{"id":1004546688,"date":"2021-08-26T12:16:45","date_gmt":"2021-08-26T20:16:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004546688"},"modified":"2022-12-09T02:24:16","modified_gmt":"2022-12-09T10:24:16","slug":"top-5-california-markets-for-office-transactions","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/top-5-california-markets-for-office-transactions\/","title":{"rendered":"Top 5 California Markets for Office Transactions"},"content":{"rendered":"
\"\"<\/figure>\n

Office investment transactions in California amounted to more than $7.5 billion between January and June 2021, according to CommercialEdge data. More than 19.6 million square feet of space changed hands during that time frame.<\/p>\n

Total sales volume increased by 15 percent compared to the figure recorded in the first half of 2020, when 17.1 million square feet of space traded for $6.5 billion.<\/p>\n

The metros in this ranking account for more than 95 percent of the state\u2019s sales volume for the first half of 2021 and represent the\u00a0top-performing markets for office transactions, based on CommercialEdge data. Markets such as the Bay Area have nearly doubled their transaction volume year-over-year as of June.<\/p>\n

\n\n\n\n\n\n\n\n\n
Rank<\/strong><\/td>\nMarket Name<\/strong><\/td>\nSales Volume (MM)<\/strong><\/td>\nTotal Sq Ft<\/strong><\/td>\nProperties Sold<\/strong><\/td>\n<\/tr>\n
1<\/td>\nBay Area<\/td>\n$3,389.11<\/td>\n7,617,575<\/td>\n63<\/td>\n<\/tr>\n
2<\/td>\nSan Francisco<\/td>\n$1,822.02<\/td>\n2,604,310<\/td>\n15<\/td>\n<\/tr>\n
3<\/td>\nLos Angeles<\/td>\n$1,069.05<\/td>\n2,859,733<\/td>\n38<\/td>\n<\/tr>\n
4<\/td>\nSan Diego<\/td>\n$485.21<\/td>\n3,194,074<\/td>\n26<\/td>\n<\/tr>\n
5<\/td>\nOrange County<\/td>\n$373.28<\/td>\n1,466,079<\/td>\n18<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

5. Orange County<\/h2>\n
\n
\"\"
Newport Harbor Medical Plaza. Image courtesy of Newmark<\/figcaption><\/figure>\n<\/div>\n

A total of 18 properties changed hands in the market between January and June 2021, for a combined $373.3 million. The deals involved more than 1.4 million square feet.<\/p>\n

Transaction volume remained on par with the same period last year, when 1.2 million square feet changed hands for $387.5 million across 15 properties.<\/p>\n

In a $41 million 1031 exchange deal, Forward Time Corp.\u00a0acquired Newport Harbor Medical Plaza in Newport Beach, Calif., from Shaoulian Cardiology. The recently completed, 29,991-square-foot office medical office asset\u00a0traded at a record-breaking price<\/a> of $1,367 per square foot.<\/p>\n

4.\u00a0 San Diego<\/h2>\n
\n
\"\"
Pomerado Outpatient Pavilion<\/figcaption><\/figure>\n<\/div>\n

Investment volume in San Diego amounted to more than $485.2 million at the end of June, encompassing close to 3.2 million square feet across 26 properties. The properties traded at an average of $357.63 per square foot.<\/p>\n

This represents a 35 percent contraction from the same interval in 2020, when 28 properties totaling 2.1 million square feet changed hands for $755.3 million.<\/p>\n

In one of the largest deals in the metro this year through June, Nashville-based Healthcare Realty Trust paid $103 million<\/a> for Pomerado Outpatient Pavilion, a 160,979-square-foot medical office asset in San Diego\u2019s Poway suburb, sold by Ventas. The facility is situated within the Palomar Medical Center Poway hospital campus.<\/p>\n

3. Los Angeles<\/h2>\n
\n
\"\"
9050 West Washington Blvd.<\/figcaption><\/figure>\n<\/div>\n

Transaction volume between January and June 2021 totaled close to $1.1 billion in Los Angeles, encompassing 2.9 million square feet of space across 38 properties.<\/p>\n

The amount marks a 28 percent drop over the same period in 2020 when 36 properties totaling 3.8 million square feet changed hands for $1.5 billion.<\/p>\n

The metro\u2019s largest office transaction year-to-date through June closed in January. In a $160 million deal, a joint venture between Hackman Capital Partners and Square Mile Capital Management acquired 9050 W. Washington Blvd. in Culver City from H&R REIT. The 172,039-square-foot, three-building office complex was occupied by Sony\u2019s animation department at the time of sale.<\/p>\n

2. San Francisco<\/h2>\n
\n
\"\"
The Exchange on 16th<\/figcaption><\/figure>\n<\/div>\n

More than 2.6 million square feet across 15 properties traded in the market between January and June 2021 for $1.8 billion\u2014a 38 percent jump in office investment compared to the same period in 2020, when 10 properties totaling 1 million square feet changed hands for $1.3 billion.<\/p>\n

KKR emerged as one of the most-active buyers in the metro. In March, the company acquired The Exchange on 16th, a LEED Platinum-certified office asset in San Francisco\u2019s Mission Bay neighborhood. Sold by Kilroy Realty, the building traded for a record $1.08 billion, or about $1,440 per square foot, commanding the highest price ever paid for a major commercial property<\/a> in the city.<\/p>\n

1. Bay Area<\/h2>\n
\n
\"\"
Uptown Station<\/figcaption><\/figure>\n<\/div>\n

In the Bay Area, investors sold 63 properties totaling more than 7.6 million square feet in the first half of 2021, for a total of $3.4 billion. This accounts for a 79 percent hike over the $1.9 billion recorded between January and June 2020 when 41 properties encompassing 5.3 million square feet changed hands.<\/p>\n

The major uptick is due to the pandemic, as activity practically ground to a halt in the spring and summer of 2020.<\/p>\n

Following Brookfield Property Partners\u2019 $630 million acquisition<\/a> of The Village at San Antonio Center I & II in Mountain View, another major office deal closed in the Bay Area a month later.<\/p>\n

Singapore-based Mapletree Investments paid $419 million for the iconic Uptown Station in Oakland. Sold by CIM Group, the redevelopment totals 356,000 square feet of creative office space and 35,000 square feet of ground-floor retail.<\/p>\n","protected":false},"excerpt":{"rendered":"

These markets accounted for 95 percent of the state\u2019s office sales volume in the first half of 2021.<\/p>\n","protected":false},"author":741,"featured_media":1004546702,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22251,21783,41288,1594,21742,21747,1609,15],"tags":[39329,36666,33134,33318,34451],"class_list":["post-1004546688","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-focus","category-investment","category-rc-listicles","category-los-angeles","category-latest","category-office","category-san-francisco","category-west","tag-topofthelist","tag-healthcare-realty-trust-inc","tag-kilroy-realty-corporation","tag-square-mile-capital-management","tag-ventas-inc"],"acf":[],"yoast_head":"\nTop 5 California Markets for Office Transactions - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/top-5-california-markets-for-office-transactions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Top 5 California Markets for Office Transactions\" \/>\n<meta property=\"og:description\" content=\"These markets accounted for 95 percent of the state\u2019s office sales volume in the first half of 2021.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/top-5-california-markets-for-office-transactions\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-26T20:16:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:24:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/Top-Markets-for-Office-Transactions-California-H1-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"550\" \/>\n\t<meta property=\"og:image:height\" content=\"413\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Corina Stef\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/top-5-california-markets-for-office-transactions\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/top-5-california-markets-for-office-transactions\/\",\"name\":\"Top 5 California Markets for Office Transactions - 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