the next three years.
New office development has come to a halt across the state and panelists expect they will be required to hold more equity in their projects over the next three years, but there is cautious optimism for vacancy rates in existing space. Among the Northern California panelists, only 5% of developers are planning to begin new office space development in the next 12 months but the three-year forecast for vacancy rates has improved. In Southern California, panelists believe that their markets are unlikely to get much worse over the next three years. Allen Matkins’ Erin Murphy, partner and chair, Los Angeles Real Estate Practice and Anthony Burney, partner and chair, San Francisco Real Estate Practice, dive into the outlook for the office sector as part of the Summer 2024 Allen Matkins/UCLA Anderson Forecast California Commercial Real Estate Survey.
The Summer 2024 Survey panelists are optimistic overall about the future of retail space markets. Throughout the state, approximately half of the panelists have new projects planned for the next 12 months, and slightly less than half began new projects in the previous 12 months. Brian Michel, partner at Allen Matkins and Evan Kantor, head of Kennedy Wilson’s Commercial Investment Group share their thoughts on the factors that continue to help drive the rebound in the retail market as part of the Summer 2024 Allen Matkins/UCLA Anderson Forecast California Commercial Real Estate Survey.
As industrial comes off a strong run of development in recent years, 59% of respondents to the Summer 2024 Allen Matkins/UCLA Anderson Forecast California Commercial Real Estate Survey believe that supply and demand will balance out, with demand exceeding supply again by 2027. The return of traffic at California’s seaports and continuing high consumption levels are also contributing to more positive sentiment. Any pessimism centers around rental rates and vacancy rates being no better than today, which is not pessimism in the usual sense. Both the percentage of panelists that started new projects during the last 12 months and the percentage planning to begin new projects over the next 12 have declined, which seems to be a reflection of normalizing developer activity. Aly Shivji, Partner at Allen Matkins, and Evan Kantor, Head of Kennedy Wilson’s Commercial Investment Group, explore these and other factors seen to be influencing the industrial space markets.
Following a tempered Winter outlook, Summer 2024 Allen Matkins/UCLA Anderson Forecast California Commercial Real Estate Survey panelists see multifamily housing poised for growth over the next few years, as slowed development influences demand and vacancy rates. Increased home prices and increased rental rates in California, as well as new laws easing some of the regulatory burden for developers, are reflected in the panelists’ optimism. While fewer panelists are planning new multifamily development than this time last year, the number is higher than compared to Winter 2024. Kitty Wallace, Senior Executive Vice President, Colliers International and Tim Hutter, Partner, Allen Matkins, discuss what the next three years for this sector of the California commercial real estate market.
CULTURE & COMMUNITY
Our culture is inclusive, collegial, and we enjoy working together. Find out more about our culture and how it drives our relationships with clients.
