*For a pdf version of this newsletter, please contact our office. Commercial Real Estate Newsletter Second Quarter 2009 The office market continues to soften continuing the trend we have seen for the last two quarters. Cut backs in the oil fields continue to take a toll on the office market. NANA/Colt, one of the larger support firms, is attempting to sublease up to 40,000 s.f. in anyone of three different locations. Class B space has shown the largest increase in vacancy with a 2.8% increase. Class A space showed a modest increase of .5%. The overall increase is 1% higher than last quarter. Office The overall vacancy rate has increased from 4.14% to 5.20%. Class A space has increased from 3.92% to 4.40% and Class B space has increased from 4.80% to 7.60%. The overall rental rate increased slightly to $2.24 p.s.f. The average rental rate for Class A space has increased from $2.48 p.s.f. to $2.49 p.s.f. The average rental rate for Class B space has increased from $1.87 p.s.f. to $1.88 p.s.f. 
New Construction Currently there is one Class A building under construction, Centerpoint West located on Centerpoint Drive. The building is being built by JL Properties and is scheduled to be approximatley 195,000 s.f. with 8-stories. A 3-story parking garage is also being constructed with the building. Centerpoint West is scheduled to open February 2010. Industrial The average rental rate for industrial space has remained flat at $.99 p.s.f. triple net for quality properties. The average vacancy rate increased slightly from 2.07% to 2.13%. Overall, the industrial market is remaining extremely healthy. History The Commercial Real Estate Newsletter began in 1994 as the Office Building Survey. The survey now consists of 4,300,921 s.f. of Class A Buildings and 1,401,561 s.f. of Class B Buildings for a total of 5,702,482 s.f. Our survey does not cover any medical office buildings. There are currently 79 buldings on the survey. The information is supplied by building owners, managers, leasing agents and the Multiple Listing Service. Please note that the survey reflects vacancies at the time the survey is performed. |