Commerce Communique'

Fourth Quarter 2011 Nevada Commercial Real Estate Market Reports

Las Vegas Office Market Report

Las Vegas Medical Office Report

Las Vegas Industrial Market Report

Cushman Wakefield | Commerce Real Estate Solutions Opens New Branch in Reno, Nevada

RENO, Nev.—December 29, 2011—Commerce Real Estate Solutions, an independently owned and operated member of the Cushman & Wakefield Alliance, announced today that it is establishing an office in Reno, Nevada effective January 2, 2012.

Commerce has entered into an agreement with Trinity Commercial. Trinity principal, Brian Armon will serve as branch manager of the Cushman Wakefield | Commerce office, located at 6121 Lakeside Drive, Suite 205.

“This is a very strategic move for us to better serve our clients through this natural extension of our service areas in the Western United States,” said Mike Lawson, president and CEO of Commerce. “Finding Brian, Lance Faulstich and their team, came only after extensive research of the Reno market. They are an extremely talented, well-experienced team of professionals, whose leadership in this market will continue to produce exceptional results.”

Armon and Lawson tout the national platform of the Cushman Wakefield | Commerce alliance as the greatest benefit for clients from the creation of the new branch.

“Our clients will now have immediate access to the reach and expertise of Cushman & Wakefield and the specialized resources of Commerce,” said Armon. “Through this national platform of every commercial real estate service, we’ve significantly increased the potential of our current clients and are thrilled to be able to offer these comprehensive services to new customers.”

Among the resources and capabilities of the national platform Armon cites as “extremely advantageous” to customers, are Commerce’s distressed asset, industrial, office, land and retail divisions. “Our team here can now be even more targeted and beneficial to customers because of the combined service abilities of our branch and the Cushman Wakefield | Commerce alliance,” said Armon. 

Nevada's Economy: How U.S. Employment is Changing

During the most recent recession, U.S. employment fell by 7.490 million jobs (5.4 percent). During the first 8 months of the recovery, U.S. employment declined another 1.247 million jobs, which reduced employment to 6.3 percent below the prerecession peak. Since hitting bottom in February 2010, U.S. employment has risen by only 2.270 million jobs.

As of September 2011, U.S. employment stands 4.7 percent below its prerecession peak. If we peek under the hood and look at job destruction and creation and firm size, we see a substantial change in U.S. businesses.

Click here to read the entire report

Cushman & Wakefield|Commerce Hires Ed Turpin as Director of Asset Services in Downtown Seattle Office

SEATTLE, Wash. (December 13, 2011) Commerce Real Estate Solutions, a Cushman & Wakefield Alliance (Cushman & Wakefield | Commerce) announced that it has hired Ed Turpin as Director of Asset Services in the downtown Seattle office.

With more than 18 years of asset management, leasing, sales and property management expertise, Turpin will lead the Asset Services team and focus on new business development in the Puget Sound region.  He and his team will provide expertise in all aspects of commercial real estate management for office, industrial and retail assets. 

Prior to joining Cushman & Wakefield | Commerce, Turpin served as Senior Vice President of Investco Management Services, overseeing asset and property management for a five-million-square-foot portfolio.  The portfolio included industrial, office, retail and mixed-use development in Washington and California.

“We’re pleased to welcome Ed to the firm,” said John Miller, Cushman & Wakefield | Commerce’s Senior Managing Director.  “He has the reputation for providing excellent service and creative solutions to customers and his ability to develop relationships will be an asset to our property and asset management divisions in the Puget Sound region.”

Prior to Investco, Turpin served as Vice President – Regional Manager of RREEF Management, the real estate investment management division for Deutsche Bank’s Asset Management Group in Seattle.  In this role, he was responsible for the Seattle and Portland, Oregon marketplaces.  He oversaw 15 million square feet of industrial, flex, and office buildings with more than 1,000 tenants.  He was also responsible for six offices between Seattle and Portland.

Turpin earned a Bachelor of Arts degree in Business Administration with emphasis in Real Estate from Washington State University.

Cushman & Wakefield|Commerce's Susie Detmer to perform in Seattle Dances to support housing programs for Seattle's chronically homeless

A FESTIVE EVENING OF DINNER AND DANCE: PLYMOUTH HOUSING GROUP ANNOUNCES THIRD ANNUAL SEATTLE DANCES! WITH LOCAL CELEBRITY DANCERS

Eight local luminaries will perform to support housing programs for Seattle’s chronically homeless

Seattle, Wash. (November 30, 2011) – Plymouth Housing Group, a local non-profit providing low income housing, announces the third annual Seattle Dances! for 2012, taking place at Fremont Studios on Saturday, March 3, 2012. Back by popular demand, the event supports housing programs for chronically homeless people, and features a festive dinner, silent and live auction and a celebrity dance competition, where eight local luminaries will perform for the chance to win the Mirror Ball Trophy.

“We are thrilled to announce the continuation of Seattle Dances!,” said Plymouth Housing Group’s Paul Lambros. “Last year’s event did a great job of showcasing local community leaders committing their time, talent and passion to supporting a cause that is near to our hearts. We are very appreciative for the continued support of local community leaders.”

Inspired by America’s popular reality TV dance show, “Dancing with the Stars,” Seattle Dances! will feature eight Seattle-area luminaries who will train and perform with professional dance partners from the Century Ballroom. Local celebrity dancers include Carese Busby, Seattle Bank; Dr. Richard Baxter, Calidora Skin Clinics; Susie Detmer, Commerce Real Estate Solutions/Cushman & Wakefield; Laura Lohman, Seneca Group; Ian MacNeil, Lachselian Distillery; Barb Nystrom, Columbia West Properties; Nancy Pellegrino, Citi Private Bank; and John Rubino, GreenRubino. All dancer profile pages can be found at www.SeattleDances.org.

This year’s professional dancers include Michelle Badion, Johnny Spangler, Michael Cahn, Alison Cockrill, Deron Hayes, Mark Kihara, Joshua Sturgeon and Jonathan Wingard-Phillips. The show will be produced by Century Ballroom owner, Hallie Kuperman. The audience will “vote” for their favorite dance couples with monetary pledges, and Mirror Ball Trophies will be awarded to those who score highest in one of the three following categories:

• People’s Choice Award: The People’s Choice Award will be presented to the couple who raises the most monetary “votes” at the event.
• Judges’ Choice Award: The Judges’ Choice Award will be presented to the couple who is the most accomplished, personable and/or energetic and passionate dancers as voted on by our celebrity judges.
• Cyber Choice Award: The Cyber Choice Award will be presented to the couple who raises the most monetary “votes” online before the event.

“Due to the huge success of last year, we are anticipating to see even more of our community participate this year,” said Seattle Dances! event co-chair and Plymouth Housing Group Board Member Maria Royer of Real Retail. “Seattle Dances! really offers our guests an evening they will remember for years to come, with amazing food, wine and entertainment all while supporting Plymouth Housing Group.”

As part of the festivities, Marlys Erickson and Christine Hurley will be celebrated as the 2012 Honorees. Marlys Erickson currently serves as the executive director of the Pike Place Market Foundation. Christine Hurley previously served as the director of Bailey-Boushay House at Virginia Mason Medical. In addition, Shelley & the Curves will perform live at an event after-party.

Back by popular demand, Patti Payne, longtime radio personality and columnist for the Puget Sound Business Journal, will serve as mistress of ceremonies and Kevin Joyce, of Teatro ZinZanni fame and Enjoy Productions, will serve as auctioneer. Sponsors for the evening include Safeco Insurance as the Mirror Ball Trophy presenting sponsor and Seattle Magazine as the event’s media sponsor. To find out who will be lending commentary during the event for the Judges’ Choice Award, to be announced in early January, please visit our website at www.seattledances.org.

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About Plymouth Housing Group

Plymouth Housing Group works to eliminate homelessness and stabilize homeless and very low-income people in housing by preserving, developing and operating safe, decent, affordable housing and by providing opportunities for homeless and very low-income people to improve their lives. Learn more at www.seattledances.org, and visit the blog and Facebook page. Tickets will go on sale December 15, 2011, and online voting starts January 19, 2012.

Cushman & Wakefield|Commerce Turns Market Distress to Success with Multi-Year Deal of Canyon River Office Park

OREM, Utah—December 15, 2011—Commerce Real Estate Solutions has completed one of the larger class A office property deals in recent Utah County history by signing CLEARLINK and Ancestry.com to multi-year leases. Together, the companies occupy 54,000 square feet or three of the four floors of the Canyon River Office Park’s Center I Building located at 727 North 1550 East in Orem.

The building was purchased earlier this year by Ace Real Estate Venture as an investment in the nearly vacant and distressed property. The Orem Commerce Real Estate Solutions’ broker team—James Bullington, Josh Martin, Dan Donaldson and Brandon Huntsman—marketed and negotiated on behalf of Ace to achieve this successful transaction.

“The Canyon River transaction is very significant for the local economy and commercial real estate market,” says John G. Taylor, director of corporate services for Commerce Real Estate Solutions. “It tips a distressed market into a successful one as we and these two prominent companies build momentum by demonstrating our confidence through business expansion and growth.”

The Canyon River Center I Building offers a panoramic view of Mount Timpanogos and Provo Canyon. Its convenience presents additional benefits, including covered parking, easy access to I-15 via 800 North and University Avenue, as well as recreational venues within close proximity.

With its corporate headquarters in Salt Lake City, CLEARLINK, a leading provider of content and conversion services for top consumer brands is new to the Utah Valley with this expansion. Growth and popularity also continue for Ancestry.com, the world’s largest online resource for family history, which also has offices around the world and is headquartered in Provo.  

C&W RetailTrend Watch: 12 trends for 2012, a look at the political, retail and real estate trends affecting business in 2012

Today, US Retail Services is releasing 12 Trends for 2012, a look at the political, retail and real estate trends that we see affecting our business in the coming year. A copy of this Business Briefing is attached to this email and will also be available on the C&W Knowledge Center. This piece is an overview.  Each month, we will address one of the 12 trends in more depth, as we gain perspective from market developments.

Based on the research we did for this piece, 2012 looks to be an exciting year with many moving parts.  As always, we welcome your feedback on the piece and the individual issues as you see things arise in your own markets.

Download the entire report

Cushman Wakefield | Commerce Announces New Branch Manager for Utah County Office

OREM, Utah—December 13, 2011—Commerce Real Estate Solutions, an independently owned and operated member of the Cushman & Wakefield Alliance, announced today that Mary Street, a member of the Commerce team for the past six years, will take on branch manager duties effective January 1, 2012.

Mike Lawson, president and CEO of Commerce, noted that the firm had recently acquired all remaining shares of the Utah County branch office. With that acquisition, “Commerce aggressively began pursuing the leadership necessary to take the Utah County operation to the next level. Mary has exceptional leadership and collaboration skills,” Lawson said.

The full-service branch is located at 1180 South 800 East in Orem and houses 21 Commerce brokers operating in all market sectors of commercial real estate. 

“We have experienced strong momentum in this market,” said Lawson. “Our goal was to provide our clients with access to the very best resources that Commerce and Cushman & Wakefield could provide. We’re now positioned to do just that.”

Street has 16 years in real estate sales and leasing, and is active in community affairs in Utah Valley. Street is currently a member of the Orem City Council, the Board of Directors of the Utah Telecommunication Open Infrastructure Agency (UTOPIA), the Envision Utah Partnership Board, and the Women’s Business Network of the Utah Valley Chamber of Commerce.

She has been very instrumental in her career when working with local, county and state levels of government to promote effective land-use policies to support economic and community development. A member of Commerce’s land and investment team, Street has secured a loyal client base across a broad spectrum of business from national retailers and land developers to local city governments and non-profits.

“Leading our brokers here is a great honor for me,” Street said. “We’ve got a fantastic team of professionals whose knowledge, commitment to service, and integrity is unmatched. We are excited to begin this next chapter for the Utah Valley Commerce office, and well-prepared to serve our clients in the years ahead.”

C&W Industrial Fact: Annual Job Growth vs. Direct Net Absorption

Download the report: Download IFW_Dec 13_2011

Utah's Economy: Utah's Job Market at Year-End 2011

At year-end the Utah economy shows signs of recovery. All major indicators, with the excption of housing, improved over 2010 and the forecast for 2012 shows futher improvement. Double-digit gains were recorded in 2011 for exports, nonresidential construction, vehicle sales and state tax revenues.

Most impressive, however was the strength of Utah's job market in the second half of the year. Employment growth jumped from an annual rate of around 1.5 percent, where it had been struck for several months, to the 2.5 to 2.9 percent range.

Read the entire report: Download Utah_Economy084November2011