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Increase in Phase 1 Environmental Reports Suggests Improving Commercial Real Estate Market
3Q Phase I Environmental Reports up 10.4% in West. Most dramatic increases seen in San Francisco, Los Angeles, San Diego and Seattle.
“Phase I Assessments should be considered a leading indicator of real estate transactions, and of general real estate market conditions,”
The 13 states of the West include California, Hawaii, Alaska, Oregon, Washington, Nevada, Arizona, New Mexico, Utah, Colorado, Wyoming, Idaho and Montana. In all, there were 11,969 Phase I ESAs performed in the third quarter in the West, signaling many active and pending deals. Nationally, 48,826 ESA’s were conducted in the third quarter, an increase of seven percent from 3Q 2010.
Not surprisingly, more than half of the ESA’s took place in California (6,578) which also led the country in regional transaction growth with an18 percent year-over-year increase. San Francisco, was the third highest growth metro in US Phase I’s, at 44 percent. Los Angeles (up 31 percent), San Diego (up 23 percent) and Seattle, WA (23 percent) were all among the top 10 cities with the highest transaction volume in the U.S. in the latest quarter. Austin, TX led all cities nationally with a 52 percent increase in ESAs year-over-year.
Partner also has enjoyed a 33 percent increase in business in the third quarter, compared to a year earlier. “We are increasing our market share, but we are also riding an improving property market,” said Derhake. “Lenders may have tougher terms, but they are lending.” Interestingly, Partner has seen increased demand from life companies, who are picking up some of the slack from lenders.
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About Partner Engineering and Science, Inc.
One of the fastest-growing private companies in the United States, Partner Engineering and Science Inc.http://www.partneresi.com is a national environmental and engineering consulting firm specializing in evaluating properties in connection with real estate transactions, development or management. This includes:
• Environmental Due Diligence;
• Subsurface Investigations and Remediation;
• Industrial Hygiene;
• Property Condition Assessments;
• Seismic Risk Assessments / Probable Maximum Loss;
• Energy Audits, Engineering and Implementation;
• Geotechnical Services;
• Surveying; and
• Construction Risk Management.
In addition to its El Segundo, CA headquarters, Partner has 147 employees in 221 offices nationwide.