What area is your expertise? Sacramento region What trends do you see presently in office development in your area? Overall construction has slowed compared to the past few years. However, there are still a number of new office projects in the pipeline, which will deliver almost 2.4 million square feet within the next 18 months. Spec development has given way to build-to-suits and pre-leasing, which will benefit vacancy rates in the current market. Who are the active office developers in your area? Jackson Properties, Panattoni Development Co., Evergreen, Harsch, and Opus West are active in our area. Please name one or two significant office developments in your area. What impact will these projects have on the market? Two high-rise, Class A buildings are under construction on Capitol Mall, delivering nearly 800,000 square feet of new office space combined. 621 Capitol Mall, aka U.S. Bank Tower, will deliver 366,000 square feet/25-stories late 2008, on behalf of David Taylor Interests. 500 Capitol Mall, owned by Tsakopoulos Investments, will provide 430,000 square feet of office space to tenants by fall 2009. While this is a significant amount of space in a short time frame, the strength of the Downtown market should be able …
Market Reports
What area is your expertise? The CBRE Retail team represents landlords and brokers in central Indiana. What trends do you see presently in retail development in your area? Increase in Mixed-Use Developments Development of Lifestyle Center and/or redevelopment, which includes a lifestyle center-like addition What type of retail product is doing well in your area? Grocery anchored centers; Town Centers/Lifestyle Centers and Malls What retailers are new to your area? Squeeze; Moochie & Co; Garden Ridge; Harlem Furniture; Fogo de Chao: Embarq; Taste of Tango; Ridemakerz; Stir Crazy; Adobo Grill; Golfsmith; Jared Jewelers; Marmi; Strasburg Children; Z’s Oyster Grill; Granite City Brewery; Grand Traverse City Pie Company and BJ’s Brewhouse Who are the active retail developers in your area? Kite Realty; Mann Properties; Welbourne Development; Pine Tree; Buckingham Please name one or two significant retail developments in your area. What impact will these projects have on the market? Redevelopment of Glendale Town Center: Kite Realty has re-developed this mid-town retail enclosed mall to become a Target and Macy’s anchored, power center (with a town feel). B-shop buildings have been added to surround the existing Macy’s — new retailers include Squeeze, Lenscrafters, AT&T and Catherine’s. Target will open in late July. …
Submitted by Barry Wolfe, VP Investments and Michael Zimmerman, senior associate with the Fort Lauderdale, Florida, office of Marcus & Millichap Real Estate Investment Services. Posted Online 5-28-08. What area is your expertise? Broward County (Fort Lauderdale)/Miami-Dade County (Miami), Florida What trends do you see presently in retail development in your area? The housing market downturn and credit market shake up have caused retail development in South Florida to slow. Developers are having difficulty getting as much leverage as they had grown accustomed and lenders are now requiring either total or partial recourse. Another reason for the decrease in construction is simply that there is not a lot of available land for new development. What we are seeing in the pipeline is discount retail centers, such as Super Wal-Mart and Super Target, adding locations throughout both counties. What type of retail product is doing well in your area? Class A assets, such as grocery anchored (and in particular Publix-anchored centers) are always viable whereas un-anchored Class B/C shopping centers are struggling with vacancies, in part due to increasing expense pass-throughs. What retailers are new to your area? One of the largest new South Florida retailers is Ikea, which recently opened …
What area is your expertise? Sales and leasing of industrial and commercial property in Portland, Oregon. What trends do you see presently in industrial development in your area? Industrial development continues to be fairly strong, provided land can be found to be developed. Overall, within the Portland Metropolitan Area industrial land supply is short on top-quality sites. Consequently, secondary and redevelopment sites, though limited in supply, continue to be the choices available to development firms. What type of industrial product is doing well in your area? There are two types that seem to be doing fairly well. One is 40,000 to 50,000 square foot and larger spaces for warehouse/distribution use in newer developments that are located along major freeways with easy access. The others are 5,000 to 20,000 square foot spaces for local or semi-regional companies with a need for corporate headquarters, assembly manufacturing and/or warehousing. Who are the active industrial developers in your area? Locally, firms such as Specht Development, Pacific NW Properties, PacTrust Development; national companies such as Opus, Prologis, Birtcher and Trammel Crow continue to be very active in our area. Please name one or two significant industrial developments in your area. What impact will these projects …
What area is your expertise? Generally speaking, my expertise is in multi-tenant retail centers with a mixed-use component as well as traditional grocery anchored centers. The areas that I cover are Los Angeles and Orange County, Calif. What trends do you see presently in retail development in your area? Since land costs have risen so dramatically, the general trend that we have seen is for more vertical development with a mixed-use component. What type of retail product is doing well in your area? Urban infill projects are doing very well. The tenants are not being aggressive like they were over the last few years so the focus has moved back to the urban infill locations. What retailers are new to your area? Clearly Tesco has made a big splash in our market, which has affected the plans of many of their competitors with regards to expansion. While we hear their expansion has stalled, we still believe that it is too early to tell how their entrance in the market will affect the grocery business. Who are the active retail developers in your area? There are many, but it’s very fragmented. Caruso, and CIM are some of the bigger players but …
What area is your expertise? Greater Lansing What trends do you see presently in multifamily development in your area? Over the past several years, most new development in the metro area occurred in and around East Lansing, and much of it was University related, either student rentals or condos marketed to recent grads or retirees. Much of this growth occurred along the northern tier, near Lake Lansing Road and Chandler. More recently, much attention has been drawn downtown where new apartments have been delivered and condos are slated to be built. Who are the active multifamily developers in your area? Condos — Robert Grooters Development, Gene Townsend, Gillespie Group, and Biersbach Development Apartments — Gillespie Group, DTN Management, Atlantis Development, and Strathmore Development. Please name one or two significant multifamily developments in your area. What impact will these projects have on the market? Capitol Club Tower Condominiums — Robert Grooters Development – 175 units, Downtown. Planning stages, 50 percent reserved. First high-rise tower in Lansing. Kalamazoo Gateway — Gene Townsend – 120 units, Downtown. Planning stages. Mixed-use retail/apartments/condos. The Stadium District — Gillespie Group – 50 units, Downtown. Project completed, currently leasing/selling. Mixed-use retail/apartments/condos. Where is the majority of development …
What area is your expertise? Sacramento Valley What trends do you see presently in retail development in your area? The retail market is experiencing declining rental rates for the first time in years. Mom and Pop retailers have virtually disappeared and national credit tenants are pulling back on expansion plans, while closing underperforming stores. The strip centers in many areas have been hit the hardest. What type of retail product is doing well in your area? Urban redevelopment projects have been the bright spot in the marketplace, particularly those that have located in underserved markets and filled by quality retail tenants. What retailers are new to your area? Boudin Bakery, The Counter Burger, Chico’s, Cold Water Creek, Orvis, New Balance, Smith & Hawkin, Sur La Table, White House|Black Market, Fresh N Easy, and CVS Pharmacy. Who are the active retail developers in your area? Donohue Schriber, Panattoni Development Co., Capital and Counties Development Group, Granite Bay Ventures, The Evergreen Company, Opus West, Peter Bollinger Investment Group, and Stonehenge Property Group. Please name one or two significant retail developments in your area. What impact will these projects have on the market? Florin Towne Centre — Florin Mall Redevelopment project. NWC of …
What area is your expertise? Yorkville, Illinois/Kendall County. In March, Kendall County was named the fastest growing county in the nation, according to the U.S. Census, growing 77.5 percent from 2000 to 2007. What trends do you see presently in retail development in your area? Because of the unprecedented growth of Kendall County since the late 1990s, there are many national retailers who have found their way to the area, and while there has been a recent slow down in the acquisition of retail land sites in the Chicagoland area, production has not stopped on existing sites. The trend in Yorkville is going to be smaller projects with lesser known tenants over the next three to five years. Aside from the current economic woes and tightened lending restrictions, housing demographics are the key factor of this trend. Housing has slowed from one year ago, but there are signs that it’s picking up again. There have been more sales and builders have begun to create new incentives. I expect developers to move in toward the larger population centers and seek infill and/or redevelopment projects to combat inflationary land prices and continuing lender issues. The larger population bases and smaller risk projects …
What area is your expertise? Central Business District, Portland What trends do you see presently in office development in your area? We see a lot of new class A properties coming out of the ground, delivering approximately 2010, with a lot of rehab in the Class B market. Who are the active office developers in your area? Shorenstein, based out of San Francisco; TMT, a local developer; Winkler; and Unico are a few of the most active companies right now. Please name one or two significant office developments in your area. What impact will these projects have on the market? First & Main will be the next new construction out of the ground in the downtown core. It is a 13-story Class A office building with a completion date set for First Quarter 2010. Construction on TMT Development’s Park Avenue West has recently begun, also in the downtown core. This will be an office/retail/condo mixed-use building that delivers approximately late 2010 or early 2011. These projects will have a huge impact on the market, where the Class A supply is very tight. Where is the majority of development taking place? Why is this area doing well? There is a lot …
What area is your expertise? My area of specialty is the office market in Lansing, Michigan Who are the active office developers in your area? TMN Builders, Boji Development, among others. Please name one or two significant office developments in your area. What impact will these projects have on the market? The 2900 Building was completed within the last 12 months and is a 80,000 square foot suburban office structure at the US-27/Lake Lansing Road interchange. Developed by 501LLC, it was a 5-story, Class A building that leased within 15 months after completion. Most of the users were already located within the mid-Michigan market area but this project did show that good quality space was in demand at that time. Where is the majority of development taking place? Why is this area doing well? Most new development is occurring at the U.S. 27/Lake Lansing Road interchange. This area is doing well due to a recent surge in retail development and the availability of land along a highway interchange route. What areas are doing well in terms of office leasing? Which areas are struggling with office leasing? The entire market is struggling to some degree. Areas that do see some degree …