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Commercial Real Estate Newsletter Fourth Quarter 2011
Office Market
The office market showed positive gain in 2011; however, 2012 will show an increase in vacancy for both Class A & B office spaces. A combination of new construction and firms consolidation to space they already own are the main factors. If every relocation that is currently in play should take place we will see an additional 250,000 square feet vacant.
Office
New Construction
Currently, JL Properties is in the planning stages of a new office tower at the corner of C Street & International Airport Road.
Industrial
The averary vacancy for warehouse is 3.62% and the average rental rate is $0.89 p.s.f., triple net. The average market time for warehouse space for lease is 176 days. The trend is for the industrial market to remain very tight.
History
The Commercial Real Estate Newsletter began in 1994 as the Office Building Survey. The survey now consists of 4,500,921 s.f. of Class A Buildings and 1,401,561 s.f. of Class B Buildings for a total of 5,902,482 s.f. Our survey does not cover any medical office buildings. There are currently 80 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.
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