Recovery Ahead in San Diego, Waning in SoMa

GlobeSt.com (July 12, 2012) The recently released Allen Matkins/UCLA Anderson California Commercial Real Estate Survey points to recovery in key markets, but each market is at a different point in the recovery cycle. Aside from the office market, the Allen Matkins/UCLA survey of multifamily housing developers revealed that multifamily development on the whole is on the upswing in California, particularly in the Bay Area and Los Angeles. In fact, 70% of the survey participants in San Francisco, Silicon Valley and Los Angeles plan to begin new multifamily housing developments in the next 12 months, thanks to high occupancy rates and rising rents. “This growth in multifamily housing is encouraging,” said John Tipton, a partner at Allen Matkins, said in a prepared statement. “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.”