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Diverse Population, UAB Help Retail, Restaurants Expand in Birmingham

John Nelson — Mon, 21 May 2018 11:30:29 +0000

It wasn’t until the last five to seven years that college graduates started looking at Birmingham as a place to live and work. Cities like Nashville and Atlanta were getting too expensive and too congested. Upon discovering how progressive Birmingham has become with the revitalization of the downtown area, it became the new hot place to live, play and work. So what was once an untapped market has started to grow with new retailers and restaurants to meet the growing demand. The addition of Topgolf to downtown Birmingham, for example, would not have happened without the influx of new multifamily projects in the downtown/southside area. Birmingham has also seen a growth of new restaurants to the area because of the diversity of population. The number of medical and undergraduates students studying at the University of Alabama-Birmingham (UAB) Medical complex has contributed to the diversity. As such, restaurants and retailers that cater to this diversity have begun to open in the area. The Pizitz Food Hall is a prime example as it includes two restaurants and 12 food stalls serving cuisines from all over the world, including Italian, Israeli, Ethiopian, Japanese, Vietnamese, Indian and traditional Southern soul food like fried chicken…

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Birmingham’s Multifamily Market Sees a Turnaround in Highway 280 Corridor

John Nelson — Mon, 14 May 2018 11:30:14 +0000

Birmingham’s multifamily market closed out 2017 with an average 7 percent vacancy rate and effective rents that flirted with the $900 per unit ceiling. On the investment side, multifamily assets in the market demonstrated some notable pricing trends through year-end 2017. The market outperformed the region and the nation in terms of value appreciation on a per unit basis. The average price per unit in Birmingham increased by more than 20 percent from fourth-quarter 2016 to fourth-quarter 2017. And, among these assets, garden-style properties stood out with a 36 percent increase in average price per unit. One explanation for this trend is the combination of value-add upgrades to garden-style properties in the market, as well as new construction that is lifting values in the market. To that end, Birmingham’s Highway 280 Corridor makes for a great case study. Stabilization of 280 Corridor What was a soft submarket in 2017, the Highway 280 Corridor in Birmingham has now rapidly tightened up in the first quarter of 2018. This one corridor spans various Birmingham submarkets ranging from urban Central City and Southside to Birmingham’s southeastern suburbs of Meadowbrook and Lake Purdy. According to Alabama Traffic Data (ATD), the average annual daily traffic…

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Multifamily Projects, Experiences Redefining Birmingham’s Growing Retail Market

John Nelson — Mon, 07 May 2018 11:30:09 +0000

It’s no longer a secret that Birmingham and its surrounding communities are confidently moving forward, bursting with festivals, arts, concerts, parks, reimagined spaces and a red-hot local dining scene. These revitalized spaces represent opportunities to find affordable housing, a vibrant social life and a place where all can participate in the community’s ongoing progress. Tourism is also on the rise, with a 50 percent increase in expenditures over the past 10 years as visitors flock to the region to dine at the restaurants of culinary legends, cheer on Minor League Baseball teams in a downtown stadium, attend the Sidewalk Film Festival, watch IndyCar racing at the Barber Motorsports Park, visit the historic Civil Rights Museum and enjoy live music venues throughout the area. With all of its history, charm and new amenities, Birmingham is no longer a pass-through; it is the destination. The greater downtown Birmingham area experienced a 40 percent increase in its multifamily inventory in 2017, which is nearly three times the amount added in 2015. These spaces are filling up quickly as the submarket’s occupancy rate is currently at 92.5 percent and climbing. Everyone from millennials who are marrying later and waiting longer to buy homes to…

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Job Growth, Limited Deliveries Elevate Birmingham Apartment Market’s Outlook

John Nelson — Mon, 26 Jun 2017 11:45:49 +0000

Urban submarkets have largely carried the Birmingham multifamily market’s recovery. However, going forward investors will look to capitalize on greater yields in suburban submarkets. Despite rising rents, absorption continues to climb and concessions are falling off. Greater absorption metrics will be a recurring theme this year as rising construction costs and tightening access to capital constrain new development. Supportive Economy Birmingham’s economy added 8,000 net jobs year-over-year as of December 2016, growing at an accelerated rate of 1.6 percent. Further, unemployment remains low at 5.4 percent. Industries such as transportation, education, healthcare, government, and finance are at the forefront of job growth in the market, accounting for 75 percent of the net jobs added. Moody’s projects that the metro will add more than 24,000 net jobs through 2020, expanding by approximately 4.7 percent. Recent expansion announcements in the market reaffirm this trend, including the Project Sunrise deal that will create 746 manufacturing jobs via a $120 million investment in the former Meadowcraft facility. Another needle-moving deal is Mercedes-Benz U.S. International’s $1.3 billion plant expansion in Vance, which has resulted in automotive suppliers growing their footprint in the market. For instance, Eissmann Group Automotive recently added 200 jobs in nearby Pell…

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Automotive Users Put Birmingham’s Industrial Market in the Fast Lane

John Nelson — Mon, 19 Jun 2017 11:45:05 +0000

When comparing Birmingham’s industrial market to other major cities in the Southeast, “The Tortoise and the Hare” comes to mind. Birmingham has had slow and steady progress — not to say that our sister cities have periods of laziness and napping. Birmingham’s current pace of activity is more the norm and thankfully the trends remain positive with 2016’s transaction numbers actually tilting in the direction of a “hare-like” pace. Occupancy rates for the 15 million-square-foot, multi-tenant industrial market eclipsed 90 percent for the first time since 2005. We had positive absorption of over 400,000 square feet with just under 1.5 million square feet of inventory remaining. During 2016, 12 new lease transactions of 50,000 square feet and larger were completed, eight of which were automotive related. These 12 transactions compare to seven and eight in 2014 and 2015, respectively, which is a strong increase. Leases of note include 270,600 square feet to a third-party logistics provider for Mercedes-Benz; 240,240 square feet to Grupo Antolin, a Spanish-based supplier of interior parts for Mercedes-Benz; and a 225,496-square-foot lease directly with Mercedes-Benz. Much of the remaining 1.5 million square feet of inventory is Class B or lower quality, so finding suitable space has…

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Consistency, Young Talent Lead to High Expectations for Birmingham Office Market

John Nelson — Mon, 12 Jun 2017 11:45:49 +0000

For the first time in quite a while, the Birmingham office market has experienced a rejuvenation and resurgence, catered around growth, a diversification of the tenant base and an effort to attract and retain bright young minds. Like many markets nationally, the city’s focus on urban renewal has made downtown Birmingham an attractive place to live, work and play, and thus will help companies attract talent to the market. Birmingham has entered a new era of industry and residential growth with one of the Southeast’s most dynamic markets after evolving from a historically steel and manufacturing-focused economy. Driven by a new generation of local leaders who have focused on developing biotechnology, life sciences and automotive sectors as catalysts for growth, Birmingham has witnessed a remarkable economic transformation. A preference for dynamic locations to live, work and play is occurring in Birmingham, as a significant amount of development has taken place in downtown Birmingham. While the bulk of this activity is occurring on the multifamily side, the same factors that draw people to live downtown are expected to positively impact the desire of employees to work downtown. In the long run, it is reasonable to expect office development to take off…

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Retail Activity Leads the Way in Birmingham’s Revitalization

John Nelson — Tue, 30 May 2017 11:45:11 +0000

The Birmingham retail market had an explosive 2016. Several large projects were announced or completed, while traditional indicators of market health also showed promising signs of growth. TopGolf will soon be coming to the Uptown District, while Regions Field, home of the Birmingham Barons minor league baseball team, continues to attract surrounding development. Breweries remain a mainstay in Birmingham’s social scene, and they have demonstrated a capability to revive entire neighborhoods. As the natural beauty of Alabama becomes more important to residents and newcomers, the Red Rock Trail System’s green space bicycle system, which encompasses over 200 miles of green space trails and over 600 miles of street-based paths connecting all corners of the Birmingham area, will continue to grow in importance and recognition. By the fourth quarter of 2016, retail vacancy had decreased to 5.4 percent, down from 6.1 percent at the beginning of 2016, while market rents for major submarkets held steady around $12.37 per square foot. Downtown Birmingham, which hasn’t been viewed as a major retail area for decades, is the site of resurgent interest and accompanying capital. Some of the revitalization is occurring due to a renewed interest in public greenspaces, such as the recently developed…

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Multifamily Investors, Developers Expose Montgomery as a Diamond in the Rough

John Nelson — Mon, 19 Dec 2016 12:30:36 +0000

Commonly referred to as the River Region, Montgomery is the second largest city in Alabama and the state capital. The Montgomery metropolitan area consists of Autauga, Elmore, Lowndes and Montgomery counties. With a population approaching 374,000, the River Region’s diverse economy, skilled workforce, business-friendly climate and Southern charm continue to attract new residents and commercial development. Key industries in the Montgomery metro area include automotive, manufacturing, fabricated metals, plastics, warehousing/distribution and state/regional government. As of June 30, total unit count in the Montgomery market is 6,588 with an average year built of 1997. According to the Axiometrics second-quarter 2016 report for Montgomery, annual effective rent growth has averaged 1.2 percent since the fourth quarter of 1996 with annual effective rent growth forecast to be 0.1 percent for 2016, 1.7 percent in 2017 and an average of 2.6 percent from 2018 to 2020. The Axiometrics report also states the market’s occupancy rate has averaged 92.2 percent since the fourth quarter of 1995. Currently, occupancy in the Montgomery market is 89.6 percent as of second-quarter 2016, which is a slight decrease from 91.1 percent in the first quarter of 2016 and 90.7 percent in second-quarter 2015. Axiometrics projects the market’s occupancy rate…

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New Publix, Apartment Projects in Downtown Birmingham Spur on Retail Growth

John Nelson — Mon, 04 Jul 2016 11:30:40 +0000

The real estate market in downtown Birmingham has followed the “chicken and egg” trend. Over the last few years, over a dozen multifamily projects have been announced, but the major hurdle is proving the demand as people moving downtown have wanted a downtown grocer. While some multifamily developers decided to proceed with construction, others waited on the sidelines hoping a grocer would announce a new downtown location. On the other hand, major grocers put off locating in downtown Birmingham due to the lack of people living in the general area. Problem solved when construction started last year on a new 30,000-square-foot Publix with a full-service pharmacy in downtown Birmingham. Developers Scott Bryant and Dick Schmalz announced that the Publix will anchor a new multi-story, mixed-used development. Publix considered a store in downtown Birmingham in 2007 and again in 2009 before finally deciding to bring a store downtown now. The development of the Parkside District with Railroad Park and Regions Field, along with existing and planned apartment projects in the area, contributed to the timing. With the addition of Publix, several other multifamily projects are well underway or completed, such as the 228-unit LIV Parkside, 332 total units next to Regions…

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Sizable Transactions Set the Tone for Birmingham’s Office Market

John Nelson — Mon, 27 Jun 2016 11:30:31 +0000

Pick up any Birmingham newspaper and the headlines will likely reveal plans for a historic building renovation, a new mixed-use development or a prominent Birmingham company expanding into the Central Business District (CBD). Birmingham has enjoyed a surge of development over the last few years, with nationally recognized projects such as Railroad Park and Regions Field, the renovations of prominent downtown buildings and the emergence of new districts throughout the city. With all the development going on, it’s no wonder that the Birmingham office market is thriving with investors taking an interest in many of the city’s best Class A properties. The years 2014 and 2015 marked a record number of Class A properties trading to prominent national investors, and the trend seems to be continuing into 2016. Over the past year, Hertz Investment Group expanded its Birmingham footprint to include Inverness Center (four buildings), the Wells Fargo Tower and the BB&T Bank Building, a total of more than 1 million square feet. The Matrix Group purchased the four-building portfolio Meadow Brook North, totaling more than 500,000 square feet. 2016 is off to a promising start with the sale of one of the Southern submarket’s most prominent buildings, the 211,335-square-foot…

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Birmingham’s Apartment Market Feeds Off Downtown’s Renaissance

John Nelson — Mon, 20 Jun 2016 11:30:55 +0000

Birmingham’s renaissance has been underway for several years now, but it has taken some time for the rest of the world to find out. This year they started paying attention. The opening of Railroad Park, Regions Field, the Iron City event venue and now the recently restored Lyric Theatre have made it clear that there are intriguing things going on in downtown Birmingham. Lonely Planet, the respected travel information source, included Birmingham in its “2016 Best in the U.S.” list, asking, “Could Birmingham be the coolest city in the South?” Food media giant Zagat named Birmingham “America’s No. 1 Next Hot Food City” and the Travel Channel chose Birmingham to its list of “11 Next Great Destinations.” Foodies and fashionistas are not the only groups showing interest in Birmingham. Multifamily investors have been building new developments and acquiring and repositioning existing properties over the past few years. This activity reflects national trends — investors looking for alternatives to top-tier markets and Millennials gravitating to an affordable urban core. Nonetheless, with its burgeoning downtown food and arts scene, Birmingham has earned a second look. Strong Year for Downtown Developers liked what they saw and acted accordingly. In 2014 and 2015, plans…

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Birmingham’s Retail Market Bolstered by New Grocers, Mixed-Use Projects

John Nelson — Mon, 11 May 2015 08:36:50 +0000

Birmingham’s retail market remained steady in 2014, with approximately 10 percent of the total 24 million square feet available for lease. Birmingham is tracking above national averages relative to new ground-up and rehab projects that are announced or underway. Downward pressure on rents have challenged developers pro-formas, though the very friendly city and state incentives environment has allowed developers to creatively meet tenants conservative occupancy cost requirements. While the Birmingham metro area is challenged by the threat of major closings by retailers like JC Penney, Sears and Kmart, there is a pipeline of first-to-market national retailers eyeing the growth submarkets, including Highway 280, Hoover/ Riverchase and Trussville. New Grocers Enter Market Trader Joe’s recently unveiled plans to open a 12,600-square-foot store at The Summit shopping center in the second half of 2015. Trader Joe’s provides a destination food option for the market. The Summit is leased and managed by Bayer Properties. Arizona-based Sprouts Farmers Market recently announced it would be entering the Birmingham metro as well. Sprouts’ first local offering will be at Brook Highland Plaza on U.S. 280. The 22,457-square-foot store will serve an array of fresh produce and meats. Additionally, GBT Realty is developing a 25,000-square-foot Sprouts location…

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Birmingham’s Newest Multifamily Product Will Act as a Litmus Test for the Market

John Nelson — Mon, 04 May 2015 11:46:22 +0000

Spring has come to Birmingham, and with it the sound of multifamily developers breaking ground. Their success in finding tenants for these properties — numbering more than 1,000 units — will be a litmus test for the future of the Birmingham market. Right now, the market activity leads one to be cautiously optimistic. Work on the $66 million renovation of the historic Pizitz Building in downtown commenced in March, which will add 143 apartments to the market in fall 2016, and the newly dubbed 20 Midtown project is finally underway. This mixed-use project, featuring a Publix and a Starbucks, will have at least 122 apartments when completed. Construction has also started on the $22 million renovation of the Thomas Jefferson Tower, another mixed-use project that will yield 96 apartments. These projects join the 236-unit Venue at the Ballpark, which broke ground last year and promises views over the outfield fence into Regions Field. The cranes are also busy east of the expressway in Lakeview. Work there has started on the 67-unit Iron City Lofts and is slated to begin later this spring on the 260-unit Metropolitan Apartments. Testing the Millennial Market Taken together, these developments highlight a number of facts…

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Birmingham Enjoys Improving Fundamentals, In-Town Shift

admin — Mon, 12 May 2014 00:00:00 +0000

Birmingham was recently ranked among the “Top 10 Emerging Downtowns in the Country” by Livability.com, and the city has also become an attractive place for national investors. The Birmingham apartment market has shown stable occupancy of 93 percent and experienced gains in effective rents, despite 540 units being delivered in 2013. Construction of new communities is ramping up as projects delivered in 2012 and 2013 such as The Hill, Tapestry Park, Village at Lakeshore Crossing and Ashby at Ross Bridge were absorbed at record-setting rental rates. Additionally, new buyers are flocking to the Birmingham multifamily market. Improving Fundamentals Rental rates among Birmingham properties are showing encouraging signs of growth. Between mid-year 2012 and mid-year 2013, 61 percent of Birmingham-area properties experienced average effective rent increases, and 53 percent experienced quoted rent increases. This growth is reinforced by nearly universal drops in concession usage. Only one of the eight Birmingham submarkets (East submarket) experienced increased concession usage, and only the West submarket experienced no change. Overall, the Birmingham area experienced an 11.3 percent drop in the number of properties offering concessions. Between mid-year 2012 and mid-year 2013, six of eight submarkets in the Birmingham MSA experienced overall effective rent growth. Of…

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Apartment Demand Picks Up in Birmingham As Unemployment Rate Drops

admin — Mon, 20 May 2013 00:00:00 +0000

Birmingham — Alabama's largest apartment market — is in the midst of a continued recovery from the economic downturn. The city posted a net-gain in jobs, occupancy and rental rates, which has helped spur new development, particularly at close-in urban locations. Last year was a turnaround year for Birmingham. The city gained 700 jobs and the Birmingham-Hoover unemployment rate dropped to 5.8 percent by December, two percentage points below the national average, according to the Bureau of Labor Statistics. The gain in jobs was the first annual increase since 2007. For the apartment market, 2012 results were strong: a 2 percent increase in occupancy pushed occupancy rates to 93.2 percent market-wide. Additionally, rent levels increased by 3.2 percent in 2011 and 1.9 percent in 2012, according to MPF Research. The favorable market dynamics have drawn the attention of regional and national investors, which has led to healthy transaction and development volume. In 2012, 27 apartment complexes traded in the Birmingham MSA, totaling approximately $300 million in volume. Both local owners and several owners headquartered in New York and Florida, for example, made significant investments in Birmingham, including the CLK Properties acquisition of the five-property Park Lane portfolio in April. On…

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Competition is Fierce for Prime Retail Space in Suburban Birmingham

admin — Tue, 07 May 2013 00:00:00 +0000

In the decade between 1997-2007, a massive amount of retail development swept the country, and Birmingham — like much of the Southeast — was considered a demographic sweet spot. During this 10-year period, the majority of the population was at a peak buying age, the economy was performing well and most of the population was experiencing higher income levels. In Alabama, developers and retailers alike scrambled to keep up with the growth by building new shopping centers anchored by big and junior box concepts in every major town across the state. Then the recession hit. As the market continued to slow, big and junior box retailers experienced decreasing sales and an overabundance of square footage brought new development pipelines to a halt. Despite a growing desire among today’s retailers to lease new space, the market is lacking supply. Now that big box development has largely stopped in Birmingham and retailers are starting to downsize, there is virtually no development pipeline for new shopping centers within the suburban markets. Competition for prime leasable space within these suburban locations has become fierce. Retailers, medical office tenants, and restaurants are all now vying for the same spaces that were built 10 years ago.…

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The city of perpetual optimism.

admin — Tue, 12 Jul 2011 00:00:00 +0000

The city of Huntsville, Alabama, is no stranger to threats of economic disaster, so overcoming it is a matter of pulling together a team of commercial brokers and economic development professionals who will see office and industrial buildings half-full, rather than half-empty. In 1948, the U.S. Army hung a ‘For Sale’ sign on Redstone Arsenal, only to remove it for a team of rocket scientists. In the 1970s, Huntsville’s space industry packed its bags after the last Apollo launch, leaving the city like a bad divorce, before the hands of fate reached out in the form of missile defense. In 2005, the Base Realignment and Closure (BRAC) initiative set Huntsville on a fast track to economic growth and commercial prosperity. Three hard years of unprecedented national financial crashes played havoc with the market, but what remains is a handful of proverbial optimists. The North Alabama Commercial Brokers Association (NALCOM) meeting in February entertained a loyal group of survivors who at this point are unlikely to fail. They believe an increase in inquiries is a positive sign, even if they aren’t at 2007 levels. Rather than analyzing high vacancy rates and crying over companies who left two years ago, they shifted…

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Deals still getting done in slow market.

admin — Fri, 02 Oct 2009 00:00:00 +0000

Sonny Culp of Birmingham-based Graham & Co. looks at the Birmingham industrial market through an optimist’s glasses. While the recession has slowed activity significantly — Culp estimates that the bulk distribution vacancy rate is somewhere around 20 percent — transactions are still taking place. And on the bright side, at least the current development standstill means Birmingham won’t have tons of warehouse space sitting empty for the next few months. “The economy has slowed construction, so that when the market rebounds, those projects that need to get filled first most likely will,” Culp says. Birmingham, by location and size, is a secondary market. The city’s industrial market is closely tied to the health of corporate America; when corporations do well, space gets occupied, but in the current stagnant financial situation, it’s harder to find firms hungry for a transaction. “Historically, Birmingham has always been two or three deals shy of a shortage,” Culp says. “Today, you might say that two or three figure is eight or nine.” Sales are now the territory of mom-and-pop companies, and the leasing arena mostly consists of renewals and small leases for short terms. This is the broker’s new reality. “Any transaction person is finding…

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State government provides boost.

admin — Wed, 30 Sep 2009 00:00:00 +0000

Montgomery’s commercial real estate industry is repaving the rocky road of the recession. The small capital city is fairing well, fueled by the state government, the Maxwell-Gunter Air Force Base and the car manufacturer Hyundai. Montgomery’s transportation options also make the area attractive; two major highways intersect in the city, and the Alabama River provides a shipping alternative for sea-fairing businesses. According to Jerome Moore of Montgomery-based Moore Company Realty, manufacturing helps fuel local commercial real estate because industrial activity boosts the multifamily and retail markets. The tight financial markets have affected the resiliency of the industrial market, however, and warehouse vacancy is now a little more common that it was before. The office market remains strong on the heels of government expansion. The one dark area hovering around the industry concerns the financial meltdown and the ever-changing banking landscape. “All the shakeup there, with the merger of Regents and AmSouth [banks] and Colonial’s present troubles, will create significant vacancy in the market from an office standpoint,” he says. Many office buildings were developed with significant vacant space. If a landlord purchased a building that was vacant, he’s having a hard time filling the property, but the recession hasn’t created…

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Birmingham's fundamentals help fuel solid economic base.

admin — Mon, 04 May 2009 00:00:00 +0000

The University of Alabama at Birmingham continues to be the most powerful and stable economic engine in North Central Alabama. The university offers the community high-paying jobs as both faculty and staff employees and an affordable and beneficial educational opportunity, while drawing patients and visitors to its world-class medical center from throughout the region, and in many instances, from all over the globe. Approximately 12 years ago, Alabama embarked on a program to entice automotive manufacturers to the state. That program paid off first with Mercedes, then with Honda and Hyundai, which are all located in central Alabama. Birmingham is at the center of this automotive triangle. With tens of thousands of jobs associated with the industry, Birmingham has been able to continue its manufacturing tradition with higher pay than the old iron and steel jobs of the city’s past. Despite the pressure on the automotive sector from the current economic downturn, Alabama-based manufacturers appear well-positioned to weather the storm and return to profitability. That bodes well for Birmingham, and that bodes well for Birmingham’s retail. On February 5, 2009, Birmingham-based Bruno’s Supermarkets declared Chapter 11 Bankruptcy. Locally, the move surprised no one, but it did bring finality to the…

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