REBusinessOnline

New Chicago Office Markets Shape Perception of the City

It’s an exciting time to be part of the action in Chicago’s real estate market. While Illinois remains an “outflow” state, construction cranes dot the Chicago skyline and the city’s inflow numbers remain positive. Large employers are considering Chicago for campus-like headquarters operations and exciting markets are continuing to grow.[caption id="attachment_204662" align="alignright" width="100"] Kimberlyn de Buhr, Transwestern[/caption] In particular, west side blight continues …

Miami-Dade County’s Office Market Fueled by Solid Local Economic Fundamentals

Driven by population and job growth, Miami-Dade County is one of the strongest and most sought-after commercial real estate markets in the Southeast. As of February 2018, the county’s unemployment rate stood at 4.7 percent, which, while only a 10-basis point decline from the rate in February 2017, represents continued positive movement. The metro’s economic stability and growing employment base are significant factors when analyzing the tightening office market. Miami-Dade County ended …

Reno’s Office Market Successfully Rebounds From The Great Recession

I have had the pleasure of selling commercial office space in Northern Nevada for nearly 15 years. During this time, I saw the peak of the market from 2003 to 2008 wherein construction was at an all-time high, lease rates were reaching unseen heights and absorption was setting records. Then we all got to experience the Great Recession from 2008 through 2012. This saw nearly half of the buildings that were constructed during the previous peak become empty. Vacancy rates hit 20 percent, lease …

Tampa Bay’s Office Market is Evolving with New Spec Construction on the Horizon

Economic growth in Tampa Bay continues at an impressive pace, driven by strong population and employment growth over the past several years. The unemployment rate has steadily declined, dropping 110 basis points from December 2016 to a current 3.4 percent, and the strong pace of job growth continues with a rise in non-farm employment of 35,000 new jobs during the trailing 12-month period ending December 2017. As a result, leasing activity has increased, rental rates continue to show incremental …

Fate of NAFTA, Foreign Trade to Shape Rio Grande Valley Office Market in 2018

The economy of the Rio Grande Valley (RGV) has always been closely linked to foreign trade. The region’s numerous port markets and its proximity to Mexico — in particular, the robust industrial market of the Mexican border city of Reynosa — have always ensured that international commerce plays a key role in the economic success of the RGV. Manufacturing and distribution have always been major drivers of growth in the RGV. We often analyze the performances of these sectors when gauging …

Texas Office Markets: Who’s Hot, Who’s Not

From Dallas-Fort Worth’s (DFW) explosive rate of corporate relocations and expansions to Houston’s reliance on oil prices to Austin’s strong supply of tech talent, there’s very little common ground among the office sectors of Texas’ biggest cities. And whereas the pace of sales, development and absorption for certain property types — industrial, multifamily, self-storage — are strong across DFW, Houston, Austin and San Antonio, it’s the office sectors of these metros that truly …

Investors Take Notice of Office Rebound in Detroit’s CBD and Suburbs

Metro Detroit’s office recovery continues to steadily march forward. Local and national commercial real estate investors are showing a renewed appetite for buying and renovating existing buildings, and even developing new product. [caption id="attachment_202247" align="alignright" width="100"] Bill Harvey, Transwestern[/caption] The City of Detroit has experienced the quickest recovery, going from near stagnant activity with a vacancy rate of 21.5 percent to a single-digit vacancy of 8 …

Downtown Renaissance Drives El Paso Office Market, Multifamily Growth

For decades, El Paso was a big, sleepy town nestled on the banks of the Rio Grande that relied on a slow-paced, but consistent economy. In those days, housing was always affordable. Pricing levels for single- and multifamily properties were below national averages, but so too were wages. The city’s office market, which has traditionally served as a leading indicator for multifamily growth, hummed along without ever experiencing strong asset appreciation or interest from outside investors. …

Memphis Office Market Grows Its Existing Inventory by Nearly 6 Percent

Memphis ended 2017 with an overall vacancy rate of 14.8 percent, which is up slightly from where the year started at 14.5 percent — the highest level in three years. As the saying goes, “don’t judge a book by its cover,” and this especially applies to the Memphis office market. In 2017, 600,000 square feet of office space was absorbed. Developers also started 2017 with more than 1.2 million square feet of new office space in the pipeline, with 800,000 square feet delivered last year …

Cincinnati’s Over-the-Rhine District Makes Way for Larger Office Developments

Cincinnati’s Over-the-Rhine (OTR) neighborhood has come a long way since it served as the location for gritty scenes in movie director Steven Soderbergh’s 2000 film Traffic. Gone are the 500 vacant buildings and 700 vacant lots. The disadvantage of having the highest crime rate in the city is no more. Thanks to efforts by prominent Cincinnati companies such as Kroger Co. and Procter & Gamble, as well as the Cincinnati Center City Development Corp. (3CDC), efforts to revive the …

Content Partners