REBusinessOnline

Austin Office Market’s Central Business District: Past, Present and Future

In 1987, Austin was a relatively quiet market where the major industries were higher education and state government, along with some large technology companies like IBM. Fast forward to 2019 where Austin continues to make national headlines, receiving high accolades as a top place to live and a leading city for millennial growth.  Erin Morales, CBRE This transformation — coupled with an increasing number of companies choosing to move or expand in Austin — begs the …

To Attract and Retain Tenants, Office Landlords Get Creative in Minneapolis

Stakes are rising in the war for talent, and employers are using amenity-rich real estate to win the hearts and minds of the brightest young recruits. Determined to outflank the competition, companies are increasingly focused on occupying buildings with the best available on-site features, proximity to nearby amenities, and the elusive “cool” factor.  Competition escalates To heed the call for better offerings, landlords in Minneapolis have begun to offer unconventional …

Chicago Office: Fulton Market Isn’t in the West Loop

Long before the emergence of Fulton Market, local real estate professionals referred to the West Loop as the office submarket between Wells Street and immediately west of the Chicago River. But today some also refer to the Fulton Market area, an area one mile west and across a natural boundary of the Kennedy Expressway, as the West Loop. So which is it? The West Loop is the leading — and by far the largest — office submarket in Chicago with over 50 million square feet of office space …

For Detroit’s Office Market, Motown Is Growth Town

With 2018 in the rearview mirror, it’s clear that the Detroit commercial office space market looks dramatically different today than it did just a few years ago. By far the biggest story is the continuing (and perhaps even accelerating) level of leasing activity across the metro area.  In the context of Detroit’s ongoing civic renaissance and sustained level of economic growth both regionally and nationally, the strength of the office market isn’t necessarily a shock, but it’s …

Amenities, Transit Push D.C.’s Central Business District to New Heights

Investors have renewed their interest in office properties in the Washington, D.C. central business district (CBD) based on increasing tenant demand. The market is putting a higher value on the built-in amenities that exist in the CBD, like dining and entertaining options, transportation accessibility and architecturally timeless buildings. We can always tell the center of gravity of a city by where the brokerage shops locate. In D.C., CBRE’s latest move to the CBD from the East End puts …

Hawaii’s Fundamentals Continue to Attract Investment Sale Interest

The Hawaii investment sale market was active in 2018 with an abundance of capital seeking investment opportunities throughout the state and across all product types. Mortgage availability from local banks and non-local financiers remained strong, and there was a steady flow of new interest from debt and equity sources looking for first opportunities in Hawaii. Last year’s transaction volume (including entity level) was up 33 percent from 2017 to $5.5 billion. Institutional and cross-border …

The Tide Turns in Hawaii’s Office Market

Honolulu’s office market has been stagnant for nearly 20 years with negative supply growth, limited demand, constant reductions in square feet per person and a very tight labor market. However, conversions from office to residential and/or hotel use and a major tenant move could change the market starting in 2019. [caption id="attachment_221516" align="alignright" width="100"] Jamie Brown, Hawaii Commercial Real Estate[/caption] Multi-tenant inventory has decreased by about 500,000 …

Office Sharing Is on the Rise in Overland Park, Kansas

For those of you not familiar with Overland Park, Kansas, and its progressive office market, below are a few key points to help illustrate the relative size and economic strength of one of Kansas City’s most dynamic suburbs. • Incorporated in 1960, Overland Park is the second-most populous city in Kansas. • As of 2017, the unemployment rate was 3.1 percent. • It contains 17 percent +/- of metro Kansas City’s total office inventory. • $69,888 per capita income in …

Adaptive Reuse Projects Spur Growth in New Jersey Office Market

Adaptive reuse and redevelopment projects along with a robust job market—particularly in the financial and professional services sectors—are the linchpins driving New Jersey’s office market growth. The availability rate, which is at its lowest point in nine years, has improved thanks to the repurposing of obsolete office product. Last year, 12 properties totaling 2.3 million square feet were marked for redevelopment, taking them out of inventory. Through the first half of 2018, 20 …

Office Redevelopments, Leasing Key to Downtown Atlanta’s Re-emergence

The vitality of Downtown Atlanta is exciting. In response to a wave of revitalization efforts and substantial investment from corporations, universities and the public sector, the submarket’s fundamentals are rapidly strengthening. As tenants have reprioritized their desires for office locations to include access to public transportation, walkable retail and proximity to cultural attractions and an educated workforce, Downtown has gained tremendous traction in demand and re-emerged as an …

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