Office

Tampa Bay’s Popularity Breathes New Life Into Local Office Market

by John Nelson April 17, 2023

Once bypassed by national developers and investors for larger, metropolitan cities like Miami, the real estate community is now realizing what locals have known for years: Tampa is trending. Tampa Bay’s recognition as one of the country’s top places to live has trickled into the region’s office market, which as of the first quarter of the year, has continued to reap the benefits. While some credit the Tom Brady effect to Tampa’s rise into the national spotlight, the Tampa Bay region is seeing growing demand in other economic sectors beyond sports, including housing, business and leisure. In fact, Time Magazine just featured Tampa as one of only four U.S. cities in its highly coveted 2023 list of the “World’s Greatest Places.” Flurry of activity to start 2023 For the first time in five quarters, the Tampa Bay office market recorded positive absorption of more than 55,000 square feet thanks to more companies moving into space rather than vacating it, JLL’s first-quarter Office Insight Report for 2023 shows. This can be largely attributed to Reliaquest’s move into its 140,000-square-foot headquarters located at Thousand & One Water Street, where it is currently occupying 120,000 square feet, and which made up the lion’s …

April 17, 2023

Leasing Activity Office Texas

Colliers Negotiates 116,161 SF Office Headquarters Lease in Houston

by Taylor Williams April 14, 2023

HOUSTON — Colliers has negotiated a 116,161-square-foot office headquarters lease at West Memorial Place I, a 331,000-square-foot building in Houston’s Energy Corridor area. The building is one of two at a complex that offers a fitness center, conference center, walking trails and an onsite restaurant and bar. David Carter and Jay Kyle of Colliers represented the tenant, MODEC International Inc., a supplier of mooring and fluid transfer systems for offshore energy companies, in the lease negotiations. Johnny Knight, Stewart Smith and Aaron Ander of Fuller Realty represented the undisclosed landlord.

April 14, 2023

Leasing Activity Office Texas

Black Stone Minerals Signs 55,082 SF Office Lease Renewal in Downtown Houston

by Taylor Williams April 14, 2023

HOUSTON — Houston-based energy firm Black Stone Minerals has signed a 55,082-square-foot office lease renewal at 1001 Fannin, a 47-story, 1.3 million-square-foot building in downtown Houston. Brad Beasley and Chip Colvill of Cushman & Wakefield represented the landlord, JMB Realty Corp., in the lease negotiations. Trey Strake, David Guion and Chris Oliver, also with Cushman & Wakefield, represented the tenant. The building, which includes 25,000 square feet of retail and restaurant space, recently underwent a capital improvement program that added new amenities, including a coffee shop, tenant lounge areas and a fitness center.

April 14, 2023

Leasing Activity Massachusetts Northeast Office Self-Storage

Stuf Storage Opens 2,400 SF Space at Downtown Boston Office Building

by Taylor Williams April 14, 2023

BOSTON — Stuf Storage, a company that converts unused portions of office buildings into self-storage space for tenants, has opened a 2,400-square-foot space at 18 Tremont Street, a 12-story building in downtown Boston. The deal marks the Boston debut of Stuf Storage, which also operates facilities in Los Angeles, New York, San Francisco, Atlanta, Boston, Seattle and Washington, D.C.

April 14, 2023

Leasing Activity Midwest Missouri Office

AesthetiCare Med Spa Opens New 20,000 SF Headquarters in Kansas City

by Kristin Harlow April 14, 2023

KANSAS CITY, MO. — AesthetiCare Med Spa has opened its new headquarters at 9225 Ward Parkway in Kansas City. The new space totals roughly 20,000 square feet and combines three of the company’s offerings into one location. AesthetiCare also owns MINT Aesthetics, a national training center for Botox, dermal fillers, laser treatments and general aesthetics. Jeff Winters of Colliers represented AesthetiCare in its site selection, acquisition and tenant build-out. AesthetiCare employs a staff of 22 registered nurses and aestheticians, making it the largest med spa in metro Kansas City.

April 14, 2023

California Development Office Western

Pacific Life Completes Headquarters Renovations in Newport Beach, California

by Jeff Shaw April 14, 2023

NEWPORT BEACH, CALIF. — Pacific Life has completed the total interior renovation of its corporate headquarters in Newport Beach. Dubbed by employees as “Workplace Transformation 2.0,” the space spans multiple floors and “embraces the blended workplace of the future.” The new space was outfitted with engagement zones, breakout rooms, and varied collaboration areas that offer employees different workspaces and meeting options. Individuals needing privacy have adjustable work areas with stations that adapt to personal preference and allow for natural light when desired. As employees move through the office, they have the option of storing personal belongings in day lockers and are kept informed about current events via LED monitor panels located outside every elevator.  Hendy designed the space. The firm partnered with Howe Bonney & Associates, Howard Building Corp. (HBC), tk1sc, Tangram, Steelcase, Allsteel, Corporate Business Interiors (CBI) and Bentley Mills on the project. 

April 14, 2023

California Market Reports Office Western Western Market Reports

San Diego’s Office Market Watches Young Talent at Work

by Jeff Shaw April 14, 2023

— By Tim Helgeson, Senior Vice President, Asset Manager, KBS — With San Diego’s median age sitting at just 34.9 and only 12 percent of the population over 64, much of the area’s workforce comprises younger Millennials and Gen Z professionals. This new generation of workers has a fresh approach to employment, not to mention a unique shared history that’s shaped by COVID. As this younger cohort enters and establishes itself in the workforce, employers expect their office space to help them attract and retain young talent. This expectation is influencing investors’ decisions and, in many ways, reshaping the office market in the new normal. These younger workers will be impacting office market dynamics now and for the next several years in a few different ways: Accelerated Repopulation of Offices Many employees got used to working remotely during the pandemic, but there is ample evidence that companies recognize the importance of having their teams in the office. Younger workers are partially driving this trend. In fact, research shows that Gen Z values the office more now than they did before the pandemic. The truth is, no remote work situation can compare to face-to-face, on-site interactions for onboarding, teaching, mentoring and advancing …

April 14, 2023

California Company News Leasing Activity Office Western

DAUM Relocates South Bay Office to Pacific Gateway in Torrance, California

by Jeff Shaw April 13, 2023

TORRANCE, CALIF. — DAUM Commercial Real Estate Services has relocated its South Bay office to Pacific Gateway, a 237,145-square-foot office building in Torrance. The 10-story building was built in 1981 and recently renovated. The move, which takes place after 40 years in an office around the corner from the new space, is intended to accommodate the firm’s recent and future growth in the Los Angeles market.

April 13, 2023

Leasing Activity Office Texas

Chord Energy Signs 103,405 SF Office Lease Renewal in Downtown Houston

by Taylor Williams April 13, 2023

HOUSTON — Houston-based Chord Energy (NASDAQ: CHRD) has signed a 103,405-square-foot office lease renewal at 1001 Fannin, a 47-story, 1.3 million-square-foot building in downtown Houston. The building, which includes 25,000 square feet of retail and restaurant space, recently underwent a capital improvement program that added new amenities, including a coffee shop, tenant lounge areas and a fitness center. Brad Beasley and Chip Colvill of Cushman & Wakefield represented the landlord, JMB Realty Corp., in the lease negotiations. Chad Beck, also with Cushman & Wakefield, represented Chord Energy.

April 13, 2023

Market Reports Midwest Midwest Market Reports Office Ohio

Central Ohio’s Office Market Shifts to Accommodate Changing Tenant Demands

by Kristin Harlow April 13, 2023

By Aaron Duncan, CBRE Describing Central Ohio’s current office market conditions is like a kid making the “little bit of everything” drink at the self-serve soda fountain: a lot of ingredients go in and the result is, surprisingly, okay. The office market is filled with polarizing headlines — from the growth and success of suburban Class A+ product versus newly vacated assets, to sublease space swarming the stat line, and everything in between. Moreover, the sector continues to provide pools of negative and positive market conditions. One’s perspective on the market largely depends on which way they’re standing in that month but overall, much like that childhood concoction, it’s okay. The good and the bad For nearly three years, tenants leaned on ownership groups to let them put temporary solutions in place while they fully vetted their return-to-work strategies. Today, the good news is that tenants have finally figured it out and are confident about what their current and future footprints will look like. A strong indicator of this is the volume of headquarters transactions in the market, five of which were completed by our team: • Vertiv: 75,000-square-foot, suburban headquarters lease at 505 N. Cleveland Ave. • Surge Staffing: …

April 13, 2023

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