Office Market Heats Up as Temperatures Cool
|
|
- Emery Harris
- 5 years ago
- Views:
Transcription
1 Research & Forecast Report RENO OFFICE Q 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 inventory The office market in Reno continues to tighten with the third quarter posting a positive absorption of 36,041 square feet, rounding out the year-to-date positive absorption at 77,048 square feet. The vacancy rate continues to decline quarter over quarter from 12.3 percent to 11.8 percent, making it the lowest the market has seen post-recession. Construction continues in the Meadowood submarket with McKenzie Properties new office building well underway, along with two other medical office buildings going vertical. We anticipate Charles Schwab will kick off the office construction at Rancharrah with their new building that they will occupy, in addition to having available space. Momentum continued into the third quarter and is anticipated to continue through the end of the year, evident by transactions that are scheduled to pencil in the fourth quarter. Several deals have already been announced, including a 29,490 square foot lease at 885 Trademark Drive to PODS for their contact center. Asking rents held steady this quarter at $1.65 per square foot per month full service; however, with vacancy continuing to decrease it is likely that we will see rents rise. Historical Vacancy Rates and Asking Lease Rates Market Indicators Unemployment Rate Northern Nevada 10-Year Nominal Interest Rate % National Consumer Confidence Market Indicators Relative to prior period Q Q4 2017* Previous Quarter Current Quarter Vacancy Rate 12.3% 11.8% Asking Rent (PSF, FS*) $1.65 $1.65 Net Absorption (SF) 51,475 36, Previous Quarter Current Quarter Class A $1.84 $1.84 Class B $1.71 $1.69 Class C $1.39 $1.41 Vacancy Net Absorption Completions Rental Rate *Projected Summary Statistics Q Reno Market New Completions (SF) Overall Asking Rents Per Square Foot (FS*) Despite vacancy decreasing, overall asking rental rates remain flat. It is important to note that due to a change in reporting standards, variations in the total building base during the first quarter 2017 are not reflective of actual changes in the market. *Full Service (FS)
2 Absorption & Vacancy The Meadowood Submarket continues to tighten as 6140 Plumas Street, which had 21,866 square feet of vacant space, was sold and will be occupied by Ormat Technologies. The sale removed the vacancy and pushed the overall vacancy rate from 11.0 percent to 10.2 percent. In addition to Ormat occupying the entire 26,800 square foot building, the 5,000 square foot law firm, Silverman Kattelman Springgate Chtd, will be relocating so the actual impact on the market is a net 26,866 square feet of positive absorption. As the available options get absorbed, it is extremely constricting for clients to find property options in the Meadowood submarket. Most viable options have multiple offers or are in the final stages of contract, therefore the market anticipates vacancy to continue to decline in this submarket and another influx of positive absorption in the fourth quarter based on in-process deals. This will impact other submarkets as tenants turn to those with available options, most notably South Meadows. South Meadows also remained a top submarket with a dramatic decrease in vacancy from 12.5 percent to 9.8 percent and a positive net absorption of 16,030 square feet. Some significant transactions that did occur this quarter included 730 Sandhill Road, which had two suites that were vacant for some time but finally leased in the third quarter by Tectonics Design Group (who will occupy 5,200 square feet) and Dolce Vita Spa (who will occupy 3,000 square feet). Unfortunately, Apex Performance Solutions announced they are vacating 10,140 square feet. We also anticipate Doctors XL at Professional Circle will downsize in the fourth quarter as their space is currently being marketed. However, Lumos & Associates expanded at 9222 Prototype Drive by 4,000 square feet and now occupy a majority of the building. Finally, Lighthouse Real Estate Solutions will be relocating from Downtown to occupy 8,200 square feet at 9790 Gateway Drive and EP Minerals LLC leased 5,136 square feet at 595 Double Eagle Court. The Downtown submarket continues to remain strong by posting positive net absorption and decreasing the vacancy rate from 12.6 percent to 12.2 percent. With limited space available Downtown and its proximity to plenty of amenities, the asking rate remains one of the highest at $1.83 per square foot per month full service. In the Airport and Central Reno submarket, AT&T announced they will downsize from 82,934 square feet to approximately 20,000 square feet at 645 E Plumb Lane, however this will not hit as vacancy until their lease expires in the fourth quarter of Based on the lack of inventory for large blocks of space, Colliers anticipates the space will be back-filled prior to lease expiration. The building is owned by Majestic Asset Company who is a hands-on owner and has already started building improvements. The building has historically been a single tenant building but the owner is willing to convert to a multitenant option. Historical Net Absorption vs. Completions* Net Absorption New Completions Leasing Rates by Submarket* Total Vacancy vs Direct and Sublease Vacancy* Direct Vacancy Sublease Vacancy Total Vacancy *Due to a change in reporting standards, variations in the total building base during the first quarter 2017 are not reflective of actual changes in the market. 2 Reno Research & Forecast Report Q Office Colliers International
3 Sales The US Bank Centre at 5190 Neil Road hit the market for sale, which is well positioned in the strong performing Meadowood submarket. It is a great value-add opportunity with a 57.0 percent occupancy rate. As mentioned earlier, the vacancy in Class A space in the Meadowood submarket is extremely low and with this property providing high occupancy, once the property is back-filled, it should bring the vacancy in the submarket to historic lows, allowing developers to start construction. Significant Sale Activity 85 Keystone Avenue 13,778 sf - $1,072,500 $77.84 psf Sale Date: 8/15/17 Sold To: Silverhorn Properties Type: Investment Construction Construction is picking up in the office market with the new 40,000 square foot office building being developed by McKenzie Properties at 5520 Kietzke Lane. It is well underway with the sight of cranes and dirt moving, giving the office market something it has not seen in a long time. The building is anticipated to be completed in early There are also a number of medical office buildings under construction in the area, including a urology building next to the new McKenzie Properties building on Kietzke Lane, South of the Neil Road roundabout and an oncology building in Tanamera s Office Park on Longley Lane and Reno Corporate Boulevard. In addition, Charles Schwab acquired a parcel of land within Rancharrah and will be constructing an office building in the near future. 333 Holcomb Avenue 14,017 sf - $2,500,000 $ psf Sale Date: 9/6/17 Sold To: 333 Holcomb Investors Type: Investment 6140 Plumas Street 21,866 sf - $2,906,000 $ psf Sale Date: 9/29/17 Sold To: FUCHS Investments Type: Owner-User 3 Reno Research & Forecast Report Q Office Colliers International
4 395 Significant Sale Activity DOWNTOWN SPARKS 85 Keystone Avenue Reno, NV ,778 SF - $1,072,500 $77.84 PSF 80 WEST RENO CENTRAL/ AIRPORT The 80 Holcomb Professional Center 333 Holcomb Avenue Reno, NV ,017 SF - $2,500,000 $ PSF 6140 Plumas Street Reno, NV ,866 SF - $2,906,000 $ PSF MEADOWOOD SOUTH RENO 395 Significant Lease Activity PROPERTY ADDRESS SIZE TENANT TYPE Virginia Lake Crossing 2195 S Virginia Street 12,500 Reno Land Development (Park Lane Sales Office) New 9790 Gateway Drive 8,241 Lighthouse Real Estate Solutions New 5588 Longley Lane 6,018 DR Horton, Inc New Magnolia Double R 730 Sandhill Road 5,260 Tectonics Design Group New Quail Corners South 689 Sierra Rose Drive 5,224 Nevada Vein and Vascular New 595 Double Eagle Court 5,136 EP Minerals LLC New 4 Reno Research & Forecast Report Q Office Colliers International
5 Market Comparisons - Reno Office Market CLASS BLDGS RBA DIRECT VACANT SF DIRECT SUBLEASE VACANT SF SUBLEASE VACANT SF PRIOR QUARTER NET ABSORPTION CURRENT QTR SF NET ABSORPTION YTD SF COMPLETIONS CURRENT QTR SF UNDER CONSTRUCTION SF AVG ASKING RENTAL DOWNTOWN SUBMARKET A 4 540,478 67, % 3, % 71, % 14.1% -1,542 34, $1.98 B ,765 54, % - 0.0% 54, % 19.3% 8,198 13, $1.83 C ,265 32, % - 0.0% 32, % 4.5% - (8,859) - - $1.68 Total 31 1,300, , % 3, % 159, % 13.9% 6,656 38, $1.83 SOUTH MEADOWS SUBMARKET A 36 1,224, , % 5, % 133, % 15.1% 10,029 48, $1.77 B 9 252,410 10, % - 0.0% 10, % 4.2% 6,001 1, $1.70 C % Total 45 1,476, , % 5, % 144, % 12.5% 16,030 50, $1.74 MEADOWOOD SUBMARKET A 44 1,888, , % 15, % 168, % 11.1% (3,118) (21,046) - - $1.86 B ,735 70, % - 0.0% 70, % 24.6% 20,964 30, $1.43 C % Total 63 2,337, , % 15, % 238, % 13.8% 17,846 9, $1.64 CENTRAL/AIRPORT SUBMARKET A 3 106,933 20, % - 0.0% 20, % 10.3% 9,463 1, $1.45 B , , % 14, % 139, % 18.1% -80,215-86, $1.50 C , , % - 0.0% 133, % 17.7% (6,924) (8,940) - - $1.15 Total 66 1,871, , % 14, % 293, % 17.6% -77,676 (93,967) - - $1.37 SPARKS SUBMARKET A 1 32, % % 0.0% B 2 32, % - 0.0% - 0.0% 0.0% C 1 14,432 3, % - 0.0% 3, % 32.7% -2,596 (2,596) - - $0.85 Total 4 79,932 3, % - 0.0% 3, % 10.0% -2,596 (2,596) - - $0.85 WEST RENO SUBMARKET A % B 3 43, % - 0.0% - 0.0% 0.0% C 6 91,975 11, % - 0.0% 11, % 29.1% 4,914 4, $1.45 Total 9 135,077 11, % - 0.0% 11, % 19.2% 4,914 4, $1.45 Office Market Totals DOWNTOWN A 4 540,478 67, % 3, % 71, % 14.1% -6,452 29, $1.98 B ,765 54, % - 0.0% 54, % 19.3% 10,630 15, $1.83 C ,265 32, % - 0.0% 32, % 4.5% 184 (8,675) - - $1.68 Total 31 1,300, , % 3, % 159, % 13.9% 4,362 36, $1.83 SUBURBAN A 84 3,252, , % 21, % 323, % 12.6% 10,569 22, $1.69 B 62 1,772, , % 14, % 220, % 16.7% 26,823 26, $1.54 C , , % - 0.0% 148, % 19.2% (5,713) (8,233) - - $1.15 Total 187 5,901, , % 36, % 691, % 14.8% 31,679 40, $1.46 OVERALL MARKET A 88 3,792, , % 25, % 394, % 12.8% 4,117 52, $1.84 B 78 2,341, , % 14, % 274, % 17.3% 37,453 41, $1.69 C 52 1,068, , % - 0.0% 181, % 15.4% (5,529) (16,908) - - $1.41 Total 218 7,202, , % 39, % 850, % 12.3% 36,041 77, $1.65 QUARTERLY COMPARISON AND S Q ,202, , % 39, % 850, % 12.3% 36,041 77, $1.65 Q ,198, , % 31, % 886, % 13.1% 51,475 41, $1.65 *Q ,188, , % 54, % 938, % 14.7% (10,468) (10,468) 15,316 - $1.61 Q ,026, , % 65, % 1,030, % 14.5% 10,097 69, $1.44 *Due to a change in reporting standards, variations in the total building base during the first quarter 2017 are not reflective of actual changes in the market Source: NSDC 5 Reno Research & Forecast Report Q Office Colliers International
6 396 offices in 68 countries on 6 continents United States: 153 Canada: 29 Latin America: 24 Asia Pacific: 36 EMEA: 111 ANZ: 43 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 melissa.molyneaux@colliers.com Fay O Neil Research Analyst fay.oneil@colliers.com $2.6 billion in annual revenue* 2.0 billion square feet under management 15,000 professionals and staff *All statistics are for 2016 and include affiliates About Colliers International Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry leading global real estate services company with 15,000 skilled professionals operating in 68 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 helps clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 12 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 information2018 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 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 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 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 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 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 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 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 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 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 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 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 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 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 informationStrengthening 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 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 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 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 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 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 informationInvestor 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 informationSignificant 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 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 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 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 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 informationMarket 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 informationMarket 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 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 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 informationIndianapolis MARKETBEAT. Office Q Economy. Market Overview INDIANAPOLIS OFFICE
INDIANAPOLIS OFFICE Economic Indicators Q2 17 Q2 18 MSA Employment 1.1M 1.1M MSA Unemployment 3.3% 3.0% U.S. Unemployment 4.3% 3. Market Indicators (Direct, All Classes) Q2 17 Q2 18 Total Market Vacancy
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.
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 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 informationRESEARCH & 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 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 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 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 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 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 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 informationHistoric 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 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 informationRESEARCH & 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 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 informationDenver 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 informationYear End Deliveries Drive Leasing Activity In the Raleigh-Durham Market
Research Report RALEIGH-DURHAM OFFICE Q4 2018 Accelerate Success Year End Deliveries Drive Leasing Activity In the Raleigh-Durham Market Kelsey Rogers Senior Research Analyst Raleigh-Durham Market Indicators
More informationTime 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 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 informationFOURTH QUARTER 2013 LEASING ACTIVITY CONTINUES TO BE BETTER THAN EXPECTED MARYLAND OFFICE MARKET REPORT MARKET SUMMARY ABSORPTION
Q4 2013 MARYLAND OFFICE MARYLAND OFFICE MARKET REPORT FOURTH QUARTER 2013 LEASING ACTIVITY CONTINUES TO BE BETTER THAN EXPECTED MARKET SUMMARY Updated April 2013 MARKET INDICATORS Q4 2013 Q1 2014* VACANCY
More informationSTABLE 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 informationQ in the Books PLEASANTON TRI-VALLEY OFFICE Q % Research & Forecast Report. Market Indicators - Tri-Valley 77.
Research & Forecast Report PLEASANTON TRI-VALLEY OFFICE Q3 Q3 in the Books > Total market net absorption in the third quarter was a healthy 223,385 square feet. > Tri-Valley total market weighted average
More informationRALEIGH-DURHAM OFFICE
Research Report RALEIGH-DURHAM OFFICE Q3 2017 Accelerate Success New Third Quarter Office Deliveries Contribute to Moderate Increase in Vacancy Emily Bostic Research Analyst Raleigh-Durham Market Indicators
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 information645 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 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 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 informationGood Year, Poor Quarter
Q4 2013 RETAIL LAS VEGAS NEVADA RESEARCH & FORECAST REPORT Good Year, Poor Quarter After nine quarters of positive net absorption, Southern Nevada s retail market fell into negative net absorption territory
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>> 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>> 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>> 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