Report: Southern California’s commercial market is booming

Artistic rendering of the new Huntington Medical Research Institutes (HMRI), a Pasadena-based nonprofit biomedical research organization, has begun site preparations for a new world-class research facility at 686 S. Fair Oaks Avenue, replacing several old HMRI laboratories in the city.

 

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Southern California’s commercial real estate market is booming, according to new report from Coldwell Banker Commercial.

The company’s Blue Book market intelligence report for 2016 says the region is gaining traction in a variety of areas, ranging from business expansion and low office vacancy rates to an increase in land sales and strong activity at the ports of Los Angeles and Long Beach.

The report notes, for example, that four new companies have leased nearly 40,000 square feet of research and development space in Pasadena over the past six months. And Kaiser Permanentecontinues to expand its office and medical space in the city.

“We’re building a medical school to train doctors who will either work for Kaiser or somewhere else,” Kaiser spokesman Lowell Goodman said. “It’s a four-story, 80,000-square-foot building that will be on the corner of Los Robles Avenue and Green Street. It should be completed in early 2019 and the first class will come in that summer. This is a big deal for us and for Pasadena.”

Kaiser currently employs 4,825 people at seven facilities throughout the city, including 119 physicians.

 

 

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