Strengthening Market Fuels Investment Opportunities
|
|
- Gavin Hart
- 5 years ago
- Views:
Transcription
1 Research & Forecast Report GREENVILLE, SC OFFICE Q Strengthening Market Fuels Investment Opportunities Bryana Mistretta Research Coordinator South Carolina Key Takeaways >> Investment sale opportunities are strong with continued low interest rates and high occupancy and asking rental rates. >> Higher quality buildings are in higher demand causing a shift in tenants in many office buildings. >> Investment, development and leasing activity in Spartanburg is starting to take off. Investment Opportunities Strengthen Investment activity in Greenville is escalating as more institutional investors enter the market looking for steady and secure cash flow investments, due in part to the shift of investors from saturated and competitive primary markets to secondary and tertiary markets. High occupancy and asking rental rates are in turn creating a lowerrisk environment with opportunity for higher returns for local and outofmarket investors. Market Indicators Relative to prior period Q Q VACANCY NET ABSORPTION CONSTRUCTION RENTAL RATE** Note: Construction is the change in Under Construction. *Projected **Rental rates for current quarter are for CBD. Rent forecast is for metrowide rents. Summary Statistics Q Charleston Office Market Market CBD Suburban Vacancy Rate 15.3% 10.2% 18.3% Change From Q Absorption An office building has not sold in Greenville in three years and there are now five office buildings and a six building office park on the market. Competition in primary markets has driven institutional investors to look for investment opportunities in tertiary markets like Greenville, improving sale opportunities for building owners. (basis points) The properties for sale include multiple buildings in the Brookfield and Patewood office parks in the I385/I85 submarket and the Liberty Square Towers, Wells Fargo Center and Bank of America Building in the Central Business District. These buildings are providing outofmarket and local investors with a strong selection of quality, Class A and B, investable product and are expected to sell quickly. The buildings all have high occupancy rates and asking rental rates. The market average asking rental rate is $23.94 per square foot per year (PSF/YR) for Class A buildings, presenting potential buyers with the opportunity for a strong cash flow. (Thousand Square Feet) (Thousand Square Feet) New Construction (Million Square Feet) Under Construction Asking Rents Per Square Foot Per Year Market $19.33 Market Class A $23.94 Downtown Class A $26.92 Suburban Class A $21.48
2 FlightToQuality Shifting Tenant Mix The booming economy in Greenville driven by capital investments from companies in manufacturing and engineering industries has attracted new employers to the area over the last year including the Sioux Chief Manufacturing Headquarters, Brose North America and several call centers and customer service agencies. These companies are leasing Class A office spaces in downtown Greenville and several smaller tenants are following suit. Increased leasing activity in Class A space led to the absorption of nearly 194,000 square feet of Class A office space, three times the total absorption of 2015 for Class A space. Additionally, the vacancy rate for Class A office space fell to 8.9% at the end of the third quarter from 12.4% at the end of the previous quarter. As a result, landlords in Greenville are seeing a flighttoquality and a shift in the tenant mix of their office buildings. They are requiring longer leases and raising asking rental rates. Higher operational costs and rising costs for tenant improvements combined with overall electionrelated uncertainty has created a longer deal process, as negotiations between landlords and tenants become more complex. Activity in Spartanburg is Taking Off Over the last 10 years, $259 million in capital investment has poured into Spartanburg with another $67.4 million of capital investment projects planned for the coming years. Renovations to office, retail and residential buildings and streetscaping projects on many downtown roads are enhancing the appeal and walkability of downtown. Historically, the market has not been a viable option to employers due to its distance from residential developments in Greenville County and the lack of downtown amenities. According to the most recent data from the United States Census Bureau, 12% of Spartanburg County s population between 25 and 64 commute to Greenville County for work whereas 6% of Greenville County s working population commutes to Spartanburg County. The rapid improvements to the urban environment in downtown Spartanburg and its comparatively low cost to downtown Greenville makes the submarket an increasingly attractive alternative for employers in the region. > > Renovations at the Montgomery Building will add 72 new marketrate residential units, 10,000 square feet of office space and 9,000 square feet of streetlevel retail space. > > The new AC Hotel will add 120 rooms and include outdoor dining, a rooftop bar and meeting space, significantly enhancing the west side of downtown. > > A planned mixeduse development at the corner of West Main Street and Daniel Morgan Avenue will add 30 new apartment units and 3,000 square feet of streetlevel retail space. > > The planned construction of an office development on Liberty Street will add 50,000 square feet of downtown, Class A office space. Market Vacancy By Building Class 28.6% Market Vacancy 15.3% 8.9% Class A Class B Class C 21.7% Average Asking Rental Rates Market A B C $14.47 $16.90 $23.94 Average Asking Rental Rate Class A Space $19.00 Downtown I385/I85 Spartanburg $21.51 $ South Carolina Research & Forecast Report Q Greenville Office Colliers International
3 Q Office Market Summary Statistics Greenville, SC MARKET CENTRAL BUSINESS DISTRICT BUILDINGS INVENTORY DIRECT VACANT SUBLEASE VACANT TOTAL VACANT TOTAL VACANCY RATE (%) NET ABSORPTION AVERAGE ASKING RENTAL RATE (SF/YR) Class A 23 2,310, , , % 122,302 $26.92 Class B 14 1,084,658 99,600 99, % 7,689 $20.27 Class C 6 187,306 33,290 33, % 1,450 $14.86 CBD Total 43 3,582, , , % 131,441 $24.03 I385/I85 Class A 32 2,606, , , % 58,668 $21.51 Class B 34 2,057, , , % 33,701 $16.64 Class C ,242 78,132 78, % 16,385 $14.23 I385/85 Total 77 5,008, , , % 8,582 $17.94 SPARTANBURG Class A 8 500,681 2,944 2, % 13,010 $19.00 Class B , , , % 8,593 $14.83 Class C 7 227, , , % $15.45 Spartanburg Total 27 1,420, , , % 4,417 $14.98 SUBURBAN TOTAL Class A 40 3,106, , , % 71,678 $21.48 Class B 46 2,749, , , % 42,294 $16.35 Class C , , , % 16,385 $14.33 Suburban Total 104 6,428,775 1,165,766 1,165, % 12,999 $17.62 MARKET Class A 63 5,417, , , % 193,980 $23.94 Class B 60 3,834, , , % 34,605 $16.90 Class C , , , % 14,935 $14.47 Market Total ,010,906 1,530,600 1,530, % 144,440 $19.33 Market Conditions The Greenville/Spartanburg office market ended the third quarter with 144,400 square feet of absorption. The market vacancy rate has followed a downward trend for four consecutive quarters, decreasing from 18.4% in the third quarter of 2015 to 15.3% at the end of this quarter. The average asking rental rate was $19.33 PSF/ YR, up from $18.22 PSF/YR a year ago. Strong leasing activity in Greenville s CBD led to the absorption of 122,300 square feet of office space. The vacancy rate for downtown was 10.2% at the end of the third quarter, down from 13.9% the previous quarter. Quick absorption of space downtown, particularly Class A, has also caused a rise in Class A asking rental rates to an average of $26.92 PSF/YR. Robust activity and flighttoquality will continue to increase the occupancy and average asking rental rates in the central business district. The I385/I85 submarket was the most active suburban submarket ending the third quarter with a vacancy rate of 16.9%. Class A office space in this submarket saw significant leasing activity, decreasing the vacancy rate from 11.7% at the end of the second quarter to 9.4% at the end of this quarter. Additionally, the average asking rental rate for Class A space at the end of the third quarter was at a historical high of $21.51 PSF/YR. Increased development in the Spartanburg submarket and robust leasing activity are evident in the Class A vacancy rates for the submarket. Class A office space in the Spartanburg submarket ended the third quarter with a vacancy rate of 0.6%, down from 3.2% last quarter and 5.5% at the start of New construction planned for the submarket is expected to lease quickly and bring more opportunities to employers looking for office space. 3 South Carolina Research & Forecast Report Q Greenville Office Colliers International
4 Construction Pipeline Construction remains visible along the downtown Greenville skyline as another project begins construction. New construction will add a significant amount of large, Class A, downtown office space for new and existing employers in the Greenville market. Under Construction > > Falls Park Place, a 40,000 squarefoot mixeduse project overlooking Falls Park, is set to deliver in January of The building will include 12,000 square feet of Class A office space which is fully preleased. > > The Erwin Penland building, at 110 E Court Street, is still under construction. The 125,000 squarefoot, Class A office building is expected to deliver in January Erwin Penland will occupy two floors in the new building which is now 82.4% preleased. > > Construction of the new, 28,000 squarefoot, Greenville News office building at the Camperdown redevelopment site has begun. The mixeduse development will include 150,000 square feet of office space, a 140room Marriottbranded AC Hotel, 170 marketrate apartment units and 80,000 square feet of retail space. OfficeUsing Employment Officeusing employment, those jobs related to the professional and business services, financial activities, and information sectors are growing within the GreenvilleSpartanburg Metropolitan Statistical Area (MSA). According to the most recent July 2016 data from the Bureau of Labor Statistics, there has been a decrease of 100 officeusing jobs over the last 12 months. Employment in the financial activities sector has shown an uptick in jobs, increasing by 200 jobs whereas the information sector has remained at 7,300 jobs over the same time period. Although office using employment has slightly decreased, nonfarm employment in Greenville has increased by 5,600 jobs over the last year, a 1.4% increase. Office Using Employment GreenvilleAnderson Mauldin, MSA Number of Jobs Added 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, Jul13 Oct13 Jan14 Apr14 Jul14 Oct14 Jan15 Apr15 Jul15 Oct15 Jan16 Apr16 Jul Office Using Employment (Thousands) Source: Bureau of Labor Statistics, St. Louis Federal Reserve, Colliers International Significant Transactions Flighttoquality spaces in Greenville led to significant transactions in Class A office buildings around the market. > > Greenville Health System leased 14,500 square feet in the Suntrust Building located at 300 E McBee Street in downtown Greenville. > > 33,700 square feet were leased at 750 Brookfield Parkway, a suburban office building in the I385/I85 submarket. > > Patriot National leased 21,200 square feet at 80 International Drive in the Patewood Office Park in the I385/I85 submarket. > > Duke Food Productions signed a lease this quarter to move their headquarters to a 12,000 squarefoot space in Falls Park Place. Greenville News Rendering Falls Park Place Rendering Source: GreenvilleOnline Source: GreenvilleOnline 4 South Carolina Research & Forecast Report Q Greenville Office Colliers International
5 Market Forecast Rising asking rental rates and occupancy rates in the Greenville market are expected to promote further investment sale activity from outofmarket investors over the coming quarters. The delivery of the three office buildings currently under construction will impact the tenant mix of downtown office buildings as new tenants move to the market and existing tenants continue to search for higher quality spaces. Spartanburg will be the area to watch as several new developments are moving through the pipeline and employers and residents start taking notice. Around South Carolina Office markets across the state are seeing new developments and are increasingly attractive to outofmarket investors. Charleston, South Carolina Nearly 600,000 square feet of office space are under construction throughout the Charleston market. Increasing land prices and construction costs are influencing developers to incorporate a mix of retail, office and residential space as well as build vertically. These mixeduse projects allow more on less land and increase Charleston s walkability. Projects currently under construction include Courier Square, 101 Coleman Boulevard, 349 Coleman Boulevard, Blackbaud s new campus and the Comcast Center of Excellence. Another 400,000 square feet of office space are planned for a master planned mixeduse community, Launch. > > Rushmark Properties is in the process of constructing a master planned office park in Upper North Charleston along the I526 corridor. Once completed there will be four, 100,000 squarefoot office buildings and three hotels. The development will provide tenants and guests ease of access to I26 via I526 and the Charleston International Airport. Columbia, South Carolina The trend increases the walkability and desirability of working and living in downtown areas. Several of the office towers along Main Street in Columbia have already converted these spaces and new office towers are oftentimes built with the first floor dedicated to retail or restaurant space. The First Citizens Bank, Certus Bank, Synovus Bank and Capital Bank buildings are among those choosing to convert these spaces, welcoming coffee houses, nationally and locally owned restaurants, and boutique style shops. > > The trend is extending outside of Main Street to 2801 Devine Street, the 32,000 squarefoot former Aflac office building. The building is being renovated to include retail space on the streetlevel and two floors of traditional office space above. The building is already 50% preleased by a law firm and engineering firm and will be ready for occupancy by the end of the year. Commercial Real Estate Growth Cycle: Where the market stands and where it is going NEW CONSTRUCTION RENTAL RATE EMPLOYMENT OCCUPANCY PHASE 4: RECESSION PHASE 1: RECOVERY COMMERCIAL REAL ESTATE GROWTH CYCLE PHASE 2: EXPANSION PHASE 3: HYPERSUPPLY Launch Office Building Rendering Source: Rushmark Properties Devine Station Rendering For more statewide commercial real estate news check out our market reports at: Sources: Devine Station, LLC 5 South Carolina Research & Forecast Report Q Greenville Office Colliers International
6 502 offices in 67 countries on 6 continents United States: 140 Canada: 31 Latin America: 24 Asia Pacific: 199 EMEA: 108 FOR MORE INFORMATION: David Feild, CCIM Market President Greenville David.Feild@colliers.com Liz H. McCary Director of Marketing South Carolina Liz.McCary@colliers.com Bryana Mistretta Research Coordinator South Carolina Bryana.Mistretta@colliers.com $2.5 billion in annual revenue 2 billion square feet under management 16,000 professionals and staff GREENVILLE OFFICE PROFESSIONALS: Brantley Anderson Brokerage Associate Brantley.Anderson@colliers.com Taylor Allen Brokerage Associate Taylor.Allen@colliers.com Colliers International Greenville 55 E. Camperdown Way, Suite 200 Greenville, South Carolina USA About Colliers International Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is a global leader in commercial real estate services with more than 16,300 professionals operating from 502 offices in 67 countries. With an enterprising culture and significant insider ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include brokerage, global corporate solutions, investment sales and capital markets, project management and workplace solutions, property and asset management, consulting, valuation and appraisal services, and customized research and thought leadership. Colliers International has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals Global Outsourcing for 10 consecutive years, more than any other real estate services firm. For the latest news from Colliers International, visit Colliers.com or follow us on Twitter (@ColliersIntl) and LinkedIn. colliers.com Copyright 2015 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.
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 informationQuick 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 informationLandlords 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 informationMixed-Use Dominates Downtown Development
Research & Forecast Report GREENVILLE, SC OFFICE Q4 2016 Mixed-Use Dominates Downtown Development Bryana Mistretta Research Coordinator South Carolina Key Takeaways > > Mixed-use development has succeeded
More informationGreenville 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 informationMarket 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 informationGreenville 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 informationSilicon Harbor - The Port of Call for the 21 st Century
Research & Forecast Report CHARLESTON, SC OFFICE Q4 2016 Silicon Harbor - The Port of Call for the 21 st Century Bryana Mistretta Research Coordinator South Carolina Key Takeaways > > Silicon Harbor is
More informationNew 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 informationSoft 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 informationVacancy 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 informationMedical 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 informationOffice 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 informationA 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 informationLow 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 informationLand 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 informationHomestretch: 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 informationVACANCY 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 informationCaution: 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 informationMANHATTAN 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 informationGSA office market is primed for new major tenants
Research & Forecast Report GREENVILLE SPARTANBURG ANDERSON SOUTH CAROLINA OFFICE Q1 2018 GSA office market is primed for new major tenants Crystal Baker Research Coordinator South Carolina Key Takeaways
More informationShrinking 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+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 informationEverything 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 informationRed 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 informationOffice 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 informationThe 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 information2018: 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 information2.8% 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 informationThe 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 informationVacancy 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 informationRALEIGH-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 informationLexington coins a new identity
Research & Forecast Report COLUMBIA, SC RETAIL Q4 2017 Lexington coins a new identity Crystal Baker Research Coordinator South Carolina Key Takeaways > > Average triple net core area rental rates slowly
More informationLeasing 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 informationStronger 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 informationSwitching 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 informationNew 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 informationStrong 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 informationWeighing 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 informationMultifamily 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 informationThe 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 informationNew development will attract retailers
Research & Forecast Report GREENVILLE SPARTANBURG ANDERSON, SC RETAIL Q2 2018 New development will attract retailers Crystal Baker Research Coordinator South Carolina Key Takeaways > > Retail space within
More informationLegal 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 informationHolding 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 informationHas 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 informationResearch 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 informationStrong Development Expanding the Market
Research & Forecast Report GREENVILLE, SC RETAIL Q2 2016 Strong Development Expanding the Market Bryana Mistretta Research Coordinator South Carolina Key Takeaways > > The primary retail corridors Woodruff
More informationSolid 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 informationTesting 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 informationOffice 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 informationSurging 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 informationSharper 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 informationRetail Market Rings in the New Year with Strong Momentum
Research & Forecast Report GREENVILLE, SC RETAIL Q1 2016 Retail Market Rings in the New Year with Strong Momentum Jessica Rahal Director of Research South Carolina Key Takeaways > > The vacancy rate for
More informationRALEIGH-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 informationRALEIGH-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 informationThe 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 informationQuiet 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>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 informationNashville 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 informationOverall 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 informationDisappearing 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 informationVacancy 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 informationRALEIGH-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 informationOffice 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 informationColliers International Indiana Region
Colliers International Indiana Region THIRD QUARTER 2011 INDUSTRIAL MARKET REPORT Q3 2011 INDUSTRIAL COLLIERS INTERNATIONAL INDIANA REGION RESEARCH & FORECAST REPORT High Occupancy Levels Lead to Large
More informationRALEIGH-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 informationIndustrialists 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 informationSpecialized retail remains successful
Research & Forecast Report COLUMBIA, SC RETAIL Q2 2018 Specialized retail remains successful Crystal Baker Research Coordinator South Carolina Key Takeaways > > Average retail market rental rates gradually
More informationOh Midsize Spaces, Where Art Thou?
Research & Forecast Report RENO INDUSTRIAL Q1 2018 Oh Midsize Spaces, Where Art Thou? > > Vacancy decreased to 5.38% > > 919,515 square feet of Gross Absorption > > Industrial land is becoming the next
More informationOpportunities 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>> Hollywood Market Activity Flattens
Research & Forecast Report Central Los Angeles OFFICE Q2 216 Accelerating success. >> Hollywood Market Activity Flattens Key Takeaways > There is currently 533,6 square feet () of office product under
More information2018: 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 informationGaining 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>> Market Records Strong Demand To End 2016
Research & Forecast Report Central Los Angeles OFFICE Q4 216 Accelerating success. >> Market Records Strong Demand To End 216 Key Takeaways > There is currently 61,4 square feet () of office product under
More informationRALEIGH-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 informationLUTON 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 informationThe 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>> 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 informationRaleigh-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 informationChanging 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 informationWith 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 informationUpstate SC on Track for Retail Growth
Research & Forecast Report GREENVILLE, SC RETAIL Q1 2015 Upstate SC on Track for Retail Growth Jessica Rahal Research Coordinator South Carolina Key Takeaways > > Vacancy and asking rental rates remained
More information>> 2017 Begins With Continued Strong Demand
Research & Forecast Report Central Los Angeles OFFICE Q1 217 Accelerating success. >> 217 Begins With Continued Strong Demand Key Takeaways > Hudson Pacific's Icon at Sunset property delivered 323,3 square
More informationCANADIAN RECOVERY REMAINS FRAGILE
Q3 OFFICE COLLIERS INTERNATIONAL MARKET REPORT WATERLOO REGION ONTARIO Waterloo Region Well-Positioned for 11 O QUEBEC Ottawa Waterloo Region Toronto Montré Burlingto CANADIAN RECOVERY REMAINS FRAGILE
More informationSleepy 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 information101 E Washington Street, Ste 400 Greenville, SC Q 18. Market Report
101 E Washington Street, Ste 400 Greenville, SC 29601 2Q 18 Market Report GREENVILLE/SPARTANBURG 2Q18 OFFICE REPORT * MARKET SUMMARY The Greenville Spartanburg Office market remained fairly steady at the
More informationContinued 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 informationVacancy 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 informationMarket 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 informationAvailable 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>> Vacancy Rises With New Deliveries
Research & Forecast Report DOWNTOWN L.A. OFFICE Q1 217 Accelerating success. >> Rises With New Deliveries Key Takeaways > After seven consecutive quarters of declining or unchanged vacancy, the overall
More informationOffice 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>> Orange County Vacancy Continues to Decline
Research & Forecast Report ORANGE COUNTY OFFICE Accelerating success. >> Orange County Continues to Decline Key Takeaways > The South County submarket led the Orange County market in overall net absorption
More information>> Vacancy Stabilizes As Rents Rise To End 2016
Research & Forecast Report DOWNTOWN L.A. OFFICE Q4 216 Accelerating success. >> Stabilizes As Rents Rise To End 216 Key Takeaways > After six consecutive quarters of declines, the overall vacancy rate
More informationVacancy 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 informationIndianapolis MARKETBEAT. Office Q Economy. Market Overview INDIANAPOLIS OFFICE
INDIANAPOLIS OFFICE Economic Indicators Market Indicators (Direct, All Classes) Direct Net Absorption/Direct Asking Rent 4-QTR TRAILING AVERAGE Direct Vacancy Q3 17 Q3 18 MSA Employment 1.05M 1.07M MSA
More informationSlow Start to the Year as Hollywood Awaits Construction Deliveries
office CENTRAL LOS ANGELES market report Slow Start to the Year as Hollywood Awaits Construction Deliveries Market overview MARKET indicators - VACANCY 19.1% NET ABSORPTION 24,300 CONSTRUCTION 1,242,600
More informationSecond Quarter: Suburban Maryland s Uptick in Leasing has yet to be Realized in Absorption Numbers
Q2 2013 OFFICE SUBURBAN MARYLAND SUBURBAN MARYLAND MARKET REPORT Second Quarter: Suburban Maryland s Uptick in has yet to be Realized in Numbers Updated May 2012 MARKET INDICATIONS Q2 2013 Q3 2013 (p)
More informationOffice Leasing and Investment
Market report Munich Mid-year report 215 Office Leasing and Investment Accelerating success. Office Leasing Munich Statistics Population 1,5,56 Unemployment Rate 4.4 % Employees Paying Social Security
More informationHISTORICAL VACANCY VS RENTS. Downtown Los Angeles Office Market Q Q RENTS VACANCY $31 2Q10 2Q11 2Q12 2Q13 2Q14
www.colliers.com/losangeles OFFICE LOS ANGELES MARKET REPORT Rate Decrease Below 20% As Market Activity Remains Flat MARKET OVERVIEW MARKET INDICATORS - VACANCY 19.5% The Downtown Los Angeles market in
More information