Commerce Communique'

First Quarter 2013 Washington State Commercial Real Estate Market Reports

SEATTLE, WA - CBD OFFICE SNAPSHOT: The CBD area of Seattle continued to improve, ending first quarter with an overall vacancy rate of 16.0%, representing a 2.1-percentage point decrease on a year-over-year basis. 

Read the Seattle, WA-CBD Report

SEATTLE, WA - SUBURBAN (SOUTHEND) OFFICE SNAPSHOT: The Southend office market continued to lag other Puget Sound markets with vacancy rates ticking up slightly from Q4 2012, but decreasing on a year-over-year basis.

Read the Seattle, WA - Suburban Report

BELLEVUE, WA OFFICE SNAPSHOT: Vacancy rates continued to decline throughout the market, decreasing 1.2 percentage points year-over-year. 

Read the Bellevue, WA Office Report

C&W Industrial Fact: 2009 - 2013 YTD Average Land Sale Price PSF (2+Acres)

Please click here to access the electronic version of this information

Cushman & Wakefield | Commerce Las Vegas Q1 MarketBeat Reports Convey Strengthening Las Vegas Commercial Real Estate Market

LAS VEGAS—May 8, 2013—The Las Vegas office of Cushman & Wakefield | Commerce (www.comre.com) has released its Q1 Marketbeat Snapshot reports. The reports reflect a drop in vacancy rates and an increase in leasing activity in most areas, signifying a sense of cautious optimism for the Las Vegas commercial real estate market overall in the first quarter of this year.

The full Las Vegas Market reports for the Office, Industrial and Retail sectors for Q1 2013 are available for download at http://www.comre.com/research.cfm.

“The Las Vegas area, particularly Downtown, is witnessing a major transformation because of individual investment and new businesses, many of which are from out of state investing in the area,” said Ed Turpin, Managing Director for the Cushman & Wakefield | Commerce Las Vegas office. “This increased attention brings along the challenge that, because there is a decreasing availability of space, rental rates will likely begin to increase.”

Office Snapshot

In Q1, the Las Vegas Office market continued its positive progression as overall vacancy rates declined by 4.1 percentage points to 20.3 percent by the end of the quarter. With several companies looking to relocate Downtown from other parts of the state and from out of state, this submarket had the strongest numbers with an average direct vacancy rate of 7.1 percent. The growth in the Downtown area, however, stands in contrast against the suburban market, which has a relatively high vacancy rate of 22.0 percent.

Industrial Snapshot

The Las Vegas Industrial market in the first quarter of 2013 saw a dramatic 228.1 percent increase in leasing compared to Q1 of 2012. This leasing activity was almost entirely contained to the manufacturing and warehouse sectors. Overall vacancy rates were at 14.8 percent, which represents a 0.8 percentage point drop on a year-over-year (YOY) basis. Investors are keeping an eye on the market with an optimistic outlook for price appreciation, hoping for an upside swing as the lease rates start to ramp up.

Retail Snapshot

With continued slow construction activity and increasing absorption, the average retail vacancy rate in the Las Vegas market continued to drop in Q1 and, at quarter end, stood at 8.4 percent. Leasing activity for the overall retail market was 461,003 square feet, representing a 48.9% increase over 1Q 12. Although a positive trend has been seen over the past year with vacancies declining, uncertainty still remains as the market waits for stability to fully return.

About Cushman & Wakefield | Commerce

Cushman & Wakefield | Commerce, an independently owned and operated member of the Cushman & Wakefield Alliance, has been the leading provider of real estate brokerage services for more than 30 years. Headquartered in Salt Lake City, the firm has offices throughout Utah, Nevada, Idaho and Washington. It offers consulting, brokerage, tenant and landlord representation, property and facilities management, and valuation services to corporations, institutions and investors throughout the Intermountain West and Pacific Northwest. For more information, and for property listings, broker information, market category reports and more visit www.comre.com.

About Cushman & Wakefield

Cushman & Wakefield is the world’s largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917, it has 253 offices in 60 countries and nearly 15,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $3.7 billion in assets under management globally. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.

Click here for the 2013 Q1 Retail Report

Click here for the 2013 Q1 Industrial Report

Click here for the 2013 Q1 Office Report

 

 

 

Cushman & Wakefield 2013 Q1 Global MarketBeat Reports Available

 

CUSHMAN & WAKEFIELD IS PLEASED TO PRESENT 1st QUARTER 2013 GLOBAL MARKETBEAT REPORTS

The link below walks you through a brief flash introduction followed by a global map where you can download the latest MarketBeat reports from markets around the globe.

CLICK HERE TO SEE WHERE OUR DATA CAN TAKE YOU TODAY

CentrePointe Business Park to Become New American Headquarters for Beijer Electronics

SALT LAKE CITY— May 2, 2013—Cushman & Wakefield | Commerce announced today that  Beijer Electronics, Inc. signed a new lease at the CentrePointe Business Park, a research and development park in Salt Lake. Anne Smart SIOR, director with Cushman & Wakefield | Commerce, represented CentrePointe Business Park and Andy Blunt, associate with CBRE, represented Beijer in the transaction.

Beijer Electronics, based in Sweden has offices in 19 countries.  It is a rapidly-growing technology company, focused on industrial automation and robust data communication. Beijer Electronics, Inc. signed an eight-year lease for 44,450 square feet of high-tech R&D space.

Beijer will join other technology based tenants in the CentrePointe Business Park suchas Amedica. Going forward, CentrePointe C will soon be under construction for the Phase 11 of the project. This phase will offer approximately 107,000 SF for tenants of 25,000 SF or larger.

“The CentrePointe Business Park is an excellent fit for Beijer,” Smart said. “The campus was developed from the ground up by an experienced R&D developer out of Silicon Valley as a high-end, class-A park. It has everything a sophisticated R&D company would need including lab space, heavy power, water, high-efficiency HVAC, lighting systems and access to fiber. It is also conveniently located just 10 minutes from the airport, with direct access to I-215 and Highway 201 at Redwood Road. The CentrePointe office will enable Beijer to maintain its rapid growth.” 

About Cushman & Wakefield |Commerce

Cushman & Wakefield |Commerce, an independently owned and operated member of the Cushman & Wakefield Alliance, has been the leading provider of real estate brokerage services for more than 30 years. Headquartered in Salt Lake City, the firm has offices throughout Utah, Nevada, Idaho and Washington. It offers consulting, brokerage, tenant and landlord representation, property and facilities management, and valuation services to corporations, institutions and investors throughout the Intermountain West and Pacific Northwest.  For more information, and for property listings, broker information, market category reports and more visit www.comre.com.

About Cushman & Wakefield

Cushman & Wakefield is the world’s largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917 it has 243 offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $4 billion in assets under management through its wholly‐owned subsidiary Cushman & Wakefield Investors. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.

Nevada's Economy: Nevada Housing Market Showing Signs of Life

 
Much of the strain on the Nevada economy during the Great Recession came from the burst of the housing bubble, as real estate and construction are both vital to the health of Nevada’s economy. While growing tourism and hospitality has led to some improvement, Nevada is behind a majority of the country in achieving a full economic recovery, mostly the result of weak real estate and construction sectors. The good news is that the Nevada housing market is beginning to show signs of a recovery. 

Read the entire report

Utah's Economy: Some Very Good Numbers

Utah’s economic rebound is in full swing. The number of jobs statewide increased by 48,700 over the past 12 months, an increase of 4.0 percent, Table 1. This is well above Utah’s annual historical growth rate of 3.0 percent. Twenty-four counties had job gains in the past year, with two major counties, Utah and Washington Counties, reporting over 5.0 percent increases in employment. The highest growth counties were two smaller counties; Wasatch County with a 7.4 percent increase and Duchesne County with a 7.0 percent increase. The only major county to lose jobs was Tooele with a 1.9 percent decline amounting to a loss of 300 jobs. 

 

Read the entire report

Cushman & Wakefield | Commerce Q1 Marketbeat Snapshot Reports Reflect Strong Utah Economy

SALT LAKE CITY—April 30, 2013—Cushman & Wakefield | Commerce (www.comre.com),
released its Q1 Marketbeat Snapshot reports for Salt Lake County today, showing a dip in vacancy rates and a rebound for Downtown Salt Lake City area.

The full Salt Lake County reports for the Office, Industrial, Investment and Retail markets for Q1, 2013 are available for downloaded at http://www.comre.com/research.cfm.

“Utah’s commercial real estate industry was off to a strong start in Q1," said Michael M. Lawson, president and CEO of Cushman & Wakefield | Commerce. "The Office market saw a drop in vacancy rates by 0.8 percentage points over last year. The state is also continuing to attract capital from institutional sources from outside its borders. The tendency there is to focus on high quality, class A product which remains in short supply. With gains in employment and an upward trend in consumer spending and attitudes, absorption for office, industrial, and retail spaces will continue to grow, creating upward pressure on rates.”

Office Snapshot

The overall vacancy rate for the Salt Lake Valley is at 13.9%. Class A properties continued to lead the way, but class B and C property vacancies are down from year-end 2012 as well. As rental rates begin to tick upward with less supply available, tenants will likely try to capture value through concessions such as tenant improvements or free rent. Supply should remain constricted with only 373,000 square feet of office space under construction and over half of that space already pre-leased.

Industrial Snapshot

Leasing and user sales activity in the industrial market totaled 2.1 million square feet in Q1, which is the highest level of activity in any quarter over the last five years.  Utah added nearly 15,000 industrial-related jobs over the last year and continues to attract new companies. Vacancy rates are expected to drop and rents are anticipated to increase, especially in spaces under 50,000 square feet.

Investment Snapshot

Investment sales were up in every category in Q1 with the largest increase coming from office proper­ties. Total investments reached $313 million, a 343 percent increase over the same period in 2012. Market optimism is spurring some owners to divest of their properties and begin new construction projects. Looking forward, 2013 continues to look strong with sales expectations to outperform the past several years. Office properties will likely see the largest volume but some significant retail dispositions are expected as well.

Retail Snapshot

Vacancy rates in the retail market remain steady at 9.1 percent. But with consumer confidence on the rise, retailers are scouring the market for prime locations. Restaurants are particularly active with several new brands coming into the Salt Lake area.

About Cushman & Wakefield | Commerce

Cushman & Wakefield | Commerce, an independently owned and operated member of the Cushman & Wakefield Alliance, has been the leading provider of real estate brokerage services for more than 30 years. Headquartered in Salt Lake City, the firm has offices throughout Utah, Nevada, Idaho and Washington. It offers consulting, brokerage, tenant and landlord representation, property and
facilities management, and valuation services to corporations, institutions and investors throughout the Intermountain West and Pacific Northwest.  For more information, and for property listings, broker information, market category reports and more visit www.comre.com.  

About Cushman & Wakefield

Cushman & Wakefield is the world’s largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917 it has 243 offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities
management, project management, consulting and appraisal. The firm has more than $4 billion in assets under management through its wholly‐owned subsidiary Cushman & Wakefield Investors. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.

Click here for 2013 Q1 Office Report

Click here for 2013 Q1 Retail Report

Click here for 2013 Q1 Industrial Report

Click here for 2013 Q1 Investment Report

C&W Industrial Fact: Top 10 Markets - Warehouse Overall Vacancy

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Cushman & Wakefield | Commerce Promotes Geoffrey West to Senior Director

LAS VEGAS—April 15, 2013—The Las Vegas Cushman & Wakefield | Commerce office today announced that Geoffrey West has been promoted to Senior Director of Investments / Apartments.

“Geoffrey has been taking the Las Vegas market by storm,” said Ed Turpin, Managing Director, Branch Manager for the Cushman & Wakefield | Commerce Las Vegas office. “We are seeing a trend in this region where a great deal of out of state money is finding its way to Las Vegas because investors see that the market is on the upswing. Geoffrey is on the forefront of connecting buyers and sellers to commercial and multi-family investment properties.”

Earlier this year, West was recognized by Vegas Inc as one of the top 40 business people under 40 in Las Vegas. In the past year, he and his team closed nine investment sale transactions totaling more than $45 million.

West has more than 17 years of experience in the Las Vegas market working in commercial real estate lending and brokerage and an extensive background in representing clients in the acquisition and disposition of multi-family, office, industrial, retail, land, and mixed-use developments. This knowledge has provided an excellent foundation for the underwriting, marketing, and sale of investments, multi-family projects and distressed assets. In addition, Mr. West possesses a thorough understanding of the typical financing vehicles utilized for commercial properties and the corresponding effect of each on value.

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About Cushman & Wakefield | Commerce

Cushman & Wakefield | Commerce, an independently owned and operated member of the Cushman & Wakefield Alliance, has been the leading provider of real estate brokerage services for more than 30 years. Headquartered in Salt Lake City, the firm has offices throughout Utah, Nevada, Idaho and Washington. It offers consulting, brokerage, tenant and landlord representation, property and facilities management, and valuation services to corporations, institutions and investors throughout the Intermountain West and Pacific Northwest. For more information, and for property listings, broker information, market category reports and more visit www.comre.com.

About Cushman & Wakefield

Cushman & Wakefield is the world’s largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917 it has 243 offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $4 billion in assets under management through its wholly‐owned subsidiary Cushman & Wakefield Investors. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.