Development activity issoaring in the Southwest markets. While Los Angeles saw the mostdevelopment activity this week, Phoenix remains a steep competitorfor the top spot. Most significantly, Phoenix has its firstspeculative industrial build, illustrating the increase in demand.Multifamily development continues to dominate new constructionthroughout the area. This week, there was also significant dealactivity and employment news. Here's a look at this week's trends,announcements and deals that you may have missed in SouthernCalifornia, Utah, Arizona and Nevada.

BY THE NUMBERS

ORANGE COUNTY—Based on properties 50,000 square feet andgreater, office sales activity in 2017 has set new records based onthe first three quarters of a year. From Q1 through Q3, 2017 totalsales volume of $1.9 billion broke the previous record set in 2015of $1.7 billion. Additionally, the 2017 average price per squarefoot of $286 shattered the 2008 price point of $282. The largesttransaction in 2017 saw FivePoint Holdings purchase the 1 millionsquare foot, four building FivePoint Gateway project from Broadcomin a sale-leaseback deal for $443 million ($426 per square foot).Broadcom agreed to lease two of the buildings for 660,690 squarefeet. Private capital firms are very active in the Orange Countymarket of which they are attracted to the growing local economy andfavorable market conditions including low vacancy and risingrents.