Leasing Activity Ticked Up with A Large Upswing of Absorption

Size: px
Start display at page:

Download "Leasing Activity Ticked Up with A Large Upswing of Absorption"

Transcription

1 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 Long Island industrial market shows positive signs with decreasing vacancies and booming absorption. The unemployment rate on Long Island declined to 3.90% in Q2 from 4.33% in Q1. United States employers have added 220,000 jobs in the month of June, the highest number in four months. Increased job opportunities in the face of a slow growing economy is a confusing but enticing parallel. GDP shrank to 1.2% in Q1 from the expanded GDP of 2.1% in Q The Federal Reserve has raised its benchmark interest rate for the third time which would increase the consumers borrowing rates. Manufacturing Index (PMI) expanded to 57.8 percent in June and the overall economy grew for the 97th consecutive month. > > The Long Island Industrial market s vacancy rates have stayed steady, with no major increases or decreases across the board, recording 3.3% in Q2. > > Rental rates for the Long Island Industrial market had a slight decrease in Q2, with a minor drop from $9.86 per square foot (psf) in Q1 to $9.55 psf in Q2. > > Absorption on Long Island saw a great increase in Q2, with a 156,091 sf increase in net absorption. > > Leasing activity totaled 825,332 sf in Q2, 41% up from Q1 however was still 29% down year-over-year. The average sales price improved by $10.00 psf from $ psf in Q1 to $ psf in Q2 however the cap rate remained stable at 8.05%. Market Indicators Relative to prior period VACANCY NET ABSORPTION CONSTRUCTION RENTAL RATE** Note: *Projected Summary Statistics Long Island Industrial Market Nassau Suffolk Long Island* Vacancy Rate 3.7% 3.1% 3.3% Change From Q (basis points) Net Absorption (Thousand Square Feet) Vacancy Rate (Warehouses) Vacancy Rate (Flex Buildings) Nassau Nassau Q3 2017* Suffolk % 2.8% 3.0% 6.6% 6.1% 6.3% Suffolk Q3 2017* Asking Rents Per Square Foot Per Year Suburban $9.93 $9.24 $9.55 Change From Q % 1.3% -3.1% Suburban Warehouses $9.83 $9.24 $9.47 Suburban Flex Buildings $10.32 $9.50 $10.32 *Long Island Industrial Market refers to Nassau & Suffolk Counties; 10,000 square feet and above

2 Gross Domestic Product (GDP): Percentage Change From Preceding Period Unemployment Trends - Nassau & Suffolk GDP % Change Quarter-over-Quarter % Change Unemployed in Thousands % % % Unemployment Rate 7.00% 6.00% 3.8% 3.9% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% (1.00) Source: US Department of Commerce Vacancy > > The Q2 vacancy rates on Long Island have shown no significant changes from the previous quarter. Nassau County went from 3.8% in Q1 to 3.7% in Q2, and Suffolk County stayed static at 3.1% in Q2. The Central Nassau submarket exhibited the largest drop in vacancy rates from 2.8% last quarter to 2.1% in Q2. The Eastern Nassau submarket had the highest vacancy rates compared to other submarkets for the second year in a row, ringing in at 3.8%. The vacancy rates have been unchanged at 3.1% in the Industrial sector in Suffolk County this quarter, whereas Q1 there was a slight change. Long Island Absorption (Square Feet, in Thousands) Square Feet Long Island Industrial Net Absorption Source: NYS Department of Labor Rental Rate > > The Q2 average asking rents for all of Long Island totaled $9.55 psf, 3.1% down from $9.86 psf last quarter. While Suffolk County had a slight increase from $9.12 psf in Q1 to $9.24 psf in Q2, Nassau County saw a decrease from $10.36 psf in Q1 to $9.93 psf in Q2. The Western Nassau submarket led the pack this quarter as usual with the highest average asking rents coming in at $15.64 psf in Q2. Warehouse rental rates saw a slight decrease, from $9.83 psf in Q1 to $9.47 psf in Q2, while Flex buildings saw an increase from $10.12 psf in Q1 to $10.32 psf in Q2. Absorption > > The Long Island Industrial market made a large upswing, with absorption going from negative 94,180 sf to positive 61,911 sf in Q2. While Nassau County was still down, going from positive 294,180 sf in Q1 to positive 62,853 in Q2, Suffolk County jumped from negative 388,360 sf in Q1 to negative 942 sf in Q2. Both Flex buildings and Warehouses had significant increases in absorption, with Warehouses going from negative 11,723 sf in Q1 to positive 51,031 sf in Q2, while Flex buildings jumped from negative 82,457 sf in Q1 to positive 10,880 sf in Q2. (600) (400) (200) ,000 1,200 UPDATE Vacancy Rates, Asking Rents, & Absorption VACANCY RATES AVERAGE ASKING RENTS NET ABSORPTION (IN THOUSANDS) Source: CoStar & Colliers International Research 2 Long Island Research & Forecast Report Long Island Colliers International

3 Capital Markets > > The sales transaction volume for the Long Island industrial market hit $12.8 million in Q2, which was a significant drop from one year ago, where the transaction volume totaled $85.6 million. The rolling 12 month total has fallen to $233.9 million. The Q2 Cap rate was on par with the last two quarters, standing at 8.05%. The average $/psf was up this quarter however, ringing in at $118 psf, up from $108 psf from Q1, a 9.3% increase. The buyer composition breakdown this quarter was dominated heavily by private buyers, with them making up 44% of the buying composition. The next largest category was institutional buyers, coming in at 18%. One of the largest sales transactions was a 52,573 square foot Class B Industrial Warehouse sold for $4.25 million at 170 Allen Boulevard in Farmingdale. RP Realty Enterprises purchased the 35,000 square foot Industrial Manufacturing building from Gerard Wuttke Trust for $4.5 million at 37 Denton Avenue in New Hyde Park. Ropack Inc. topped the list for biggest buyers, and Rechler Equity Partners topped the list for biggest sellers this quarter. Lease Activity > > The Long Island leasing activity picked up by 41% to 825,332 sf in Q2 however it was still 29% down from a year ago. Nassau County leasing activity went up by 36% to 328,881 sf and Suffolk County made a 45% increase residing at 496,451 sf quarter-over-quarter. Leasing activity for warehouses took up the majority of market share of 86% however flex buildings comprised only 14%. A large lease signing occurred this quarter was a 107,000 square foot Class B Industrial Manufacturing building with the asking lease price of $14.50 PSF NNN at 165 Eileen Way in Syosset. Leasing Activity (SF) Investment Activity Buyer Types 13.0% 10.0% Cross-Border 18.0% Institutional REIT/Listed Private 44.0% 14.0% User/Other Nassau VS. Suffolk Industrial Leasing Activity Nassau Suffolk Average 1,600,000 1,400,000 1,200,000 1,000, , , , ,000 0 Source: CoStar & Colliers International Research Update Transaction Highlights INDUSTRIAL SALE ACTIVITY PROPERTY ADDRESS TOWN SUBMARKET SIZE SF SOLD PRICE 170 Allen Boulevard Farmingdale Nassau Eastern 52,573 $4,250, East Merrick Road Freeport Nassau Southern 45,500 $3,412, Cleveland Avenue Bay Shore Suffolk Western 36,750 $1,500, Denton Avenue New Hyde Park Nassau Western 35,000 $4,500,000 INDUSTRIAL LEASE ACTIVITY Outlook PROPERTY ADDRESS TOWN SUBMARKET SIZE SF LEASE TYPE 165 Eileen Way Syosset Nassau Eastern 107,000 Lease 425 Underhill Boulevard Syosset Nassau Eastern 57,000 Lease 100 Heartland Boulevard Edgewood Suffolk Western 50,000 Lease Commack Road Deer Park Suffolk Western 21,500 Lease > > The outlook of Long Island s industrial real estate market is very optimistic with booming leasing activity and positive net absorption. Despite the average asking rental rate which slid, it boosted the leasing activity and is expected to tick up in the third quarter. The Federal Reserve has once again raised its benchmark interest rate and the new range as suggested will be 1% to 1.25% for a current rate of 0.91%. > > The borrowing and consumers costs would be pushed up by the rising interest rate however it would not have a major impact with the continued strength and improvement of the US economy. The growth of E-commerce and technologies have been the driving force to the industrial real estate market and this trend will continue to grow which helps diversity in the Long Island market. 3 Long Island Research & Forecast Report Long Island Colliers International

4 UPDATE - MARKET STATISTICS SNAPSHOT LONG ISLAND - WAREHOUSES & FLEX BUILDINGS COUNTY VACANCY RATE AVERAGE ASKING RENTS 2017 Q Q Q Q Q Q3 Nassau Total 3.7% 3.8% 4.4% 4.2% $9.93 $10.36 $10.11 $ ,439 Bldgs Lease 3.7% 3.8% 4.4% 4.1% $9.93 $10.36 $10.11 $10.34 Sublease 0.0% 0.0% 0.0% 0.0% $0.00 $0.00 $0.00 $0.00 Suffolk Total 3.1% 3.1% 2.7% 2.4% $9.24 $9.12 $9.82 $8.66 2,925 Bldgs Lease 2.9% 2.9% 2.5% 2.3% $9.24 $9.12 $9.82 $8.66 Sublease 0.2% 0.2% 0.2% 0.1% $0.00 $0.00 $0.00 $0.00 Long Island Total 3.3% 3.4% 3.3% 3.0% $9.55 $9.86 $9.98 $9.60 4,364 Bldgs Lease 3.1% 3.2% 3.1% 2.9% $9.55 $9.86 $9.98 $9.60 Sublease 0.2% 0.2% 0.2% 0.1% $0.00 $0.00 $0.00 $0.00 Warehouses - LI Total 4,036 Bldgs Lease 3.0% 3.0% 3.0% 2.9% $9.47 $9.83 $9.76 $9.65 Sublease 2.8% 2.9% 2.8% 2.7% $9.47 $9.83 $9.76 $ % 0.2% 0.2% 0.1% $0.00 $0.00 $0.00 $0.00 Flex Buildings - LI Total 328 Bldgs Lease 6.3% 6.4% 5.9% 4.3% $10.32 $10.12 $12.25 $9.38 Sublease 6.1% 6.2% 5.7% 4.3% $10.32 $10.12 $12.25 $ % 0.2% 0.1% 0.0% $0.00 $0.00 $0.00 $0.00 LONG ISLAND MARKET EXISTING INVENTORY (SF) JUNE 30, 2016 VACANCY RATE OVERALL AVERAGE ASKING RENT RENTAL RATE (WAREHOUSE) RENTAL RATE (FLEX BUILDINGS) NET ABSORPTION (SF) NET ABSORPTION (SF) CURRENT QUARTER YTD NASSAU Western Nassau 7,070, % $15.64 $15.50 $ ,627 25,698 Central Nassau 8,322, % $9.86 $9.57 $ , ,714 Southern Nassau 10,376, % $9.55 $ (5,820) (15,933) Eastern Nassau 23,451, % $9.95 $9.92 $10.00 (4,706) 126,095 NASSAU TOTAL* 51,439, % $9.93 $9.83 $ ,853 62,853 SUFFOLK Western Suffolk 62,553, % $8.31 $ (21,845) (185,272) Southwestern Suffolk 9,321, % $10.00 $ (14,100) (91,654) Central Suffolk 28,804, % $9.26 $ (879) (107,858) SUFFOLK TOTAL** 104,918, % $9.24 $9.24 $9.50 (942) (942) LONG ISLAND TOTAL 156,357, % $9.55 $9.47 $ ,911 61,911 *Totals include all Nassau Submarkets **Totals include all Suffolk Submarkets Source: CoStar and Colliers International Research 4 Long Island Research & Forecast Report Long Island Colliers International

5 Featured Listings TH AVENUE, RONKONKOMA +/- 23,800 SF Industrial Warehouse for Sale > Office space: +/- 2,000 SF > Well maintained industrial manufacturing/ warehouse > Contemporary offices with central A/C > IDA tax abatements available for qualified buyers > Power & air distribution throughout 47 BROADWAY, LYNBROOK +/- 36,000 Industrial Building for Sale > Located in the heart of Downtown Lynbrook > Property has the ability to build up several stories > Directly next to the LIRR & 1 block from Sunrise Highway > Abundant Parking can be made available > Frontage on 3 streets 100 DAVIDS DRIVE, HAUPPAUGE +/- 65,500 Industrial Warehouse for Sale > Located in the prestigious Hauppauge Industrial Park > Corporate HQ Building part of a portfolio of contiguous properties for sale > Situated on an oversized parcel allowing for potential expansion > Property is 100% NNN leased 1724 FIFTH AVENUE, BAY SHORE-UNIT 1 +/- 90,000 SF Available for Lease > Possible to combine another 10,000-15,000 sf > Former Entenmann s Bakery with floor drains and FDA quarry tile > Ideal for pharma/food manufacturing and distribution > 2.6 miles due South of the Hauppauge Business Park > Automatic Back-up generator > Ceiling height: 25 Clear; 21 loading docks Copyright 2017 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. Colliers International Long Island 1981 Marcus Avenue, Suite E104 Lake Success, New York colliers.com/long Island 5 North American Research & Forecast Report Q Office Market Outlook Colliers International

6 403 offices in 68 countries on 6 continents United States: 153 Canada: 29 Latin America: 24 Asia Pacific: 86 EMEA: 111 MARKET CONTACT: Rose Liu Director of Finance & Research Long Island Main Ext. 555 Dir Marne Agin-Collen Marketing Director Long Island Main $2.6 billion in annual revenue 2 billion square feet under management 15,000 professionals and staff About Colliers International Group, Inc. Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is an industry leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries. With an enterprising culture and significant employee ownership, 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 outsourcing firms by the International Association of Outsourcing Professionals Global Outsourcing for 11 consecutive years, more than any other real estate services firm. colliers.com Copyright 2017 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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

+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

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

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

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

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

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

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

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

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

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

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

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

>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

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

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

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

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

Monthly Market Snapshot

Monthly Market Snapshot SEPTEMBER 2018 Vacancy continues to fall. Nearing the end of the third quarter, the vacancy rate dropped 10 basis points to 6.4%, compared to this time last month at 6.5%. Occupancy of the 1.1 million

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 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

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

>> Negative Net Absorption Despite Completions

>> Negative Net Absorption Despite Completions Research & Forecast Report MID-COUNTIES INDUSTRIAL Accelerating success. >> Negative Net Absorption Despite Completions Key Takeaways > This quarter, 542,000 square feet of industrial space finished construction,

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

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

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

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

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

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

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

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

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

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

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

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

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 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

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

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

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

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

>> Asking Rents Increase As Space Remains Limited

>> Asking Rents Increase As Space Remains Limited Research & Forecast Report MID-COUNTIES INDUSTRIAL Accelerating success. >> Asking Rents Increase As Space Remains Limited Key Takeaways > Average asking rents increased $0.02 Per Square Foot (P) Triple

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

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

Oh Midsize Spaces, Where Art Thou?

Oh 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 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

>> Hollywood Market Activity Flattens

>> 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 information

Las Vegas Valley Executive Summary

Las Vegas Valley Executive Summary ARROYO MARKET SQUARE Las Vegas Valley Executive Summary Retail Market 4th Quarter 2013 THE DISTRICT AT GREEN VALLEY RANCH January 23, 2014 Re: Commercial Real Estate Survey: 4th Quarter, 2013 Dear Reader,

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

Industrial Estate Sector

Industrial Estate Sector Research & Forecast Report Jakarta Industrial Q1 2016 Accelerating success. Industrial Estate Sector Industrial land sales tapered off with most high performing industrial estates reporting that sales

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

>> 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

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

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

2Q 17. Long Island Market Report

2Q 17. Long Island Market Report 2Q 17 Long Island Market Report Long Island Office 2Q 217 Long Island 2Q17 Office Office Report The Long Island Office market ended the second quarter 217 with a vacancy rate of 7.2%. The vacancy rate

More information

Positive Net Absorption Recorded For The Ninth Consecutive Quarter

Positive Net Absorption Recorded For The Ninth Consecutive Quarter OFFICE SAN FERNANDO & VENTURA MARKET REPORT Positive Net Absorption Recorded For The Ninth Consecutive Quarter MARKET OVERVIEW MARKET INDICATORS - VACANCY 15.2% NET ABSORPTION 116,700 CONSTRUCTION 120,933

More information

Colliers International Indiana Region

Colliers 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 information

>> New Construction Delivers to the Orange County Office Market

>> New Construction Delivers to the Orange County Office Market Research & Forecast Report ORANGE COUNTY OFFICE Accelerating success. >> New Construction Delivers to the Orange County Office Market Key Takeaways > Three new office developments were delivered to the

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

1Q 17. Long Island Market Report

1Q 17. Long Island Market Report 1Q 17 Long Island Market Report Long Island Office 1Q 217 Long Island 1Q17 Office Office Report The Long Island Office market ended the first quarter 217 with a vacancy rate of 7.1%. The vacancy rate was

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

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

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

>> Greater Los Angeles Retail Continues to Witness Declining Vacancy

>> Greater Los Angeles Retail Continues to Witness Declining Vacancy Research & Forecast Report GREATER LOS ANGELES RETAIL Accelerating success. >> Greater Los Angeles Retail Continues to Witness Declining Vacancy Greater Los Angeles Retail Market The Los Angeles Basin

More information

>> Orange County Rents Increase to Start 2017

>> Orange County Rents Increase to Start 2017 Research & Forecast Report ORANGE COUNTY OFFICE Accelerating success. >> Orange County Rents Increase to Start 2017 Key Takeaways > The Orange County office market saw positive demand for the first part

More information

>> Market Records Strong Demand To End 2016

>> 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 information

>> Vacancy Rises With New Deliveries

>> 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 information

>> Greater Los Angeles Retail Starts 2016 On a Positive Note

>> Greater Los Angeles Retail Starts 2016 On a Positive Note Research & Forecast Report GREATER LOS ANGELES RETAIL Accelerating success. >> Greater Los Angeles Retail Starts 2016 On a Positive Note Greater Los Angeles Retail Market The Los Angeles Basin retail market

More information

>> Orange County Market Gains Positive Momentum

>> Orange County Market Gains Positive Momentum Research & Forecast Report ORANGE COUNTY OFFICE Accelerating success. >> Orange County Market Gains Positive Momentum Key Takeaways > The Orange County office market saw positive demand for third quarter

More information

2Q 16. Long Island Market Report

2Q 16. Long Island Market Report 2Q 16 Long Island Market Report Long Island Office 2Q 216 Long Island 2Q16 Office Office Report The Long Island Office market ended the second quarter 216 with a vacancy rate of 7.5%. The vacancy rate

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

>> Orange County Vacancy Continues to Decline

>> 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

>> 2017 Begins With Continued Strong Demand

>> 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 information

KEY TOWER SALE highlights start of 2017

KEY TOWER SALE highlights start of 2017 KEY TOWER SALE highlights start of 2017 Demand for office space in the Greater Cleveland office market remained strong as 2016 wound down and transitioned into the first quarter of 2017. After netting

More information

Orange County Office Market Continues to Tighten As Vacancy Decreases

Orange County Office Market Continues to Tighten As Vacancy Decreases OFFICE ORANGE COUNTY MARKET REPORT Continues to Tighten As Decreases MARKET OVERVIEW MARKET INDICATORS - VACANCY 13.5% NET ABSORPTION 101,500 CONSTRUCTION 497,387 RENTAL RATE $2.21 P FSG UNEMPLOYMENT 4.2%

More information