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3/16/18
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This report was written and provided to us by CBRE Research.
Last year, commercial property assessed values in many Los Angeles County municipalities increased at faster rates than single-family homes and residential income properties, according to data from the LA County Assessor. Live-work-play suburban areas connected to the region’s public transit railways and with high concentrations of office and retail space drove larger gains than industrial regions.
Among cities with at least $1 bil in assessed value, Beverly Hills ranked the largest in growth. Commercial property in the city jumped 13.1% year over year to $10.1 billion in 2017 while aggregate values of single-family homes and residential income properties both appreciated by 7.4%. El Segundo led the county with an overall increase in property value of 11.6%, boosted by the 12.8% increase in commercial value.
At the other end of the spectrum were small gains in outlying industrial areas and declines in just three cities. Santa Monica, the only coastal city with a commercial value decline in 2017, may have impacted growth and transaction volume after passing an initiative requiring city approval for new developments.
The county’s overall net property roll increased 6% to $1.42 trillion in 2017. More than half of the countywide increases in assessed value were attributed to changes in ownership that triggered a reassessment, in addition to new construction and a decline-in-value restoration.
According to L.A. County Assessor figures, as of October 2017, commercial properties in the county have a total assessed value of $408 bil, while single-family properties have a total assessed value of $818 bil. Residential income properties in the County total $190 bil.
The county assessor’s roll value increased for the seventh consecutive year. Since 1975, though all property types have increased in value, single-family homes outpaced commercial. In cities with high overall property value and few vacant parcels available for development, however, those with the strongest commercial growth also had the strongest overall growth last year.
This report was written by:
Petra Durnin
Director, Research & Analysis, CBRE
David Nusbaum
Senior Research Analyst, CBRE
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