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February 21, 2024
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Multifamily Remains the Most Attractive Asset Class for SoCal Investment Activity


This report provided by real estate services firm CBRE

Investment volumes through July have improved considerably in Southern California, totaling more than $20 bil - a 30% increase from the same period the year before. Though a significant improvement, overall investment volumes still lag behind levels achieved in 2019.

Apartments remain the most attractive asset class with over $6.8 bil, or 36% of the regional investment volume, reflecting a long-term portfolio reallocation for many investors that started before the pandemic but accelerated as a result of it. Industrial transaction volume also remains robust, with only a 9% decline from 2019 levels.

Though office and retail volumes have dipped year-over-year as a result of the pandemic, prices for both asset classes have remained relatively stable compared with other economic downturns, according to transaction data from Real Capital Analytics. During the Great Recession, the price per square foot for office and retail assets across SoCal dropped 36% and 27%, respectively. That compares with a current decline of 1.3% and 4.2% for office and retail—further highlighting the unique nature of the pandemic. The steady office numbers belie divergence within the office sector: submarkets and assets geared towards growth industries such as media & entertainment and life sciences continue to attract robust capital interest while traditional multi-tenanted office properties are trading infrequently with substantially reduced capital interest.

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