Office

Commonweal Development Corp. Completes Construction on 72,500 SF Office Building in Eau Claire, Wis.

by Danielle Everson February 10, 2015

EAU CLAIRE, WIS. — Commonweal Development Corp. has completed construction on a 72,500-square-foot office building for JAMF Software in Eau Claire. The new, Class A property is located in the Phoenix Park area of downtown Eau Claire. Ayres Associates was the architect for the project. Market & Johnson served as the general contractor. The high tech facility is a combination of open office and meeting rooms featuring a fourth floor deck with a view of the Chippewa and Eau Claire rivers. JAMF software specializes in products and support for the Apple platform. The city of Eau Claire is building a parking structure adjacent to the building to serve JAMF and the neighboring Royal Credit Union headquarters.

February 10, 2015

Market Reports North Carolina Southeast Southeast Market Reports

Three Distinct Trends are Driving the Raleigh-Durham Office Market

by John Nelson February 9, 2015

The Raleigh-Durham-Chapel Hill (Research Triangle) region has entered a period of vibrant market expansion. Overall Class A vacancy has fallen below 10 percent for the first time since the building boom of 2001, with rates as low as 2.2 percent in some of the region’s most desirable submarkets, where severe shortages have absorption extending into long-stagnant Class B product. Despite this auspicious environment for new construction, developers are still exercising substantial caution, underscoring the depth of the last downturn and its long-lasting impact on both the development and lending communities. However, recent successful Class A deliveries by REITs like Raleigh-based Highwoods Properties and Indianapolis-based Duke Realty signal a shift toward a more pronounced supply cycle, with lower pre-lease thresholds, and a Class A market that is clearly transitioning from a recovery cycle to a period of low supply. As the market picks up steam, here are three trends that we see emerging in the Raleigh-Durham office market, and the implications for the MSA going forward. The Rise of Live-Work-Play In the last decade, no trend has had a greater impact than the rise of the live-work-play model, a phrase that encapsulates many meanings, but always embodies the high value placed …

February 9, 2015

Illinois Midwest Office

Foresite Realty Partners Arranges Lease of 7,196 SF Office Space in Chicago

by Danielle Everson February 6, 2015

CHICAGO — Foresite Realty Partners LLC has arranged the lease of a 7,196-square-foot office space in Chicago. Alliance of Chicago Community Health Service, L3C has signed a 10-year, seven-month lease renewal at the space located at 215 West Ohio. The Alliance provides health information technology to support more than 40 non-profit health centers nationally. Foresite Reality Partners represented the landlord. Trevor Marticke of Cushman & Wakefield represented the tenant.

February 6, 2015

Market Reports Office Texas Texas Market Reports

What Does Oil Price Fallout Mean for Houston?

by Haisten Willis February 6, 2015

It’s safe to say that the recent drastic drop in oil prices is a hot topic everywhere, and it certainly dominates the discussion in Houston real estate. As we read market predictions of how long it will take for the price of oil to rebound and the impact it will have on the economy, we must try to predict on a micro level what the consequence will be to tenants and landlords. With the price of oil below $50 per barrel and still declining, it is understandable why the uncertainty of the market is causing many tenants to put their space requirements on hold or reconsider their occupancy plans altogether. Despite the Greater Houston Partnership’s projection for 63,000 new jobs to be added in Houston in 2015 and the countless construction cranes that can be seen all over the city, the daily announcements of layoffs, reduced capital expenditure plans and mergers leave considerable room for doubt and uncertainty about the market. Although the Houston economy is more diverse today than it was 30 years ago, a strong correlation between the price of oil and office rental rates remains. The Houston employment and real estate market will, however, benefit from its …

February 6, 2015

Illinois Market Reports Midwest Midwest Market Reports Office Retail

Chicago’s Suburban Commercial Real Estate Sector Proves Its Mettle Once Again

by Danielle Everson February 4, 2015

Here’s the Chicago commercial real estate market’s big secret: the suburbs never went away. While it’s true that office vacancy rates hit the high 20s in 2008, the truth is that suburban absorption never faltered. In early 2014, Savills Studley reviewed all office leasing transactions from 2010 to 2013, a recessionary period for the sector. The analysis revealed that of the nearly 7.4 million square feet of deals tracked, nearly three-quarters of the moves (5 million square feet) involved tenants moving from one suburb to another. Compare that trend to the relocations from the suburbs to the city, which totaled approximately 1.8 million square feet during the same period. The exodus of companies like Hillshire Brands and Motorola Mobility from the suburbs made it seem like the city was the only place to be for high-growth firms. The analysis also showed that firms moving from out of town to the area went to the suburbs rather than the city by a factor of more than 2 to 1: 385,000 square feet versus 160,000 square feet. So, it’s no surprise that the suburban Chicago office market ended 2014 with the lowest vacancy rate since 2008. The 22.6 percent vacancy rate in …

February 4, 2015

California Market Reports Office Western Western Market Reports

LA’s Office Market is Alive

by Nellie Day February 3, 2015

Construction on the 73-story Wilshire Grand Hotel, office and retail complex in Downtown Los Angeles’ Financial District, coupled with Google’s recent purchase of 12 acres for development in Playa Vista prove the region’s office market is alive and well. It may even be enjoying a bit of a rebirth in this post-recovery period. Los Angeles, unlike many other comparable U.S. metropolitans, is composed of several distinct business centers that make it difficult to generalize about the overall market. Separated by only a few miles, there are nonetheless very distinct markets that comprise LA, due, in no small part, to the lack of a fully integrated public transportation system and long-standing traffic that remain a barrier to full connectivity between the various areas. With that in mind, there are some very evident trends emerging out of Downtown and the Westside, which includes Century City, Westwood, Santa Monica, Playa Vista and adjacent cities. Downtown is enjoying a resurgence. It now has a real live-work vibe due, in large part, to the highly successful LA Live mixed-use hotel, retail and entertainment development adjacent to Staples Center. A variety of high-rise condominiums and apartments now make it possible to actually live Downtown. With new …

February 3, 2015

Market Reports Midwest Midwest Market Reports Nebraska Office

Expanding Omaha Businesses Fuel Construction of Class A Office Space

by Danielle Everson January 21, 2015

Omaha’s office market finds itself in a favorable position at the start of 2015. Local economic indicators are solid, absorption has been positive year over year, and vacancies across the board are declining. One big reason is that Omaha businesses are growing. The low vacancy rate of Class A space is driving an appropriate amount of new construction, and Omaha’s abundant supply of quality Class B office space is expected to accommodate demand. Class A Advantage As businesses compete for the best and brightest employees, office space becomes an important hiring tool, causing businesses to look for inviting buildings and spaces in locations with enhanced amenities. This trend has increased activity in Omaha’s Class A office market, driving down the vacancy rate and spurring new construction. Omaha’s Class A vacancy rate stood at 5 percent at the end of the third quarter of 2014. The average asking rent was $24.95 per square foot on a gross basis, up 4 percent since the start of 2014. The uptick in Class A rents is likely to continue Corporate headquarters and speculative buildings are spurring the Class A construction boom. Local businesses such as Millard Refrigerated Services, Tenaska, Gavilon, TD Ameritrade, NorthStar Financial …

January 21, 2015

Illinois Midwest Office

J.C. Anderson Completes 82,000 SF Office Renovations in Chicago

by Danielle Everson January 20, 2015

CHICAGO — J.C. Anderson Inc. has completed an 82,000-square-foot office build-out for Havas Worldwide at 36 E. Grand Ave. in Chicago. The project included renovating the entire third and fourth floors to create an open floor plan. Features of the new space include 17-foot exposed ceilings, a winding staircase to connect the two floors as well as high-end finishes throughout. J.C. Anderson installed a “town hall” area for full company gatherings with expandable bleachers, a broadcast studio, spray-painting station and in-office bike racks. The firm also coordinated the installation of a state-of-the-art AV system throughout the office. Project Executive, Seth Erlich, led the construction team along with Darrel Panfil as project superintendent. Gary Lee Partners provided the architectural services and the construction manager was Mace North America. Founded in 1991, Havas Worldwide is an integrated marketing communications agency headquartered in New York.

January 20, 2015

Michigan Midwest Office

Friedman Brokers Sale of 24,112 SF Office Building in Lathrup Village, Mich.

by Danielle Everson January 15, 2015

LATHRUP VILLAGE, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of Southfield 12 Plaza, a 24,112-square-foot office building in Lathrup Village, a suburb of Southfield. The property is located at 28600 – 28690 Southfield Road. Lathrup Properties Inc. sold the building. David Cohen of Friedman represented the undisclosed buyer in the transaction.

January 15, 2015

Loans Midwest Minnesota Mixed-Use Office Retail

NorthMarq Secures $18.4M Loan for Marquee Place in Wayzata, Minn.

by Danielle Everson January 13, 2015

WAYZATA, MINN. — NorthMarq Capital has arranged the $18.4 million refinancing of Marquee Place, a 72,000-square-foot retail/office property Wayzata, a suburb 11 miles west of Minneapolis. The property is located at 641-681 Lake St. E. The mixed-use property features unobstructed lake views. The 12-year loan incudes a 25-year amortization schedule. NorthMarq arranged financing for the undisclosed borrower through its correspondent relationship with a life insurance company.

January 13, 2015

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