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CaliforniaLeasing ActivityMarket ReportsOfficeWesternWestern Market Reports

LA Office Market’s Leasing Challenges Continue as Debt Matures 

by Jeff Shaw

— By Taylor Stokes, Market Intelligence Analyst, Avison Young — The Los Angeles office market continues to struggle with a 24.7 percent vacancy rate at the end of the first quarter of 2024, according to Avison Young’s first-quarter Los Angeles office market report. Leasing activity picked up slightly in the first quarter of 2024 with 951 leases recorded. This equated to 3.5 million square feet, up 5.4 percent from the fourth quarter of 2023 when there were 902 leases signed.  To put the decline of occupancy in perspective, the first quarter of 2022 ended with a 15.4 percent office vacancy rate, which was up from 15 percent at the end of 2021. It was also up from the previous high of 13.1 percent that was recorded in 2010. There were a couple lease transactions to highlight in the first quarter of 2024. Snap picked up 400,000 square feet in Santa Monica, while Bank of Tokyo Mitsubishi signed a nearly 62,000-square-foot lease in Downtown Los Angeles.  Downtown continues to struggle with the highest vacancy in the market at 28.6 percent. The anticipated return to office hasn’t happened, as many users see the hybrid work schedule continuing for the long-term. They, therefore, …

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Leasing ActivityNorth CarolinaOfficeSoutheast

Daye North America Signs 20,678 SF Office Lease at Adaptive Reuse Project in Charlotte

by John Nelson

CHARLOTTE, N.C. — Daye North America, a manufacturer of outdoor power equipment, has signed a full-building office lease at 901 Tuck, an adaptive reuse project located at 901 Tuckaseegee Road in Charlotte’s FreeMoreWest submarket. The company will utilize 901 Tuck as its new corporate office. Chase Merkel of Trinity Partners represented the undisclosed landlord in the lease negotiations, and Warren Snowdon of Foundry Commercial represented the tenant.

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Leasing ActivityOfficeTexas

Steelcase Opens 11,169 SF Showroom in Victory Park Area of Dallas

by Taylor Williams

DALLAS — Steelcase, a manufacturer of office furniture, has opened an 11,169-square-foot showroom in the Victory Park area of Dallas. The space is known as the WorkLife Center and is located within the 15-story, 352,000-square-foot Victory Commons One office building. Scott Hage of JLL represented Steelcase in the lease negotiations. Bill Brokaw and Karch Schreiner represented the landlord, Hillwood Urban, on an internal basis. BOKA Powell designed the WorkLife Center, and Balfour Beatty built out the showroom.

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AcquisitionsOfficeUtahWestern

VanTrust Real Estate Buys Salt Lake Lumber Building in Downtown Salt Lake City

by Amy Works

SALT LAKE CITY — VanTrust Real Estate has acquired the Salt Lake Lumber Building, located at 205 N. 400 West in downtown Salt Lake City. Terms of the transaction were not released. Originally built in 1909 as the Morrison-Merrill Lumber Co. office building, the three-story, 26,997-square-foot brick property features exposed heavy timber, brick and stone walls, maple flooring, a wood staircase, exposed wood ceilings and brick arches around the windows. VanTrust plans to convert the building into a contemporary office space and regional headquarters. Demolition and interior renovations are slated to start this summer, with delivery scheduled for early 2025.

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4060-30th-St-San-Diego-CA
AcquisitionsCaliforniaOfficeWestern

F&F Properties Sells North Park Creative Office Building in San Diego for $2.7M

by Amy Works

SAN DIEGO — Dan Feder of F&F Properties has completed the sale of North Park Creative Office in San Diego to Mike Weston with Weston Legal PLLC for $2.7 million. Located at 4060 30th St., the 3,818-square-foot property was fully renovated in 2019. Renovations included high-end finishes, secured access, exposed beams, HVAC, eight private offices, a kitchen, conference room, game room, outdoor turf patios and a barbecue/fire pit. Nick Totah and Ross Sanchez of The Totah Group of Marcus & Millichap’s San Diego downtown office represented the seller and procured the buyer in the transaction.

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Tower-909-Irving
Market ReportsOfficeTexasTexas Market Reports

How Texas Can Continue to be a Trendsetter in Office Real Estate

by Taylor Williams

By Brett Merz, senior vice president of asset management, KBS Texas was one of the first states to experience the return of employees to the office post-pandemic. That trend continues today. Even as work-from-home and hybrid work become further entrenched in some parts of the country, Texas still leads the nation in terms of employees coming into the office. According to Kastle’s Workplace Barometer, office properties in Dallas, Houston and Austin have occupancy rates during peak times that are 10 percent higher than the national average. Kastle’s data cuts across all building classes, but in our experience, mid-week occupancy at our Class A office properties in Texas is even stronger. Kastle’s data and our experience contrast with the negativity surrounding the office market and point to the potential for greater opportunity throughout 2024 and beyond. According to JLL’s local market office reports for major Texas cities, vacancy rate increases are slowing down. With new construction in Dallas and Austin trending down, as well as zero new construction in San Antonio and Houston, occupancy rates may begin to grow through the rest of the year. Additionally, rents for Class A buildings are either stable or have seen slight increases over the …

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DevelopmentGeorgiaHospitalityMixed-UseMultifamilyOfficeSoutheastTop Stories

KDC Receives Approval for Two New Towers at Mixed-Use Park Center Development in Dunwoody, Georgia

by John Nelson

DUNWOODY, GA. — The Dunwoody City Council has approved the rezoning of Phase IV of Park Center, a 17-acre, transit-oriented office campus in metro Atlanta. The master developer of the project is KDC, a Dallas-based corporate development and investment firm. The amended zoning will allow KDC to change its plans from a standalone fourth office tower to a two-tower project that will comprise 175 hotel rooms, 300 residential units, 22,000 square feet of retail space and 300,000 square feet of office space. The plan includes two towers on a common podium with a 20-story apartment tower and a combined office and hotel tower, where six floors of hotel rooms will sit atop 12 levels of office space. Phase IV represents the final phase of Park Center and will occupy the last undeveloped portion of the development, which was originally conceived as a 2.2 million-square-foot East Coast hub for State Farm Insurance. The project team includes local architecture firm Cooper Carry. The current campus contains three office towers developed over the past 10 years: the 600,000-square-foot Park Center One, which is directly connected to the Dunwoody MARTA Station; the 621,000-square-foot Park Center Two with more than 39,000 square feet of retail …

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WeWork
Company NewsGeorgiaOfficeSoutheast

WeWork to Close Five Locations in Atlanta

by Hayden Spiess

ATLANTA — Flexible workspace provider WeWork, which filed for Chapter 11 bankruptcy late last year, has completed its real estate restructuring in Atlanta, according to a press release from the company. The process, as in other cities, involved lease renegotiations with landlords. The Atlanta Journal-Constitution reports that WeWork now plans to close five of its 11 Atlanta locations. In April, the company announced a new $450 million investment to support operations throughout its Chapter 11 proceedings. WeWork’s current portfolio includes more than 24 million square feet of space across 330 locations globally. 

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AZUL-Phoenix
ArizonaDevelopmentIndustrialOfficeWestern

Baker Development Receives Zoning Approval for 72-Acre AZUL Corporate Campus in Phoenix

by Amy Works

PHOENIX — Baker Development has received zoning approval for AZUL, a 72-acre project on the former ON Semiconductor site at 52nd Street and Loop 202 in Phoenix. The site is now zoned for a wide variety of commercial and industrial uses, including corporate headquarters, advanced manufacturing, logistics, hospitals, hyperscales and other quantum computing users. Demolition of the former semiconductor factory is underway and scheduled for completion by fourth-quarter 2024. AZUL plans to develop up to 2 million square feet of corporate campus space on the site.

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Leasing ActivityLife SciencesNew JerseyNortheastOffice

HAX Opens 35,000 SF Headquarters Facility in Newark

by Taylor Williams

NEWARK, N.J. — HAX, a tech concept backed by global venture capital firm SOSV that serves as an incubator for startup companies, has opened its 35,000-square-foot headquarters facility in Newark. The facility includes space for chemical, mechanical and electrical engineering labs, as well as 3D printing, manual metal fabrication, computer numerical control machining and laser cutting. More than 30 companies will operate from within the facility.

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