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 …
Oregon
What area is your expertise? Apartment brokerage in Portland What trends do you see presently in multifamily development in your area? Downtown development is strong. Large, high-end transactions from late 2007 continued into first quarter 2008. The high level of acquisition activity on the institutional front will continue in 2008. By the end of 2007, activity of smaller (below $5,000,000) properties was down 20 percent from 2006. This will be the trend for 2008. Who are the active multifamily developers in your area? Opus Development, Trammell Crow, Unico and Gerding Edlen. Please name one or two significant multifamily developments in your area. What impact will these projects have on the market? The Wyatt — Northwest submarket — just completed — Bob Ball and Evergreen Signature, LLC, developers. It was converted from condos to high-end apartments – will fit growing demand for luxury apartments. The Lovejoy — Northwest submarket — under construction — Unico, developer. Mixed-use with Safeway grocery store, 231 units of multifamily space and office. Supplying grocery to an area of Northwest/downtown neighborhood that has not had a grocery store. Where is the majority of development taking place? Why is this area doing well? Downtown core – close-in (to …
What trends do you see presently in retail development in your area? Developers continue to move forward on projects in which they have an anchor tenant and financing. Land and construction costs have risen to a point where the rents developers need aren’t feasible to tenants, thus putting the project on hold. What type of retail product is doing well in your area? Regional malls and our two lifestyle centers continue to perform very well. What retailers are new to your area? Dick’s Sporting Goods, Famous Dave’s, LA Boxing, and over a dozen new tenants to our area that are currently in negotiations with landlords. Who are the active retail developers in your area? Center Cal, CE John and Company, Gramor Development and Opus NW are the most prominent players right now. Please name one or two significant retail developments in your area. What impact will these projects have on the market? Cascade Station was recently completed located next to Portland International Airport, on the east side of Portland near the border of Oregon and Washington. This project’s success was banked on the fact that customers who don’t want to pay a Washington State sales tax will cross the Columbia …
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