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Permits, Plan Check and Purgatory

Jason Schirn
July 18, 2024

Overstaying Your Welcome: When Capital Won’t Realize the Party’s Over

For most investors there exists an impression that there is a direct correlation between rising interest rates and rising cap rates. However, in recent months I have seen resistance to price movement even as interest rates rise, which calls into question this theory, at least temporarily.

May 4, 2023
Bruce Haas

Trucking Companies: Blood on the Highway?

As the owners of several freight yards across Southern California, we have recently seen robust demand from local trucking companies. The seemingly insatiable appetite for yards has pushed lease rates to over $1.00/land sf in the South Bay, a previously unthinkable level. As value investors, we are constantly asking ourselves, is this demand sustainable?

May 16, 2022
May 17, 2022
Jason Schirn

Change Happens Gradually and Then All at Once

We are witnessing a generational disruption in the global supply chain. As I write, the number of ships anchored along the coast of the LA/Long Beach Ports is hovering near one hundred carrying in excess of one million total containers! One cause, among others (i.e., the pandemic, truck driver shortages, inefficient port management, etc.), is the insufficient amount of warehouse space to accommodate the ever-expanding demand driven by the rise of e-commerce and commensurate logistics. The Southern California industrial market provides a case study of the structural shift that has driven vacancy to virtually zero and forced rental rates to skyrocket.

November 17, 2021
TK McWhertor

The Amazon Effect?

Recently, I have heard the phrase “The Amazon Effect” in many conversations regarding future development. ‍The relevant questions seem to be: What happens when Amazon reaches a saturation level in markets? Is Amazon taking down large spaces as a defensive or predatory move? Will this new hybrid retailing have a significant effect on Amazon and their space demands? How will the carbon tax initiatives currently being negotiated on a global stage affect this consumer demand?‍ The concerns are especially significant in markets that have major speculative developments underway. Many of these developments have underwriting assumptions based on recent massive industrial absorption, which has been primarily driven by Amazon and the considerable increase in online shopping during the pandemic. ‍

August 18, 2021
August 23, 2021
Bruce Haas

What Does HPP Look For When Buying An Asset? (Part I)

At Hager Pacific, people are often surprised that we own more than 100 properties across the nation. While we are proud of the size of our portfolio, we are even more pleased with our track record of returns.

August 17, 2017
April 4, 2021
Robert Neal

What Does HPP Look For When Buying An Asset? (Part II)

In our last blog, I started sharing with you what we consider the ‘secret sauce’ of how we approach acquisitions. We have been very blessed over our careers, but at the same time, we do believe that focus and discipline have ...

September 29, 2017
April 4, 2021
Robert Neal

Envisioning the broker of the future

Before I became a principal in 2001, I was a broker at CBRE for almost two decades. Brokers who started their careers around the same time that I did used manual tools like the strip system, which I have described in a previous post.

July 7, 2020
February 24, 2021
Bruce Hass

Brokerage In The 21st Century

Imagine opening a massive hard-copy file of available properties. Actually, an entire file drawer. You thumb through marketing brochures for buildings that are filed by their square footage.

November 12, 2018
February 24, 2021
Bruce Hass

You’d Need to be High to Make Sense of a Marijuana Investment!

Marijuana is taking many industrial real estate markets by storm, including in California, where the drug's recreational use became legal at the beginning of this year.

August 17, 2018
February 24, 2021
Robert Neal

How To Make Sure A Recession Doesn’t Take You On A Roller Coaster Ride

It’s the economy, stupid. That famed catchphrase from President Bill Clinton’s 1992 campaign tells us exactly what we need to know about economic forecasting for 2018 and beyond.

May 25, 2018
February 24, 2021
Jason Schirn

Industrial Real Estate Is Economically Reviving Southern California’s Inland Empire

For many of us who grew up in Southern California, the Inland Empire was a place in between Los Angeles and Palm Springs or Las Vegas with vast expanses of vacant land. It served as a rest spot for fast food or a bathroom break...

February 22, 2016
February 24, 2021
Jason Schirn

Minimum Wage Increase; Impact To The Industrial Market?

Determining the right minimum wage has been an item of contention among economists for nearly as long as their profession has existed. Experts will argue about who wins and who loses when the minimum wage is high or low. Yet, as...

November 4, 2015
February 24, 2021
Jason Schirn

What Will The Distribution Warehouse Of The Future Look Like?

E-commerce has revolutionized the international economy, and with it, the real estate market for warehouses. Online retail is growing at almost 20% per annum globally. We have become accustomed to purchasing a product at the...

December 16, 2015
February 24, 2021
Adam Milstein

What Makes A Good Real Estate Broker?

When it comes to looking for a real estate broker, it seems that everybody’s got an opinion. Some will argue that the most important qualities in a broker are excellent communication skills and a relentless motivation to serve...

January 26, 2016
February 24, 2021
Robert Neal

How Will Rising Interest Rates Affect The Real Estate Market?

When will the Federal Reserve raise interest rates? This is the question that hangs over the commercial real estate industry today. Since 2009, the Federal Reserve’s Quantitative Easing (QE) program has brought about an...

March 25, 2016
February 24, 2021
Adam Milstein

Asian Investors In Southern California

It’s no secret that Asian capital investment in the U.S. real estate market has grown significantly, with nearly $13 billion in investment in 2014 compared with $2.4 billion in 2007. Yet, for Asian investors, not all real...

May 23, 2016
February 24, 2021
Robert Neal

What Impact Will The Panama Canal Expansion Have On The Shipping Economy?

The Panama Canal — the pathway that transformed international trade a century ago — is about to change international shipping again. In 2016, a long-awaited $5.25 billion expansion project at the Canal will be finished. Now...

June 20, 2016
February 24, 2021
Jason Schirn

Is The AIR Lease Form A Fair Document For Both Parties?

The AIR Lease Form is an excellent tool for completing many different kinds of real estate transactions. It offers comprehensive and thoughtful leases, fair to both sides, reducing the countless hours – and dollars – that...

July 25, 2016
February 24, 2021
Adam Milstein

Environmental Issues – A Hidden Gold Mine?

Investing in a commercial property that has significant environmental issues might seem overwhelming. After all, the work necessary to resolve such violations may come with significant effort and expense– requiring an extensive...

April 19, 2017
February 24, 2021
Mark Cousineau

Liquidity Is Always The Real Estate Investor’s Best Friend

Liquidity is ALWAYS the real estate investor’s best friend. When real estate markets are hot, cash differentiates a buyer by enabling it to offer faster closing times and a more certain close than buyers who are dependent on...

September 8, 2016
February 24, 2021
Jason Schirn

How To Navigate Southern California’s Industrial Real Estate Market Boom

Over the past decade, Southern California has firmly established itself as a uniquely attractive site for big-name manufacturers, e-commerce companies, and traditional big-box retailers. It is the fastest-growing region in the...

January 25, 2017
February 24, 2021
Robert Neal
Orange County

4100 Newport Place Drive
Suite 700
Newport Beach, CA 92660

(949) 253-7920
San Fernando Valley

15910 Ventura Boulevard
Suite 700
Encino, CA 91436

(818) 905-3200
Los Angeles

8222 Melrose Avenue
Suite 202
Los Angeles, CA 90046

(323) 653-2000
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