Business Specialties Leasing
Manhattan Retail Hit Hard in '09, But Turnaround on Tap
Oct 20, 2009
It's been a rough year for retail, even in tony Manhattan. The
crumbling of Wall Street in the fourth-quarter of 2008 spurred the
downward spiral of the market and the recession just added salt to the
wound, according to a third quarter report by Marcus & Millichap
Real Estate Investment Services.
Jersey City Trumps Manhattan, Landing Big Fish with DTCC's 415,000SF Office Lease
Oct 14, 2009
New York's loss is New Jersey's gain, as the Depository Trust &
Clearing Corporation reveals plans to relocate 1,600 members of its
2,300-member staff to 415,000 square feet of space at the Newport
Office Center in Jersey City. It's not a total defeat for New York,
however; DTCC will keep its headquarters and its remaining 700
employees in Lower Manhattan.
Charleston Industrial Market Gets Boost with 1.1MSF BTS Deal
Oct 13, 2009
Given that the U.S. recession has left the retail market in shambles
and the global financial meltdown has hindered trade activity, demand
for distribution and warehouse facilities has taken a major hit, so the
big news out of Charleston's industrial market is something that is
heard of quite infrequently these days. Rockefeller Group Development
Corp. and MeadWestvaco Corp., developers of the 400-acre Rockefeller
Group Foreign Trade Zone/Charleston industrial park in Berkeley County,
S.C., have just landed a 1.1 million square-foot build-to-suit deal
with automotive replacement tires marketer TBC Corp.
Retail Vacancies Hit New Highs
Oct 09, 2009
Even as the economy shows signs of having turned a corner, serious
hurdles remain for the retail sector. And the latest figures from the
third quarter reveal that vacancy rates at U.S. malls and shopping
centers have risen to multi-year highs.
A Ray of Sunshine?
Oct 07, 2009
The capital markets are on hold right now. The news is all about the lack of debt capital to refinance maturing loans and, on the flip side, the growing pool of equity capital waiting to invest in distressed assets, primarily debt. At some point assets will begin to change hands, but whether that process resembles a dam breaking or a steady flow is uncertain.For a ray of sunshine, we must look to the leasing market.
$330M HSBC Sale-Leaseback Makes Splash in Sluggish Market
Oct 06, 2009
With the commercial real estate market still hindered by a chilly
credit market and declining property values, sale-leaseback activity
has dwindled, but London-headquartered HSBC Holdings plc's HSBC Bank
USA N.A. still sees some advantages in such deals. The financial
services company has signed a $330 million cash sale-leaseback
agreement with a subsidiary of Israel-based IDB Group for its
865,000-square-foot New York City headquarters.
CREW Awards 20 Women Under 40
Oct 02, 2009
The Commercial Real Estate (CREW) Network last night lauded 20 Under 40 women from throughout the commercial real estate industry as part of its 20th anniversary celebration. The awards, unveiled during the organization’s 2009 CREW Network Convention & Marketplace in Boston, honor women age 39 or younger working within a qualified area of the industry and considered a “woman to watch” and likely to be an influential leader in the industry.
As Home Ownership Struggles Continue, Renting Popularity Grows
Oct 01, 2009
More families at every income level are facing housing cost burdens,
while households with the lowest incomes continue to be
disproportionately affected by the shortage of affordable rental
housing across the country, according to an analysis conducted by The
National Low Income Housing Coalition (NLIHC) on newly released data
from the 2008 American Community Survey (ACS).
Sluggish Miami Office Market Buoyed by 80,000SF Financial District Pre-Lease
Oct 01, 2009
While Miami's office market vacancy rate lingers beneath the U.S.
average, it has not gone unscathed by the worldwide economic crisis.
However, law firm Bilzin Sumberg Baena Price & Axelrod L.L.P's
pre-lease of 80,000 square feet at the 576,000-square-foot 1450
Brickell office tower downtown has players in the Miami office market
game buzzing. The transaction marks South Florida's largest new office
lease this year.
Manhattan Office Market Stabilizing
Oct 01, 2009
The Manhattan office market, which was hard hit by the recent economic
and financial upheaval, is showing some signs of getting back on track,
and is expected to become increasingly more stable and fundamentally
sound in the coming months.
Report: Rents on Half the World's Preeminent Shopping Streets Plummet to 24-Year Low
Sep 28, 2009
Fifth Avenue. Rodeo Drive. Avenue des Champs-Élysées. Event the most
acclaimed retail strolls in the world have not escaped the ravages of
the global economic crisis, according to Cushman & Wakefield's
annual Main Streets Across the World report. Surveying 274 leading
shopping streets in 60 countries, the real estate services firm found
that 54 percent of the group experienced a decline in rents; a decline
that marks the largest drop in retail rents ever recorded since the
report' s inception 24 years ago.
RBJ Negotiates 343,000SF Boston-Area Warehouse Lease
Sep 24, 2009
Real estate advisory firm Richards Barry Joyce & Partners has
negotiated a nearly 343,000-square-foot industrial lease renewal and
expansion in Northborough, Mass., one of the Boston-area’s largest
deals of the year.
Better Business Through Twitter, Part 2
Sep 10, 2009
If you recall, I was looking at taking the plunge into social media via Twitter. I already was on Facebook and LinkedIn, but as I did more research and talked to other brokers, I could see that Twitter would give me another way to communicate about my company’s business with other brokers, possible clients and the media. Not only that, I could see that it would allow me to keep abreast of real estate and political news that could impact my business and keep me educated as well. In a way, it was like getting a constant news feed in 140 characters or less.
As US Industrial Market Contracts, 2010 Recovery Possible
Sep 03, 2009
Don’t look for the national industrial market to turn around any time
soon, but what about next year? Results of the North America Industrial
second quarter report prepared by Jones Lang LaSalle show signs that
the market is stabilizing, and indicators point toward some recovery
late next year.
Maguire Snags 64,400-SF Tenant at Downtown Los Angeles Office Tower
Sep 02, 2009
As troubled Maguire Properties sells off much of its Orange County
portfolio in an effort to decrease debt, the company is pushing up the
occupancy level of its premier Downtown Los Angeles portfolio with a
new lease at One California Plaza. Law firm McKenna Long & Aldridge
L.L.P. has just committed to 64,000 square feet of space at the
992,000-square-foot office tower downtown.
National Economic Woes Finally Trickle Down to Houston Industrial Market
Aug 27, 2009
While the Houston industrial market continued to thrive even as the
industry malaise and economic downturn took hold, the trickle down
effect seems to have finally caught up with the market, as a gradual
contraction that began in the first quarter of 2009 continued at
mid-year.
New Services JV Hopes to Capitalize on Recovery
Aug 20, 2009
Across the U.S., occupancy rates in nearly every sector of commercial
real estate are taking a pounding from the economic turmoil that
persists, but Dallas-based corporate real estate advisor Mohr Partners
Inc. and San Jose-headquartered commercial real estate services
provider Asia Pac International are not allowing the currently
undesirable conditions to prevent them from moving forward.
120,000SF Deal is San Antonio's Largest Office Lease of Year
Aug 12, 2009
The San Antonio office leasing market is inching back from a traumatic
hit taken during the first quarter of 2009 after posting 468,800 square
feet of negative absorption. But in an office market with 20 percent
vacancy, San Antonio’s largest lease transaction of the year barely
makes a dent in those figures.
Cassidy & Pinkard Wins 72,100SF Reston Leasing Contract
Jul 31, 2009
Cassidy & Pinkard Colliers has been selected by The Bernstein Cos.
to provide exclusive marketing and leasing services for 12220 Sunrise
Valley Drive, a 72,100-square-foot office building in Reston Sunrise
Park in Reston, Va.
Tenant Signs on for 269,000 SF of Inland Empire Industrial Space
Jul 30, 2009
Newport Beach, Calif.-based Master Development Corp., the managing
member of Ontario Two L.L.C., has inked a tenant to a six-year lease
valued at $3.5 million in Phase II of its Thoroughbred Business Park, a
2 million-square-foot industrial park located in Ontario, Calif.
Office Vacancies Reach Highest Point in Four Years
Jul 30, 2009
U.S. office vacancy rates have reached their highest point in four
years, and rents are falling as a result, according to a report from
Cushman & Wakefield Inc. Vacancies reached 13.7 percent at midyear,
matching second-quarter 2005 figures, though they still trailed the
decade high of 15.5 percent, reached in the second and third quarters
of 2003.
In Face of Rising Vacancy, Seattle Sees Biggest Office Renewal of Year
Jul 24, 2009
Despite more than 2 million square feet of new product completed this
quarter, Seattle’s office market saw one of the largest leases this
year when international law firm Perkins Coie L.L.P. renewed its
269,000-square-foot lease at 1201 Third Avenue, a 55-story tower in the
heart of the city’s Central Business District.
Parker, DEXUS Ink Medical Firm to 146,400SF California Lease
Jul 23, 2009
Making a splash in the sluggish office leasing market, medical
manufacturer Advanced Bionics has just signed a 10-year deal for
146,400 square feet of space in Santa Clarita, Calif. According to the
landlord, the office lease is Los Angeles County’s largest of the year
thus far.
IDI Leases 171,800 SF of Georgia Industrial Space
Jul 22, 2009
Real estate firm IDI has executed a 171,800-square-foot, five-yearlease in Lithia Springs, Ga., with Sensormatic Electronics Corp., aprovider of security and fire safety products and services for thecommercial and residential sectors.
ProLogis Continues to Pay Down Debt, Remains Active in Chicago
Jul 21, 2009
Like all commercial property players, industrial REIT ProLogis has had
to deal with the challenges of the sagging economy and sluggish leasing
market. Despite the tumultuous environment though, the firm is still
getting deals done—including some very sizable transactions, like a
250,000-square-foot lease the firm recently inked with Roosevelt Paper
Co. near Chicago. That deal was the largest splash made by ProLogis in the region during
the second quarter, during which it racked up a total of nearly 600,000
square feet in leases.
Crossman to Handle Leasing for 10.4MSF Publix Portfolio
Jul 20, 2009
Third-party leasing and management firm Crossman & Co. has been
named the exclusive leasing representatives for all Publix-owned retail
properties in Florida, Georgia, Alabama, Tennessee and South Carolina.
RaceTrac Initiates Sale-Leaseback Program
Jul 20, 2009
RaceTrac Petroleum Inc., which owns and operates 530 convenience stores
and gas stations in 12 states, has tapped CB Richard Ellis Inc.'s
global corporate services unit to exclusively manage a sale/leaseback
program..
Prudential Executives See More Pain but Some Improvements
Jul 16, 2009
With unemployment still rising, Prudential executives expect more pain
to come for the commercial real estate market, but they also see some
signs of better health, according to their assessment of the industry
during yesterday’s mid-year commercial real estate outlook.
Manhattan Office Market Decline Slows
Jul 15, 2009
Manhattan leasing activity increased in June and the monthly vacancy
rate held steady for the first time since February 2008, which together
with some otherindicators and more may show some steadying of
commercial real estate, particularly in the office market, according to
a midyear report released by Cushman & Wakefield.
Q2 Demand as Weak as Expected Across Sectors--Except M-F
Jul 13, 2009
The dismal economy continued its stranglehold on the commercial real
estate industry, as per CBRE Econometric Advisors' recently released
analysis, pushing up vacancies in the office, industrial and retail
property markets. But there was one surprise. Demand in the
multi-family sector, despite the ongoing job losses that are hindering
the formation of new households, was essentially unchanged from the
first quarter of the year.
Baltimore Office Market Primed to Bounce Back Quickly Upon Economic Turnaround
Jul 07, 2009
Not a single office market has been spared from the ravages of the
cruel demise of the economy, but Baltimore, unlike most other
metropolitan areas, is in a position to get back on its feet right on
the heels of the highly anticipated economic turnaround, according to a
Cushman & Wakefield Inc. second-quarter report.
In Supply-Constrained Vancouver Market, 204,000SF Office Trades in Sale Leaseback
Jul 07, 2009
In the midst of the sluggish investment market, where most real assets
that are selling are on the smaller end of the spectrum, a major office
property in Vancouver has been acquired by Kingswood Capital Corp. The
21-story, 204,000-square-foot Grosvenor Building, located in the city’s
Downtown, was sold by property investor and developer Grosvenor
Americas, which will continue to make its home at the tower under a
leaseback agreement.
DC Office Market Sees Absorption for Third Straight Quarter
Jul 06, 2009
The Washington, D.C., metropolitan area experienced negative overall
net absorption for the third consecutive quarter, according to a report
by Cassidy & Pinkard Colliers, but there are some signs that the
market may be at or near a bottom.
Summers: Dallas/Ft. Worth is M-F's 'Golden Child'
Jul 06, 2009
"Anyone who follows the multi-family market knows that Dallas/Ft. Worth has been the golden child of the multi-family industry for a while," asserts Matt Summers, president of management at Kaplan Management Company Inc.
Houston Mixed-Use Opens Amid Uncertain Economy
Jun 29, 2009
While Texas struggled later and possibly not as much as the rest of the country when the bottom fell out late last year, Houston’s office market continued to thrive until just recently with rising vacancies and more projects under construction. Recent delivery of projects like Citycentre’s mammoth 425,000 square feet of mixed use space right now might not be ideal timing, but developer Midway Cos. hopes to weather the difficult market.
Downtown Miami Condo Market Showing Signs of Life--Contrary to Popular Opinion
Jun 29, 2009
Rumors of the Downtown Miami condominium market's death have beengreatly exaggerated. The Miami Downtown Development Authority recentlycommissioned the Residential Closings & Occupancy Study, whichindicates that industry talk about the area's stock of new condos beingcovered in cobwebs--or predominantly empty--may not be totallyaccurate.
Office Tenants Now in the Driver's Seat
Jun 26, 2009
Even before the financial meltdown last fall, most U.S. office markets
were going noticeably soft. In particular, vacancies were rising as
businesses downsized, reorganized or otherwise felt skittish about
committing to any new use of office space. Now that the worst recession
in at least a generation is under way, what was once only a worrisome
trend for U.S. office landlords is full-blown reality.
While Industrial Sector Struggles Nationally, Fort Worth Complex Already Beats 2008 Leasing Figures
Jun 24, 2009
National numbers show the industrial market tanking, but the Alliance Global Logistics Hub in Fort Worth, Texas, has already leased 1.9 million square feet this year compared to a total of 1.1 million square feet at Alliance in all of 2008. While the industrial market nationwide took a turn for the worse in the first quarter of 2009, with vacancy rising rapidly and absorption and construction activity plummeting, tenants are taking advantage of the situation—as evidenced by the half-million-plus-square-foot lease renewals ATC Logistics & Electronics just inked at Fort Worth’s Alliance.
Net Lease Market Sluggish, But Not Comatose
Jun 23, 2009
The net lease marketplace is hardly what it used to be, with deal volume at only a fraction of what it was during the mid-2000s boom years. But net lease never did quite grind to a halt, and there’s some evidence that the market is climbing out of the trough it found itself in during the last quarter of 2008.
NBA Renewal Marks Big Win for Midtown Manhattan
Jun 22, 2009
Multiple landlords attempted to lure NBA Properties to other locations
in Manhattan and across the Hudson River but Olympic Tower Associates’ signed NBA Properties Inc. to a 10-year, 153,000-square-foot renewal at 645 Fifth Avenue.
TransUnion, RentBureau Affiliation Will Benefit M-F Owners, Renters
Jun 11, 2009
Facing increasing vacancy levels induced by
economic unrest, apartment owners are eager to attract tenants--responsible
tenants--in order to bolster their bottom line. To that end, owners using
TransUnion's rental screening platform have a new tool for evaluating tenants'
reliability now that the credit bureau has decided to incorporate RentBureau's
proprietary rental payment database as a new feature for vetting prospective
renters.
Boston-Area Biotech Firms Seek Cheaper Space in Suburbs
Apr 27, 2009
Drug maker Alkermes Inc. last week became the latest in what has become a growing line of biotech firms leaving Cambridge, Mass., in search of less expensive office and laboratory space in the suburbs. The company plans to relocate to a 100,000-square-foot facility in Waltham early next year, a move that Alkermes says will eventually save some $750,000 a year.
Economic Update - Bear Stearns' Bum Real Estate, Revealed
Apr 24, 2009
Bear Stearns Cos. was in the news again Thursday, in case anyone
remembers back far enough to recall the last time it was big news--a
time when the disappearance of that company into JPMorgan Chase seemed
unfortunate, but not necessarily a harbinger of vast financial problems
ahead. Which, in fact, it turned out to be.
Despite Economy, Leasing Continues Apace at AllianceTexas
Apr 22, 2009
With Texas' business climate not quite as dire as in other parts of the
country, Fort Worth’s AllianceTexas development hit almost record
levels of leasing in the first three months of 2009 with more than 1.2
million square feet.
Blanca’s New Firm Gets Off to Fast Start with 1450 Brickell Assignment
Apr 22, 2009
Miami commercial property veteran Tere Blanca’s new services firm looks to be coming out of the gate quickly, despite the industry’s current slump. Just weeks after she launched Blanca Commercial Real Estate, the company landed the exclusive leasing duties for 1450 Brickell, a Class A office tower currently under construction in Miami’s Brickell financial district.
Orlando Office Market Struggling to Stay Even
Oct 13, 2008
Mounting concerns surrounding the health of the economy, meshed with
sluggish employment growth, continue to drag down markets across the
country. Orlando’s office market--although somewhat buoyed by
employment growth experienced in the hospitality and tourism
sectors--is no exception.
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