LOS ANGELES, Jul 12, 2012 (BUSINESS WIRE) –
Developer sentiment continues to show signs of optimism and solid
indications of impending new commercial development, according to the
current semi-annual release of the Allen Matkins/UCLA Anderson
California Commercial Real Estate Survey. “Since the end of the
recession we have seen developer optimism spread to all markets and
types of commercial space along with an increased willingness to go
forward with new development,” said UCLA Anderson Forecast Senior
Economist Jerry Nickelsburg. (
http://www.youtube.com/watch?v=9ex7x2VSbK4 )

Multi-family development is returning in Bay Area and LA

Promising news also comes from the first Allen Matkins/UCLA Anderson
Forecast survey of multi-family housing developers. Overall, 70% of the
survey participants in San Francisco, Silicon Valley and Los Angeles
plan to begin new multi-family housing developments in the next 12
months. This turn around in multi-family residential construction is
being driven by high occupancy rates and rising rents, particularly in
the Bay Area, as household formation begins to rebound in California.
“This growth in multi-family housing is encouraging. It is in markets
where there have been substantial job gains – especially for younger
workers who prefer to rent apartments in urban areas – and where
property values are high,” said John Tipton, partner at Allen Matkins.

New office development in LA and San Francisco

California office space market sentiment has been positive over the past
three years, but it did not immediately translate into significant new
development. After two and a half years, the Bay Area panel had
indicated a change. With the current survey, Southern California
developers have joined their Bay Area counterparts and approximately 25
percent of the survey participants are planning to start new development
in the coming 12 months.

Industrial growth driven by California manufacturing

Despite uncertainty about Europe’s economic future and moderate growth
in California import activity, there is strong optimism in California’s
industrial space markets that should generate new building activity in
the next 12 months as well. This optimism has been present in the survey
panel for more than two years, with industrial space occupancy rising to
96 percent in both Los Angeles and Orange County, driven by growth in
California manufacturing exports.

The Allen Matkins/UCLA Anderson Forecast survey indicates that
opportunities for new developments have emerged in the industrial space
market – particularly in the Los Angeles and Orange County markets.

For a copy of the latest Allen Matkins/UCLA Anderson Forecast California
Commercial Real Estate Survey and Index Research Project, please visit
www.uclaforecast.com .

The Allen Matkins/UCLA Anderson Forecast California Commercial Real
Estate Survey and Index Research Project polled a panel of California
real estate professionals in the office space and investment market on
various aspects of the commercial real estate market. The survey is
designed to capture incipient activity by commercial real estate
developers. To achieve this the panel looks at the markets three years
in the future, and building conditions over the three year period. It
was initiated by Allen Matkins and the UCLA Anderson Forecast in 2006,
furtherance of their interest in improving the quality of current
information and forecasts of commercial real estate.

About Allen Matkins

Allen Matkins, founded in 1977, is a California-based law firm with
approximately 220 attorneys in four major metropolitan areas of
California: Los Angeles, Orange County, San Francisco and San Diego. The
firm’s core specialties include real estate, real estate and commercial
finance, bankruptcy and creditors’ rights, construction, land use,
natural resources, environmental, corporate and securities, intellectual
property, joint ventures, taxation, employment and labor law, and
dispute resolution and litigation in all these matters. For more than 30
years, Allen Matkins has helped clients turn opportunity and challenge
into success by providing practical advice, innovative solutions and
valuable business opportunities. When clients’ challenges require
experienced trial counsel, Allen Matkins has a proven track record of
successful litigation before juries, judges and arbitrators. Allen
Matkins is located on the Web at
www.allenmatkins.com .

About UCLA Anderson Forecast

UCLA Anderson Forecast is one of the most widely watched and often-cited
economic outlooks for California and the nation and was unique in
predicting both the seriousness of the early-1990s downturn in
California and the strength of the state’s rebound since 1993. More
recently, the Forecast was credited as the first major U.S. economic
forecasting group to declare the recession of 2001. Visit UCLA Anderson
Forecast on the Web at
http://www.uclaforecast.com .

About UCLA Anderson School of Management

UCLA Anderson School of Management is among the leading business schools
in the world. UCLA Anderson faculty members are globally renowned for
their teaching excellence and research in advancing management thinking.
Each year, UCLA Anderson provides a distinctive approach to management
education to more than 1,800 students enrolled in its MBA,
Fully-Employed MBA, Executive MBA, Global Executive MBA for Asia
Pacific, Global Executive MBA for the Americas, Master of Financial
Engineering, doctoral and executive education programs. Combining
selective admissions, varied and innovative learning programs, and a
worldwide network of 37,000 alumni, UCLA Anderson develops and prepares
global leaders. Follow UCLA Anderson on Twitter at
http://twitter.com/UCLAAnderson ,
or on Facebook at
http://www.facebook.com/uclaanderson .

SOURCE: UCLA Anderson School of Management

        For the UCLA Anderson School of Management
        Elise Anderson, 310-206-7707
        elise.anderson@anderson.ucla.edu
        or
        Gary Pike, APR, 415-585-2100
        gary@pikecompany.com

Copyright Business Wire 2012

Article source: http://www.marketwatch.com/story/allen-matkinsucla-anderson-california-commercial-real-estate-survey-shows-evidence-of-recovery-in-key-markets-2012-07-12

California won’t recover the jobs it lost during economic meltdown until at least 2014 — but the Bay Area could recapture its losses sooner than that, a report released Wednesday suggested.

Urban centers along the coast such as the Bay Area, Los Angeles, Orange County and San Diego are poised to rebound more rapidly than California overall. The most sluggish pace of recovery is expected for inland areas such as Sacramento, the Central Valley and the Riverside-San Bernardino-Ontario region.

“This is a bifurcated recovery,” said Jerry Nickelsburg, a senior economist with the UCLA Anderson Forecast, which released the report.

A jobs recovery will materialize in regions such as the Bay Area that are being bolstered by the tech rebound, along with exports and imports, the Anderson Forecast economists said.

“Coastal California, particularly the Bay Area with its technology and software industries, will lead in job growth,” according to the forecast.

Areas that depend more strongly on residential construction — such as inland regions of California — will struggle to produce an employment revival, Nickelsburg said.

A region such as the East Bay, however, could experience an uneven pace of recovery.

The East Bay has some high-tech in places such as Fremont, Pleasanton and Livermore. It also a considerable amount of cleantech operations sprinkled through the region. The East Bay also enjoys manufacturing and distribution

operations that are enhanced by the Port of Oakland’s import and export activity.

Housing and financial services, which melted down during the recession, also are a big part of the East Bay economy, however. Those anchors could drag down the pace of the employment rebound in the Alameda County-Contra Costa County region.

“The East Bay is pretty interesting,” Nickelsburg said. “It’s kind of a mix of industries.”

The biggest benefit for the East Bay could be its location near the primary recovery engines that are powered by the digital boom in Silicon Valley, San Francisco and San Mateo County.

“The spillover from high-tech in Silicon Valley will create employment opportunities in the East Bay,” said Jeffrey Michael, director of the Stockton-based Business Forecasting Center at University of the Pacific.

Real estate will remain a problem for job creation in the East Bay, however.

“High tech and exports and imports somewhat offset the housing hangover,” Michael said. “But the East Bay was hit as hard as anyplace else through the recession when it comes to jobs.”

In contrast, things appear more solid in Santa Clara County.

“Silicon Valley is already recovering,” Michael said.

The Anderson Forecast predicted that California will experience “slow growth” through the end of this year.

The forecasters also predicted:

Article source: http://www.mercurynews.com/crime-courts/ci_18272384