What area is your expertise? • Columbia, S.C. What trends do you see presently in retail development in your area? • Currently, there are several active types of development: Wal-Mart and Target anchored community centers ranging from 200,000 to 300,000 square feet Unanchored retail strips from 6,000 to 20,000 square feet Auto dealerships relocated from in town to suburban locations Additional home improvement locations Bank locations Fast food locations What type of retail product is doing well in your area? • All retail seems to be quite strong at this point Who are the active retail developers in your area? • Active retail developers are Fletcher Bright, WRS, Edens & Avant, Kahn Development, and Owen Development. Please name one or two significant retail developments in your area. What impact will these projects have on the market? • Village at Sandhill is a 1 million-square-foot lifestyle center in Northeast Richland County. It is being developed by Kahn Development of Columbia. This project has introduced the lifestyle center to the region and created a retail anchor in Columbia’s fastest growing suburb. • The Shoppes at White Knoll is a 250,000 square foot development that was recently completed in the Redbank submarket. WRS …
Market Reports
What area is your expertise? The Greater Pittsburgh Metropolitan Area and Western Pennsylvania. What trends do you see presently in multifamily development in your area? The Greater Pittsburgh MSA is a very stabilized and historically steady market. There are high barriers to entry, modest but steady rent increases, strong occupancy and limited concessions are offered to tenants. Who are the active multifamily developers in your area? The recent active developers in the Greater Pittsburgh MSA include Lincoln Properties and Continental. Please name one or two significant multifamily developments in your area. What impact will these projects have on the market? The Cork Factory located in the “Strip District” on the river front in Pittsburgh. This project was recently developed into 297 luxury apartments from a vacant warehouse. The Cork Factory is a tremendous success in terms of lease-up time and achieving record high rents. This project, along with The Encore on 7th, represent the two newest apartment communities built in the City of Pittsburgh in more than 30 years. The Encore on 7th was built from the ground up by Lincoln Properties. The community contains 151 luxury rental units and was completed in 2006. Where is the majority of development …
What office are you based in? Birmingham, Ala. What area is your expertise? Birmingham Industrial Market What trends do you see presently in industrial development in your area? Presently, some geographic areas of our market are soft. Primarily some of the bulk distribution markets located on the perimeter of Birmingham are experiencing a softness that our market has not seen in recent history. This softness is associated with the construction of new buildings which the market has not yet absorbed. What type of industrial product is doing well in your area? Office warehouse product is currently 91.1 percent leased. It is a very tight market with all submarkets in Birmingham experiencing the same kind of high levels of occupancy. Who are the active industrial developers in your area? There are different partnerships developing industrial product in the Birmingham market with either EGS Commercial Real Estate or Graham and Company leading the partnerships. Please name one or two significant industrial developments in your area. What impact will these projects have on the market? The most recently completed developments in our area have occurred in the Southern submarket. Shelby West and Shelby Commerce Park, IV are each significant developments (approximately 250,000 square …
What area is your expertise? Office brokerage and development, Birmingham, Ala. What trends do you see presently in office development in your area? Class A buildings, but very little supply in 2008. Who are the active office developers in your area? EGS Commercial Real Estate, Colonial Properties and Daniel Corporation Please name one or two significant office developments in your area. What impact will these projects have on the market? Colonial Brookwood Center, developed by Colonial Properties and located adjacent to Colonial Brookwood Village. Completed in May 2007 and added 150,000 square feet of Class A space to the Midtown market. The building was 100 percent leased at the time of completion. Where is the majority of development taking place? Why is this area doing well? The majority of development is taking place in the Midtown submarket, primarily because of its proximity to Birmingham’s upscale residential areas and its access to the Central Business District (CBD). What area do you expect to be the next big development market? Why? Suburbs and the Midtown market What areas are doing well in terms of office leasing? Which areas are struggling with office leasing? Midtown and Highway 280 are the tightest submarkets currently, …
What area is your expertise? Birmingham Retail Market What trends do you see presently in retail development in your area? Retail development continues to be driven by discount anchors and grocery stores. What type of retail product is doing well in your area? Of note, fourth quarter saw most retail absorption take place in neighborhood retail properties. Also, a new Wal-Mart Supercenter opened in the Eastern/Irondale submarket. All retail is doing well in our market with occupancy at approximately 91.2 percent. What retailers are new to your area? ALOC Grocery is new to the market along with several smaller national chain stores. Who are the active retail developers in your area? Colonial Properties Trust has done the most retail development in the past several years. Please name one or two significant retail developments in your area. What impact will these projects have on the market? Colonial Promenade in Fultondale, located in the Northern submarket, opened in Fall 2007 — Target, Best Buy and Books-A-Million Colonial Promenade in Alabaster, located in the Highway 31 south submarket, Phase II opened in August 2007 — Target, JCPenney and Best Buy The Grove in Hoover, located in the Hoover/Riverchase submarket, planned for 2009 — …
What area is your expertise? • I am an associate partner with Hendricks & Partners and a veteran real estate advisor in the Kansas City and Midwest region. After completing my graduate degree in urban planning and working as a city planner, I joined the multifamily housing industry in brokerage. Over the last twenty years, I have connected the buyers and sellers of some of Kansas City’s highest profile apartment communities and condo conversions. The Kansas City metropolitan area straddles the border between Missouri and Kansas encompassing a 15-county Metropolitan Statistical Area, anchored by Kansas City, Missouri and Overland Park (Johnson County) Kansas. It is the 27th largest metropolitan area in the United States with an estimated population of 2.1 million. What trends do you see presently in multifamily development in your area? The Kansas City apartment market begins 2008 in relative market equilibrium with sound market economic fundamentals and supply in check. The downtown urban living trend gained significant momentum in 2007 with the opening of the Sprint Arena and the Power & Light District, a dynamic nine-city block mixed-use retail, entertainment, office, and loft district. In 2007, downtown had an estimated population of 17,000 people, which is up …
What area is your expertise? • Retail services in Northeast Ohio What trends do you see presently in retail development in your area? • The current trend across the board is an increase in environmental awareness. Developers selecting sustainable sites, retailers constructing LEED buildings, and city and county governments working together to minimize the negative impacts on the environment while maximizing existing infrastructure. What type of retail product is doing well in your area? • Power centers, grocery anchored shopping centers and convenient strip centers. What retailers are new to your area? • Menards, Massage Envy, Five Guys Famous Burgers and Fries and a Cabela’s are expected. Who are the active retail developers in your area? • First Interstate Properties, Liberty Development Group, Snider-Cannata and Centro Properties. Please name one or two significant retail developments in your area. What impact will these projects have on the market? • The redevelopment of Westgate Mall in Fairview Park is the first redevelopment of an enclosed regional mall in Northeast Ohio into a lifestyle and power center. Centro Properties, in partnership with the Richard E. Jacobs Group, redeveloped the property. The center is anchored by Target, Lowe’s Home Improvement Warehouse and Kohl’s. Additional …
What area is your expertise? • I specialize in landlord representation, building sales and tenant representation in the Indianapolis and surrounding Central Indiana region. What trends do you see presently in office development in your area? • Medical space has developed at a very rapid pace, single-story garden office space has been prevalent and new Class A space with Interstate 465 frontage and signage has been very successful in new lease-up. Who are the active office developers in your area? • In addition to Duke Realty and Lauth Property Group, who have developed the most office product over the last 5 years, Shamrock Builders, Opus, Panattoni Development Co., J. Greg Allen Builder and Edgeworth Laskey Properties are all currently active. Please name new significant office developments in your area. What impact will these projects have on the market? • The Northwest submarket is undergoing growth with over 300,000 square feet of new construction underway which includes Duke Realty’s 154,000-square-foot Woodland Corporate Park VI and Lauth’s 151,000-square-foot Intech Three. The North/Carmel submarket currently has four multi-tenant projects underway totaling 200,000 square feet, including Panattoni’s 142,000-square-foot project at 1320 City Center Drive. Edgeworth Laskey Properties is currently building the 151,000-square-foot Lake Point …
What area is your expertise? • The Greater Cincinnati, Ohio metropolitan area — a seven-county area in southwestern Ohio and northern Kentucky. What trends do you see presently in office development in your area? • Speculative new construction and existing Class A buildings have captured the lion’s share of the nearly 1 million square feet of net positive absorption in 2007. In stark contrast, the Class B office market accounted for only 24 percent of this total. This trend is leading to increasing rental rates for Class A product while the Class B rents remain stagnant or are even on the decline. Who are the active office developers in your area? • Duke Realty Corp., Scott Street Partners, Al. Neyer, Inc., Neyer Properties, Inc. and Miller-Valentine Group Please name one or two significant office developments in your area. What impact will these projects have on the market? • Kenwood Towne Place is a mixed-use development adjacent to the high-end Kenwood Towne Centre regional mall currently under construction in the Kenwood submarket. The retail component will contain a Kroger and the area’s first Crate and Barrel along with a 250,000-square-foot office tower that has signed UBS as its first tenant. Nearby …
What area is your expertise? • Orlando/Central Florida What trends do you see presently in retail development in your area? • Orlando is still very much on an upward trend for retail development. With the population growth we have experienced over the past few years, the need for consumer services still exists which is being met by numerous local and national developers. What type of retail product is doing well in your area? • Big box with some smaller in line space centers are doing very well along with smaller strip centers ranging from 10,000 to 20,000 square feet that have a majority of regional national tenants. Some owners of older shopping centers are also doing well because they have committed funds to major capital improvements, which have given their dated centers a facelift to compete with newer retail. They remain competitive by having a good-looking product, but at a lower rental rate. What retailers are new to your area? • Two of the most promising and innovative retailers are Dagwood’s Sandwich Shoppes and Teriyaki Experience. Both of them are franchises that will see major growth throughout Central Florida in the next 1 to 2 years. They truly offer a …