Jeff Churchman

Latest Savills Research report reveals San Diego and the San Francisco Bay Area are leading the nation's life sciences market. Even amidst economic challenges, tenant demand remains strong in these innovation hotspots. San Diego Highlights: - IQHQ's 1.7M SF lab/R&D space is nearing completion, still awaiting tenants. - DermTech, the brains behind a non-invasive skin cancer detection sticker, is expanding to restructure debt and initiate asset sales. SF Bay Area Highlights: - Foresite Capital secured $900M for a venture fund aimed at companies using AI in healthcare and life sciences. - IQHQ's new 330,000 SF, 5-story life sciences building in South San Francisco is part of a larger development. Other Key Takeaways: - VC funding surged nearly 30% from last year, with many companies raising millions. - Smaller leases (under 10,000 SF) are driving demand as occupiers watch costs. - Tenants are delaying decisions and relocations to optimize their spaces amid economic uncertainties. The Bottom Line: San Diego and the Bay Area are at the cutting edge of life sciences innovation. Firms that navigate current headwinds will be set for long-term growth in these dynamic markets 🌱🚀 Savills North America

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Enjoy this informative breakdown of recent land use cases with my Sheppard Mullin Richter & Hampton LLP colleagues Lauren Chang and Justin Mahramas

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Los Angeles Multifamily: Who/What is Selling Right Now and Why Who: ✅People with loans maturing (especially construction loans) and cannot afford to refi ✅Affordable Housing Groups (whose affordable covenants are expiring on their properties) ✅Inherited property owners (particularly small properties (4-9 units) especially those who live out of market. ✅Aging owners (80+ years old) ✅Owners in distress (property in some state of foreclosure)            What ✅Properties with deferred maintenance and high vacancy (with enough upside to create positive leverage upon stabilizing (7+ cap rate) ✅Properties with affordable housing covenants. ✅Properties in non-rent-controlled markets or rent control equivalent of state rent control (Inglewood, South Bay, South Pasadena, Whittier, Orange County) ✅Multifamily Properties in the San Fernando Valley in most cities ✅Multifamily Properties in Los Angeles not subject to RSO (post 1978 construction). Why ✅Owners Don’t have the cash or cashflow to refi at a higher interest rate. ✅They are aging out of the business. ✅They are dissatisfied with the Increase regulation in Los Angeles/California (Measure ULA/Justice for renters Act) ✅They are frustrated with extended timeline for evictions ✅They are frustrated with dealing with LAHD, Section 8, for tenant payments, property inspections, etc. ✅They are challenged by the rising costs of operating expenses (insurance costs, utilities, trash removal) What’s not selling: ✅ED1 entitled redeveloped sites priced at a premium -Partially completed residential developments at a premium ✅Under parked (less than a 1:1 ratio) properties, especially those in high density neighborhoods. ✅Recently Renovated (i.e. flipped) properties priced at a premium ✅Low cap rate properties that are fully occupied. ✅Off market properties where owner expectations of pricing are not in alignment with the current market. #losangelesrealestate #multifamily #whoandwhatsselling

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It is easy to see the results of regulatory measures in California that are sold to the masses as helping renters and the homeless but demonstrably having the opposite effect: ❌. ULA—impacts transactions on multifamily assets, not just “mansions” as sold to the people. ULA must be repealed. ❌. Prop 33—the mere presence of the potential repeal of Costa-Hawkins on the ballot again, and again impacts the willingness of developers to build more housing in CA. ❌. More stringent local rent control ordinances—looking at multifamily throughout LA, Santa Monica and West Hollywood, it is easy for a lay person to wonder why so many buildings look so forlorn. The answer is rent control in the form of more and more stringent forms being hurled by the Democratic Socialists at the municipal levels. This isn’t hyperbole, but economic facts…

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Please find attached a breakdown of California cities that require pre-sale inspection reports. These reports must be completed before escrow can close and ownership is transferred. The city provides these reports to disclose key details to the buyer, including the property’s permit history, any code violations, and its compliance with local building ordinances. Please note: Most cities require a fee for these reports. Requirements can vary by city, so it’s recommended to confirm with the local agency for the latest details. The attached flyer provides reliable information, but we encourage verifying with the local office to ensure accuracy. 🔗 https://lnkd.in/gBPESZXb

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🏡 Orange County, CA Market Update 📅 May 22, 2024 This week, the median list price for homes in Orange County, CA is $2,125,000. The Market Action Index (MAI) is currently at 62, a slight decrease from last month's 64. 🏘️ Inventory remains steady at approximately 1,595 homes. Stay tuned for more updates! 🌟 #RealEstate #OrangeCounty #MarketUpdate #HomeTrends #PropertyInvestment #HousingMarket #RealtorLife #OCRealEstate

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What The Demise Of Contentious Housing Law Means For San Jose Contact me to discuss the latest scoop in real estate! #sf #askmehow #bayarearealestate #californiarealestate #siliconvalley #realestate #goal #realtor #housingmarket #bayarearealtor

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What the demise of contentious housing law means for San Jose Contact me to discuss the latest scoop in real estate! #sf #askmehow #bayarearealestate #californiarealestate #siliconvalley #realestate #goal #realtor #housingmarket #bayarearealtor

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CALIFORNIA LEGISLATION | AB12 ✒ 💼 New California legislation, Assembly Bill 12 (AB12), is set to bring significant changes regarding Security Deposits effective July 1st, 2024. AB 12 will limit landlords to only one month's rent for both furnished and unfurnished units, replacing the previous ruling that allowed landlords to collect two months of rent for unfurnished units and three months for furnished units. Exceptions are made for smaller landlords owning a limited number of properties, with different rules applied to military service members. After June 30th, 2024, landlords not falling under the exceptions will be impacted, especially in submarkets where rents are not high relative to repair costs from tenant damages. This could lead to landlords needing to cover repair expenses personally. Landlords with vacancies should carefully consider this new legislation when deciding how quickly to fill their units. Stay informed about this significant change in California's rental landscape. Read more about AB12 and its implications: (https://lnkd.in/g2vuifCF)

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Better Times Ahead for LA Rent Growth--From Flat to 3% in 2026 A recent forecast anticipates modest single-digit rent increases in Southern California's apartment market through mid-2026. The USC Casden Multifamily Forecast projects rent hikes between 3% and 7% across various counties, with the Inland Empire expected to experience the highest growth at 7%. This upward trend is attributed to a persistent housing shortage in the region. Sources https://lnkd.in/gHVb5Vp7

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Below is a brief update on Orange County's office market. The good news is vacancy has remained stable during the slow summer months. Lots of great space options at attractive rates. It's a great time to be a Tenant and Lease office space! #OrangeCounty #OfficeMarket #RealEstate #CBRE Executive Summary - Asking rates remained flat at $2.85 FSG per sq. ft. per month due to unchanged market conditions quarter-over-quarter. - Orange County has not experienced more than a $0.01 change in asking price in seven quarters. - Vacancy and availability remained stable throughout the summer months with nominal movement. - Vacant space increased slightly by 62,000 sq. ft., maintaining a rate of 14.7%. - Availabilities decreased by 329,000 sq. ft. to 23.6% due to reduced occupied spaces coming to market. - Negative 220,000 sq. ft. in net absorption was driven by a slight decrease in countywide leasing, particularly in South OC tech and engineering sectors. - Inventory decreased by four properties due to the demolition of Class B and Class C buildings converted to residential and industrial use.

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Prices Hold Steady Amidst Fluctuations in U.S. Housing Trends as of October 2024 Contact me to discuss the latest scoop in real estate! #sanfrancisco #sfrealestate #bayarearealtor #bayarea #california #bayarearealestate #sanfranciscorealestate #sfrealtor #californiarealestate #siliconvalleyrealestate

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Check Out the Latest Real Estate Update! This Week: Wed, Jun 05, 2024 📍 Location: Orange County, CA Median List Price: $2,097,000 📉 Market Action Index: 61 (Compared to last month's 63) 📦 Inventory: Holding Steady at 1,648 #OrangeCountyRealEstate #MarketUpdate #Trends #MedianPrice #InventoryStatus #InvestmentOpportunity #DreamHome #Homebuying #HousingMarket

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Average office asking rents in Los Angeles have shown modest year-to-date gains, marking a reversal from the declining rates observed in 2022 and 2023. As of late September, the average office asking rent in Los Angeles stands at $3.43 per square foot per month, reflecting a 1% increase compared to the previous year. Despite the region's high office vacancy rates, the rise in rents may come as a surprise. However, landlords are cautious about setting rates too low due to inflated build-out costs and operating expenses. Many property owners are maintaining current rates or implementing slight increases to avoid devaluing their assets. To attract tenants without reducing rents, some landlords are offering appealing lease concessions such as higher tenant improvement allowances, free rent, and beneficial occupancy. These measures aim to maintain property values in a challenging leasing environment. Nevertheless, with a record vacancy rate and numerous sublease options available, landlords may encounter limitations in further increasing rates. Consequently, lease concessions are expected to remain popular. With vacancy rates projected to rise, projecting slight declines in asking rents for the upcoming year. #losangeles #commercialrealestate #officeleasing #office #tenantrep #tenants

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LLC Searches That Make Your Real Estate Life Easier. When discovering an LLC owner, use only the public records from the CA Secretary of State Business Search. The California Business Search provides access to available information for corporations, limited liability companies, and limited partnerships of record with the California Secretary of State, with free PDF copies of over 17 million imaged business entity documents, including the most recent imaged Statements of Information filed for Corporations and Limited Liability Companies. If you like a resource like this and want to know more about what I know to help you through real estate title insurance, contact me via email at [email protected] or call or text me. #RealEstate #TitleInsurance #LLCSearch #BusinessSearch #CaliforniaBusiness #RealtorTips #RealEstateTools

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