Oh Midsize Spaces, Where Art Thou?

Size: px
Start display at page:

Download "Oh Midsize Spaces, Where Art Thou?"

Transcription

1 Research & Forecast Report RENO INDUSTRIAL Q Oh Midsize Spaces, Where Art Thou? > > Vacancy decreased to 5.38% > > 919,515 square feet of Gross Absorption > > Industrial land is becoming the next Gold Rush Market Indicators Unemployment Rate Nevada 10-Year Nominal Interest Rate National Consumer Confidence Rental rates in the first quarter of 2018 held steady in the midst of lower vacancies, lack of midsized product, low tenant turnover, and bullish landlords. A midsize, multi-tenant project provides for spaces between 20,000 to 50,000 square feet. While activity slowed slightly during and after the holidays, negotiations ramped up toward the end of the quarter and are predicted to continue into the second quarter. However, there may be some relief on the horizon with new product coming on market at the end of the year in that size range. Absorption Gross absorption ended at 919,515 square feet while net absorption for the quarter posted at 274,587 square feet. These numbers are fairly typical compared with previous first quarters for the Northern Nevada industrial market, but on the lower end of the scale. 4.9% Market Indicators Relative to prior period Q Q2 2018* Vacancy Net Absorption Completions Rental Rate *Projected Summary Statistics Historical Vacancy Rates and Asking Lease Rates Q Reno Market Previous Current Vacancy Rate 5.51% 5.38% Asking Rent (PSF) $0.39 $0.39 Net Absorption (SF) 1,264, ,857 Overall Asking Rents Per Square Foot Previous Current Warehouse $0.35 $0.35 Distribution $0.36 $0.36 Flex $0.67 $0.68 While specific subtypes are increasing in lease rates due to lack of inventory, the overall asking rate remains steady.

2 There were thirty-six total transactions in the first quarter with an average deal size of 25,580 square feet. The bulk of the tenants were distribution, followed by service and manufacturing users, respectively. Of the thirty-six transactions, only two were over 150,000 square feet. Tenant s looking for spaces of 100,000 square feet or more will find several good options, while spaces 300,000 square feet or larger are very limited. There is a real void for quality spaces between 10,000 to 50,000 square feet which is a size range the industrial market has needed for several quarters. Historical Net Absorption vs. New Completions Vacancy The past five consecutive quarters have posted a decreased vacancy rate, including Q The quarter ended with a total vacancy of 5.38 percent, which is down from 5.51 percent the previous quarter. This includes both direct and sublease vacancy. If we discount the sublease space available on the market, the direct vacancy is 4.35 percent. Undoubtedly, a landlord s market. Net Absorption New Completions There are a number of reasons for the low level of vacancy, including the renewing of existing spaces. Most tenants are choosing to stay in their current spaces, making it hard for inventory to come on the market. If a space does turn over, there are prospective tenants competing to backfill the vacancy. There are several instances where spaces are pre-leased prior to an existing tenant physically vacating their space. There is no new midsize projects under construction and activity continues to be healthy. Historical Gross Absorption vs. Net Absorption Industrial Construction Construction took a little bit of a breather this quarter with only one completion of a 174,493 square foot building at 870 Trademark Drive for Elite Spice. Other developers are moving forward with various projects. Panattoni, Dermody Properties, and Scannell are working on a number of projects that include three speculative developments and two build-tosuits, totaling approximately 2,000,000 square feet. All of these projects should be completed by the end of Land Purchases There are several national developers looking to establish a presence in the market. Some have done so for build-to-suit tenants while others are seeking land opportunities for speculative development. Given the level of growth compiled with existing developers controlling developable land sites, there is very little product available. Most existing sites with good locations come with some challenges. Those challenges can include zoning, building area limitations, grading, and infrastructure. Those developers with the wherewithal and patience will be rewarded for their efforts. Panattoni closed on roughly 12.6 acres off Longley Lane for their 271,000 square foot flex project with an anticipated completion date at the end of Gross Absorption Historical Vacancy Net Absorption 2 Reno Research & Forecast Report Q Industrial Colliers International

3 Fernley is finally seeing some activity with Sonterra Development proposing a zone change on 643 acres in the Crossroads Commerce Center. Given the lack of availability for land, including fewer large land plays in the Tahoe Reno Industrial Center, Fernley should start to see increased activity. Significant Sale Activity 550 Spice Island Drive 184,878 SF - $10,500,000 $56.79 PSF Lease Rates As a result of the low vacancy, we are experiencing an increase in rental rates in specific subtypes. Tenants coming up on renewals from leases signed sixty months prior can expect renewal proposals with twelve to sixteen percent base rent increases. Tenants are seeking alternatives within the market with very few options available in the hopes of a better rate, but seeing little success. While the rates in certain subtypes are increases, the average rental rate still remains at $0.39. As rental rates increase, this is opening the door for developers to consider building smaller midsize and flex type product. This product over the past several years has been overlooked, not because of the lack of interest, but due to the cost to build. Rental rates are nearing the point where flex product is beginning to pencil. For example, Panattoni Development recently completed and leased two midsize buildings in the South Meadows submarket. In addition, they are currently marketing a 271,000 square foot flex project south of the Reno-Tahoe airport. This project will provide for spaces between 8,000 to 49,000 square feet, a category that up until recently was cost prohibitive. Industrial Investment There were no significant portfolio sales this quarter, however there should be at least one reported in the second quarter. Notable investment sales included the purchase of the 174,878 square foot building at 550 Spice Islands Drive sold to NI Ventures for $10,500,000 and Cook Family Trust purchased the 24,500 square foot building at 397 Greg Street for $1,890,000. Finally, Patricia O Toole purchased 9,036 square feet at 8587 White Fir Street for $1,170, Glendale Avenue 16,363 SF - $5,800,000 $ PSF 7950 Sugar Pine Court 18,970 SF - $2,000,000 $ PSF Owner-User Purchases There was one owner-user sale in the first quarter at 7950 Sugar Pine Court. Patagonia purchased the 18,970 square foot building for $2,000,000. Overview 2018 is looking to be a very positive year, especially on the landlord side. For users looking for larger space in the 100,000+ square foot range, there will be some good options. Less than 100,000 square feet will be more difficult to find. The market will be a bit more accommodating for users in the 50,000 square foot size range, but be prepared to move quickly as those spaces will be spoken for. As a user, if you find a space that works for your business, be prepared to move quickly and settle for close to the asking price with little give from the landlord. 3 Reno Research & Forecast Report Q Industrial Colliers International

4 Significant Sale Activity Map 395 NORTH VALLEYS 1455 Glendale Avenue Sparks, NV 16,363 SF - $5,800,000 $ PSF 397 Greg Street Sparks, NV SPARKS 24,500 SF - $1,890,000 $77.14 PSF CENTRAL/WEST RENO AIRPORT I-80 EAST CORRIDOR 550 Spice Islands Drive Reno, NV 184,878 SF - $10,500,000 $56.79 PSF 7950 Sugar Pine Ct Reno, NV 18,970 SF - $2,000,000 $ PSF SOUTH RENO 395 Q Significant Lease Activity PROPERTY ADDRESS SIZE TENANT TYPE 9460 N. Virginia Street, Suite B 190,871 The Boys Nevada, LLC Distribution 870 Trademark Drive 174,493 Elite Spice Manufacturing 1450 E. Greg Street, #107 65,088 Bridgestone Hosepower Distribution 855 Sandhill Road, Suite D 38,576 Dal-Tile Service 9250 Red Rock Road 33,750 Crystal Creek Distribution 4 Reno Research & Forecast Report Q Industrial Colliers International

5 Market Comparisons - Reno INDUSTRIAL MARKET TYPE BLDG TOTAL INVENTORY DIRECT VACANT SF DIRECT VACANCY RATE SUBLEASE VACANT SF SUB VACANCY RATE TOTAL VACANT SF VACANCY RATE TOTAL NET ABSORPTION CURRENT QTR NET ABSORPTION YTD COMPLETIONS SF UNDER CONSTRUCTION SF ASKING RENT AIRPORT SUBMARKET Total 141 8,958, , % 438, % 870, % (550,504) (550,504) - - $0.39 CENTRAL & WEST RENO Total 465 1,727, , % - 0.0% 151, % 73,587 73, $0.40 NORTH VALLEYS Total ,656, , % 126, % 598, % 240, ,848-1,238,481 $0.35 SOUTH RENO Total 166 9,774, , % 137, % 388, % 130, , ,493 - $0.40 SPARKS Total ,716,251 2,032, % 170, % 2,203, % (264,669) (264,669) - - $0.38 I-80 EAST CORRIDOR Total ,713, , % 10, % 391, % 645, , ,240 $0.35 MARKET TOTAL TOTAL 1,373 85,546,000 3,720, % 882, % 4,603, % 274, , ,493 1,868,721 $0.39 QUARTERLY COMPARISON AND TOTALS Q1-18 1,373 85,546,000 3,720, % 882, % 4,603, % 274, , ,493 1,868,721 $0.39 Q4-17 1,372 85,371,507 3,677, % 1,025, % 4,703, % 1,264,402 3,714, ,957 - $0.39 Q3-17 1,370 84,818,550 4,383, % 1,031, % 5,414, % 1,665,230 2,450,027 1,587, ,000 $0.38 Q2-17 1,364 83,231,250 6,061, % 612, % 6,674, % 476, , , ,000 $0.38 Q1-17 1,363 83,010,250 4,931, % 1,997, % 6,929, % 308, , ,500 $ Construction Activity DEVELOPER SITE TENANT SQUARE FEET LOCATION DELIVERY TYPE Scannell Properties Mustang Industrial Park Building 2 Vacant 564,000 East Sparks TBD BTS Panattoni Longley Commerce Center Vacant 270,975 South Reno Q Spec McKenzie 843 Trademark Drive Elite Spice 170,000 South Reno Q BTS Conco 245 E. Sydney Drive Vacant 630,240 TRIC Q Spec Dermody Properties LogistiCenter at 395 Phase II Building 2 Vacant 436,368 North Valleys Q Spec Panattoni North Valleys Commerce Center Phase II Vacant 802,113 North Valleys Q Spec TBD Spanish Springs Walkenhorst 75,000 Spanish Springs Q BTS Q&D Spanish Springs Clausen Coatings 125,000 Spanish Springs Q BTS Panattoni North Valleys Commerce Center Building C Trademark Global 353,000 North Valleys Q Spec Prologis Sage Point 5 NBF/ Turn ,500 North Valleys Q Spec Dermody Properties Logisticenter I-80 Phase 1 Vacant 181,093 West Reno Q Spec Dermody Properties Logisticenter I-80 Phase 1 Patagonia 221,000 West Reno Q Spec Montane / Tesla Tesla Building 4 Tesla Motors 30,000 TRIC Q BTS F&P / Tesla Tesla Building 2 Tesla Motors 1,000,000 TRIC Q BTS McKenzie Properties Golden Valley Fulfillment Center ID Tech Camps 61,875 North Valleys Q Spec McKenzie Properties Golden Valley Fulfillment Center Vacant 84,996 North Valleys Q Spec Panattoni Sandhill Commerce Center Building 2 Zazzle 180,792 South Reno Q Spec Panattoni Sandhill Commerce Center Building 1 Elemental LED 209,000 South Reno Q Spec Alston Construction 240 Nevada Pacific Parkway Deceunick North America 150,000 Fernley Q BTS Scannell Properties Mustang Industrial Park Building 1 FedEx 343,000 East Sparks Q BTS Panattoni North Valley Commerce Center Building 2 Mary's Gone Crackers 450,000 North Valleys Q BTS Conco 345 Sydney Drive Jet.com 672,000 TRIC Q Spec 5 Reno Research & Forecast Report Q Industrial Colliers International

6 69 countries $2.7 billion in annual revenue* 2.0 billion square feet under management 15,400 professionals and staff $2.7 billion in annual revenue* COLLIERS INTERNATIONAL RENO 100 West Liberty Street Suite 740 Reno, Nevada USA MARKET CONTACTS: Melissa Molyneaux, SIOR, CCIM Executive Managing Director & Senior Vice President Reno Fay O Neil Research Analyst Fay.Oneil@colliers.com CONTRIBUTING AUTHORS: Greg Shutt, SIOR, Vice President Reno Chris Fairchild, SIOR, CCIM, Vice President Reno *All statistics are for 2017, are in U.S. dollars and include affiliates About Colliers International Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry-leading real estate services company with a global brand operating in 69 countries and a workforce of more than 12,000 skilled professionals serving clients in the world s most important markets. Colliers is the fastest-growing publicly listed global real estate services company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting. Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers also has been ranked the top property manager in the world by Commercial Property Executive for two years in a row. For the latest news from Colliers, visit Colliers.com or follow us on Twitter (@Colliers) and LinkedIn. Colliers.com/reno Copyright 2018 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.

Vacancy Rates Hit All-Time Low in Northern Nevada

Vacancy Rates Hit All-Time Low in Northern Nevada Research & Forecast Report RENO INDUSTRIAL Q3 2018 Vacancy Rates Hit All-Time Low in Northern Nevada > > Vacancy is at an all-time low for the market at 4.86% > > A strong quarter for gross and net absorption

More information

Homestretch: Office Market Set to Finish Strong

Homestretch: Office Market Set to Finish Strong Research & Forecast Report RENO OFFICE Q3 2016 Homestretch: Office Market Set to Finish Strong >> Vacancy drops significantly the largest drop quarter over quarter in 2016 >> Rental rates are not increasing

More information

Office Market Heats Up as Temperatures Cool

Office Market Heats Up as Temperatures Cool Research & Forecast Report RENO OFFICE Q3 2017 Office Market Heats Up as Temperatures Cool >>Vacancy decreased to 11.8% >>Positive net absorption of 36,041 square feet >>Construction is imminent with limited

More information

The Office Market Feels The Heat in Q2

The Office Market Feels The Heat in Q2 Research & Forecast Report RENO OFFICE Q2 2017 The Office Market Feels The Heat in Q2 >>All major office submarkets have decreased vacancy and positive absorption this quarter >>The overall vacancy decreased

More information

2018: The Year of Office Sales

2018: The Year of Office Sales Research & Forecast Report RENO OFFICE Q4 2018 2018: The Year of Office Sales >> Multiple significant office sales over 10,000 square feet >> Large blocks of space returned to the market increasing vacancy

More information

Gaining Traction Gradually in 2018

Gaining Traction Gradually in 2018 Research & Forecast Report RENO OFFICE Q1 2018 Gaining Traction Gradually in 2018 >> Overall vacancy increased slightly to 12.3% >> Negative net absorption of 13,792 square feet >> Rental rates remained

More information

VACANCY COMPLETIONS RENTAL RATE. *Projected $1.70. Vacancy Rate 14.9% 14.4% $1.60 $1.50 $1.40 $1.30 $1.20

VACANCY COMPLETIONS RENTAL RATE. *Projected $1.70. Vacancy Rate 14.9% 14.4% $1.60 $1.50 $1.40 $1.30 $1.20 Research & Forecast Report RENO OFFICE Q4 A Good Year Overall > Building sale prices are significantly higher than. > Seven buildings over 40,000 sf sold in, more than in previous years. > Many large office

More information

2018: A Ground Breaking Year

2018: A Ground Breaking Year Research & Forecast Report STOCKTON SAN JOAQUIN COUNTY OFFICE Q4 2017 2018: A Ground Breaking Year > Office inventory: 8,527,819 > Vacancy: 10.6 percent > Net absorption: 310,934 year-to-date The Northern

More information

Red Hot Rents & Cooling Vacancy

Red Hot Rents & Cooling Vacancy Research & Forecast Report NORTH I-680 CORRIDOR OFFICE Q3 2017 Red Hot Rents & Cooling Vacancy > > Office Inventory: 16,926,446 Square Feet > > Vacancy: 12.9 percent > > Net absorption: (380,946) Square

More information

Surging Rents Carry the North I-680 Corridor

Surging Rents Carry the North I-680 Corridor Research & Forecast Report NORTH I-680 CORRIDOR OFFICE Q3 2018 Surging Rents Carry the North I-680 Corridor > > Office Inventory: 16,967,009 Square Feet > > Vacancy: 15.4 percent > > Net absorption: (103,748)

More information

Weighing Options NORTH I-680 CORRIDOR OFFICE Q % Research & Forecast Report. Market Indicators

Weighing Options NORTH I-680 CORRIDOR OFFICE Q % Research & Forecast Report. Market Indicators Research & Forecast Report NORTH I-680 CORRIDOR OFFICE Q4 2018 Weighing Options > > Office Inventory: 16,966,736 square feet > > Vacancy: 15 percent > > Net absorption: (35,823) square feet, year to date

More information

Office Market Continues to Improve

Office Market Continues to Improve Research & Forecast Report LAS VEGAS OFFICE Q3 2016 Office Market Continues to Improve > > Southern Nevada s office market is improving at a steady rate > > Net absorption has been positive in twelve of

More information

Land Sales Lighter in Third Quarter

Land Sales Lighter in Third Quarter Research & Forecast Report LAND Q3 216 Land Sales Lighter in Third Quarter > > While land sales are up in 216 overall, they decreased in the third quarter Economic Indicators > > Apex continues to dominate

More information

Vacancy Edges Lower in Fourth Quarter

Vacancy Edges Lower in Fourth Quarter Research & Forecast Report FAIRFIELD OFFICE Q4 Vacancy Edges Lower in Fourth Quarter > > Office Inventory: 5,067,112 > > Current Vacancy: 14.2% > > Net Absorption: 63,610 The vacancy rate for office space

More information

Shrinking Supply Continues To Push Rates

Shrinking Supply Continues To Push Rates Research & Forecast Report STOCKTON SAN JOAQUIN COUNTY OFFICE Q1 2017 Shrinking Supply Continues To Push Rates > Office inventory: 8,221,819 > Vacancy: 10.5 percent > Net absorption: 49,103 year-to-date

More information

Holding Steady NORTH I-680 CORRIDOR OFFICE Q % Research & Forecast Report. Market Indicators

Holding Steady NORTH I-680 CORRIDOR OFFICE Q % Research & Forecast Report. Market Indicators Research & Forecast Report NORTH I-680 CORRIDOR OFFICE Q2 2018 Holding Steady > > Office Inventory: 16,998,288 Square Feet > > Vacancy: 14.5 percent > > Net absorption: 25,027 square feet year-to-date

More information

Vacancy Increased Slightly During the First Quarter

Vacancy Increased Slightly During the First Quarter Research & Forecast Report STOCKTON SAN JOAQUIN COUNTY OFFICE Q1 2016 Vacancy Increased Slightly During the First Quarter > Vacancy rates have been steadily declining since the fourth quarter of 2011.

More information

Switching Gears NORTH I-680 CORRIDOR OFFICE Q % Research & Forecast Report. Market Indicators

Switching Gears NORTH I-680 CORRIDOR OFFICE Q % Research & Forecast Report. Market Indicators Research & Forecast Report NORTH I-680 CORRIDOR OFFICE Q4 2017 Switching Gears > > Office Inventory: 16,926,446 square feet > > Vacancy: 14 percent > > Net absorption: (562,879) square feet, year to date

More information

Soft Land Market in 2017

Soft Land Market in 2017 Research & Forecast Report LAND Q4 217 Soft Land Market in 217 > > Land sales in 217 fell behind 216 > > A lack of large sales at Apex brought the average price per square foot up > > Strong development

More information

Multifamily Stable and Expanding

Multifamily Stable and Expanding Research & Forecast Report LAS VEGAS MULTIFAMILY Q3 2017 Multifamily Stable and Expanding > > Multifamily vacancy decreased to 3.0 percent in the second quarter of 2017 Economic Indicators > > No new projects

More information

New Construction Offers Hope to Larger Users

New Construction Offers Hope to Larger Users Research & Forecast Report PLEASANTON TRI-VALLEY INDUSTRIAL Q3 2017 New Construction Offers Hope to Larger Users > Vacancy rates in the Tri-Valley industrial market are now down to a record 0.9 percent

More information

Changing of the Guard

Changing of the Guard Research & Forecast Report NORTH I-680 CORRIDOR OFFICE Q1 2018 Changing of the Guard > > Office Inventory: 16,931,340 square feet > > Vacancy: 14.5 percent > > Net absorption: (88,606) square feet year-to-date

More information

Has The Office Market Reached A Peak? Vacancy. Rental Rate. Net Absorption. Construction. *Projected $3.65 $3.50 $3.35 $3.20 $3.05 $2.90 $2.

Has The Office Market Reached A Peak? Vacancy. Rental Rate. Net Absorption. Construction. *Projected $3.65 $3.50 $3.35 $3.20 $3.05 $2.90 $2. Research & Forecast Report OAKLAND METROPOLITAN AREA OFFICE Q1 Has The Office Market Reached A Peak? > > Vacancy remained low at 5. > > Net Absorption was positive 8,399 in the first quarter > > Gross

More information

Opportunities Continue to Elude Users

Opportunities Continue to Elude Users Research & Forecast Report PLEASANTON TRI-VALLEY INDUSTRIAL 2018 Opportunities Continue to Elude Users > Tri-Valley industrial market vacancy inched upward to 1.5 percent > The weighted average asking

More information

+48.6 million sf office inventory

+48.6 million sf office inventory Research Market Report METROPOLITAN MILWAUKEE OFFICE 2018 Quarter 1 Research Wisconsin Introduction Following a strong second half of 2017, 2018 had a slow start. Despite an increase in vacancy and negative

More information

Medical Takes a Sick Quarter

Medical Takes a Sick Quarter Research & Forecast Report LAS VEGAS MEDICAL OFFICE Q3 2015 Medical Takes a Sick Quarter > > After two quarters of growth, the medical real estate sector stalled in the third quarter of 2015 > > Asking

More information

Testing the Waters. ST. LOUIS OFFICE Second Quarter Research & Forecast Report. Market Indicators Q Q Q FORECAST

Testing the Waters. ST. LOUIS OFFICE Second Quarter Research & Forecast Report. Market Indicators Q Q Q FORECAST Research & Forecast Report ST. LOUIS OFFICE Second Quarter 2017 Testing the Waters In the second quarter 2017, an increasing number of Class A office property owners have begun testing the waters and placing

More information

Low Vacancy Stimulates New Developments

Low Vacancy Stimulates New Developments Research & Forecast Report LAS VEGAS MULTIFAMILY Q3 2015 Low Vacancy Stimulates New Developments > > Multifamily vacancy dipped below 5 percent in the third quarter of 2015 ELECTRIC Meter Hookups NEW HOME

More information

2.8% 2.0% $811M. 2017: A Solid Year for the Metro Denver Office Sector HIGHLIGHTED METRO DENVER OFFICE. Market Report Q ECONOMIC TRENDS

2.8% 2.0% $811M. 2017: A Solid Year for the Metro Denver Office Sector HIGHLIGHTED METRO DENVER OFFICE. Market Report Q ECONOMIC TRENDS Market Report METRO DENVER OFFICE Q4 2017 2017: A Solid Year for the Metro Denver Office Sector MARKET OVERVIEW Denver s office market finished 2017 with strong positive absorption during the fourth quarter

More information

MANHATTAN OFFICE 2017

MANHATTAN OFFICE 2017 Research Report MANHATTAN OFFICE 2017 Accelerating success. % $ ± Market Indicators Full Year 2016 Full Year 2017 Y-O-Y Change AVAILABILITY RATE 10.3% 10.0% -0.3pp AVERAGE ASKING RENT ($/SF/YR) $73.24

More information

Greenville is a tenant s market

Greenville is a tenant s market Research & Forecast Report GREENVILLE SPARTANBURG ANDERSON SOUTH CAROLINA OFFICE Q2 2018 Greenville is a tenant s market Crystal Baker Research Coordinator South Carolina Key Takeaways > > Large blocks

More information

>What constitutes a. Big Box Vacancy Decreases for First Time in Two Years. CHICAGO BIG BOX First Quarter Research & Forecast Report

>What constitutes a. Big Box Vacancy Decreases for First Time in Two Years. CHICAGO BIG BOX First Quarter Research & Forecast Report Research & Forecast Report CHICAGO BIG BOX First Quarter 018 Big Box Vacancy Decreases for First Time in Two Years Craig Hurvitz Vice President Chicago The vacancy rate for the Chicago market s big box

More information

RALEIGH-DURHAM OFFICE

RALEIGH-DURHAM OFFICE Research Report RALEIGH-DURHAM OFFICE Q2 2018 Accelerate Success Triangle Continues to Grow, Future Office Deliveries Expected to Drive Leasing Activity Kelsey Rogers Research Analyst Raleigh- Key Takeaways

More information

Significant Sales Mark the End of 2018

Significant Sales Mark the End of 2018 Research & Forecast Report PLEASANTON TRI-VALLEY INDUSTRIAL Significant Sales Mark the End of > Tri-Valley industrial market vacancy bumped up to 3.0 percent > The weighted average asking rental rate is

More information

The Industrial Market Cooled Off in Q1

The Industrial Market Cooled Off in Q1 Research & Forecast Report Long Island industrial MARKET Q1 2016 The Industrial Market Cooled Off in Q1 Rose Liu Director of Finance & Research Long Island Takeaways > > Long Island industrial market slowed

More information

Quiet Start to Second Half of 2017

Quiet Start to Second Half of 2017 Research & Forecast Report PLEASANTON TRI-VALLEY OFFICE Q3 Quiet Start to Second Half of > The vacancy rate for the Tri-Valley continued its downward slope closing the quarter at 10.0 percent > Weighted

More information

Strong Industry and Robust Development Benefit Industrial Market at Mid-Year 2016

Strong Industry and Robust Development Benefit Industrial Market at Mid-Year 2016 Research & Forecast Report NASHVILLE INDUSTRIAL 2nd Quarter 2016 Strong Industry and Robust Development Benefit Industrial Market at Mid-Year 2016 2Q 2016 Summary > > The tightening market coupled with

More information

Leasing Activity Ticked Up with A Large Upswing of Absorption

Leasing Activity Ticked Up with A Large Upswing of Absorption Research & Forecast Report LONG ISLAND INDUSTRIAL MARKET Leasing Activity Ticked Up with A Large Upswing of Absorption Rose Liu Director of Finance & Research Long Island Takeaways > > The outlook of the

More information

Continued Malaise PLEASANTON TRI-VALLEY OFFICE Q % Research & Forecast Report Market Indicators

Continued Malaise PLEASANTON TRI-VALLEY OFFICE Q % Research & Forecast Report Market Indicators Research & Forecast Report PLEASANTON TRI-VALLEY OFFICE 2018 Continued Malaise > A slight uptick in vacancy to 10.9 percent proved a relatively flat quarter > Weighted average asking rents increased slightly

More information

Sleepy Close to 2017 PLEASANTON TRI-VALLEY OFFICE Q % Research & Forecast Report Market Indicators

Sleepy Close to 2017 PLEASANTON TRI-VALLEY OFFICE Q % Research & Forecast Report Market Indicators Research & Forecast Report PLEASANTON TRI-VALLEY OFFICE Q4 Sleepy Close to > Tri-Valley vacancy reported 10.4 percent, up slightly from the previous quarter > Weighted average asking rents remained flat

More information

Research Market Report METROPOLITAN MILWAUKEE OFFICE 2017 Quarter 3. Introduction. Research Wisconsin. Market Indicators

Research Market Report METROPOLITAN MILWAUKEE OFFICE 2017 Quarter 3. Introduction. Research Wisconsin. Market Indicators Research Market Report METROPOLITAN MILWAUKEE OFFICE 2017 Quarter 3 Research Wisconsin Introduction NORTHWEST With one of the biggest investments made by a foreign company to the United States, Q3 started

More information

> Overall vacancy increased to 12.3 percent from 10.8 percent previously. Vacancy. Construction. Rental Rate. *Projected $2.90 $2.70 $2.50 $2.

> Overall vacancy increased to 12.3 percent from 10.8 percent previously. Vacancy. Construction. Rental Rate. *Projected $2.90 $2.70 $2.50 $2. Research & Forecast Report PLEASANTON TRI-VALLEY OFFICE Sublease This! > Overall vacancy increased to 12.3 percent from 10.8 percent previously > Weighted average asking rents increased to $2.80 per square

More information

Greenville defies the nationwide trend of retail closures

Greenville defies the nationwide trend of retail closures Research & Forecast Report GREENVILLE SPARTANBURG ANDERSON, SC RETAIL Q3 2017 Greenville defies the nationwide trend of retail closures Crystal Baker Research Coordinator South Carolina Key Takeaways >

More information

Stronger Office Market Looking Into Future

Stronger Office Market Looking Into Future Research & Forecast Report Long Island OFFICE MARKET Q2 2015 Stronger Office Market Looking Into Future Rose Liu Research & Financial Analyst Long Island Takeaways Class A & B Long Island economic and

More information

Overall Industrial Market Off to Solid First Quarter; Flex Market Rebounding

Overall Industrial Market Off to Solid First Quarter; Flex Market Rebounding Research & Forecast Report RALEIGH-DURHAM INDUSTRIAL Overall Industrial Market Off to Solid First Quarter; Flex Market Rebounding Emily Bostic Research Analyst Raleigh-Durham Key Takeaways > > The Triangle

More information

Raleigh-Durham Demand Finally Catching Up With New Supply; More Deliveries to Come

Raleigh-Durham Demand Finally Catching Up With New Supply; More Deliveries to Come Research Report RALEIGH-DURHAM INDUSTRIAL Q1 2018 Raleigh-Durham Demand Finally Catching Up With New Supply; More Deliveries to Come Key Takeaways > > The demand for industrial space in the Raleigh-Durham

More information

Quick Absorption of Newly Constructed Office Buildings

Quick Absorption of Newly Constructed Office Buildings Research & Forecast Report CHARLESTON, SC OFFICE Q3 2016 Quick Absorption of Newly Constructed Office Buildings Bryana Mistretta Research Coordinator South Carolina Key Takeaways >> The Interstate 526

More information

Disappearing Vacancy PLEASANTON TRI-VALLEY OFFICE Q % Research & Forecast Report. Market Indicators - Tri-Valley 77.

Disappearing Vacancy PLEASANTON TRI-VALLEY OFFICE Q % Research & Forecast Report. Market Indicators - Tri-Valley 77. Research & Forecast Report PLEASANTON TRI-VALLEY OFFICE Q3 Disappearing Vacancy > The office market vacancy continued its downward trend to 9.3 percent > Overall market weighted average asking rents held

More information

A tight Columbia market may lead to office transformation

A tight Columbia market may lead to office transformation Research & Forecast Report COLUMBIA, SC OFFICE Q3 2018 A tight Columbia market may lead to office transformation Crystal Baker Research Coordinator South Carolina Key Takeaways > > The Columbia office

More information

The Improvement of the Industrial Market

The Improvement of the Industrial Market Research & Forecast Report Long Island industrial MARKET Q2 2015 The Improvement of the Industrial Market Rose Liu Research & Financial Analyst Long Island Takeaways The overall economy on Long Island

More information

Office Market Remained Steady in Q4

Office Market Remained Steady in Q4 Research & Forecast Report Long Island OFFICE MARKET Q4 2015 Office Market Remained Steady in Q4 Rose Liu Research & Financial Analyst Long Island Takeaways Class A & B Continuing the momentum, the Long

More information

With Low Vacancy, What Is Next?

With Low Vacancy, What Is Next? Research & Forecast Report PLEASANTON TRI-VALLEY INDUSTRIAL Q3 With Low Vacancy, What Is Next? > Vacancy rates continue to fall, reporting 5.4 percent for the third quarter. > Asking rates climb to $0.72

More information

2018 CCIM President. Carole Brill, CCIM

2018 CCIM President. Carole Brill, CCIM 2018 CCIM President Carole Brill, CCIM 2018 Commercial Real Estate Forecasts Presented by Melissa Molyneaux Melissa Molyneaux, SIOR, CCIM Senior Vice President Executive Managing Director Office Services

More information

Office Leasing Activity Hits a Road Bump In Omaha and Nationally

Office Leasing Activity Hits a Road Bump In Omaha and Nationally Research & Forecast Report OMAHA OFFICE Fourth Quarter 2017 Office Leasing Activity Hits a Road Bump In Omaha and Nationally In the fourth quarter of 2017, the Omaha office market experienced negative

More information

Market Research. OFFICE First Quarter 2010

Market Research. OFFICE First Quarter 2010 colliers international LAS VEGAS, NV Market Research OFFICE First Quarter 2010 Market Indicators Net Absorption Construction Rental Rate Q1-10 Q2-2010 Projected Clark County Economic Data Jan-10 Jan-09

More information

Strengthening Market Fuels Investment Opportunities

Strengthening Market Fuels Investment Opportunities Research & Forecast Report GREENVILLE, SC OFFICE Q3 2016 Strengthening Market Fuels Investment Opportunities Bryana Mistretta Research Coordinator South Carolina Key Takeaways >> Investment sale opportunities

More information

Everything Old is New Again

Everything Old is New Again MARKET REPORT OFFICE Second Quarter 2016 Everything Old is New Again Market Indicators Q2 2016 2017 (Projected) While the global economy remains on its Jekyll and Hyde path, the District s commercial real

More information

Caution: Vacancy Increases Ahead

Caution: Vacancy Increases Ahead MARKET REPORT DISTRICT OF COLUMBIA OFFICE Fourth Quarter 2016 Caution: Vacancy Increases Ahead Market Indicators Q4 2016 2017 (Projected) NET Despite year-to-date negative absorption, the Washington, DC

More information

Legal Industry: Bigger No Longer Better

Legal Industry: Bigger No Longer Better MARKET REPORT DISTRICT OF COLUMBIA OFFICE First Quarter 2017 Legal Industry: Bigger No Longer Better After a strong end to 2016, leasing activity in the beginning of 2017 started with a whimper. Just two

More information

Nashville the #5 Market to Watch in 2019

Nashville the #5 Market to Watch in 2019 Research & Forecast Report NASHVILLE INDUSTRIAL 4 th Quarter Nashville the #5 Market to Watch in 2019 Industrial Market The industrial real estate sector is currently undergoing one of the greatest expansionary

More information

The Rise of the Gold Coast

The Rise of the Gold Coast Research & Forecast Report Long Island OFFICE MARKET Q1 2015 The Rise of the Gold Coast Rose Liu Research & Financial Analyst Long Island Takeaways Class A & B In the first quarter of 2015, Long Island

More information

Industrial Outlook. An in-depth look at the Louisville industrial market. Analysis includes leasing, sales, construction and employment.

Industrial Outlook. An in-depth look at the Louisville industrial market. Analysis includes leasing, sales, construction and employment. Industrial Outlook Louisville An in-depth look at the Louisville industrial market. Analysis includes leasing, sales, construction and employment. JLL Research Insight Industrial market quick out of the

More information

RESEARCH & FORECAST REPORT

RESEARCH & FORECAST REPORT Q3 2012 OFFICE LAS VEGAS NEVADA RESEARCH & FORECAST REPORT Office Forges Ahead Southern Nevada s office market continued to post positive net absorption in the third quarter of 2012, despite weak employment

More information

RALEIGH-DURHAM MULTIFAMILY MIDYEAR Demand at an All-Time High, Skyrocketing Same-Unit Rents. Research & Forecast Report.

RALEIGH-DURHAM MULTIFAMILY MIDYEAR Demand at an All-Time High, Skyrocketing Same-Unit Rents. Research & Forecast Report. Research & Forecast Report RALEIGH- MULTIFAMILY MIDYEAR 2015 Demand at an All-Time High, Skyrocketing Same-Unit Rents Market Indicators Relative to prior period VACANCY Raleigh-Durham JAN 2015 Raleigh-Durham

More information

Landlords Getting Aggressive

Landlords Getting Aggressive Research & Forecast Report GREENVILLE SPARTANBURG ANDERSON SOUTH CAROLINA OFFICE Q2 2017 Landlords Getting Aggressive Ron Anderson Vice President of Administration South Carolina Key Takeaways > > Landlords

More information

New and improved approach to retail

New and improved approach to retail Research & Forecast Report GREENVILLE SPARTANBURG ANDERSON, SC RETAIL Q4 2017 New and improved approach to retail Crystal Baker Research Coordinator South Carolina Key Takeaways > > Rents remain stable

More information

The Woodlands office submarket snapshot

The Woodlands office submarket snapshot Gosling Rd. Research Snapshot THE WOODLANDS OFFICE Q2 218 office submarket snapshot Lisa Bridges Director of Market Research Houston Once again, office submarket performed well over the quarter, posting

More information

Investor Activity Spurs New Opportunities

Investor Activity Spurs New Opportunities Research & Forecast Report GREENVILLE ANDERSON SOUTH CAROLINA OFFICE Q1 017 Investor Activity Spurs New Opportunities Bryana Mistretta Research Coordinator South Carolina Key Takeaways > > Activity from

More information

Available Scarcity: Looking for Space in 2016

Available Scarcity: Looking for Space in 2016 Research & Forecast Report PLEASANTON TRI-VALLEY INDUSTRIAL Q4 Available Scarcity: Looking for Space in 2016 > Hitting an all-time low, overall vacancy drops to 4.4 percent. > Overall weighted average

More information

Market Demands More Investment Product

Market Demands More Investment Product Research & Forecast Report CHARLESTON INVESTMENT Q2 2016 Market Demands More Investment Product Bryana Mistretta Research Coordinator South Carolina Key Takeaways > > Investors are seeking opportunities

More information

Solid Fundamentals Keep Nashville Industrial Market Competitive in 1Q

Solid Fundamentals Keep Nashville Industrial Market Competitive in 1Q Research & Forecast Report NASHVILLE INDUSTRIAL 1st Quarter Solid Fundamentals Keep Nashville Industrial Market Competitive in 1Q 1Q Summary >> Nashville s industrial vacancy rate increased slightly in

More information

2018 in the Rear View Mirror

2018 in the Rear View Mirror Research & Forecast Report PLEASANTON TRI-VALLEY OFFICE in the Rear View Mirror > Overall vacancy dipped slightly to 10.6 percent > Weighted average asking rents are now $2.66 per square foot > Overall

More information

STABLE OCCUPANCY DESPITE RAMPED UP SUPPLY

STABLE OCCUPANCY DESPITE RAMPED UP SUPPLY COLLIERS QUARTERLY RESIDENTIAL MANILA Q3 2018 20 NOVEMBER 2018 Joey Roi Bondoc Manager Research Philippines +(632) 858 9057 Joey.Bondoc@colliers.com STABLE OCCUPANCY DESPITE RAMPED UP SUPPLY Summary &

More information

Sharper fall in office rents and capital values

Sharper fall in office rents and capital values Research & Forecast Report SINGAPORE OFFICE Q1 2016 Sharper fall in office rents and capital values Joanna Chen Manager, Research and Advisory The office market faces a critical juncture in the next few

More information

LUTON Investor Information

LUTON Investor Information LUTON Investor Information LUTON Investor Information LUTON OVERVIEW Credited as one of the country s top five most affordable towns and one of the fastest growing areas for business and regenerative growth,

More information

Market Research. Market Indicators

Market Research. Market Indicators colliers international LAS VEGAS, NV Market Research OFFICE Third Quarter 2009 Market Indicators Net Absorption Construction Rental Rate Q3-09 Q4-2009 Projected Clark County Economic Data Jul-09 Jul-08

More information

Office Stays Positive

Office Stays Positive Q2 2014 OFFICE LAS VEGAS NEVADA RESEARCH & FORECAST REPORT Office Stays Positive While it may not always be pretty, Southern Nevada s office market continues to improve. Net absorption increased in the

More information

Market Research. Market Indicators

Market Research. Market Indicators colliers international LAS VEGAS, NV Market Research OFFICE Second Quarter 2009 Market Indicators Net Absorption Construction Rental Rate Q2-09 Q3-2009 Projected Clark County Economic Data UNEMPLOYMENT

More information

RALEIGH-DURHAM MULTIFAMILY Q Unprecedented Investment Sales Crush All-Time Records in Research & Forecast Report.

RALEIGH-DURHAM MULTIFAMILY Q Unprecedented Investment Sales Crush All-Time Records in Research & Forecast Report. Research & Forecast Report RALEIGH-DURHAM MULTIFAMILY Q4 2015 Unprecedented Investment Sales Crush All-Time Records in 2015 Market Indicators Relative to prior period - Q4 2014 - Q4 2015 Emily Bostic Research

More information

Industrial Market Closes 2017 on an Upswing

Industrial Market Closes 2017 on an Upswing Research & Forecast Report GREATER PHOENIX INDUSTRIAL Industrial Market Closes on an Upswing Key Takeaways > > The Greater Phoenix industrial market finished off a year of robust tenant demand with a strong

More information

Time for Retail to Take Stock

Time for Retail to Take Stock Q1 2013 RETAIL LAS VEGAS NEVADA RESEARCH & FORECAST REPORT Time for Retail to Take Stock It is heartening to say, after five years of a bad economy, that the first quarter of 2013 s 119,649 square feet

More information

Vacancy Inches Higher, Despite Continued Absorption

Vacancy Inches Higher, Despite Continued Absorption Research & Forecast Report GREATER PHOENIX OFFICE 1Q 2017 Vacancy Inches Higher, Despite Continued Absorption Key Takeaways > > Improving conditions in the Greater Phoenix office market took a pause in

More information

RALEIGH-DURHAM OFFICE Q1 2017

RALEIGH-DURHAM OFFICE Q1 2017 Research & Forecast Report RALEIGH-DURHAM OFFICE Q1 2017 Office Market Remains Stable During First Quarter 2017; Class A Market Continues to Peak Emily Bostic Research Analyst Raleigh-Durham Market Indicators

More information

Historic Heights SAN FRANCISCO PENINSULA. Research & Forecast Report 2.30% 444, ,500. San Mateo County

Historic Heights SAN FRANCISCO PENINSULA. Research & Forecast Report 2.30% 444, ,500. San Mateo County Research & Forecast Report SAN FRANCISCO PENINSULA Historic Heights > > Average asking rates reached all-time highs in all three markets > > Market remains solid with high levels of gross absorption Commercial

More information

Vacancy Declines for Fifth Consecutive Quarter

Vacancy Declines for Fifth Consecutive Quarter Research & Forecast Report FAIRFIELD OFFICE Q1 Vacancy Declines for Fifth Consecutive Quarter > > Office Inventory: 5,056,025 > > Current Vacancy: 17. > > Net Absorption: +36,365 Solano and Napa counties

More information

RESEARCH & FORECAST REPORT

RESEARCH & FORECAST REPORT Q3 2014 INDUSTRIAL STOCKTON SAN JOAQUIN COUNTY, CALIFORNIA RESEARCH & FORECAST REPORT Vacancies Continue to Decline to Historic Lows Vacancy rates for San Joaquin County industrial space fell to pre-great

More information

RALEIGH-DURHAM MULTIFAMILY Year End 2017

RALEIGH-DURHAM MULTIFAMILY Year End 2017 Research Report -DURHAM MULTIFAMILY Year End 2017 Multifamily Growth Expected to Continue in 2018, Despite a Moderate Decrease in Permitting Totals Emily Bostic Research Analyst Raleigh-Durham Key Takeaways

More information

RALEIGH-DURHAM MULTIFAMILY. Multifamily Remains a Smart Play; Triangle Demographics Sustain Demand. Research & Forecast Report.

RALEIGH-DURHAM MULTIFAMILY. Multifamily Remains a Smart Play; Triangle Demographics Sustain Demand. Research & Forecast Report. Research & Forecast Report RALEIGHDURHAM MULTIFAMILY MidYear 2018 Multifamily Remains a Smart Play; Triangle Demographics Sustain Demand Ed Finley Research Analyst RaleighDurham Market Indicators Relative

More information

Industrialists and landlords to brace for challenges in 2016

Industrialists and landlords to brace for challenges in 2016 Research & Forecast Report SINGAPORE INDUSTRIAL Q1 2016 Industrialists and landlords to brace for challenges in 2016 Doreen Goh Associate Director, Research and Advisory Leasing activities in the industrial

More information

RESEARCH & FORECAST REPORT

RESEARCH & FORECAST REPORT Q2 2012 OFFICE LAS VEGAS NEVADA RESEARCH & FORECAST REPORT Recovery Without Job Growth? Despite office employment still trending downwards, Southern Nevada s office market posted positive net absorption

More information

Denver s Retail Sector Keeps Rolling 500, , , , , , , , ,000 50,000. Square Feet

Denver s Retail Sector Keeps Rolling 500, , , , , , , , ,000 50,000. Square Feet Research & Forecast Report METRO DENVER RETAIL Q4 2017 s Retail Sector Keeps Rolling Market Overview Net absorption finished the second half of 2017 with strong positive numbers from s Central and Northwest

More information

No Where To Grow. ALBUQUERQUE, NM Q Retail. Research & Forecast Report. Key Takeaways. Market Indicators Relative to prior period

No Where To Grow. ALBUQUERQUE, NM Q Retail. Research & Forecast Report. Key Takeaways. Market Indicators Relative to prior period Research & Forecast Report ALBUQUERQUE, NM Q2 20 Retail No Where To Grow Key Takeaways > > Supply of anchor spaces becoming scarce > > Renovations help to alleviate lack of new projects > > New projects

More information

Picked Over. ALBUQUERQUE, NM Q Industrial. Research & Forecast Report. Key Takeaways. Market Indicators Relative to prior period

Picked Over. ALBUQUERQUE, NM Q Industrial. Research & Forecast Report. Key Takeaways. Market Indicators Relative to prior period Research & Forecast Report ALBUQUERQUE, NM Q4 20 Industrial Picked Over Key Takeaways > > Owner user acquisitions strong > > Supply tightens > > New construction projects gaining more momentum The appetite

More information

Slow start for Denver s Retail Sector 500, , , , , , , , ,000 50,000. Square Feet

Slow start for Denver s Retail Sector 500, , , , , , , , ,000 50,000. Square Feet Research & Forecast Report METRO DENVER RETAIL Q1 2018 Slow start for Denver s Retail Sector Market Overview After recording net absorption of more than 546,000 square feet during the previous quarter,

More information

Industrial Market Review

Industrial Market Review Q1 2012 industrial Stockton San JoAquin County, California research & forecast Report Industrial Market Review Momentum built-up from 2011 carried the industrial market into its fifth consecutive quarter

More information

>> 2016 Off to A Good Start for Tri-Cities

>> 2016 Off to A Good Start for Tri-Cities Research & Forecast Report TRI-CITIES OFFICE Q1 216 Accelerating success. >> 216 Off to A Good Start for Tri-Cities Key Takeaways > The Tri-Cities office market saw vacancy decline for the seventh consecutive

More information

Orange County Industrial Continues Positive Momentum

Orange County Industrial Continues Positive Momentum INDUSTRIAL ORANGE COUNTY MARKET REPORT Orange County Industrial Continues Positive Momentum MARKET INDICATORS - VACANCY 2.9% AVAILABILTY 5.2% NET ABSORPTION 394,960 SF CONSTRUCTION 676,700 SF RENTAL RATE

More information

Houston s industrial market continues to expand

Houston s industrial market continues to expand Research & Forecast Report HOUSTON INDUSTRIAL Q1 2017 Houston s industrial market continues to expand Lisa Bridges Director of Market Research Houston During the first quarter of 2017, 1.7M SF of Houston

More information

SHANGHAI GRADE A OFFICE MARKET UPDATE Q3 2018

SHANGHAI GRADE A OFFICE MARKET UPDATE Q3 2018 COLLIERS QUARTERLY Peng Jiang Senior Manager Research East China +86 21 6141 355 Peng.Jiang@colliers.com OFFICE SHANGHAI Q3 218 2 OCTOBER 218 SHANGHAI GRADE A OFFICE MARKET UPDATE Q3 218 Summary & Recommendations

More information

645 E PLUMB LANE RENO, NV SPACE AVAILABLE IN 86,471 SQUARE FOOT OFFICE BUILDING

645 E PLUMB LANE RENO, NV SPACE AVAILABLE IN 86,471 SQUARE FOOT OFFICE BUILDING 645 E PLUMB LANE RENO, NV 89502 SPACE AVAILABLE IN 86,471 SQUARE FOOT OFFICE BUILDING COLLIERS INTERNATIONAL 100 W. LIBERTY ST., SUITE 740 RENO, NEVADA 89501 P: 775.823.9666 F: 775.823.4699 WWW.COLLIERS.COM/RENO

More information