Property Types Office
Cushman Report: Even Manhattan Humbled in 2008
Jan. 06, 2009
After a steep decline in office rents and leasing activity at the end of 2008, many owners are attempting to lure tenants with aggressive deals, according to Cushman & Wakefield Inc.’s year-end report on the Manhattan office market.
The News: Deliveries, Shrinking Labor Market Will Swell Vacancy
Jan. 06, 2009
Developers are slated to deliver a significant amount of office space in 2009, just as the economy paints a continuing painful employment picture. Those factors will combine to increase the nationwide office vacancy rate, according to Grubb & Ellis Co.’s Global Real Estate Forecast.
Markets Start 2009 With Upward Bump
Jan. 05, 2009
Instead of a lackluster lull after the New Year's holiday, investors decided to buy equities on Friday, driving the Dow Jones index up 258 points, or nearly 3 percent. The S&P 500 and Nasdaq were up even more, in terms of percentage: 3.16 percent and 3.5 percent respectively. GM, which recently won a short financial reprieve, led the way by gaining more than 14 percent, though that represented only 45 cents a share.
Atlanta Office Market Survives 2008 with Positive Absorption
Jan. 05, 2009
Despite the poor fourth quarter results and bleak economic news, Atlanta’s office market ended 2008 with positive absorption of 391,300 square feet--but that's down more than 2.4 million square feet from the 2.9 million absorbed in 2007, according to figures from Atlanta-based Richard Bowers & Co.
SL Green Aims to Raise $95M with Sharp Dividend Cut
Dec. 30, 2008
SL Green Realty Corp. has slashed a planned dividend payment in efforts to pay down debt and conserve funds for future investments. The company set the new dividend payment at $0.375 per common share for the fourth quarter of 2008. The third quarter dividend was $0.7875 per share.
Office Market Positioned to Survive a Bruising Recession
Dec. 29, 2008
As a deep recession looms around the world, there is a country where a conservative investment community has resisted speculative office construction, enabling vacancy rates to fall to historically low levels and rents to continue rising through the third quarter of 2008.
KBS REIT II Nabs San Jose Office for $35M
Dec. 23, 2008
KBS REIT II has acquired a 142,000-square-foot office building in San Jose, Calif., for $35.7 million. The property, located at 350 East Plumeria Dr., is fully-leased to Netgear Inc., a designer and developer of networking software, which houses its headquarters in the building.
The News: Betting on an Office Portfolio
Dec. 23, 2008
The combination of the recessionary economy and the constrained credit markets is continuing to suppress office transaction flow, but a big office deal did manage to make it across the finish line in the closing days of this year. On Dec. 12, UrbanAmerica acquired a 3.1 million-square-foot portfolio of 13 office buildings and one distribution center for $485 million from Rubicon Capital America L.L.C. of Australia.
The Expert: A Jobless Recovery
Dec. 23, 2008
With the recession expected to wind down in the second half of 2009, attention will turn to the strength of the recovery, which will play a key role in how quickly demand for office space will reignite. A jobless recovery is the period following a recession when the nation’s gross domestic product is expanding but the labor market is stagnant or shrinking.
Report Sees Gloomy 2009 for SoCal CRE
Dec. 12, 2008
Business closures and slowing trade will negatively affect the office and industrial sectors well into 2009 in Southern California, according to a report released today by the Casden Forecast at the University of Southern California Lusk Center for Real Estate.
The Trends: London’s West End Tops Priciest Markets
Dec. 09, 2008
London’s West End remains the world’s most expensive office market with occupancy costs totaling $248.66 per square foot per year, according to CB Richard Ellis Inc.’s semiannual “Global MarketView/Office Occupancy Costs” survey. The report is based on occupancy costs, defined as rent plus local taxes and service charges, for the 12 months ending Sept. 30.
The News: Corporate Cutbacks Bedevil Los Angeles Office Market
Dec. 09, 2008
The 187 million-square-foot Los Angeles office market is not immune from the recessionary U.S. economy, as vacancy rates continue to inflate. Vacancy rates have continued to increase for four consecutive quarters and reached 11.4 percent by the end of the third quarter, according to a Grubb & Ellis Co. report.
The Expert: Remembering the Obvious in Emerging Markets
Dec. 09, 2008
A stark realization was thrust upon me this week. As Citi Property Investors Research looked at third-quarter property market fundamentals the world over, one fact could not be ignored. While we had been focusing on distress in developed markets in Western Europe and North America, worrying endlessly about faltering mortgage performance and financial layoffs, I had not been appreciating the entire picture. What I had been taking too lightly was the possibility of a dramatic worsening of office fundamentals in the emerging markets.
Duke Sells D.C.-Area Parcel to Army for $105M
Dec. 09, 2008
Duke Realty Corp. has completed the sale of a 16-acre parcel in its Mark Center business park in Alexandria, Va., to the U.S. Army Corps of Engineers, which will develop the land as a two-building office complex that will house 6,400 Department of Defense employees. The sale price was $105 million.
Boulder Seeks Investment Partner for Net Lease Buys
Dec. 08, 2008
Boulder Net Lease Funds, a sponsor of private equity funds investing solely in net leased properties, is on the hunt for a partner for a new joint venture that will focus on single-tenant, net leased office and industrial properties.
WestLB’s 129,000-SF Move to 7 WTC Brightens Downtown Picture
Dec. 05, 2008
A major new lease from a financial firm is rare in New York City these days, especially around embattled Wall Street. So yesterday’s announcement that a financial firm will scoop up a large block of trophy tower space in Downtown Manhattan came as a pleasant surprise.
Jacksonville Office Fetches $51M
Dec. 05, 2008
One Enterprise Center, a 319,000-square-foot, 22-story Class A office building at 225 Water St. in Downtown Jacksonville, Fla., has been sold for $51.4 million.
Washington REIT Closes on $181M D.C. Acquisition
Dec. 04, 2008
Nearly six months after announcing a pending agreement, Washington Real Estate Investment Trust has closed on the acquisition of 2445 M Street, a Class A, nine-story, 290,000-square-foot office building in Washington, D.C., for $181.4 million.
KBS Buys 2 Sacramento Office Buildings for $21M
Dec. 02, 2008
KBS Real Estate Investment Trust I has acquired two buildings totaling 105,003 square feet of office and amenity space at City Gate Plaza, a master-planned office park in the South Natomas submarket of Sacramento, Calif.
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