Sam S. Manoukian, CCIM is a highly accomplished professional in the commercial real estate industry, currently serving as the CEO of DPI - Diversified Property Investments and DPI - Diversified Property Management. With over 35 years of experience, he has established himself as a top-ranked Commercial Real Estate Agent. Sam holds the prestigious Certified Commercial Investment Member (CCIM) designation and has a remarkable track record of overseeing more than $1 billion in recorded real estate transactions. His expertise extends to being a court-recognized expert witness in commercial real estate transactions, emphasizing his depth of knowledge and credibility in the field.
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With 36 years of unwavering commitment to the dynamic world of commercial real estate in Glendale, California, I am privileged to witness the ebb and flow of market trends, economic shifts, and the evolving needs of investors. In this article, I aim to share insights into the current state of the commercial real estate market in Glendale and provide a roadmap for investors looking to capitalize on opportunities in 2024.
Glendale's commercial real estate market has consistently demonstrated resilience, even in the face of economic uncertainties. As of 2023, the city continues to attract investors with its strategic location, diverse economic base, and a thriving business community. The demand for commercial properties remains robust, with a particular emphasis on sectors such as office spaces, retail, and industrial facilities.
a. Remote Work Impact: The rise of remote work has reshaped the commercial real estate landscape. Investors are now keenly evaluating the adaptability of office spaces to accommodate hybrid work models. Properties with flexible designs and advanced technological infrastructure are gaining prominence.
b. E-commerce Surge: The acceleration of e-commerce has heightened demand for well-located industrial spaces. As last-mile delivery becomes a priority, investors are eyeing warehouses and distribution centers in strategic locations within Glendale.
c. Sustainability and Green Spaces: In 2024, there is a notable shift towards sustainable and environmentally friendly commercial properties. Investors are increasingly recognizing the value of green features in attracting tenants and enhancing long-term property value.
a. Due Diligence: In a market with diverse opportunities, thorough due diligence is paramount. Understanding zoning regulations, assessing infrastructure developments, and researching the local business environment are crucial steps in identifying sound investment prospects.
b. Network Building: Having an extensive network is invaluable. Collaborating with local businesses, developers, and city officials can provide valuable insights and open doors to exclusive investment opportunities.
c. Adaptability and Innovation: Investors should embrace adaptability and innovation. Properties that can cater to evolving needs, whether in terms of flexible leasing arrangements, technology integration, or sustainable features, are likely to stand out in a competitive market.
a. Diversification: Diversifying your portfolio across different property types can help mitigate risks associated with market fluctuations. Consider a balanced approach that incorporates a mix of office, retail, and industrial properties.
b. Financial Preparedness: Being financially prepared for unexpected challenges is crucial. Maintaining a reserve fund and staying informed about market trends can help investors navigate uncertainties with confidence.
As we navigate the intricate landscape of Glendale's commercial real estate market in 2024, it's clear that success lies in a combination of deep market knowledge, adaptability, and strategic decision-making. Investors who approach the coming year with a keen understanding of trends, a commitment to due diligence, and a focus on sustainability will find themselves well-positioned to capitalize on the myriad opportunities that Glendale has to offer.
Sam S. Manoukian, CCIM
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In my opinion rent control has never worked, never will and as always produced the exact opposite results as was intended. The only solution E and bringing down the cost of housing and rental rates is the link with debt issue of supply and demand. And tail we start developing and bringing onto the market new housing and so we can get closer to the threshold of demand we are going to continue to have the same issues that we are currently having.
With that said, I have a message for a small number of property owners/landlords in the city of Glendale that have been acting unreasonable, abusive and have been greedy with some of their tenants, continue doing what you’re doing and very soon we will end up where the city of Pasadena ended up. Being forced to pass rent control on December 12,2022. And if you have any doubts about what will happen to the value of your property overnight when rent control has passed in the city of Glendale, please take a look at the attached two reports I pulled. The first one is a report of all apartment buildings that were sold in 2022 prior to rent control passing and then the other report is based on all transactions for apartment building that have taken place and closed the following year January 1, 2023, through December 31, 2023 and see for yourself what a devastating effect they had and will continue to have in the Pasadena multifamily market.
Please have some common sense and stop issuing 200%-300% rent increases or try to remove a tenant 2 days before Christmas. Remember, just because you can do something, it does not mean you should.
Sam S. Manoukian, CCIM
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