Market Insight

Lock Richards' Insight on the Commercial Real Estate Scene

Local vs National Trends – 2021 Q3 Review

How is our local commercial real estate market performing in comparison with the national market? Starting with the office market: Nationally, 26mm net square feet were leased in the 3rd quarter and the office vacancy rate fell +-1% to 16.1%. Locally, office vacancies increased slightly by 5 basis points to 10.71% – still a tighter …

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New Residential Trends Effect on CRE – 2021 Q2 Review

As I have commented on before, I believe the pandemic will be the generator of the largest economic expansion that suburban/tertiary areas such as Nevada County will have experienced in decades.  In the late 1800s, it was gold that drove huge numbers of people to this area. Today, Covid is the pull – or rather …

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Cautious Optimism – 2021 Q1 Review

With vaccines now being distributed and a new government stimulus package underway, the forecast for commercial real estate at the beginning of 2021 is one of cautious optimism. While 2021 brings renewed hope; concerning questions remain. Will vaccine distribution be widespread and quick enough to reach herd immunity? Will new Covid strains surface reducing the …

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2020 – GOOD RIDDANCE! – 2020 Q4 Review

I suspect most folks are extremely happy to see 2020 coming to a close! This was a year of much heartache and suffering. Covid was a game changer that permanently changed social norms and likely the course of (at least US) history as well! In the commercial real estate realm, Covid definitely created distinct categories …

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Work From Home Paradise! – 2020 Q3 Review

As we continue to muddle through the last half of the soon-to-be infamous year of 2020, it is refreshing to receive a bit of good news for a change. In September, CNBC “Make It”, published a list of the top 10 small “Work-From-Home” cities in the United States, and they ranked the Grass Valley/Truckee micropolitan …

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Unprecendented Times – 2020 Q2 Review

This quarter the pandemic continued its torment on the nation and the world. Shutdowns were extended as the populace struggled at coming to terms with the newly restricted environment and the effects it will have on the economy, businesses and jobs.  Fortunately, congress acted quickly and implemented the CARES Act, providing a massive financial relief …

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The New “Coronaverse” – 2020 Q1 Review

This quarter we were hit by an unprecedented (in modern times) pandemic. Economic shutdowns and self-quarantine regulations were instituted globally and California took an early and firm lead in such restrictions.  During the last month of this quarter economic activity came to a standstill. Most real estate transactions then underway either fell out completely or …

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2019 Market Summary – 2019 Q4 Review

Overall, 2019 was a good year for commercial/investment property owners in Western Nevada County. In all three commercial property sectors – industrial, retail and office – the Grass Valley and Nevada City areas saw year-over-year increases in asking rents partnered with decreasing vacancy rates, resulting in higher values and increasing sale prices.  Interestingly, however, the …

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Buying Land? Due Diligence is Key

Whether you are considering buying land for commercial or residential development, pre-closing due diligence is crucial for a successful project. First, investigate the property’s zoning. Read and understand the formal city or county zoning ordinance. Is your desired development a principally permitted use; a use requiring some type of conditional use permit (and generally an …

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