For Texas Office Owners, Understanding Best Operating Practices Is Critical Post-COVID-19

By Cody Payne, senior vice president, Colliers International. As strong job growth over the past decade has brought more and more investors to Texas, many of these buyers have looked to office product due to the appealing going-in returns that the property type offers. In addition, many cross-product owners look at office investing to make higher returns outside of their current portfolios. As buyers look toward the office market, there are many factors that need to be considered before …

COVID-19 Changes How Office Owners Approach Music Licensing

By Jeffrey A. Tinker, partner, Bell Nunnally LLP Amenities often play an outsized role in influencing companies’ decision on where to lease office space. In the not-so-distant past before COVID-19 came along, open, spacious common areas were the most desirable. The music played in those common areas could not only increase customer satisfaction, but also accentuate a building’s vibe and environment. [caption id="attachment_263166" align="alignright" width="100"] Jeffrey Tinker, Bell …

First Takes: Texas Office Markets React To COVID-19

It’s still too early to pinpoint how long and how severe the disruption caused by the outbreak of COVID-19, the disease caused by the novel coronavirus, will be to the major office markets of Texas. But brokers in Dallas, Houston and Austin are already seeing their markets display short-term adjustments with regard to deal velocity and structure. As commercial brokers know all too well, every deal is different. Companies are making decisions on whether to delay or pursue office lease …

Population Boom Spurs Momentum in Fort Worth’s Office Market

These days, one of the most widely-shared facts about Texas’ economy is the fact that the Dallas-Fort Worth (DFW) metroplex adds about 360 new residents per day. But a lesser-known part of that statistic involves the fact that Fort Worth is experiencing a faster rate of population growth than Dallas. According to U.S. Census data, Fort Worth was the third fastest-growing city in the country from 2012 to 2017. In 2018, Fort Worth gained 20,000 new residents, compared to just 2,000 new …

Now Is the Time to Invest in Chicago’s Office Market

There is a widely held belief that investing in the Chicago office real estate market in 2020 is potentially a bad bet. While some investors are concerned by headlines decrying the fiscal health of Illinois, the supposed overvaluing of Cook County tax assessments and softening of the Chicago market, our experience tells us those fears will create opportunities for contrarian investors willing to dig deeper. Because these misperceptions are scaring away some institutional investors, the time is …

Investors Note Steady Supply, High Demand Within Detroit’s Office Market

While there are plenty of news stories touting Detroit’s comeback, it’s the actual 2019 year-end numbers backing up the claims with solid momentum in the office and lending sectors. And the numbers are capturing the attention of national investors, not to mention lenders who were on the bench for years and years. Office occupancy Office vacancy across metropolitan Detroit decreased from 24.5 percent in 2013 to 13.8 percent as of the fourth quarter of 2019, according to national leasing …

As Core Rents Rise, Austin Office Market Welcomes Adaptive Reuse in Suburbs

It’s no secret that Austin has exploded with jobs and people over the last 10 years, and evidence of the growth has perhaps been most visible in the asking rents for office space. Rental rates in Austin’s most sought-after neighborhoods have essentially doubled since 2010, when major tech firms really began eyeing the state capital for its pro-business climate and supply of educated workers, as well as its high quality of living. Today, we see full-service office rates well above $50 per …

Is Class B Office the Big Play for Denver in 2020?

The Denver office market remains strong. Vacancy continued to compress in 2019 as rental rates and sale prices forged ahead to the highest levels in history, allowing landlords and sellers to remain in control of the market. Class A office transactions accounted for $1.7 billion in office sales in Denver Metro over the past year, versus $1.2 billion of Class B office sales, with average market cap rates of 6.6 percent and 7 percent, respectively. Interestingly enough, vacancy rates are higher …

Office Occupiers in Kansas City Face the Short-Term Cost Versus Long-Term Benefit Dilemma

With Kansas City unemployment hovering at cyclical lows around 3.5 percent and the war for talent at an all-time high, companies must leverage their real estate to attract and retain top talent. At the height of the corporate office boom in the late 1990s and early 2000s, the average space per employee ranged from approximately 275 to more than 325 square feet. Today, that number has shrunk to 175 square feet per employee and some predictions see that number moving even closer to 100 square …

Office Landlords in Northeast Offer an Array of Amenities to Attract Tenants

In the largest office markets of the Northeast, landlords are competing to attract valuable corporate tenants by providing the highest quality work-life balance for the region’s talented workforce. The Boston, New York and Philadelphia office markets are among the most competitive in the country. While factors like salary, commute time and personal fulfilment remain important in deciding where to work, employees are now placing more emphasis on amenities and work-life balance in their final …

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