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Commercial Real Estate Newsletter First Quarter 2012
Office Market
As anticipated the vacancy rate increased this quarter as Chevron oil company pulled out of Anchorage and consolidation of several firms took place. This trend will continue through the rest of the year. In anticipation of the Coast Guard moving out of 510 L Street, RE/MAX Properties moving and the Alaska Native Tribal Health Consortium relocating, these spaces comprising over 100,000 s.f. are currently being marketed.
Office
New Construction
No new projects broke ground 1st quarter. The old Union 76 building on the Park Strip is undergoing a total renovation. NANA is the intended tenant. The Health and Human Services bid for a 60,000 s.f. office building is down to two bidders. If this bid is awarded we should see construction next quarter.
Industrial
This market continues to have a low vacancy rate at 5%. Rates are averaging $1.00 p.s.f. for quality buildings with several firms looking for large distribution centers.
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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