RE:SOURCE RALEIGH-DURHAM 2Q 2011
|
|
- Margery Kelley
- 5 years ago
- Views:
Transcription
1 L I N C O L N H A R R I S R E : S O U R C E R A L E I G H - D U R H A M The second quarter s negative net absorption of 91,338 square feet served as a reminder of the market s fragility and interdependence with the machinations of several large companies. ECONOMY Poised last quarter on the edge of a strong recovery, the short-term economic outlook for the Raleigh-Durham area seems more muted this quarter. Assuredly, the metro has all the right fundamentals in place top-tier population and household formation growth, a relatively low unemployment rate, renowned educational institutions, and stabilizing home prices; however, macro forces such as Raleigh-based RBC Bank s sale to Pittsburgh-based PNC and the impending approval of Progress Energy s merger with Charlotte-headquartered Duke Energy have damaged the psyche of local businesses and will lead to modest local job losses in the next several years. Pharmaceutical companies, facing patent expirations and falling sales, are responding with local pull outs from real estate, like GlaxoSmithKline s decision to vacate and sell nearly 1 million square feet of space, while Merck slashed both space and jobs after acquiring Raleigh-based Inspire Pharmaceuticals in May. In the past 12 months ending June 2011, the combined Raleigh and Durham metros created 7,100 new positions, a 0.9 percent increase in total nonfarm jobs. The largest winner, and the best bellwether for office demand, was the professional and business services segment of the market, which created 6,600 jobs in the past year; conversely, government positions at the local, state, and federal levels shrank in the combined metro by 3,800 over the same time period. The combined metro area, with 8.3 percent unemployment in June 2011, experienced a sharp basis point uptick in unemployment since April 2011 as a flood of graduating students entered the job market and in-migration upped the labor force by 6,748 people between April and June. Despite these drags on the economy, the Raleigh area continues to be highly ranked for its economic strength and was named the Best Place for Business in 2011 by Forbes magazine. Recent expansions by local players such as HCL and ACS, which plan to add 500 new positions combined, and capital investments in research and manufacturing facilities by corporations such as Medicago and Syngenta only strengthen the economic climate of the region. OFFICE MARKET Overview After the heady beginnings of a strong rebound in the metro s office market throughout 2010 and in the first quarter of 2011 resulting in nearly 596,000 square feet of net occupancy the second quarter s negative net absorption of 91,338 square feet served as a reminder of the market s fragility and interdependence with the machinations of several large companies. A wave of space consolidations, mergers and acquisitions, and uneasiness about the national economic picture slowed local office demand considerably for the time being. Vacancy ticked up slightly by 20 basis points during the quarter to 17.7 percent after recording quarter-over-quarter declines for five straight quarters. Though there was strong leasing activity, that strength was overshadowed during the second quarter by the movements of large tenants consolidating out of leased space and into owner-occupied buildings; RTI completed a 141,000 square foot pull out from 800 Park Drive in RTP after the second 2,500,000 Net absorption New develo vacancy ,481,431 ######## 14.5% 2,000, ,525,123 ######## 15.4% 1,500, , (576,607) 696, % , , % YTD 1,000, (25,790) % 500, ,000-1,000, % 2Q MONTH FORECAST Market Supply 37,051,815 37,051,815 Under Construction,030 0 Under Construction Preleased % 80.8% N/A Direct Vacancy 18.0% 16.8% Total Vacancy 18.8% 17.7% Total Net 231,124-91,338 YTD Net 107,656-25,790 Direct Asking Rent $20.31 $20.05 Class A Direct Asking Rent $21.95 $21.71 Class B Direct Asking Rent $18.04 $ YTD 2011 Net absorption New development vacancy 16.8% Occupied % Direct vacant % Sublease vacant % 17.74% 82.3% Occupied Direct vacant Sublease vacant STATISTICS AND TRENDS 20.0% 18.0% 16.0% 14.0% 12.0% HISTORICAL VACANCY AND NET ABSORPTION SPACE BREAKDOWN page 1
2 Average direct asking rental rates fell to $20.05 per square foot - a 0.7 percent decline from first quarter - as landlords relented from rate increases at the first sign of slowing demand and proved that an even healthier office climate is needed for increased rental rates to stick. quarter completion of the 120,000 square foot O9 building on RTI s campus, while GlaxoSmithKline moved out of a combined 88,000 square feet in s Fowler and Crowe buildings. The market also had its first taste of a successful law firm significantly trimming its space needs, as Kilpatrick, Townsend & Stockton shrank its office footprint by nearly 41.0 percent in its move from,000 square feet at 3737 Glenwood to 31,877 square feet at CapTrust Tower. Urban properties, located in the core areas of and, continued first quarter s trend of negative net absorption, totaling to 37,913 square feet and 71,612 square feet in second quarter 2011 and year-to-date, respectively. The suburban submarkets also suffered an occupancy setback of 53,425 square feet during the quarter. As is typical, Class A properties in the metro garnered the majority of this quarter s occupancy gains, eking out net absorption of 20,836 square feet while Class B properties due especially to a continued exodus from RTP s aging Class B buildings lost ground by 112,174 square feet. Accordingly, Class A vacancy held steady at 16.5 percent during the second quarter, down 1 basis points year-over-year, as Class B vacancy rose by eighttenths of a percent during the quarter but remained flat over the past year at 20.0 percent. Supply No new office buildings have been completed since mid-2010 as developers took a step back to wait for demand to clear some of the area s 6.2 million square feet of vacant space. However, two owneroccupied projects moved closer to reality during the quarter with Biogen Idec breaking ground on a 180,000 square foot office facility on their RTP campus in May, which will likely result in a move-out at their leased space at Cambridge Hall in Imperial Center. Additionally, Measurement Inc. plans to begin construction of The Measurement Building, a five-story, 74,000 square foot building with office and retail space at the corner of Hunt and Morris in, during July; Measurement Inc. intends to occupy approximately 32,000 square feet, which is half of the building s office space. Both projects are expected to deliver by the third quarter of could see construction start soon on some or all of the 283,000 square feet currently planned by Capitol Broadcasting, which owns the area s American Tobacco Campus, though this activity could be stalled by slow preleasing demand especially in the wake of GSK vacating 88,000 square feet in the submarket during May. Rental rates The market s lackluster net absorption, combined with impending new construction for the first time in over a year, pushed down the metro s average direct asking rental rate to $20.05 per square foot a 0.7 percent decline from first quarter and a 1.3 percent decrease year-over-year; second quarter s slump erased the 0.5 percent rate gain accrued during the first quarter of the year when landlords, for the first time since 2008, felt able to increase year-over-year rates. At the first sign of slowing demand, however, landlords relented and proved that an even healthier office climate is needed for increased rental rates to stick. Class B properties in the metro continued to inch upwards at a slow 0.1 percent quarterly pace to $18.02 per square foot as these landlords seek to capitalize on their relatively low asking rate. However, Class A landlords have been pricing their space down to compete more readily with large Class B availabilities, contributing to the 0.6 percent rental rate decline in second quarter to $21.71 per square foot. Additionally, the large Class A building brought online in 2009 have recently experienced strong movein activity, as is the case with CapTrust Tower and East, or have failed to attract tenants and repeatedly dropped rental rates like RDU Center III. These reductions and repricings of top-tier office spaces aided in dropping rental rates in every submarket except for during the second quarter. SUBMARKET ANALYSIS On a submarket basis, net absorption growth was mixed with roughly half of the area s submarkets experiencing both positive and negative quarterly activity. Interestingly, the best occupancy performance this quarter occurred in usually moderate segments of the market, such as, Cary, and, which all enjoyed more than 20,000 square feet of net move-ins. Large moves by the Wake County Public Schools, which occupied 34,1 square feet at 5625 Dillard Road, and a 11,4 square foot move-in at Regency Forest I by Mediant Communications significantly contributed to Cary s gains., which typically sees muted demand due to the submarket s constrained available spaces, had several financial and legal tenants above the area s usual 5,000 square foot threshold join the district s roster. HISTORICAL DIRECT RENTAL RATES $24.00 Class A Class B market 2007 $21. $17.13 $ $22.16 $17.39 $20.48 $ $21.69 $17.35 $ $21.71 $17.87 $20.08 $20.00 $21.49 $17.84 $19.84 $18.00 $16.00 $ Class A Class B market 30.0% 25.0% 20.0% 2Q % Downtown Raleig 6.7% 8.6% Downtown Durha 8.5% 9.2% 10.0% 6 Forks Falls of Ne 21.6% 23.1% 5.0% Cary 18.1% 13.5% Glenwood/Creedm 20.9% 12.1% 0.0% Orange County 21.3% 17.2% RTP/RDU 21.7% 19.5% 15.2% 17.9% South Durham 26.9% 27.4% 13.5% 14.2% 6 Forks Falls of Neuse Cary SUBMARKET-BY-SUBMARKET VACANCY TRENDS Glenwood/Creedmo Creedmoor Orange County RTP/RDU South Durham 2Q 2010 page 2
3 Traditionally robust submarkets such as 6 Forks Falls of Neuse, Downtown Durham, and all experienced negative net absorption in excess of 30,000 square feet, with the weakest market losing 115,112 square feet as Kilpatrick Stockton pulled out of,000 square feet at 3737 Glenwood and Inspire Pharmaceuticals began closing its headquarters at Brier Creek Corporate Center. The 6 Forks Falls of Neuse submarket saw vacancy rise 90 basis points over the past quarter as net absorption fell to negative 39,430 square feet as tenants move from Colonnade II to Colonnade I to build out Salix s full-building requirement. also suffered a slight setback because of GSK s 88,000 square foot move out in Fowler and Crowe, though HTC is already in advanced discussions to lease at least 20,000 square feet of that space in the Fowler building. Even after the 59,176 square feet of negative net absorption recorded in the Downtown Durham submarket during second quarter pushing vacancy from 7.0 to 9.2 percent the submarket is arguably the strongest in the metro; though s vacancy rate of 8.6 percent is lower, there is significant uncertainty surrounding the scope of future office space needs by both Progress Energy and RBC Bank. However, Red Hat s renewed commitment to Wake County could rapidly improve the forecast for if they were to occupy existing space. SUBMARKET TRENDS SUBMARKET-BY-SUBMARKET NET ABSORPTION Cary YTD 2011 Net absorption South 6 Forks DurhamFalls of Ne West RTP/RDU Raleigh Orange Downtown County Durha North Raleig North Durham 0 Orange County RTP/RDU South Durham Forks Falls Cary of Neuse Glenwood/Creedm ,000-80,000 -,000 0,000 80, ,000 YTD 2011 Net absorption SUBMARKET-BY-SUBMARKET ASKING RENTAL RATES North Durham 6 Forks Falls of Neuse RTP/RDU Direct asking rate Orange Cary County Downtown Raleig Glenwood/Creedm Downtown Durha South Durham Forks Falls of Ne Cary RTP/RDU North $12.00 Durham$ $16.00 $18.00 $20.00 $22.00 $24.00 $26.00 South Durham Orange County Direct asking rate COMPLETED LEASE TRANSACTIONS TENANT ADDRESS SUBMARKET SF MARKET EFFECT HCL Technologies Regency Lakeview Cary 64,603 Expansion Sensus Keystone Technology Park XII RTP/RDU 60,033 Expansion MediClick Colonnade II 6 Forks Falls of Neuse 18,211 Relocation, expansion RadarFind Perimeter Park West RTP/RDU 17,067 Relocation, expansion Bronto Software Washington Building 14,000 Expansion Jubilant Clinsys Colonnade II 6 Forks Falls of Neuse 13,441 Renewal Patterson Dilthey The Summit 11,151 Relocation, expansion Shodor Golden Belt Center 8,644 Relocation, contraction PathCentral 201 W Main Street 7,225 New IEM 20 Ellis Road RTP/RDU 5,500 Expansion page 3
4 SPACE STATISTICS URBAN Inventory Vacancy Vacancy % Total Net (% of inventory) Direct Asking Rent 3Q Completions Under Construction DOWNTOWN DURHAM DOWNTOWN RALEIGH 2,657, , % -59,176-16, % $ ,189, ,3 8.6% 21,263-42, % $ URBAN TOTALS 4,846, , % -37,913-58,9-1.2% $ SUBURBAN Inventory Vacancy Vacancy % Total Net (% of inventory) Direct Asking Rent 3Q Completions Under Construction 6 FORKS FALLS OF NEUSE 4,280, , % -39,430-66, % $ CARY 4,084,1 551, % 42, , % $ GLENWOOD/ CREEDMOOR 1,579, , % 77, , % $ NORTH DURHAM 565, ,3 52.3% 0 6, % $ ORANGE COUNTY 1,334, , % 6,320, % $ ROUTE 1 1,646, , % -5,321-43, % $ RTP/RDU 10,1,983 2,056, % -31, , % $ SOUTH DURHAM 2,828, , % 11,221-15, % $ WEST RALEIGH 5,344, , % -115,112-36, % $ SUBURBAN TOTALS 32,205,498 6,142, % -53, , % $ METRO TOTALS 37,051,815 6,574, % -91, ,0 1.1% $ LARGEST AVAILABLE CONTIGUOUS SPACES BUILDING ADDRESS SUBMARKET SF Available Network Center NC Highway RTP/RDU 456, Development Drive 8001 Development Drive RTP/RDU 262, Development Drive 01 Development Drive RTP/RDU 205,310 Signature Commons 4100 N Roxboro Road North Durham 136, Park Drive 600 Park Drive RTP/RDU 129, Park Drive 500 Park Drive South Durham 125,742 Lucent Lane Lucent Lane Cary 124,4 0 Park Drive 0 Park Drive RTP/RDU 120,473 RDU Center III 2121 RDU Center Drive RTP/RDU 114,518 Regency Lakeview Regency Parkway Cary 113,138 page 4
5 OFFICE FORECAST Though Raleigh-Durham s economy remains robust, the area s office market during second quarter was battered by fallout from the effects of recovery most notably merger and acquisition activity as uncertainty in the equity markets and the prevalence of large corporations sitting on substantial amounts of cash drive companies to seek higher returns by purchasing competitors. These consolidations, and the natural efficiencies that firms refocus on after an economic downturn, led the market s net absorption downwards during second quarter despite otherwise strong lease and occupancy activity. With an economy as diverse as Raleigh-Durham s, these consolidations are not likely to stall the office market s upward march as numerous local companies expand their operations and as businesspeople and investors continue to praise the area s demographic strength and undeniably valuable technological, pharmaceutical, and educational clusters. The largest downside in the metro continues to be the impact of government belt-tightening that reduces public services and employment; the operating budget cuts handed down to UNC-Chapel Hill and NCSU for their fiscal year coming to 17.9 and 15.1 percent, respectively are expected to have significant ripple effects on local economies, university services, public-private partnerships, and research-oriented spinoffs from universities that will be an unmeasureable drag on the area for years to come. However, Lincoln Harris predicts that the region s office market will trend towards positive occupancy gains in the second half of 2011 as local firms expand their space needs and new firms eyeing the market make a commitment to tap into Raleigh-Durham s growth. SUBMARKET MAP ALAMANCE COUNTY HILLSBOROUGH CHAPEL HILL DURHAM 64 APEX MORRISVILLE CARY GRANVILLE COUNTY RALEIGH WAKE FOREST 1 Wake, Durham, & Orange County Submarket Orange County Submarket Submarket Six Forks Falls of Neuse Submarket Cary Submarket South Durham Submarket RTP/RDU Submarket Submarket North Durham Submarket Submarket Submarket ABOUT LINCOLN HARRIS Lincoln Harris, an affiliate of Lincoln Property Company, is a full-service corporate real estate company focused on development, commercial brokerage, corporate real estate services, retail services, land services, project services, property management and asset management. Based in Charlotte, NC, Lincoln Harris has twenty-three service offices across the country. More information about Lincoln Harris can be found at. CONTACT INFORMATION Sarah Godwin Research Manager sgodwin@lincolnharris.com David Connor Senior Vice President dconnor@lincolnharris.com Dave Oddo Senior Vice President doddo@lincolnharris.com Gary Lyons CCIM, SIOR Vice President gary.lyons@lincolnharris.com James Mattox Vice President jmattox@lincolnharris.com Ty Thomas Vice President ty.thomas@lincolnharris.com Trey Dempsey Vice President tdempsey@lincolnharris.com Barry Wagner Associate barry.wagner@lincolnharris.com Gary Kramling Associate gkramling@lincolnharris.com 2011 Lincoln Harris. All rights reserved. All information provided in Lincoln Harris research reports are from sources deemed reliable, but no warranty or representation is made as to its accuracy thereof and same is submitted subject to errors, omissions, or other conditions. Matt Larson Associate mlarson@lincolnharris.com 41 Parklake Avenue, Suite 100 Raleigh NC office
RE:SOURCE RALEIGH-DURHAM 1Q 2012
L I N C O L N H A R R I S R E : S O U R C E R A L E I G H - D U R H A M The pause in market activity that took hold at the end of 2011 has spilled over into the first quarter of 2012. With vacancy falling
More informationRE:SOURCE RALEIGH-DURHAM 3Q 2012
RALEIGH-DURHAM LINCOLN HARRIS RE:SOURCE RALEIGH-DURHAM Developers are eager to start projects after nearly 5 years of being on the sidelines; however, a large lead tenant, signed pre-construction is still
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 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 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 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 informationMonthly 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 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 informationSummary. Houston. Dallas. The Take Away
Page Summary The Take Away The first quarter of 2017 was marked by continued optimism through multiple Texas metros as job growth remained positive and any negatives associated with declining oil prices
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 informationRaleigh-Durham MARKETBEAT. Office Q Economy. Market Overview TRIANGLE OFFICE
TRIANGLE OFFICE Economic Indicators Q3 16 Q3 17 Triangle Employment 910k 936k Triangle Unemployment 4.3% 3.5% U.S. Unemployment 4.9% 4.4% Market Indicators (Overall, All Classes) Q3 16 Q3 17 Vacancy 14.5%
More informationCHICAGO CBD OFFICE INVESTMENT PROPERTIES GROUP
CHICAGO CBD OFFICE INVESTMENT PROPERTIES GROUP SECOND QUARTER NEWSLETTER 216 HOT TOPICS Capital markets remain a focus with 14 assets either under contract or sold totaling $2.6 billion, which includes
More informationDISTRICT OF COLUMBIA IN THIS ISSUE OFFICE Q RESEARCH MARKET REPORT. State of the Economy. Leasing Activity. Development Pipeline.
RESEARCH MARKET REPORT DISTRICT OF COLUMBIA OFFICE IN THIS ISSUE State of the Economy p.2 Leasing Activity p.3 Development Pipeline p.4 Market Outlook p.5 Market Breakdown p.6 DC Development: No Signs
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 informationIndustrial 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 informationChicago s industrial market thrives during the third quarter.
CHICAGO INDUSTRIAL MARKET MONITOR THIRD QUARTER 2015 Chicago s industrial market thrives during the third quarter. Demand across the Chicago industrial market remains high sending absorption up and vacancy
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 informationInvestment Activity Heating Up with Rents on the Rise
Research & Forecast Report GREATER PHOENIX MULTIFAMILY 2 Investment Activity Heating Up with Rents on the Rise Key Takeaways > > The third quarter proved to be another period of healthy operating conditions
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 informationQ2:11. Transwestern Outlook WASHINGTON, D.C.
11 Office Property Owners Invest in Renovating Older Product to Class A; Vacancy Edges Up as Rents Edge Down; Investment Sales Strong and Net Absorption Notable The District of Columbia office market experienced
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 informationOFFICE MARKET ANALYSIS:
OFFICE MARKET ANALYSIS: DAVID WEST RMLS Fellow Certificate of Real Estate Development Student Masters of Urban and Regional Planning Candidate While the Portland office market continues the slow recovery
More informationSuburban Boston Office MarketView
Suburban Boston Office MarketView CBRE Global Research and Consulting U.S. UNEMPLOYMENT 6.7% MA UNEMPLOYMENT 7.1% OCCUPIED SF 92.9M AVAILABILITY 20.3% SUBLEASE SF 2.6M UNDER CONSTRUCTION 1.6M *Arrows indicate
More informationChicago s industrial market thrives during the second quarter.
Economic Overview CHICAGO INDUSTRIAL MARKET MONITOR SECOND QUARTER 2015 Chicago s industrial market thrives during the second quarter. Demand across the Chicago industrial market remains high sending absorption
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 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 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 informationKEY 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 informationGreater Phoenix Multifamily
MARKET REPORT / Greater Phoenix Multifamily Apartment Rents Remain on an Upswing Highlights > > Conditions in the Phoenix multifamily market strengthened during the third quarter. Vacancy tightened and
More informationFederal Spending: The Road to Recovery
MARKET REPORT NORTHERN VIRGINIA OFFICE First Quarter 2017 Federal Spending: The Road to Recovery As federal spending growth and the Northern Virginia economy generates new jobs, the office market continued
More informationEconomic Overview DENVER INDUSTRIAL/FLEX MARKET MONITOR FIRST QUARTER Denver s industrial flex market vibrant during the first quarter.
Economic Overview DENVER INDUSTRIAL/FLEX MARKET MONITOR FIRST QUARTER 2015 Denver s industrial flex market vibrant during the first quarter. The Denver industrial market has record high asking rental rates,
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 informationWAKE UNION PLACE WAKE FOREST, NORTH CAROLINA LAND FOR SALE ±65.43 ACRES SITE WAKE FOREST PRESBYTERIAN CHURCH. Smithfield s CHICKEN N BAR-B-Q
WAKE FOREST, NORTH CAROLINA LAND FOR SALE ±65.43 ACRES WAKE FOREST PRESBYTERIAN CHURCH SITE KEARNEY ROAD CAPITAL BOULEVARD WAKE FOREST CROSSING Smithfield s CHICKEN N BAR-B-Q MARKET OF WAKE FOREST DURHAM
More informationPharma leasing boosts market, net absorption soars
MARKETVIEW New Jersey Office, Q3 218 Pharma leasing boosts market, net absorption soars Leasing Activity 1.77 MSF Net Absorption Availability Rate 997,93 SF Average Asking Lease Rate 2.5% $26.34 PSF *Arrows
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 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 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 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 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 information>> 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 information2011 Baton Rouge Office Market Overview
2011 Baton Rouge Office Market Overview Presented by: Branon W. Pesnell, CCIM, SIOR Beau Box Commerical Gary Black Wampold Companies Jonann Stutzman JTS Management Drew Pearson, CCIM NAI Latter & Blum
More information>> 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 informationSuburban Boston Industrial MarketView
Suburban Boston Industrial MarketView CBRE Global Research and Consulting U.S. UNEMPLOYMENT 7.6% MA UNEMPLOYMENT 7.0% OCCUPIED SF 122.5M AVAILABILITY 19.7% SUBLEASE SF 2.6M UNDER CONSTRUCTION 170K *Arrows
More informationOrange County Multifamily
MARKET REPORT / Orange County Multifamily Employment Gains Driving Rental Demand, Low Vacancy Rates More than 2,600 units have come online to this point in, and nearly 5,000 apartments are currently under
More informationRents and Sales Prices on the Rise to Start 2018
Research & Forecast Report GREATER PHOENIX MULTIFAMILY 2 and Sales Prices on the Rise to Start 2 Key Takeaways > > The Greater Phoenix multifamily market got off to a hot start to 2. continues to retreat
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 informationI-540 & TRIANGLE TOWN BOULEVARD
1 540 TRIANGLE TOWN BOULEVARD I-540 & TRIANGLE TOWN BOULEVARD RALEIGH, NORTH CAROLINA LAND FOR SALE 23.97 ACRES 60.52 ACRES CONTENTS 02 EXECUTIVE SUMMARY 03 PROPERTY INFORMATION 11 LOCATION OVERVIEW 15
More informationThe Corcoran Report 3Q17 MANHATTAN
The Corcoran Report 3Q17 MANHATTAN Contents Third Quarter 2017 4/7 12/23 3 Overview 8 9 10 Market Wide 11 Luxury 24 4 Sales / Days on Market 5 Inventory / Months of Supply 6 7 Market Share Resale Co-ops
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 informationECONOMIC CURRENTS. Vol. 4, Issue 3. THE Introduction SOUTH FLORIDA ECONOMIC QUARTERLY
ECONOMIC CURRENTS THE Introduction SOUTH FLORIDA ECONOMIC QUARTERLY Vol. 4, Issue 3 Economic Currents provides an overview of the South Florida regional economy. The report presents current employment,
More informationTRANSWESTERN OUTLOOK DC AT Q1O8
TRANSWESTERN OUTLOOK DC AT Q1O8 Even With Soft Office Absorption, Vacancy Remains Low; Rents Continue to Edge Up The District of Columbia s office market experienced steady conditions during the 1st quarter
More informationLONG-TERM CONFIDENCE TRUMPS SLOWER DEMAND AS COMMERCIAL REAL ESTATE CONSTRUCTION RAMPS UP
For Immediate Release LONG-TERM CONFIDENCE TRUMPS SLOWER DEMAND AS COMMERCIAL REAL ESTATE CONSTRUCTION RAMPS UP First quarter office and industrial leasing activity slows while construction activity rises
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 informationBoston starts the year slowly, but has plenty in store
Boston Downtown Office, Q1 2017 Boston starts the year slowly, but has plenty in store Vacancy 8.6% Availability 13.9% Quarterly Absorption (67,890) SF Sublease 1.3% Under Construction 1.8 MSF Figure 1:
More informationINLAND EMPIRE REGIONAL INTELLIGENCE REPORT. School of Business. April 2018
INLAND EMPIRE REGIONAL INTELLIGENCE REPORT April 2018 Key economic indicators suggest that the Inland Empire s economy will continue to expand throughout the rest of 2018, building upon its recent growth.
More informationNational Presence. Local Focus
Metropolitan DC Market Overview 4Q 214 Overall Market Summary The Washington, DC Metropolitan commercial real estate market is comprised of approximately 41.9 million square feet of rentable office space
More informationMARKET INSIGHT LOUISVILLE, KENTUCKY MULTIFAMILY REPORT THIRD QUARTER 2017
CUSHMAN & WAKEFIELD COMMERCIAL KENTUCKY LOUISVILLE MULTIFAMILY RESEARCH MARKET INSIGHT MULTIFAMILY REPORT THIRD QUARTER 217 The Cushman & Wakefield Commercial Kentucky Multifamily Research Team provides
More informationCBRE Houston ViewPoint
CBRE Houston ViewPoint DOWNTOWN HOUSTON: THE NEW GATEWAY MARKET? by Sara R. Rutledge Director, Research and Analysis INTRODUCTION Investor interest from both domestic and foreign sources has revived in
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 informationThe Market Is Energized By Increased Development In Hollywood
OFFICE CENTRAL LOS ANGELES MARKET REPORT The Market Is Energized By Increased Development In Hollywood MARKET OVERVIEW MARKET INDICATORS - VACANCY 20.5% NET ABSORPTION 24,100 CONSTRUCTION 574,000 RENTAL
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 informationOFFICE MARKET ANALYSIS
OFFICE MARKET ANALYSIS KYLE BROWN RMLS Fellow, Master of Real Estate Development Candidate Amid some encouraging signs nationally, the Portland office market has maintained its stability, with the CBD
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 informationRESEARCH MARKET REPORT NORTHERN VIRGINIA OFFICE Q IN THIS ISSUE. State of the Economy. Leasing Activity. Development Pipeline.
RESEARCH MARKET REPORT NORTHERN VIRGINIA OFFICE IN THIS ISSUE State of the Economy p.2 Leasing Activity p.3 Development Pipeline p.4 Market Breakdown p.5 Northern Virginia in Recovery... For Now Recovery
More informationRents Spike, Brightening the Second-Half Outlook
Research & Forecast Report GREATER PHOENIX MULTIFAMILY Q2 217 Rents Spike, Brightening the Second-Half Outlook Key Takeaways > > The Greater Phoenix multifamily market recorded an active first half of
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 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 informationOrange 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 informationChicago CBD. 4.1% Chicago s unemployment rate continued to trend downward, standing at 4.1% as of May 2017.
Second Quarter 2017 Office Market Report Chicago CBD Market Facts 4.1% Chicago s unemployment rate continued to trend downward, standing at 4.1% as of May 2017. 34,400 jobs The Chicago metro area added
More informationFOURTH QUARTER 2013 MARIN COUNTY OFFICE SPACE
FOURTH QUARTER 2013 MARIN COUNTY OFFICE SPACE MARIN OFFICE SANTA ROSA OFFICE 1101 Fifth Avenue, Suite 230 San, CA 94901 2455 Bennett Valley Road, C200, Santa Rosa, CA 95404 Tel: 415.526.7676 Fax 415.526.7679
More informationGreater Los Angeles MARKETBEAT. Office Q Economy. Market Overview
LOS ANGELES COUNTY Economic Indicators Q2 16 Q2 17 Los Angeles Employment 4.38M 4.44M Los Angeles Unemployment 5.3% 4.4% U.S. Unemployment 4.9% 4.4% 12-Month Forecast Economy The job growth rate in Los
More informationWith Vacancy Low, Rents Pushing Higher
Research & Forecast Report GREATER PHOENIX MULTIFAMILY 3Q 2 With Low, Pushing Higher Key Takeaways > > The Greater Phoenix multifamily market strengthened somewhat during the third quarter, with vacancy
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 informationPicked Over. ALBUQUERQUE, NM Q Industrial. Research & Forecast Report. Key Takeaways. Market Indicators Relative to prior period
Research & Forecast Report ALBUQUERQUE, NM Q4 20 Industrial Picked Over Key Takeaways > > Owner user acquisitions strong > > Supply tightens > > New construction projects gaining more momentum The appetite
More 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 informationMARKET REPORT. Manhattan Office Sector Continues Recovery as Downtown Breaks Record MANHATTAN SNAPSHOT 4.2% 0.8PP 1.98MM SF MANHATTAN OFFICE
3Q 2014 OFFICE MANHATTAN OFFICE MARKET REPORT MANHATTAN Leasing ACTIVITY Availability RATE ABSORPTION 4.2% 0.8PP Asking RENTS 2.3% Note: Compared to 2Q 2014 Statistics 1.98MM SF Manhattan Office Sector
More information>> Deliveries Mute Demand While Rents Rise
Research & Forecast Report GREATER L.A. OFFICE Accelerating success. >> Deliveries Mute Demand While Rents Rise Key Takeaways > The Greater Los Angeles Basin office market posted positive demand of 1,018,100
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 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 informationNegative Absorption And Sharp Rise In Total Vacancy to Begin 2014
OFFICE TRI-CITIES MARKET REPORT Negative Absorption And Sharp Rise In Total to Begin 214 MARKET OVERVIEW MARKET INDICATORS - VACANCY 19.4% NET ABSORPTION -154,9 CONSTRUCTION 155, RENTAL RATE $2.63 P UNEMPLOYMENT
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 informationMonthly Market Update
Monthly Market Update December 2015 New York City Office Outlook February 2016 M A N H A T T A N Class A Asking Rents M A N H A T T A N Class A Vacancy Rates $100.00 Jan-14 Jan-15 Jan-16 20.0% Jan-14 Jan-15
More informationCranes are Lifting Skylines and Future Vacancy
MARKET REPORT NORTHERN VIRGINIA OFFICE Fourth Quarter 2016 Cranes are Lifting Skylines and Future Vacancy Northern Virginia continued to see increased demand in the fourth quarter, although 2016 numbers
More informationWashington, D.C. Quarterly Market Report. 2nd Quarter lpcwashingtondc.com
Washington, D.C. Quarterly Market Report Table of Contents Washington, D.C. Leasing & Market Research Metropolitan D.C. Market Overview...3 Washington, D.C. Quarterly Overview...5 Washington D.C. Top Sales...
More informationResearch. New product, high rents CLEVELAND 1Q16 INDUSTRIAL MARKET. Current Conditions
New product, high rents The Greater Cleveland industrial market absorbed 556,046 square feet in the first quarter of 2016, the 14th consecutive quarter of positive tenancy gains for the market. The positive
More informationThird Quarter 2011 Tri-Valley Office Flex
Third Quarter 011 Tri-Valley Office Flex PLEASANTON OFFICE 4305 Hacienda Drive, Suite 300 Pleasanton, CA 94588 Tel: 95.467.0900 Fax: 95.467.0911 www.ccareynkf.com TABLE OF CONTENTS Coverage Map 1 Market
More informationPostive Demand and Robust Leasing Fuels Tri-Cities Market
Q4 215 office tri-cities market report Postive Demand and Robust Leasing Fuels Tri-Cities Market Market overview MARKET indicators - Q4 215 VACANCY 14.4% NET ABSORPTION 127,7 CONSTRUCTION 167,8 RENTAL
More informationANALYSIS OF THE CENTRAL VIRGINIA AREA HOUSING MARKET 1st quarter 2013 By Lisa A. Sturtevant, PhD George Mason University Center for Regional Analysis
ANALYSIS OF THE CENTRAL VIRGINIA AREA HOUSING MARKET 1st quarter By Lisa A. Sturtevant, PhD George Mason University Center for Regional Analysis Economic Overview Key economic factors in the first quarter
More informationCentre ATLANTA PROPERTY TOUR
Parkway Acquisition Acquires of Courvoisier Centre ATLANTA PROPERTY TOUR April 204 April April 0, 2, 204 204 Disclaimer This presentation (the "Presentation") is provided for informational purposes and
More informationDirect Vacant (SF) Vacancy Rate (%) Grand Total ,816,898 4,632,760 4,123, % 245,399 66,997 66,997
1st Quarter 213 $25 Market Highlights With the impending move of Pinnacle leaving the market next quarter, the Memphis Office market was able to start the year on a positive note, posting nearly 67, SF
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 informationSouth Bay Experiences Slow and Steady Market Activity
OFFICE SOUTH BAY MARKET REPORT South Bay Experiences Slow and Steady Market Activity MARKET OVERVIEW MARKET INDICATORS - VACANCY 21.4% NET ABSORPTION -68,500 CONSTRUCTION 210,000 RENTAL RATE $2.08 FSG
More information>> Downtown LA Carries Momentum Into 2018
Research & Forecast Report DOWNTOWN L.A. OFFICE Accelerating success. >> Downtown LA Carries Momentum Into 218 Key Takeaways > Demand momentum carried over from last quarter into the new year, rising from
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 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 informationCycle Monitor Real Estate Market Cycles Third Quarter 2017 Analysis
Cycle Monitor Real Estate Market Cycles Third Quarter 2017 Analysis Real Estate Physical Market Cycle Analysis of Five Property Types in 54 Metropolitan Statistical Areas (MSAs). Income-producing real
More informationDENVER. Office Research Report. First Quarter Partnership. Performance.
DENVER Office Research Report First Quarter 2018 Denver Market Facts 61,614 Jobs added in the last 12 months ending in February, a 4.1% increase in employment. 3.1% Unemployment in Denver, lower than the
More informationRESEARCH VACANCY DOWN AS CBD PACES STEADY MARKET CLEVELAND 1Q18 OFFICE MARKET. Current Conditions. Market Analysis. Market Summary
VACANCY DOWN AS CBD PACES STEADY MARKET The Greater Cleveland office market started 2018 on solid footing, as a modest amount of net positive absorption during the first quarter resulted in a decrease
More informationSTRENGTHENING RENTER DEMAND
5 Rental Housing Rental housing markets experienced another strong year in 2012, with the number of renter households rising by over 1.1 million and marking a decade of unprecedented growth. New construction
More information