Industrial Outlook Baltimore/Washington. Q1 2013

Size: px
Start display at page:

Download "Industrial Outlook Baltimore/Washington. Q1 2013"

Transcription

1 Industrial Outlook Baltimore/Washington. Q Mixed start to 2013 across the region Baltimore industrial properties saw continued interest from tenants, most notably north of the city in Harford County, which translated into major occupancy gains in early The Northern Virginia and Suburban Maryland markets saw a drop in leasing and sales activity, partially attributable to reduced demand from the federal government and related contractors.

2 Suburban Maryland Baltimore Northern Virginia

3 Jones Lang LaSalle Industrial Outlook Baltimore/Washington Q Baltimore/Washington industrial overview Economy The unemployment rate remained stable at 5.2 percent in the Metro DC market where the local economy continued to grow. Total non-farm payrolls consistently grew year-over-year at approximately one percent. Compared to first quarter 2012, employment in industrial occupying sectors was down slightly: trade and transportation dipped.2 percent, construction dropped one percent and manufacturing declined by.9 percent. An improving housing market, however, helped to drive industrial demand. Baltimore saw payrolls rise by 2.1 percent year-over-year in the first quarter of 2013 with trade and transportation posting strong growth. The sector has added 6,200 jobs over the past year and has consistently grown since The unemployment rate ticked upwards from last year, finishing at 7.0 percent. Manufacturing has continued to shed jobs, dipping to an all time low and losing 6.4 percent over the past year. The construction sector jumped by 7,700 jobs making it the fastest growing segment of the Baltimore economy. Market conditions After a historically strong 2012, the Suburban Maryland market cooled in the first quarter of 2013 while vacancy edged upwards. Construction continued on several projects in Prince George s County. A handful of move-ins by bulk warehouse occupiers drove vacancy down 200 basis points over the last year for warehouse/distribution space in Central Prince George s to 13.7 percent. A lack of quality Class A warehouse space in Prince George s County has driven developers to move forward on new construction and tenants to seek build-to-suit opportunities. Vacancy for flex space remained stubbornly high for Suburban Maryland and near the cyclical peak reached in late Reduced demand from life sciences, especially in Montgomery County, along with GSA and contractors has hampered recovery for the flex market. The year started quietly for Northern Virginia but occupancy gains in the Dulles Corridor and Southeast Fairfax helped to drive healthy absorption. The largest move-in during the quarter occurred in Southeast Fairfax where the GSA took occupancy of a recently delivered 112,500- square-foot warehouse/distribution building. Demand for warehouse/distribution space continued to drive the market, accounting for 302,235 square feet of net absorption across Northern Virginia. While demand from home construction services should continue to aid growth for the industrial market, sequestration and the effects on direct government spending and the related contractor Trend spotlight A lack of construction activity in Northern Virginia has helped to generate tight market conditions, especially in the Dulles North submarket where the vacancy rate for warehouse & distribution space has fallen to near 10 percent. Sequestration and reduction in federal spending will likely weigh on the industrial market in the coming year due to reduced demand from the GSA and uncertainty in the federal government contractor community. The lack of large blocks of Class A distribution space across the Baltimore metro market has led developers to increasingly consider speculative construction in the Baltimore/Washington Corridor and Harford and Cecil County. Baltimore/Washington industrial market Supply Construction Vacancy Availability Demand Pricing Total stock (s.f.) Under construction (s.f.) Rate Trend Rate Trend Q net absorption YTD (s.f.) Average rental rate (nnn) Total industrial market 336,753, , % 15.6% 540,145 $7.08 Leased industrial market 258,122, , % 18.6% 557,425 $7.51 Leased warehouse/distribution 177,546, , % 18.3% 678,845 $5.68 Leased flex 80,575, , % 19.3% -121,420 $10.89

4 Jones Lang LaSalle Industrial Outlook Baltimore/Washington Q Baltimore/Washington industrial overview, cont. community may hamper growth in the upcoming year. A lack of new construction in the pipeline, however, should help to keep market dynamics relatively balanced in the face of reduced demand. Baltimore/Washington property clock Positive momentum carried over from the fourth quarter into the new year for Baltimore with the warehouse/distribution market posting major net absorption in Harford County. Kenco s lease of 692,000 square feet of new construction at 521 Chelsea Road in the Mid-Atlantic Distribution Center drove a majority of the occupancy gains during the quarter. The largest lease transaction of the quarter closed in Harford County as well where Pier One Imports increased their presence in the market by 350,000 square feet at 400 Old Post Road. Due to the strong activity, additional construction may break ground during the course of the year on another speculative 650,000- square-foot building at the Mid-Atlantic Distribution Center. To the south of downtown Baltimore in the Baltimore/Washington Corridor, the quarter started softly but move-ins in the coming months will drive vacancy downwards as the market continues to tighten. Activity over the past years has left few large blocks of Class A warehouse/distribution space and developers have taken note. In Hanover on New Ridge Road, Liberty Property Trust purchased 18.6 acres and plans to break ground on 250,000 square feet of speculative construction. Outlook A limited construction pipeline from Baltimore to Northern Virginia should help to keep tenantlandlord dynamics stable overall in the near term and allow appreciation in asking rental rates. While cutbacks in federal spending pose a challenge to the region, particularly in Northern Virginia, a slow economic recovery should continue to drive occupancy gains for industrial space. Availabilities for large blocks of Class A distribution/warehouse space remain notably limited, especially in the Baltimore/Washington Corridor and Harford and Cecil County in Baltimore, which will continue to drive interest from institutional investors and has led some tenants to look towards build-to-suit opportunities. Rightsizing by government users, especially in the Northern Virginia for data centers, may pose challenges for the industrial market and will likely lead to flat conditions in Landlord leverage Dulles North Herndon-Reston Prince William West Dulles South, I-95 North, Baltimore/Washington Corridor Montgomery County Central Prince George s County Peaking market Rising market Falling market Bottoming market I-83 Corridor, Baltimore West, Baltimore County/City East Prince William East Frederick County Southeast Fairfax Arlington/Alexandria Northern Prince George s County, Baltimore Southeast Tenant leverage

5 Jones Lang LaSalle Industrial Outlook Baltimore/Washington Q Baltimore/Washington industrial overview, cont. Average rental rate (triple net) YTD net absorption $12.00 $10.00 Baltimore $8.00 $6.00 Northern Virginia $4.00 $2.00 Suburban Maryland $0.00 Northern Virginia Suburban Maryland Baltimore -400, , , , ,000 Pricing trends Demand trends Prices for warehouse space in the Dulles Corridor have rebounded from cyclical lows reached in 2010 and have posted consistent growth. For Dulles North, the asking average rate grew 3.3 percent year-over-year to $7.80 per square foot. Asking rates in Montgomery County for flex space dipped nearly seven percent compared to the beginning of 2012 to $14.00 per square foot. The warehouse/distribution market in the overall Baltimore region saw modest rental growth at 1.1 percent. For competitive Class A warehouse/distribution space in Baltimore, however, asking rental rates jumped nearly four percent to $5.24 per square foot. Even though vacancy has dropped sharply in Harford and Cecil County, rental rates have only appreciated at approximately one percent. Sequestration and reduced demand from the GSA and government contractors has weighed on demand for flex space especially across the Baltimore/Washington region. Only eight spaces above 250,000 square feet remained on the market with all of those in the Baltimore area. Tenants may begin to look more closely at markets such as Hagerstown as options closer to I-95 dwindle. Net absorption turned negative in Suburban Maryland at the beginning of the year. At 3636 Pennsy Drive, occupancy dropped by 122,672 square feet due to a space reduction by a tenant in the building.

6 Jones Lang LaSalle Industrial Outlook Baltimore/Washington Q Baltimore/Washington leased industrial market [excluding owner occupied facilities] Methodology The leased industrial sector excludes owner occupied product from the market s data set, and provides a rental equivalent perspective for industrial buildings that are leased by tenants. Buildings can move into and out of this data set based upon being purchased or sold by a particular user. Recent lease transactions Tenant name Location Submarket Deal type Size (s.f.) Pier One US Lumber Company Uni-Select USA Collins Brothers Moving 400 Old Post Road 504 Advantage Way 8420 Westphalia Road I-95 North/Harford County I-95 North/Harford County Central Prince George s County New 350,000 New 114,608 New 77, Global Plaza Dulles North New 44,437 GSA 6500 Sheriff Road Central Prince George s County New 43,846 Sector trends Baltimore recorded nearly 600,000 square feet of positive net absorption in the beginning of 2013, compared to just 288,276 square feet of net absorption in the first quarter of The warehouse/distribution market continues to comprise the bulk of occupancy gains. Fundamentals turned negative in Suburban Maryland as vacancy edged upwards 50 basis point to 15.7 percent. Both flex and warehouse/distribution space experienced weakness during the quarter. Construction activity has dropped since 2012, especially in Northern Virginia. After the Baltimore/Washington region saw nearly 1.4 million square feet of new product come to the market last year, only 702,875 square feet remains in the pipeline. The Dulles Corridor continued to be the major driver in Northern Virginia, accounting for 140,000 square feet of net absorption during the first quarter. The submarket has accordingly seen rental rates rise over three percent year-to-year. Total leased industrial market (excluding owner occupied facilities) Direct Total Q net Pricing Supply total Vacancy Vacancy absorption YTD Average rental stock (s.f.) rate Rate (s.f.) rate (nnn) Total leased industrial market 258,122, % 13.8% 557,425 $7.51 Warehouse/distribution 177,546, % 13.0% 678,845 $5.68 Flex 80,575, % 15.6% -121,420 $10.89

7 Jones Lang LaSalle Industrial Outlook Baltimore/Washington Q Baltimore/Washington industrial capital markets overview After a jump in investment sales at the close of 2012, which helped push activity on the year to near 2007 levels, only a handful of transaction closed in the first quarter of In Baltimore, transaction volume totaled just $33.4 million compared to over $130 million at the beginning of Two owner/user sales closed in the Baltimore/Washington Corridor and in Baltimore County East, Principal Real Estate Advisors purchased Franklin Square Drive. The distribution building was fully vacant at the time of sale and traded for $43 per square foot. In the I-395 Corridor in the inner suburbs of Northern Virginia, several owner/user sales closed during the year amounting to $14 million of transaction volume. Investors continue to show strong interest but activity from last year left few buildings on the market for sale. Baltimore/Washington select sales White Marsh Franklin Square Drive RBA 392,500 s.f. Buyer Principal Real Estate Advisors Seller White Marsh Distribution LLC Price (p.s.f.) $43 Date sold January 2013 Transaction volume ($mil.) and average cap rate $1,800 $1,600 $1,400 10% 8% Jessup 7825 Rappahanock Avenue RBA 120,000 s.f. Buyer Pete Pappas & Son Seller Guest Services Price (p.s.f.) $44 Date sold January 2013 $1,200 $1,000 $800 $600 Northern Virginia Suburban Maryland Baltimore Regional Cap Rate 6% 4% Chantilly Pleasant Valley Road RBA Buyer 39,125 s.f. United Granite of Virginia $400 $200 2% Seller Dulles South Partners LLC Price (p.s.f.) $66 Date sold February 2013 $ YTD %

8 About Jones Lang LaSalle Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2010 global revenue of more than $2.9 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.8 billion square feet worldwide. LaSalle Investment Management, the company s investment management business, is one of the world s largest and most diverse in real estate with $47.9 billion of assets under management. For further information, please visit our website, Jones Lang LaSalle Research Jones Lang LaSalle s research team delivers intelligence, analysis, and insight through market-leading reports and services that illuminate today s commercial real estate dynamics and identify tomorrow s challenges and opportunities. Our 300 professional researchers track and analyze economic and property trends and forecast future conditions in over 60 countries, producing unrivalled local and global perspectives. Our research and expertise, fueled by real-time information and innovative thinking around the world, creates a competitive advantage for our clients and drives successful strategies and optimal real estate decisions. Jones Lang LaSalle 1801 K Street NW Jones Lang LaSalle 1850 Towers Crescent Plaza Jones Lang LaSalle 6903 Rockledge Drive Jones Lang LaSalle 7 St. Paul Street Suite 1000 Washington, DC Suite 300 Vienna, VA Suite 800 Bethesda, MD Suite 1650 Baltimore, MD tel fax tel fax tel fax tel: fax: Jones Lang LaSalle IP, Inc. All rights reserved. No part of this publication may be reproduced by any means, whether graphically, electronically, mechanically or otherwise howsoever, including without limitation photocopying and recording on magnetic tape, or included in any information store and/or retrieval system without prior written permission of Jones Lang LaSalle. The information contained in this document has been compiled from sources believed to be reliable. Jones Lang LaSalle or any of their affiliates accept no liability or responsibility for the accuracy or completeness of the information contained herein and no reliance should be placed on the information contained in this document.

Life Sciences Outlook United Kingdom. 2012

Life Sciences Outlook United Kingdom. 2012 Life Sciences United Kingdom. 202 United Kingdom clusters driving scientific innovation Cambridge A leading cluster rooted around the namesake university South East of England A mature cluster with proximity

More information

Life Sciences Outlook. Philadelphia 2015

Life Sciences Outlook. Philadelphia 2015 Life Sciences Outlook Philadelphia 2015 Philadelphia Booming eds & meds, big pharma, more startups: Philadelphia s market fundamentals are strong, thanks to a diverse ecosystem of established pharma firms

More information

4Q 15. Industrial Market Report

4Q 15. Industrial Market Report 4Q 15 Industrial Market Report ST. LOUIS, MO The Market Multiple indicators point towards 2016 as a year of continued construction for the St. Louis Industrial Market. The 2.3 million square feet of new

More information

Life Sciences Outlook. Boston 2015

Life Sciences Outlook. Boston 2015 Life Sciences Outlook Boston 2015 Greater Boston Greater Boston possesses the largest concentration of life science researchers in the United States and has over 3.75 million square feet of requirements.

More information

Minneapolis/St. Paul Office MarketView

Minneapolis/St. Paul Office MarketView Minneapolis/St. Paul Office MarketView Q2 2014 CBRE Global Research and Consulting BIG 2ND QUARTER HAS VACANCY RATE TRENDING DOWNWARD Quick Stats GDP GROWTH MN EXPORTS MN UNEMPLOYMENT CONSUMER SPENDING

More information

Year End. Industrial Report. Northern Virginia

Year End. Industrial Report. Northern Virginia Year End Industrial Report Northern Virginia Market Overview Industrial / Flex Market Overview Northern Viginia s flex and industrial market consists of three major markets: the Dulles Corridor, I-95 Corridor,

More information

VOIT REPORTS POSITIVE ABSORPTION FOR OFFICE AND LOW INDUSTRIAL VACANCY IN ORANGE COUNTY Q1 MARKET REPORTS

VOIT REPORTS POSITIVE ABSORPTION FOR OFFICE AND LOW INDUSTRIAL VACANCY IN ORANGE COUNTY Q1 MARKET REPORTS Contact: Jerry Holdner Voit Real Estate Services (949) 263-5371 Jholdner@voitco.com VOIT REPORTS POSITIVE ABSORPTION FOR OFFICE AND LOW INDUSTRIAL VACANCY IN ORANGE COUNTY Q1 MARKET REPORTS Orange County,

More information

Vacancy Down, Rental Rates Up

Vacancy Down, Rental Rates Up Research & Forecast Report ST. LOUIS OFFICE First Quarter 2016 Vacancy Down, Rental Rates Up Business as usual for the St. Louis office market during first quarter 2016. Suburban office continues to drive

More information

Life Sciences Outlook. San Diego 2015

Life Sciences Outlook. San Diego 2015 Life Sciences Outlook San Diego 2015 San Diego San Diego saw $43.8 billion in M&A transactions from 2011 through 2014. Large pharmaceutical companies are purchasing biotech firms to fill their R&D pipelines,

More information

The Little Train That Could

The Little Train That Could Research & Forecast Report RENO OFFICE Q3 2015 The Little Train That Could > > Rents continued to move higher as rates over $2.00 per square foot are becoming more common in the Class A buildings in the

More information

Industrial Outlook. Large investor appetite coupled with strengthening market fundamentals shows promise for year ahead. Miami-Dade Q1 2014

Industrial Outlook. Large investor appetite coupled with strengthening market fundamentals shows promise for year ahead. Miami-Dade Q1 2014 Industrial Outlook Miami-Dade Q1 2014 Large investor appetite coupled with strengthening market fundamentals shows promise for year ahead Heightened investor interest has lead to increased competition

More information

Leasing activity drives new construction in Milwaukee

Leasing activity drives new construction in Milwaukee MARKETVIEW Milwaukee Office, Q3 2015 Leasing activity drives new construction in Milwaukee Vacancy Rate 15.5% Lease Rate $22.29 PSF Net Absorption 108,597 SF Under Construction 563,717 SF *Arrows indicate

More information

NAI Houston Office Report First Quarter 2012

NAI Houston Office Report First Quarter 2012 NAI Houston Office Report First Quarter 2012 Houston: Office Report CITYWIDE OFFICE LEASING STATISTICS: ABSORPTION: Measure of Demand in Square Footage for Office Space Total net absorption for 2012 YTD

More information

OFFICE MARKET ANALYSIS SUBURBAN CHICAGO. According to Costar Property, the Suburban Chicago office market is distributed as follows:

OFFICE MARKET ANALYSIS SUBURBAN CHICAGO. According to Costar Property, the Suburban Chicago office market is distributed as follows: OFFICE MARKET ANALYSIS SUBURBAN CHICAGO Market Composition & Distribution According to Costar Property, the Suburban Chicago office market is distributed as follows: Office Submarket Cluster Distribution

More information

Sublease Space Thwarts a Good Quarter

Sublease Space Thwarts a Good Quarter Research & Forecast Report RENO INDUSTRIAL Q3 Sublease Space Thwarts a Good Quarter > > Overall vacancy rate rose to 10.95% (without sublease space 8.16%) > > New construction completions totaled 626,000

More information

Vacancy Rate Increases Above 20% As Space Givebacks Continue

Vacancy Rate Increases Above 20% As Space Givebacks Continue OFFICE LOS ANGELES MARKET REPORT Rate Increases Above 20% As Space Givebacks Continue MARKET OVERVIEW MARKET INDICATORS - VACANCY 20.1% NET ABSORPTION -137,400 CONSTRUCTION 508,200 RENTAL RATE $34.56 P

More information

Commercial Real Estate Vacancy Overview

Commercial Real Estate Vacancy Overview Commercial Real Estate Vacancy Overview RETAIL 4.63% 5.31% increase SUBURBAN OFFICE 18.2% 4.15% increase CBD OFFICE 12.75% 4.86% decrease INDUSTRIAL 5.69% 2.91% increase YEAREND 215 The Lexington commercial

More information

DEUTSCHE ASSET & WEALTH MANAGEMENT REAL ESTATE OUTLOOK

DEUTSCHE ASSET & WEALTH MANAGEMENT REAL ESTATE OUTLOOK Research Report DEUTSCHE ASSET & WEALTH MANAGEMENT REAL ESTATE OUTLOOK Second Quarter 2013 Economic Outlook Business and consumer spending to drive recovery Quantitative easing beginning its expected unwinding

More information

Outlook for Australian Property Markets 2010-2012. Perth

Outlook for Australian Property Markets 2010-2012. Perth Outlook for Australian Property Markets 2010-2012 Perth Outlook for Australian Property Markets 2010-2012 Perth residential Population growth expected to remain at above average levels through to 2012

More information

Investment Outlook. Creative build-out brings additional returns to aging industrial assets and potentially for new product. Los Angeles Fall 2015

Investment Outlook. Creative build-out brings additional returns to aging industrial assets and potentially for new product. Los Angeles Fall 2015 Investment Outlook Creative build-out brings additional returns to aging industrial assets and potentially for new product Los Angeles Fall 2015 2 Industrial Creative July 2015 By utilizing the intrinsic

More information

Sales Velocity Surges as Rents Push Higher

Sales Velocity Surges as Rents Push Higher Research & Forecast Report GREATER PHOENIX MULTIFAMILY 2 Sales Velocity Surges as Push Higher Key Takeaways > > The Greater Phoenix multifamily market continued to improve in the fourth quarter, capping

More information

Multifamily Market Strengthens as Employers Add Workers

Multifamily Market Strengthens as Employers Add Workers Research & Forecast Report TUCSON METRO AREA MULTIFAMILY 2 Multifamily Market Strengthens as Employers Add Workers Key Takeaways > > Employment growth in Tucson closed 2 on an upswing. Approximately 5,6

More information

Current Issues Note 27 Central London office market through the recession By Yeukai Muchenje and Nick Ennis

Current Issues Note 27 Central London office market through the recession By Yeukai Muchenje and Nick Ennis Current Issues Note 27 By Yeukai Muchenje and Nick Ennis copyright Greater London Authority November 2010 Published by Greater London Authority City Hall The Queen s Walk London SE1 2AA www.london.gov.uk

More information

Renewals Dominate Downtown Los Angeles Activity as Vacancy Decreases

Renewals Dominate Downtown Los Angeles Activity as Vacancy Decreases office downtown LOS ANGELES market report Renewals Dominate Downtown Los Angeles Activity as Decreases Market overview MARKET indicators - VACANCY 18.1% NET ABSORPTION 68,400 CONSTRUCTION 1,042,900 RENTAL

More information

Real Estate Trends. in the Sacramento Region. Key Points

Real Estate Trends. in the Sacramento Region. Key Points Real Estate Trends The opening of Golden 1 Center in the fall of 2016 will certainly be one of the most significant events in recent Sacramento history. Golden 1 Center Downtown Sacramento photo credit:

More information

Houston Medical Office Market Slowly Recovering

Houston Medical Office Market Slowly Recovering Q4 2011 COLLIERS HEALTHCARE SERVICES GROUP - Houston Texas HEALTHCARE MARKET COMMENTARY Houston Medical Office Market Slowly Recovering Houston Houston s medical office market closed 4Q 2011 with encouraging

More information

Regional Markets for Office and Industrial Space

Regional Markets for Office and Industrial Space Regional Markets for Office and Industrial Space FEELING PAIN: REGIONAL MARKETS FOR OFFICE AND INDUSTRIAL SPACE I ve never seen anything like this in 36 years. Sharon Ryals-Taylor, Thalhimer Commercial

More information

Q3 2014. Dubai Real Estate Market Overview

Q3 2014. Dubai Real Estate Market Overview Q3 2014 Dubai Real Estate Market Overview Dubai Market Summary The Dubai real estate market saw a welcome levelling-off during the summer months. The broad based recovery witnessed in the residential sector

More information

Milwaukee, WI 4th Quarter 2014 OFFICE. Market Trends COMMERCIAL REAL ESTATE INFORMATION. In partnership with

Milwaukee, WI 4th Quarter 2014 OFFICE. Market Trends COMMERCIAL REAL ESTATE INFORMATION. In partnership with Milwaukee, WI 4th Quarter 2014 OFFICE Market Trends COMMERCIAL REAL ESTATE INFORMATION In partnership with Table of Contents/Methodology of Tracked Set Table of Contents/Methodology of Tracked Set 2 Milwaukee

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

Q2 2015. Dubai Real Estate Market Overview

Q2 2015. Dubai Real Estate Market Overview Q2 2015 Dubai Real Estate Market Overview Dubai Market Summary Dubai s real estate market saw little change in the second quarter, with the slowdown in performance across all asset classes continuing,

More information

Central Los Angeles Leasing Activity Surges Despite Negative Absorption

Central Los Angeles Leasing Activity Surges Despite Negative Absorption office CENTRAL LOS ANGELES market report Central Los Angeles Leasing Activity Surges Despite Negative Absorption Market overview MARKET indicators - VACANCY 19.8% NET ABSORPTION -112,300 CONSTRUCTION 1,242,600

More information

New York City Office Market Report, First Quarter 2013

New York City Office Market Report, First Quarter 2013 New York City Office Market Report, First Quarter 213 Q1-213 New York City Office Market Report, First Quarter 213 OFFICE MARKET # BLDGS. TOTAL RBA DIRECT SUBLET TOTAL TOTAL AVERAGE UNDER (SF) AVAILABLE

More information

INDUSTRIAL QUICK STATS SUMMARY & OUTLOOK MARKET TRENDS VACANCY & NET ABSORPTION ECONOMIC STATS

INDUSTRIAL QUICK STATS SUMMARY & OUTLOOK MARKET TRENDS VACANCY & NET ABSORPTION ECONOMIC STATS ORANGE COUNTY INDUSTRIAL SECOND QUARTER 216 QUICK STATS Direct Vacancy 2.6% Overall Vacancy 2.7% Lease Rate NNN $.82 Gross Absorption Under Construction MARKET TRENDS Current Quarter 3,969,645 SF 41,668

More information

Despite Continued Spec Development, Demand Pushes Vacancy Down

Despite Continued Spec Development, Demand Pushes Vacancy Down Research & Forecast Report CHICAGO BIG BOX Fourth Quarter 15 Despite Continued Spec Development, Demand Pushes Vacancy Down Craig Hurvitz Vice President Chicago Vacancy And Supply Four big box developments

More information

OHIO RESEARCH RECOVERY STILL PROGRESSING. Brian T. Graham, CCIM Valuation & Advisory Services Director of Research Ohio brian.graham@colliers.

OHIO RESEARCH RECOVERY STILL PROGRESSING. Brian T. Graham, CCIM Valuation & Advisory Services Director of Research Ohio brian.graham@colliers. Q2 2013 OVERALL OHIO RESEARCH RECOVERY STILL PROGRESSING EXECUTIVE SUMMARY The second quarter in Ohio kept a steady pace, as most markets and specialties saw good demand, positive absorption and a healthy

More information

Global Growth Strategy

Global Growth Strategy Global Growth Strategy Jones Lang LaSalle Global strategy for renewed growth G1 Build our leading local and regional market positions G2 G3 G4 Grow our leading positions in Corporate Solutions Capture

More information

Life Sciences Outlook. New Jersey 2015

Life Sciences Outlook. New Jersey 2015 Life Sciences Outlook New Jersey 2015 New Jersey M&A activity in New Jersey has led to the consolidation of surplus real estate holdings and diminished head counts. However, midsized companies are helping

More information

Market Commentary Canberra Office

Market Commentary Canberra Office Market Commentary Canberra Office November 2015 Executive Summary A further strengthening in the Canberra office market has been recorded over 3Q15 with a total of 9,300 sqm of positive net absorption.

More information

Domain House Price Report June Quarter 2015

Domain House Price Report June Quarter 2015 Domain House Price Report June Quarter 2015 Dr Andrew Wilson Senior Economist for the Domain Group Key findings Sydney market reports remarkable growth over June quarter to reach median house price of

More information

Oklahoma City Industrial Market Leasing. OKC Industrial Market Information by Submarkets, Classes and Sizes

Oklahoma City Industrial Market Leasing. OKC Industrial Market Information by Submarkets, Classes and Sizes 03Executive Summary 04 04 04 05 06 08 09 10 11 13 National Economy Local Economy Oklahoma City Industrial Market Leasing Net Absorption and Inventory Rental Rates and Vacancy Rates OKC Industrial Market

More information

GREATER COLUMBUS OFFICE MARKET OVERVIEW. Current Market Trends

GREATER COLUMBUS OFFICE MARKET OVERVIEW. Current Market Trends GREATER COLUMBUS OFFICE MARKET OVERVIEW Current Market Trends Over the past 12 months, overall market conditions have continued to improve. Vacancy declined, absorption remains positive and rental rates

More information

Third Quarter Multi-Family Market Report 2014

Third Quarter Multi-Family Market Report 2014 Third Quarter Multi-Family Market Report 2014 National Economy The national economy is improving as it continues to the fourth quarter of the year, mainly driven by the sales of motor vehicle, business

More information

Suburban Boston Office MarketView

Suburban Boston Office MarketView Suburban Boston Office MarketView CBRE Global Research and Consulting U.S. UNEMPLOYMENT 7.3% MA UNEMPLOYMENT 7.2% OCCUPIED SF 93.3M AVAILABILITY 20.5% SUBLEASE SF 2.9M UNDER CONSTRUCTION 1.1M *Arrows indicate

More information

National Property Type Cycle Locations. Hotel Full-Service Hotel Ltd. Service Retail 1st Tier Regional Mall. Retail Neighborhood/Community

National Property Type Cycle Locations. Hotel Full-Service Hotel Ltd. Service Retail 1st Tier Regional Mall. Retail Neighborhood/Community Cycle Monitor Real Estate Market Cycles Fourth Quarter 0 Analysis February 0 Physical Market Cycle Analysis of All Five Major Property Types in More Than 0 MSAs. U.S. GDP growth of.% was more than double

More information

First Quarter Industrial Market Report 2014

First Quarter Industrial Market Report 2014 First Quarter Industrial Market Report 2014 Leasing Activities Highlights: Total Net Absorption 288,886 SF Total Inventory 107,654,999 SF Overall Rental Rate $4.55/SF/YR Total Vacancy Rate 6.20% Under

More information

REAL ESTATE MARKETING UPDATE

REAL ESTATE MARKETING UPDATE From the Desk of Renee Carnes-Rook Vice President, Real Estate Services In the midst of unprecedented economic and market pressures, tight credit markets, difficult-to-obtain loans, and a cloudy employment

More information

MARKET WATCH. Market Highlights Office Total Inventory 358,692,803 Total Vacancy Rate 14.4% Select Sitar Transactions 2Q 2014. Economic Indicators

MARKET WATCH. Market Highlights Office Total Inventory 358,692,803 Total Vacancy Rate 14.4% Select Sitar Transactions 2Q 2014. Economic Indicators MARKET WATCH Second Quarter 2014 Market Highlights Office Total Inventory 358,692,803 Total Vacancy Rate 14.4% Average Rate $23.66 PSF YTD Net Absorption 1,491,218 SF Industrial Total Inventory 800,823,825

More information

Q3 2014. Cairo Real Estate Market Overview

Q3 2014. Cairo Real Estate Market Overview Cairo Real Estate Market Overview Cairo Market Summary The third quarter of 2014 saw further political stability as the regime proceeded with implementing its roadmap. Following the reduction of energy

More information

National Property Type Cycle Locations. Industrial R&D Flex Retail Factory Outlet. 4th Qtr 2015. Source: Mueller, 2016

National Property Type Cycle Locations. Industrial R&D Flex Retail Factory Outlet. 4th Qtr 2015. Source: Mueller, 2016 Cycle Monitor Real Estate Market Cycles Fourth Quarter 0 Analysis February 0 Physical Market Cycle Analysis of All Five Major Property Types in More Than 0 MSAs. Gross Domestic Product (GDP) continued

More information

Houston s Class A Medical Office Rental Rate Increases by 7.4% in First Half of 2012

Houston s Class A Medical Office Rental Rate Increases by 7.4% in First Half of 2012 MIDYEAR 2012 MEDICAL OFFICE COLLIERS HEALTHCARE SERVICES GROUP - Houston Texas HEALTHCARE MARKET COMMENTARY Houston Houston s Class A Medical Office Rental Rate Increases by 7.4% in First Half of 2012

More information

European office market recovery continues but at varying speeds

European office market recovery continues but at varying speeds The Jones Lang LaSalle Office Property Clock Q2 2013 European office market recovery continues but at varying speeds European Prime Office Rental Index continues upward trend Aggregate European leasing

More information

Tenure by Household Size - 2009

Tenure by Household Size - 2009 NEIGHBORHOOD APARTMENT MARKET ANALYSIS CITY OF CHICAGO Market Composition & Distribution The neighborhood apartment market consists of a range of properties developed from the early 1900s to more modern,

More information

Global Real Estate Outlook

Global Real Estate Outlook Global Real Estate Outlook August 2014 The Hierarchy of Economic Performance, 2014-2015 China Indonesia India Poland South Korea Turkey Australia Mexico United Kingdom Sweden United States Canada South

More information

Medical office buildings top investors' wish lists

Medical office buildings top investors' wish lists Medical office buildings top investors' wish lists $5.3B in MOB sales closed in 2013, one of the top years historically but down 10% from peak volume in 2012. Non-listed REITs and private equity capital

More information

Sofia City Report H2 2014

Sofia City Report H2 2014 Sofia City Report H2 2014 BG H2 Sofia City Report H2 2014 Economy/Investment Economy During the third quarter of 2014, GDP contracted by 0.4%, causing a modest growth of 1.5% for the entire year, expressing

More information

Investment Property Offering

Investment Property Offering Investment Property Offering The Slope Apartments Stable market area with strong population and employment growth Value add opportunity with loss to lease below market rents Strong market demand with easy

More information

New York City Office Market Report, Second Quarter 2013

New York City Office Market Report, Second Quarter 2013 New York City Office Market Report, Second Quarter 2013 2013 NAI Global The contents of this report are intended for the individuals to whom it is presented or delivered and their company associates. Any

More information

Warsaw Office MarketView

Warsaw Office MarketView Warsaw Office MarketView H1 213 CBRE Global Research and Consulting OFFICE STOCK 4. M SQ M OFFICE VACANCY 1.5% OFFICE TAKE-UP 334, SQ M COMPLETION 152, SQ M UNDER CONSTRUCTION 7.8% Y-O-Y GENERAL OVERVIEW

More information

Midwest Region. Chicago Cincinnati Cleveland Columbus Detroit Indianapolis Kansas City Milwaukee Minneapolis Omaha St.

Midwest Region. Chicago Cincinnati Cleveland Columbus Detroit Indianapolis Kansas City Milwaukee Minneapolis Omaha St. Midwest Region Chicago Cincinnati Cleveland Columbus Detroit Indianapolis Kansas City Milwaukee Minneapolis Omaha St. Louis Toledo MidwestMarketSnapshot Trusted Advice. Proven Performance. CBRE/Torto Wheaton

More information

EFFECTIVE RENT REPORT

EFFECTIVE RENT REPORT EFFECTIVE RENT REPORT MANHATTAN OFFICE SNAPSHOT Q3 2014 COMPSTAK.COM INFO@COMPSTAK.COM +1.646.926.6707 36 Cooper Sq, 6th Fl, NY, NY 10003 Overview Effective Rent Indicator: Midtown $60.10 Midtown South

More information

Net absorption was negative 67,299 square feet this quarter, marking a second consecutive quarter of negative net absorption.

Net absorption was negative 67,299 square feet this quarter, marking a second consecutive quarter of negative net absorption. NAI Earle MEMBER Furman, NAME LLC Office Report First Second Quarter Quarter 20072009 Upstate Market TRENDS: STATISTICS: Vacancy Rate Net Absorption Number of Buildings...3,288 Market Size (SF)...31,367,198

More information

Conditions of the Chicago Real Estate Market

Conditions of the Chicago Real Estate Market Conditions of the Chicago Real Estate Market Downtown Office Market 2015 March 12, 2015 presented by: David J. Gelfand Executive Vice President Colliers International david.gelfand@colliers.com Square

More information

Q3 2015. Cairo Real Estate Market Overview

Q3 2015. Cairo Real Estate Market Overview Cairo Real Estate Market Overview Cairo Market Summary All sectors of the Cairo real estate market exhibited positive performance and improved sentiment during, with the office market signaling the most

More information

UK Prime Rents and Yields MarketView

UK Prime Rents and Yields MarketView Q 2 Q1 2 Q1 2 Q 2 Q2 2 Q1 2 Q 2 Q 2 Q2 2 Q 2 Q2 211 Q 212 UK Prime Rents and Yields MarketView CBRE Global Research and Consulting RENTS - RISERS 2 YIELDS - FALLERS RENTS - FALLERS YIELDS - RISERS ACCELERATING

More information

Milwaukee, WI 1st Quarter 2015 OFFICE. Market Trends COMMERCIAL REAL ESTATE INFORMATION. In partnership with

Milwaukee, WI 1st Quarter 2015 OFFICE. Market Trends COMMERCIAL REAL ESTATE INFORMATION. In partnership with Milwaukee, WI 1st Quarter 2015 OFFICE Market Trends COMMERCIAL REAL ESTATE INFORMATION In partnership with Table of Contents/Methodology of Tracked Set Table of Contents/Methodology of Tracked Set 2 Milwaukee

More information

Midtown South Manhattan Office MarketView

Midtown South Manhattan Office MarketView Midtown South Manhattan Office MarketView CBRE Global Research and Consulting LEASING ACTIVITY 1.1 MSF NYC UNEMPLOYMENT RATE (DEC. 1) 7.5% NYC OFFICE EMPLOYMENT (DEC. 1) 1,6, U.S. GDP CHANGE (Q 1) 4.1%

More information

San Diego Retail MarketView

San Diego Retail MarketView San Diego Retail MarketView Global Research and Consulting VACANCY RATE 6. NET ABSORPTION 4, Sq. Ft. CONSTRUCTION 441, Sq. Ft. LEASE RATE $1.78 NNN UNEMPLOYMENT 5. *Arrows indicate change from previous

More information

Toronto Office MarketView Q3 2014

Toronto Office MarketView Q3 2014 Toronto Office MarketView Q3 2014 CBRE Global Research and Consulting VACANCY RATE 9.2% NET ASKING RENTAL RATE $17.59 per sq. ft. NET ABSORPTION 712,563 sq. ft. The arrows are Q-o-Q trend indicators and

More information

PREDICTING LONG-TERM TRENDS & MARKET CYCLES IN COMMERCIAL REAL ESTATE

PREDICTING LONG-TERM TRENDS & MARKET CYCLES IN COMMERCIAL REAL ESTATE PREDICTING LONG-TERM TRENDS & MARKET CYCLES IN COMMERCIAL REAL ESTATE by Glenn R. Mueller Working Paper #388 10/24/01 Land, together with labor and capital, is one of the three major factors of production.

More information

State of Atlanta Office Market September 24, 2015

State of Atlanta Office Market September 24, 2015 State of Atlanta Office Market September 24, 2015 I. Economic Drivers for Office Market Atlanta Why? Metro Atlanta has the lowest relative cost of doing business among the nation s 10 largest metro areas

More information

State College, Pennsylvania

State College, Pennsylvania C O M P R E H E N S I V E H O U S I N G M A R K E T A N A L Y S I S State College, Pennsylvania U.S. Department of Housing and Urban Development Office of Policy Development and Research As of June 1,

More information

>> Market Sees Rising Rents Amid Steady Demand

>> Market Sees Rising Rents Amid Steady Demand Research & Forecast Report GREATER L.A. OFFICE Q1 216 Accelerating success. >> Market Sees Rising Rents Amid Steady Demand Key Takeaways > The Greater Los Angeles Basin office market recorded positive

More information

Economic Impact and Development Analysis. Proposed Sports Entertainment District

Economic Impact and Development Analysis. Proposed Sports Entertainment District THE LONDON GROUP Economic Impact and Development Analysis Proposed Sports Entertainment District Prepared For: The City of Escondido November 2010 The London Group 2010 Report Prepared by: Gary H. London,

More information

More Liquidity in Debt and Equity Markets to Spur Higher Investment Activity

More Liquidity in Debt and Equity Markets to Spur Higher Investment Activity -morenews release for immediate release Contact: Erin Mays Phone: 312.698.6735 Email: erin.mays@grubb-ellis.com Grubb & Ellis Predicts Commercial Real Estate Leasing Recovery to Proceed in 2011, Multi

More information

Office Outlook. Brisk beginning to the year means fewer options and rising rents. New York Q1 2014

Office Outlook. Brisk beginning to the year means fewer options and rising rents. New York Q1 2014 Office Outlook New York Q1 2014 risk beginning to the year means fewer options and rising rents Strong demand from the creative industries throughout Manhattan but especially in Midtown South drove leasing

More information

European office sector recovery gains momentum

European office sector recovery gains momentum The Jones Lang LaSalle Office Property Clock Q4 2013 European office sector recovery gains momentum European Office Rental Index increases q-o-q Aggregate European leasing volume up 18% on Q3 Completions

More information

A Comparison Study of Real Estate Tax Closing Costs in Maryland, Northern Virginia, and Washington, D.C.

A Comparison Study of Real Estate Tax Closing Costs in Maryland, Northern Virginia, and Washington, D.C. A Comparison Study of Real Estate Tax Closing Costs in Maryland, Northern Virginia, and Washington, D.C. For the by Frederick E. Flick, Ph.D. Kristine Weilbacker Hanson, M.U.R.P. April 2007 EXECUTIVE SUMMARY

More information

The CoStar Retail Report

The CoStar Retail Report The CoStar Retail Report Y E A R - E N D 2 0 0 9 YEAR-END 2009 SALT LAKE CITY Table of Contents Table of Contents.................................................................... A Methodology........................................................................

More information

Market Segmentation: The Omaha Condominium Market

Market Segmentation: The Omaha Condominium Market Market Segmentation: The Omaha Condominium Market Page 1 Market Segmentation: The Omaha Condominium Market Roger P. Sindt Steven Shultz Department of Economics and Real Estate University of Nebraska at

More information

HOUSTON SELLS OFFICE AUGUST 2015 R EAL E STATE C APITAL T RANSACTIONS

HOUSTON SELLS OFFICE AUGUST 2015 R EAL E STATE C APITAL T RANSACTIONS HOUSTON SELLS OFFICE AUGUST 2015 R EAL E STATE C APITAL T RANSACTIONS HOUSTON SELLS OFFICE AUGUST 2015 Texas Medical Center Largest Medical Complex in the World H O U S T O N S E L L S HOUSTON OFFICE OWNERS

More information

DUBAI HOUSE PRICE INDEX REPORT FIRST QUARTER 2013. Accelerating success.

DUBAI HOUSE PRICE INDEX REPORT FIRST QUARTER 2013. Accelerating success. DUBAI HOUSE PRICE INDEX REPORT FIRST QUARTER 13 Accelerating success. HOUSE PRICE INDEX Q1 13 DUBAI TABLE OF CONTENTS Executive Summary 3 Dubai Overall House Price Index 4 Alternative Analysis 6 Apartment

More information

Lents Town Center Mixed-Use Market Study Office Market Analysis Lents, Oregon

Lents Town Center Mixed-Use Market Study Office Market Analysis Lents, Oregon Lents Town Center Mixed-Use Market Study Office Market Analysis Lents, Oregon Portland Development Commission January 2008 Draft Copy 9220 SW Barbur Boulevard Portland, Oregon 97219 503.636.1659 www.marketekinc.com

More information

Life Sciences Outlook. Los Angeles & Orange County 2015

Life Sciences Outlook. Los Angeles & Orange County 2015 Life Sciences Outlook Los Angeles & Orange County 2015 Los Angeles/Orange County The LA/OC life sciences industry is responsible for more than $27.3 billion in annual economic activity and employs more

More information

Adelaide CBD Office Market

Adelaide CBD Office Market SPRING 2015 MARKET TRENDS Leasing demand strengthened in the year to July 2015, led by take up from the Government and regulatory authorities and Utilities, Mining and resources sectors. Supply additions

More information

West Michigan-Grand Rapids Commercial Real Estate Review and Forecast

West Michigan-Grand Rapids Commercial Real Estate Review and Forecast Seidman Business Review Volume 17 Issue 1 Article 5 Winter 211 West Michigan-Grand Rapids Commercial Real Estate Review and Forecast Jeff L. Williams Follow this and additional works at: http://scholarworks.gvsu.edu/sbr

More information

70,000 Rosemont O Hare. * MB Financial purchased6111 N. River Road with plans to occupy 150,000 RSF and lease the balance.

70,000 Rosemont O Hare. * MB Financial purchased6111 N. River Road with plans to occupy 150,000 RSF and lease the balance. During the Third Quarter 2003, lease activity levels were stronger than they have been all year, and perhaps as strong as activity has been since mid 2000. Activity has been bolstered by a number of significant

More information

WAREHOUSE/OFFICE FOR LEASE

WAREHOUSE/OFFICE FOR LEASE Lease $3.25 Warehouse/$8 Office WAREHOUSE/OFFICE FOR LEASE 806 Woods Road, Cambridge, MD 21613 Presented By: Henry Hanna, CCIM, SIOR 206 E. Main Street Salisbury, MD 21801 (410)543-2420 henry.hanna@svn.com

More information

Warsaw Office MarketView

Warsaw Office MarketView Warsaw Office MarketView Q4 212 CBRE Global Research and Consulting OFFICE STOCK 3.9 M SQ M OFFICE VACANCY 8.8% OFFICE TAKE-UP 68,5 SQ M COMPLETION 268, SQ M UNDER CONSTRUCTION.2% Y-O-Y GENERAL OVERVIEW

More information

THIRD QUARTER 2015. Downtown Los Angeles Office Market Report. Partnership. Performance. www.avisonyoung.com

THIRD QUARTER 2015. Downtown Los Angeles Office Market Report. Partnership. Performance. www.avisonyoung.com THIRD QUARTER 2015 Downtown Los Angeles Office Market Report Partnership. Performance. www.avisonyoung.com New Jersey THIRD QUARTER 2015 Downtown Los Angeles Market Report Partnership. Performance. Market

More information

EXAMINING THE EFFECT OF RISING INTEREST RATES ON NET LEASE REITS

EXAMINING THE EFFECT OF RISING INTEREST RATES ON NET LEASE REITS EXAMINING THE EFFECT OF RISING INTEREST RATES ON NET LEASE REITS AUGUST 2013 INTRODUCTION The net lease market has been highly competitive for the first half of 2013 with buyers pursuing office and industrial

More information

Office Market Conditions Across the UK

Office Market Conditions Across the UK UK National Voice - Q4 21 Office Market Conditions Across the UK Signs of recovery in the UK office leasing market appeared during the second half of 21 with take-up activity up 75 in comparison with the

More information

West Los Angeles Market Sees Negative Demand for First Time in Twelve Quarters

West Los Angeles Market Sees Negative Demand for First Time in Twelve Quarters OFFICE MARKET REPORT West Los Angeles Market Sees Negative Demand for First Time in Twelve Quarters MARKET OVERVIEW MARKET INDICATORS - VACANCY 12.9% NET ABSORPTION -349,900 CONSTRUCTION 972,700 RENTAL

More information

Commercial/Industrial Market Analysis for Scott County, Minnesota

Commercial/Industrial Market Analysis for Scott County, Minnesota Commercial/Industrial Market Analysis for Scott County, Minnesota Prepared for: Scott County Community Development Agency Shakopee, Minnesota February 2012 1221 Nicollet Mall Suite 218 Minneapolis, MN

More information

CB RICHARD ELLIS RESEARCH AND CONSULTING. Special Report DUBLIN - A COMPARATIVE ANALYSIS OF COMPETING OFFICE MARKETS

CB RICHARD ELLIS RESEARCH AND CONSULTING. Special Report DUBLIN - A COMPARATIVE ANALYSIS OF COMPETING OFFICE MARKETS CB RICHARD ELLIS RESEARCH AND CONSULTING Special Report DUBLIN - A COMPARATIVE ANALYSIS OF COMPETING OFFICE MARKETS August 2010 TABLE OF CONTENTS Foreword 4 Introduction 5 Corporate Tax Rates 6 Rents

More information

Investment Analyst Case Study Iron Bank Real Estate Investors The Lyric (215 10 th Ave E) Seattle-Tacoma-Bellevue Metro

Investment Analyst Case Study Iron Bank Real Estate Investors The Lyric (215 10 th Ave E) Seattle-Tacoma-Bellevue Metro Investment Analyst Case Study Iron Bank Real Estate Investors The Lyric (215 10 th Ave E) Seattle-Tacoma-Bellevue Metro OVERVIEW The Lyric ( Property ) is being offered for sale with an asking price of

More information

HUD PD&R Housing Market Profiles

HUD PD&R Housing Market Profiles Dayton, Ohio Quick Facts About Dayton By Felipe Chacon Current sales market conditions: soft. Current rental market conditions: soft. Current apartment market conditions: slightly soft. Tech Town, a 40-acre

More information

July 2014. UK Commercial & Residential Property Markets Review: July 2014 1

July 2014. UK Commercial & Residential Property Markets Review: July 2014 1 July 2014 UK Commercial & Residential Property Markets Review: July 2014 1 UK Commercial & Residential Property Markets Review: July 2014 2 UK COMMERCIAL & RESIDENTIAL PROPERTY MARKETS REVIEW: JULY 2014

More information

FIRST QUARTER 2015. Downtown Los Angeles Office Market Report. Partnership. Performance. www.avisonyoung.com

FIRST QUARTER 2015. Downtown Los Angeles Office Market Report. Partnership. Performance. www.avisonyoung.com FIRST QUARTER 2015 Downtown Los Angeles Office Market Report Partnership. Performance. www.avisonyoung.com New Jersey FIRST QUARTER 2015 Downtown Los Angeles Market Report Partnership. Performance. Market

More information

IV. Market Analysis. A. Executive Summary. The Economy. The Site

IV. Market Analysis. A. Executive Summary. The Economy. The Site IV. Market Analysis A. Executive Summary The Economy The St. Louis metropolitan area population has grown at the moderate annual rate of 4.4% over the last eight years while employment (the best measure

More information