What area is your expertise? Office leasing and sales. What trends do you see presently in office development in your area? Most of the office development in our area is in the medical services and is space that controlled by the large Hospital groups. Who are the active office developers in your area? Second Story, Locus Development, First Companies, AJV, Christman, Fusion Properties, and others. Please name one or two significant office developments in your area. What impact will these projects have on the market? The new Medical centers on Michigan Ave Hill that will include a new DeVos Children’s Hospital, Lemmen-Holton Cancer Center, MSU Medical School, Expansions to the VanAndel Institute, and the new Metro Health Village in the southwest suburbs. These new buildings signify the new “industry” of West Michigan and will impact future developments for the next 25 years. Where is the majority of development taking place? Why is this area doing well? As stated above most of the development in the Grand Rapids area has been related to the Health Fields on Michigan Ave Hill (known as Medical Mile) and at the new Metro Health Village in the southwest suburbs. Health care is relatively recession proof, …
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What area is your expertise? Sacramento region What trends do you see presently in office development in your area? Overall construction has slowed compared to the past few years. However, there are still a number of new office projects in the pipeline, which will deliver almost 2.4 million square feet within the next 18 months. Spec development has given way to build-to-suits and pre-leasing, which will benefit vacancy rates in the current market. Who are the active office developers in your area? Jackson Properties, Panattoni Development Co., Evergreen, Harsch, and Opus West are active in our area. Please name one or two significant office developments in your area. What impact will these projects have on the market? Two high-rise, Class A buildings are under construction on Capitol Mall, delivering nearly 800,000 square feet of new office space combined. 621 Capitol Mall, aka U.S. Bank Tower, will deliver 366,000 square feet/25-stories late 2008, on behalf of David Taylor Interests. 500 Capitol Mall, owned by Tsakopoulos Investments, will provide 430,000 square feet of office space to tenants by fall 2009. While this is a significant amount of space in a short time frame, the strength of the Downtown market should be able …
What area is your expertise? My area of specialty is the office market in Lansing, Michigan Who are the active office developers in your area? TMN Builders, Boji Development, among others. Please name one or two significant office developments in your area. What impact will these projects have on the market? The 2900 Building was completed within the last 12 months and is a 80,000 square foot suburban office structure at the US-27/Lake Lansing Road interchange. Developed by 501LLC, it was a 5-story, Class A building that leased within 15 months after completion. Most of the users were already located within the mid-Michigan market area but this project did show that good quality space was in demand at that time. Where is the majority of development taking place? Why is this area doing well? Most new development is occurring at the U.S. 27/Lake Lansing Road interchange. This area is doing well due to a recent surge in retail development and the availability of land along a highway interchange route. What areas are doing well in terms of office leasing? Which areas are struggling with office leasing? The entire market is struggling to some degree. Areas that do see some degree …
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 …
What area is your expertise? The west Los Angeles office market. What trends do you see presently in office development in your area? There is a dramatic tightening of the market, with rents in some specific market areas jumping by 50 percent in the last 12 months. Who are the active office developers in your area? Legacy Partners, Blackstone, Lincoln Property, and Tishman Speyer. Where is the majority of development taking place? In and around Playa vista (the Howard Hughes project) Why is this area doing well? This is not only where the greatest amount of vacant developable land is, but it is also near to LAX, as well as being central to the residential communities of both West Los Angeles, Marina del Rey, Beverly Hills, the Palos Verdes Peninsula and the beach communities. What area do you expect to be the next big development market? This market will be strong for the next 10 years because there is a sufficient supply of vacant land. What areas are doing well in terms of office leasing? The whole West Side. Which areas are struggling with office leasing? Downtown Los Angeles Please give a measure of office vacancy rates. The vacancy rate …
Submitted by Alex Zylberglait CCIM, SIOR and Ryan Shaw, associate vice president and associate with the Miami office of Marcus & Millichap Real Estate Investment Services. Posted Online 05-07-08. What area is your expertise? Our primary focus of business is office properties in Miami-Dade County, Florida. What trends do you see presently in office development in your area? Office developments over the past few years have been limited to mostly office condominiums and build to suit. The office condo market was short lived and non-existent at this point. Unfinished condo projects are currently going back to for rent product and therefore adding nominal supply back to the market. The majority of office development for Dade is focused in the downtown Miami and Airport West submarkets. Downtown has seen three projects break ground for approximately 1.77 million square feet of Class A space. The airport area is targeted for many of the import and export companies that see much of the business go through the Miami International Airport as cargo planes transport much of the imports that come into the Port of Miami. Broward county is a little bit different in respect to they have had little new development in the …
What area is your expertise? Office / San Diego/ Submarket: Kearny Mesa What trends do you see presently in office development in your area? Once known primarily as an industrial market Kearny Mesa continues to add new office buildings to its inventory. The market currently consists of approximately 9.4 million square feet of office space of which only 13.8 percent is Class A space. Recent development projects support an increased movement toward new Class A office buildings. Two brand new Class A developments underway in Kearney Mesa include the Sunroads Centrum (273,468 square feet) and the Terraces at Copley Point (380,000 square feet). These two projects together will add an additional 653,468 square feet for a total of 1.3 million square feet of Class A office space in the Kearny Mesa market. Who are the active office developers in your area? Sudberry Properties, Sunroads Enterprises, the County of San Diego, Badiee Development Inc., and The Ghianni-LaRussa Group. Please name one or two significant office developments in your area. What impact will these projects have on the market? Sunroad Centrum: The Sunroad Centrum is a 273,468-square-foot, Class A office tower in Kearny Mesa designed by Brian Paul & Associates, which is …
What area is your expertise? • Office leasing and sales in Salt Lake County What trends do you see presently in office development in your area? • The office market continues to show positive net absorption and a sustained demand for office product. Developers and the capital markets have not been over-zealous by creating a large supply of speculative office product. Most of the new office construction has had substantial pre-leasing activity.There is also a greater interest in creating a more green and sustainable office buildings. Who are the active office developers in your area? • DDRS, Boyer Company, Woodbury Corporation and Hamilton Partners Please name one or two significant office developments in your area. What impact will these projects have on the market? • The Gateway in the downtown area of Salt Lake City continues to have an impact on the office market. Large and notable companies such as Fidelity and Ernst and Young continue to locate in this mixed-use project. Tenants seek to have amenities such as restaurants, shopping, entertainment, condos, and light-rail transportation at their doorstep. This project will continue to be the “pace-setter” in office development and will be the development that will have little, if …
What area is your expertise? Office brokerage and development, Birmingham, Ala. What trends do you see presently in office development in your area? Class A buildings, but very little supply in 2008. Who are the active office developers in your area? EGS Commercial Real Estate, Colonial Properties and Daniel Corporation Please name one or two significant office developments in your area. What impact will these projects have on the market? Colonial Brookwood Center, developed by Colonial Properties and located adjacent to Colonial Brookwood Village. Completed in May 2007 and added 150,000 square feet of Class A space to the Midtown market. The building was 100 percent leased at the time of completion. Where is the majority of development taking place? Why is this area doing well? The majority of development is taking place in the Midtown submarket, primarily because of its proximity to Birmingham’s upscale residential areas and its access to the Central Business District (CBD). What area do you expect to be the next big development market? Why? Suburbs and the Midtown market What areas are doing well in terms of office leasing? Which areas are struggling with office leasing? Midtown and Highway 280 are the tightest submarkets currently, …
What area is your expertise? • I specialize in landlord representation, building sales and tenant representation in the Indianapolis and surrounding Central Indiana region. What trends do you see presently in office development in your area? • Medical space has developed at a very rapid pace, single-story garden office space has been prevalent and new Class A space with Interstate 465 frontage and signage has been very successful in new lease-up. Who are the active office developers in your area? • In addition to Duke Realty and Lauth Property Group, who have developed the most office product over the last 5 years, Shamrock Builders, Opus, Panattoni Development Co., J. Greg Allen Builder and Edgeworth Laskey Properties are all currently active. Please name new significant office developments in your area. What impact will these projects have on the market? • The Northwest submarket is undergoing growth with over 300,000 square feet of new construction underway which includes Duke Realty’s 154,000-square-foot Woodland Corporate Park VI and Lauth’s 151,000-square-foot Intech Three. The North/Carmel submarket currently has four multi-tenant projects underway totaling 200,000 square feet, including Panattoni’s 142,000-square-foot project at 1320 City Center Drive. Edgeworth Laskey Properties is currently building the 151,000-square-foot Lake Point …