Investors strike gold in California offices
The office market has been heating up in the Golden State for a while now, and 2014 might see it hit its boiling point.
In Marcus & Millichap’s recently released 2014 National Office Report, five of the top eight office investment markets are found in California, with San Francisco holding the top spot for the second year in a row, and even secondary markets such as Orange County surging up seven places to make the top 10, due to continued payroll expansion, rent growth and vacancy declines.
The top 10 ranked cities, in order, are: San Francisco; San Jose; New York City; Seattle; Los Angeles; Portland, Ore.; San Diego; Orange County, Calif.; Denver; and Boston.
The San Francisco office market ended 2013 with a vacancy rate of 8.2 pe