What area is your expertise? • The Greater Cincinnati, Ohio metropolitan area — a seven-county area in southwestern Ohio and northern Kentucky. What trends do you see presently in office development in your area? • Speculative new construction and existing Class A buildings have captured the lion’s share of the nearly 1 million square feet of net positive absorption in 2007. In stark contrast, the Class B office market accounted for only 24 percent of this total. This trend is leading to increasing rental rates for Class A product while the Class B rents remain stagnant or are even on the decline. Who are the active office developers in your area? • Duke Realty Corp., Scott Street Partners, Al. Neyer, Inc., Neyer Properties, Inc. and Miller-Valentine Group Please name one or two significant office developments in your area. What impact will these projects have on the market? • Kenwood Towne Place is a mixed-use development adjacent to the high-end Kenwood Towne Centre regional mall currently under construction in the Kenwood submarket. The retail component will contain a Kroger and the area’s first Crate and Barrel along with a 250,000-square-foot office tower that has signed UBS as its first tenant. Nearby …
Office
What area is your expertise? • Maitland Center Office Market What trends do you see presently in office development in your area? • No speculative development at this time. Who are the active office developers in your area? • Battaglia Fruit Company and Liberty Property Trust Please name one or two significant office developments in your area. What impact will these projects have on the market? • None immediately planned. Where is the majority of development taking place? Why is this area doing well? • The majority of development taking place is in Southwest Orlando. The driving factors behind this are the lack of Class A buildings in the area as well as the expansion of the timeshare and tourism industries. What area do you expect to be the next big development market? Why? • Lake Mary. This is the only market besides Southwest Orlando that has expansion capabilities without venturing past the metropolitan Orlando area. What areas are doing well in terms of office leasing? Which areas are struggling with office leasing? • Orlando as a whole is a healthy office market. The obvious weaknesses are in the sectors that deal directly and indirectly in the residential real estate …
What area is your expertise? • This report is for Jacksonville, Florida. Specifically, the geographic area of Duval and Northern St. Johns counties. What trends do you see presently in office development in your area? • As space becomes absorbed new construction is being planned for downtown and on the Southside. With the relative lack of new construction for 2006, current vacancy rates have hit an all time low of 11.6 percent, at the end of the third quarter. At some point in the first half of 2008, the market should see the vacancy rate drop to 10 percent indicating a reasonable healthy office market. Higher occupancy levels will likely mean an uptick in asking rents by next year. For the first half of 2007, investors spent over $212 million dollars for various prime Jacksonville office buildings. This is a new sales record for the city during a six-month period. Their actions represent a solid vote of confidence in Jacksonville’s future and a clear signal that better times are ahead for the local office market. Supporting improving conditions in the office sector is the overall strength of the local economy. Jacksonville’s location, diversified workforce and its anticipated port expansion, combined …
What area is your expertise? • I specialize in commercial sales and leasing in the Cool Springs submarket just south of Nashville. What trends do you see presently in office development in your area? • There continues to be speculative development in and around Cool Springs on the office side. We’re also seeing the emergence of more and more mixed-use development in the area. Specifically Boyle Investment Company’s Meridian development and Southern Land Company’s McEwen Place are creating a new dynamic in Cool Springs. Class A office condo developments are also seeing a resurgence. Caden Holdings, The Stauffer Company and Alliant Commercial each have new buildings underway that will allow smaller prospective office buyers to purchase condos in the 3,000-square-foot range and up. Who are the active office developers in your area? • Crescent Resources, Boyle Investment Co., Duke Realty and Highwoods Properties have the biggest presence in Cool Springs. Please name one or two significant office developments in your area. What impact will these projects have on the market? • The mixed-use developments mentioned earlier will allow for a better commingling of living, working and playing. The new headquarters for Nissan North America and Healthways are well underway. These …
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