REBusinessOnline

Don’t Nap on Naptown: Indianapolis Office Market Is Actively Transforming

You would be hard pressed to find another city more excited about transformation than Indianapolis right now. Previously known as “Naptown” by outsiders due to the sleepy feel the city exuded, those days are long gone. Indy has experienced incredible transformative activity in the past decade, and that extends to the commercial real estate office sector.  For the 18th consecutive quarter, this sector has experienced positive net occupancy gains, and 14 of those quarters have fallen …

Lehigh Valley Office Market Continues to Grow

From large publicly traded companies to mid-size tech companies and small professional services firms, companies are taking notice of the office development and vibrant live-work communities being built in the Lehigh Valley. [caption id="attachment_214426" align="alignright" width="100"] Don Cunningham, President & CEO, LVDEC[/caption] Located one hour north of Philadelphia and 90 minutes west of New York City, the Lehigh Valley is a two-county region in eastern Pennsylvania …

Richmond’s Office Market Grows in Prominence as Corporate-Friendly Destination

Richmond is thriving and the office market is following suit. The office market, like the broader Richmond region, benefits from Richmond’s diverse economy, high-quality of life at a reasonable cost of living and the steadily growing, highly educated workforce. These attributes make Richmond an attractive option for large employers evaluating cities for operations. Recent entrants to Richmond include CoStar Group, ICMA-RC and Owens & Minor. The CEO of CoStar pointed to Richmond’s …

Startups, Millennials Drive Strong Fundamentals for Columbus Office Market

The Columbus office market continues to be diverse and thriving as the city becomes an economic hub in the Midwest. With a population that has grown to over 2.1 million people, and the eighth largest millennial population, Columbus has developed varied markets including concentrations in automotive, data centers, fashion/apparel, finance/insurance, food, healthcare, logistics, manufacturing, R&D, beauty, retail/e-commerce and technology. Columbus boasts 14 Fortune 1000 headquarters and …

New Office Developments Take Shape in Orlando’s Core Submarkets

At mid-year 2018, Orlando’s economic engine is performing like a well-oiled machine, fueled by brisk business expansion, healthy in-migration, accelerating job growth and steady population gains. In fact, Orlando ranked No. 3 in the nation for population growth during the period between 2010 and 2017. Office market fundamentals remain solid with steady demand for high-quality, Class A space largely outstripping available supply, particularly in high-demand areas. Job creation continues to …

Chicago’s Office Market: the Dichotomy Between Large and Small Law Firms

Over the past four years, Chicago’s legal sector has accounted for almost 750,000 square feet of negative net absorption despite a robust economy keeping demand for legal services of all types strong. While much has been written about large law firms shedding space as they reconfigure their offices with open floor plans that appeal to millennial and Generation Z talent, not all are following the same course of action. [caption id="attachment_213182" align="alignright" width="100"] …

Austin’s Office Market Goes Boomtown, San Antonio’s Continues Impressive Growth

Compared to Houston and Dallas, the office markets of Austin and San Antonio have a hard time competing on sheer size alone. However, these two central Texas cities are undergoing rapid changes that are leaving longtime residents amazed at the constantly morphing skylines. Both metros boast strong office markets that are growing with the entire Texas economy. But how do they match up in a head-to-head comparison? Basic Numbers At approximately 50 million square feet of office space, Austin …

Office Trends Toward Creative, Collaborative in Las Vegas

Some of the larger companies with long-term growth forecasts are focusing on expansion and amenity-rich office environments for recruiting purposes. However, more people in less space continues to be the trend for companies with slower growth opportunities that are focused on efficiencies and overhead costs.   The average standard amount of office space per employee dropped from 225 square feet per person to between 150 square feet and 175 square feet per person in the past couple years.  …

Job Growth, Low Unemployment Keep Office Development Churning in Baltimore

Continued job growth, coupled with a 4.3 percent unemployment rate (down from nearly 9 percent in 2010) in the greater Baltimore metropolitan region are the primary reasons giving real estate development companies the confidence to construct speculative commercial office buildings in select submarkets throughout central Maryland. After delivering more than 1 million square feet of space in Baltimore City, another 1.6 million is presently rising in the downtown skyline. Industries …

VanTrust to Develop 210,000 SF Spec Office Project in Frisco

FRISCO, TEXAS — Kansas City-based VanTrust Real Estate LLC will develop The Offices Two at Frisco Station, a 210,000-square-foot speculative office project in Frisco. Construction of the six-story building, which will be located adjacent to The Star, will begin later this month with completion slated for September 2019. Amenities will include structured parking, a fitness center, conference center and tenant lounge. HKS Inc. is serving as project architect, Manhattan Construction is the …

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