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San Francisco, CA | 2016 Top #CRE Markets to Watch: Office

SVNIC’s 2016 Market Outlook Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2016. Today we are delving into the 2016 Top Office Markets to Watch. Not the largest or the most actively contested markets, the 2016 Office Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that is driving the economy and commercial real estate performance in markets across the country.

Top Office Market to Watch: San Francisco, CA

San Francisco - Top Office Market to WatchSan Francisco remains one of the hottest office markets in North America, led by booms in the tech industry that are seeking urban locations over sprawling campus sites. As such, the Bay Area has some of the highest rents and lowest vacancies and this trend is not forecast to reverse anytime soon. The overall economy is very healthy for the size of this metro, with unemployment at 3.9% as of January ‘16, according to the Bureau of Labor Statistics. Office-using sectors are some of the fastest growing, with Professional and Business Services, Information, and Financial Activities growing at 5.4%, 4.8%, and 1.3% annualized rates, respectively. Affordability of office space, as well as overall cost of living and operating, are the biggest impediments to sustained growth; thus, expect the suburbs to grow and urbanize at increasing rates as well.

Stay Updated…

Over the next few weeks, the SVN Blog will be featuring posts that will focus on each of the top markets to watch for industrial, multifamily, office, and retail properties. SVN Advisors from selected top markets have provided their industry expertise regarding what to look out for in their specific market in the coming months. Don’t miss out on these important insights – subscribe to the SVN Blog on the right side of the blog homepage.

To read more on other top office markets, download the full version of the 2016 Office Market Outlook report here.

2016 Office Market Outlook

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San Antonio, TX | 2016 Top #CRE Markets to Watch: Office

SVNIC’s 2016 Market Outlook Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2016. Today we are delving into the 2016 Top Office Markets to Watch. Not the largest or the most actively contested markets, the 2016 Office Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that is driving the economy and commercial real estate performance in markets across the country.

Top Office Market to Watch: San Antonio, TX

San Antonio, like many Texas metros, has experienced significant economic growth with minimal impacts from the past recession. Overall, total employment is at near record highs and unemployment sits at 3.7% as of January ‘16, according to the Bureau of Labor Statistics. The metro’s diversified economic base from trade and manufacturing to research and finance has left the office market relatively healthy and poised to grow in 2016 and beyond. All key office sectors are growing, including Financial Activities, Professional and Business Services, and Information, at annualized rates of 2.1%, 2.0%, and 1.0%, respectively. San Antonio does have significant exposure to industries such as automobiles and energy that could come under pressure in continued global slowdowns, but overall the risk to the office market does not appear significant at this time.

Stay Updated…

Over the next few weeks, the SVN Blog will be featuring posts that will focus on each of the top markets to watch for industrial, multifamily, office, and retail properties. SVN Advisors from selected top markets have provided their industry expertise regarding what to look out for in their specific market in the coming months. Don’t miss out on these important insights – subscribe to the SVN Blog on the right side of the blog homepage.

To read more on other top office markets, download the full version of the 2016 Office Market Outlook report here.

2016 Office Market Outlook

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Minneapolis, MN | 2016 Top #CRE Markets to Watch: Office

SVNIC’s 2016 Market Outlook Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2016. Today we are delving into the 2016 Top Office Markets to Watch. Not the largest or the most actively contested markets, the 2016 Office Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that is driving the economy and commercial real estate performance in markets across the country.

Top Office Market to Watch: Minneapolis, MN

Minneapolis - Top Office Market to WatchMinneapolis remains one of the strongest and most stable economies in the nation with 3.9% unemployment in January ‘16, according to the Bureau of Labor Statistics. The metro area has steadily gained total employment while only experiencing a modest decline during the past recession. The key office-using sectors are fairly stable with modest growth as Financial Activities and Professional and Business Services gain jobs at 1.6% and 0.9% annualized rates, respectively, while Information remains mostly flat at –0.3%. Given that Minneapolis is repeatedly cited as a good place to do business, its office market is likely to maintain stability and grow in 2016 and beyond. Further, Minneapolis is experiencing a long-term trend of re-urbanization, meaning that the CBD is likely to perform well for the extended horizon.

Stay Updated…

Over the next few weeks, the SVN Blog will be featuring posts that will focus on each of the top markets to watch for industrial, multifamily, office, and retail properties. SVN Advisors from selected top markets have provided their industry expertise regarding what to look out for in their specific market in the coming months. Don’t miss out on these important insights – subscribe to the SVN Blog on the right side of the blog homepage.

To read more on other top office markets, download the full version of the 2016 Office Market Outlook report here.

2016 Office Market Outlook

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Houston, TX | 2016 Top #CRE Markets to Watch: Office

SVNIC’s 2016 Market Outlook Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2016. Today we are delving into the 2016 Top Office Markets to Watch. Not the largest or the most actively contested markets, the 2016 Office Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that is driving the economy and commercial real estate performance in markets across the country.

Top Office Market to Watch: Houston, TX

Houston - top office market to watchHouston is the hub of oil and energy production in the United States and, as such, is uniquely susceptible to the recent oil price declines that appear to have near-term persistence. It is likely that the office market in Houston will experience some pain in 2016 and beyond on a relative basis. Declines are already being felt in key office sectors with Information and Professional and Business Services declining at -2.5% and -1.8% annualized rates, respectively; however, Financial Activities is growing at 2.0% and thus should balance some of the negative effects. Overall, the Houston economy is actually fairly healthy with a 4.8% unemployment rate as of January ‘16 which has stayed near constant for much of 2015; thus, fears of the oil price declines may be overblown.

Advisor Insights: SVN | HINT Advisors

SVN’s Houston-based Advisors at SVN | HINT Advisors have some office market highlights to share. Here’s what to look out for in the Houston office market in 2016:

  • A mild increase in office sublease due to a zero net job growth, following the thousands of jobs lost between December 2014 and April 2016.
  • Increase in concessions from landlords when leasing office space is ongoing.
  • Job losses appear to have stabilized with an unemployment rate at 4.8%, and a resurgence in the energy sector is expected in the future.
  • Due to Houston’s diverse economy in recession proof sectors such as healthcare, petrochemical, and international trade, employment (and demand for office space) is expected to continue.

Stay Updated…

Over the next few weeks, the SVN Blog will be featuring posts that will focus on each of the top markets to watch for industrial, multifamily, office, and retail properties. SVN Advisors from selected top markets have provided their industry expertise regarding what to look out for in their specific market in the coming months. Don’t miss out on these important insights – subscribe to the SVN Blog on the right side of the blog homepage.

To read more on other top office markets, download the full version of the 2016 Office Market Outlook report here.

2016 Office Market Outlook

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Ft. Lauderdale | 2016 Top #CRE Markets to Watch: Office

SVNIC’s 2016 Market Outlook Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2016. Today we are delving into the 2016 Top Office Markets to Watch. Not the largest or the most actively contested markets, the 2016 Office Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that is driving the economy and commercial real estate performance in markets across the country.

Top Office Market to Watch: Ft. Lauderdale, FL

Ft. Lauderdale - top office market to watchFt. Lauderdale has experienced significant recovery from the recession but still remains below pre-recession peaks in both total employment and lows in the unemployment rate. Still, the economy is quite healthy with a 4.7% unemployment measure as of January ‘16, according to the Bureau of Labor Statistics. As part of a multi-metro region, Ft. Lauderdale offers relatively lower office rents and higher occupancies, as well as an overall lower regional cost of living (especially compared to Miami) and thus is a rational place to grow and expand a business. Key office sectors are displaying strength with Financial Activities, Professional and Business Services, and Information all markedly positive with annualized growth rates of 4.5%, 4.3%, and 2.1%, respectively. The office market of Ft. Lauderdale should perform well in 2016.

Stay Updated…

Over the next few weeks, the SVN Blog will be featuring posts that will focus on each of the top markets to watch for industrial, multifamily, office, and retail properties. SVN Advisors from selected top markets have provided their industry expertise regarding what to look out for in their specific market in the coming months. Don’t miss out on these important insights – subscribe to the SVN Blog on the right side of the blog homepage.

To read more on other top office markets, download the full version of the 2016 Office Market Outlook report here.

2016 Office Market Outlook

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Washington, DC | 2015 Top #CRE Markets to Watch: Office

Sperry Van Ness International Corporation’s (SVNIC) 2015 Market Update Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2015. Today we are delving into the 2015 Top Office Markets to Watch. Not the largest or the most actively contested markets, the 2015 Office Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that is driving the economy and commercial real estate performance in markets across the country.

Top Office Market to Watch: Washington, DC

Washington, DC: 2015 Office Markets to WatchJust a few years ago, record federal deficits were driving clarion calls for sharply reduced government spending. Few markets would have borne the burden of spending and employment cuts in the civil service like Washington, DC. Worries about how a smaller government footprint might impact space demand seem overblown in retrospect; leasing activity and underlying office-using employment trends remain generally stable in the core of the metro area. Vacancy rates trended higher during 2014 and early 2015, but those results capture losses in occupancy in Northern Virginia and suburban Maryland, and weakness in selected submarkets, including the Capitol Riverfront just south of the Capitol Building. It also reflects that recent lease expirations and tenant moves have seen firms downsize their office space, while at least one federal agency has reverted to government-owned space. Offsetting those trends, office development activity in Washington has been relatively subdued, at least as compared to New York and San Francisco. The overall trend is one of slow rent growth and relatively stable occupancy. However, investors in the District should keep a careful eye on projects underway. While the pipeline saw few new additions in early 2015, completions pick up in the latter half of the year and in 2016. The combination of measured gains in fundamentals and rising interest rates could exert downward pressure on values, rewarding patient investors who delay acquisitions till next year.

To read more on Washington, DC and other top office markets, download the full version of the 2015 Office Market Update report here.

2015 Office Market Outlook

It’s a different world out there.

It requires a different kind of commercial real estate firm working on your behalf in order to be successful. The Lipsey Company has ranked the Sperry Van Ness® organization as one of the most recognized commercial real estate brands in the US for a reason—we know how to deliver a certainty of execution for our clients. Sperry Van Ness International Corporation is one of the largest commercial real estate franchisors with more than 180 locations in 200 markets.

Silicon Valley, CA | 2015 Top #CRE Markets to Watch: Office

Sperry Van Ness International Corporation’s (SVNIC) 2015 Market Update Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2015. Today we are delving into the 2015 Top Office Markets to Watch. Not the largest or the most actively contested markets, the 2015 Office Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that is driving the economy and commercial real estate performance in markets across the country.

Top Office Market to Watch: Silicon Valley, CA

Silicon Valley: 2015 Office Markets to WatchWith one of the fastest growing office-use job markets in the country, it is no wonder that San José and the surrounding area boast rent growth rivaling the most highly sought-after neighborhoods in Manhattan and San Francisco. Underpinning that momentum, the continued expansion of established tech firms and heady space demand from newly funded startups has pushed effective rents in prime areas like Palo Alto and Mountain View to levels approaching – and in some cases surpassing – their dot-com highs. Setting the pace, Silicon Valley investors spent much of 2014 watching Google’s leasing and buying spree. Among the highlights, the tech giant’s moves across the Peninsula included purchases of 6 office buildings comprising almost one million square feet and the leasing of Moffett Airfield from NASA.

Development is picking up as the market tightens further and corporate campus moves take large blocks of space off the market. The slate of corporate real estate projects is headlined by Apple’s Campus 2, which is expected to open in 2016. The tally of projects in the surrounding area reached nearly 5 million square feet by the end of 2014. With pre-leasing levels dropping, developers are betting the tech boom still has legs. Those optimistic assessments are well reflected in aggressive property pricing; cap rates averaging 5.8% in 2014 are on par with the largest and most actively traded gateway markets.

To read more on Silicon Valley and other top office markets, download the full version of the 2015 Office Market Update report here.

2015 Office Market Outlook

It’s a different world out there.

It requires a different kind of commercial real estate firm working on your behalf in order to be successful. The Lipsey Company has ranked the Sperry Van Ness® organization as one of the most recognized commercial real estate brands in the US for a reason—we know how to deliver a certainty of execution for our clients. Sperry Van Ness International Corporation is one of the largest commercial real estate franchisors with more than 180 locations in 200 markets.

Research Triangle, NC | 2015 Top #CRE Markets to Watch: Office

Sperry Van Ness International Corporation’s (SVNIC) 2015 Market Update Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2015. Today we are delving into the 2015 Top Office Markets to Watch. Not the largest or the most actively contested markets, the 2015 Office Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that is driving the economy and commercial real estate performance in markets across the country.

Top Office Market to Watch: Research Triangle, NC

Research Triangle: 2015 Office Markets to WatchThe Raleigh-Durham region is already home to the sprawling, 22.5 million square foot Research Triangle Park (RTP), the largest science campus of its kind in the United States. In spite of their established position, Raleigh and Durham are not resting on their laurels. Instead, they are embracing the “innovation district” concept with open arms and a renewed vigor is now permeating the Research Triangle’s office markets. RTP is vying to make itself more appealing as well, building residential and retail amenities on a 100-acre site within the science park. Longfellow Real Estate Partners, an innovation district veteran of Cambridge, Massachusetts’s Kendall Square, is trying to spearhead an ambitious 1.3 million square foot mixed-use innovation district in downtown Durham. The development of Raleigh’s Union Station, the new passenger train station to replace the currently overcrowded Amtrak hub, represents a commitment by the city to improve its urban core through heavily investing in its currently inadequate mass transit options and long-stalled commuter rail system for the Research Triangle area.

Office fundamentals strengthened in 2014, with vacancy falling by 200 basis points over the year. There is a flurry of new development throughout the region, with roughly 1.4 million square feet of urban core space under construction that should be reasonably well absorbed given the prevailing outlook for space demand.

To read more on the Research Triangle and other top office markets, download the full version of the 2015 Office Market Update report here.

2015 Office Market Outlook

It’s a different world out there.

It requires a different kind of commercial real estate firm working on your behalf in order to be successful. The Lipsey Company has ranked the Sperry Van Ness® organization as one of the most recognized commercial real estate brands in the US for a reason—we know how to deliver a certainty of execution for our clients. Sperry Van Ness International Corporation is one of the largest commercial real estate franchisors with more than 180 locations in 200 markets.

Oakland, CA | 2015 Top #CRE Markets to Watch: Office

Sperry Van Ness International Corporation’s (SVNIC) 2015 Market Update Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2015. Today we are delving into the 2015 Top Office Markets to Watch. Not the largest or the most actively contested markets, the 2015 Office Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that is driving the economy and commercial real estate performance in markets across the country.

Top Office Market to Watch: Oakland, CA

Oakland: 2015 Office Markets to WatchMimicking the dynamics of the Bay Area’s residential markets, Oakland is well-positioned to welcome tenants fleeing from the relentless expansion of tech companies as they further saturate San Francisco’s office landscape. Spillovers from San Francisco to Oakland are not new – they have been a feature of the market ever since the first tech companies decided to move up from Silicon Valley to the urban core of the city – but higher rents and limited space opposite the Bay Bridge have increased Oakland’s appeal. Outside of a few homegrown tech companies like Pandora and Ask.com, and a stream of freshly incubated tech startups, Oakland has yet to land its first big San Francisco tech migrant (as of early 2015). Brokers are reporting that several tech companies have been “kicking the tires” at the Sears Building, which is currently undergoing renovations to transform the former department store into tech-friendly office space. Other tenants, like chocolatier TCHO, advertising agency EVB, and several law firms, have taken advantage of the disparity in rental rates and taken the short BART ride over to Oakland.

For small- and mid-cap investors willing to accept lower liquidity than in San Francisco, Oakland’s higher cap rates and favorable prospects may offer compelling buying opportunities over the next year. Fundamentals are pointing in the right direction as investors keep their fingers crossed for a flurry of activity should big tech companies put their stamp of approval on the East Bay.

To read more on Oakland and other top office markets, download the full version of the 2015 Office Market Update report here.

2015 Office Market Outlook

It’s a different world out there.

It requires a different kind of commercial real estate firm working on your behalf in order to be successful. The Lipsey Company has ranked the Sperry Van Ness® organization as one of the most recognized commercial real estate brands in the US for a reason—we know how to deliver a certainty of execution for our clients. Sperry Van Ness International Corporation is one of the largest commercial real estate franchisors with more than 180 locations in 200 markets.

Chicago, IL | 2015 Top #CRE Markets to Watch: Office

Sperry Van Ness International Corporation’s (SVNIC) 2015 Market Update Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2015. Today we are delving into the 2015 Top Office Markets to Watch. Not the largest or the most actively contested markets, the 2015 Office Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that is driving the economy and commercial real estate performance in markets across the country.

Top Office Market to Watch: Chicago, IL

Chicago: 2015 Office Markets to WatchThe transformation of Chicago’s River North submarket echoes the metamorphoses of many up-and-coming submarkets in the United States. With an eclectic mix of industrial-era warehouses and lofts, plus plenty of bus and subway connections, effective rents in the submarket have spiked since 2012, following a path similar to Manhattan’s Midtown South tech district. Tech companies like crowd-sourced reviewer Yelp, online coupon provider Groupon, online payment processor Braintree, and the digital marketing division of McDonald’s, are located in buildings like the Reid Murdoch Center, a former food-processing plant, and the Mart, an Art Deco warehouse that formerly housed Marshall Field. Several of Chicago’s other submarkets are also recasting themselves, with the Fulton Market area leading the pack. The former Fulton Market Cold Storage warehouse (now flagged as 1kFulton) was repositioned as more than 500,000 square feet of office space, headlined by tenants like Google, tech incubator Sandbox Industries, and Chicago-based bicycle component producer, SRAM Corporation. Several projects, including boutique hotels, restaurants, and retail spaces, are now underway around 1kFulton, vying for locations proximate to Google’s Midwest regional headquarters. While traditional business stalwarts still prefer the Loop, there are many rapidly improving submarkets in downtown Chicago that are offering compelling opportunities for small- and mid-cap investors.

To read more on Chicago and other top office markets, download the full version of the 2015 Office Market Update report here.

2015 Office Market Outlook

It’s a different world out there.

It requires a different kind of commercial real estate firm working on your behalf in order to be successful. The Lipsey Company has ranked the Sperry Van Ness® organization as one of the most recognized commercial real estate brands in the US for a reason—we know how to deliver a certainty of execution for our clients. Sperry Van Ness International Corporation is one of the largest commercial real estate franchisors with more than 180 locations in 200 markets.

Boston, MA | 2015 Top #CRE Markets to Watch: Office

Sperry Van Ness International Corporation’s (SVNIC) 2015 Market Update Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2015. Today we are delving into the 2015 Top Office Markets to Watch. Not the largest or the most actively contested markets, the 2015 Office Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that is driving the economy and commercial real estate performance in markets across the country.

Top Office Market to Watch: Boston, MA

Boston: 2015 Office Markets to WatchBy almost any measure, 2014 was a banner year for the Boston office market. Overall vacancy in the Boston metro area dropped to its lowest level since the dot-com boom. Asking rents in East Cambridge reached all-time record highs, with biotech companies and tech giants competing for space near the academic heart of the submarket. Across the metro area, asking rents in the office sector increased by just over 10% during 2014, and are on track for a comparable result in 2015. Contrasting its peer markets, leasing and rent growth was particularly strong in the suburban submarkets.

Boston has nearly 5 million square feet of office space under construction, but a significant share of those projects are single-tenant build-to-suit. In the multi-tenant market, the current balance of supply and demand echoes the frenzied pace of leasing in San Francisco’s office market. For small- and mid-cap investors making price comparisons with Manhattan and San Francisco, Boston offers investors comparatively cheap opportunities with average cap rates in the upper-end of the 5.5% to 6.0% range.

To read more on Boston and other top office markets, download the full version of the 2015 Office Market Update report here.

2015 Office Market Outlook

It’s a different world out there.

It requires a different kind of commercial real estate firm working on your behalf in order to be successful. The Lipsey Company has ranked the Sperry Van Ness® organization as one of the most recognized commercial real estate brands in the US for a reason—we know how to deliver a certainty of execution for our clients. Sperry Van Ness International Corporation is one of the largest commercial real estate franchisors with more than 180 locations in 200 markets.

Denver, CO | 2015 Top #CRE Markets to Watch: Office

Sperry Van Ness International Corporation’s (SVNIC) 2015 Market Update Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2015. Today we are delving into the 2015 Top Office Markets to Watch. Not the largest or the most actively contested markets, the 2015 Office Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that is driving the economy and commercial real estate performance in markets across the country.

Top Office Market to Watch: Denver, CO

Denver: 2015 Office Markets to WatchFor both employers and high-skilled workers, few markets exert the same pull as Denver. The convergence of low costs of living, appealing amenities, and a business-friendly environment has allowed Denver to expand over time beyond its historical base in the energy sector. While business migration to the urban core has dominated activity and pushed the submarket vacancy rate below 10%, not every firm is headed to the CBD. In particular, some technology companies are eschewing the central business district for more flexible, open floor-plan spaces in the Lower Downtown (LoDo) and South Denver neighborhoods. LoDo is home to a disproportionate share of current office construction, though new inventory has yet to weigh on rent trends. Across the metro area, development activity is roughly 2% of in-place inventory – limited, when compared to the surge in projects underway in markets like Houston and Dallas.

While better diversified than smaller energy markets, Denver is still exposed to the vagaries of oil industry booms and busts. With about 20% of Denver’s CBD occupied by oil and gas companies, there was some worry in early 2015 that slumping oil prices could lead to instability in the office market. Most market observers agree that this will only become a major issue for Denver’s long-term outlook if a prolonged period of depressed oil prices leads to significant restructuring in the industry.

To read more on Denver and other top office markets, download the full version of the 2015 Office Market Update report here.

2015 Office Market Outlook

It’s a different world out there.

It requires a different kind of commercial real estate firm working on your behalf in order to be successful. The Lipsey Company has ranked the Sperry Van Ness® organization as one of the most recognized commercial real estate brands in the US for a reason—we know how to deliver a certainty of execution for our clients. Sperry Van Ness International Corporation is one of the largest commercial real estate franchisors with more than 180 locations in 200 markets.

Dallas, TX | 2015 Top #CRE Markets to Watch: Office

Sperry Van Ness International Corporation’s (SVNIC) 2015 Market Update Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2015. Today we are delving into the 2015 Top Office Markets to Watch. Not the largest or the most actively contested markets, the 2015 Office Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that is driving the economy and commercial real estate performance in markets across the country.

Top Office Market to Watch: Dallas, TX

Dallas: 2015 Office Markets to WatchOffice absorption topped 2 million square feet in Dallas last year, fueled by exceptional office-use job growth, corporations relocating to the Dallas Metroplex, or expanding their operations in this business-friendly locale. Among last year’s notable moves, Toyota North America announced that it would build its $350-million, 1.8-million-square-foot corporate campus in the Legacy West mixed-use complex in West Plano. State Farm is moving into its 2.1-million-square-foot space at the sprawling CityLine campus in Richardson. Other companies, like Omnitracs and Active Network, took space for their corporate headquarters in existing central business district office towers, where the vacancy rate fell below 20% for the first time since before the recession.

Dallas’ Uptown submarket is booming with the first of several new developments pre-leasing in the range of $50 per square foot. Activity in Uptown is expected to radiate out to other submarkets, as some professional services tenants, like law firms and accountants, seek protection from the rapidly increasing rents at their current locations.

Investors should be cautious of the outlook for new supply in Dallas and the surrounding area. While two-thirds of the 6 million square feet of office space under construction in the Metroplex is pre-leased, that still leaves roughly 2 million square feet of new supply entering the competitive inventory. That new supply may slow the pace of effective rent growth and drag on occupancy levels.

To read more on Dallas and other top office markets, download the full version of the 2015 Office Market Update report here.

2015 Office Market Outlook

It’s a different world out there.

It requires a different kind of commercial real estate firm working on your behalf in order to be successful. The Lipsey Company has ranked the Sperry Van Ness® organization as one of the most recognized commercial real estate brands in the US for a reason—we know how to deliver a certainty of execution for our clients. Sperry Van Ness International Corporation is one of the largest commercial real estate franchisors with more than 180 locations in 200 markets.

Brooklyn, NY | 2015 Top #CRE Markets to Watch: Office

Sperry Van Ness International Corporation’s (SVNIC) 2015 Market Update Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2015. Today we are delving into the 2015 Top Office Markets to Watch. Not the largest or the most actively contested markets, the 2015 Office Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that is driving the economy and commercial real estate performance in markets across the country.

Top Office Market to Watch: Brooklyn, NY

Brooklyn: 2015 Office Markets to WatchA large swathe of Downtown Brooklyn was rezoned in 2004 with the intention of transforming the neighborhood into a back-office haven rivaling that of Jersey City. Over the following decade, developers instead jumped at the chance to reposition defunct industrial space as new luxury condominium offerings. More recently, the burgeoning tech sector has fueled demand for flexible office space with less traditional formats. The structured suit-and-tie regimes of Manhattan’s Midtown office submarket have been ill-suited to the preferences of these prospective tenants. Capitalizing on the opportunity, building owners in and around DUMBO, Brooklyn Heights, and the Brooklyn Navy Yard have branded their area as the Brooklyn Tech Triangle. The Dumbo Heights complex (housed in the old Watchtower buildings which once served as the headquarters for the Jehovah’s Witnesses) is currently being refurbished, but already has major leases with e-commerce site Etsy, and co-working front-runner WeWork. The Brooklyn Navy Yard houses manufacturers of parachutes and bullet-proof vests, but now increasingly is attracting architectural and design firms for use of its office space. The downtown Brooklyn office vacancy currently sits at less than 4% with TAMI tenants (technology, advertising, media and information) clamoring for more space. Developers are looking to other neighborhoods in order to service the demand, and are making bets on offices in Fort Greene, near Pacific Park (formerly Atlantic Yards), and industrial space in Sunset Park as the next hopeful TAMI magnets.

To read more on Brooklyn and other top office markets, download the full version of the 2015 Office Market Update report here.

2015 Office Market Outlook

It’s a different world out there.

It requires a different kind of commercial real estate firm working on your behalf in order to be successful. The Lipsey Company has ranked the Sperry Van Ness® organization as one of the most recognized commercial real estate brands in the US for a reason—we know how to deliver a certainty of execution for our clients. Sperry Van Ness International Corporation is one of the largest commercial real estate franchisors with more than 180 locations in 200 markets.

Austin, TX | 2015 Top #CRE Markets to Watch: Office

Sperry Van Ness International Corporation’s (SVNIC) 2015 Market Update Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2015. Today we are delving into the 2015 Top Office Markets to Watch. Not the largest or the most actively contested markets, the 2015 Office Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that is driving the economy and commercial real estate performance in markets across the country.

Top Office Market to Watch: Austin, TX

Austin: 2015 Office Markets to WatchA thriving tech sector set against an otherwise well-diversified local economy has made Austin a favorite of secondary market investors. In 2014, the pace of rent gains approached the double-digits as the vacancy rate fell to one of the lowest levels of any market in the country. Exceptional momentum in the local office market carried forward into the first half of 2015, though the pace of rent growth may taper off as more than 3 million square feet of office space currently under construction comes to market. In-progress projects and those in the planning and proposal stages are projected to expand the office inventory by nearly 10% over the coming years. Pre-leasing will blunt only some of the impact of new inventory. Although several high-profile central business district office construction projects like the 370,000-square-foot Colorado Tower and 195,000-square-foot IBC Tower are nearly entirely pre-leased, enthusiastic developers have allowed projects to go forward with fewer and fewer commitments.

With cap rates below 6%, investors in the Austin market face a higher burden in growing income over their investment time horizon. Current rent growth trends speak to the market’s potential, but investors should be cautious in any case. With a significant expansion in its office inventory over the next several years and more limited pre-leasing than its peer markets, Austin is exposed should the current expansion reach its peak earlier than is widely expected.

To read more on Austin and other top office markets, download the full version of the 2015 Office Market Update report here.

2015 Office Market Outlook

It’s a different world out there.

It requires a different kind of commercial real estate firm working on your behalf in order to be successful. The Lipsey Company has ranked the Sperry Van Ness® organization as one of the most recognized commercial real estate brands in the US for a reason—we know how to deliver a certainty of execution for our clients. Sperry Van Ness International Corporation is one of the largest commercial real estate franchisors with more than 180 locations in 200 markets.

Sperry Van Ness International Corp. Names 2012 Top Brokers, Offices

Sperry Van Ness International Corporation (SVNIC) recently announced the recipients of the company’s top awards for 2012, spanning achievements among individual brokers and offices across the country. The awards were given out at the SVNIC annual sales conference in Miami, Fla. that was held Feb. 6-8, 2013.

The prestigious Partners’ Circle Awards were given to Sperry Van Ness® advisors who celebrated a gross annual commission income of $500,000 or more. Also among the top commission earners were the designated Achievers, who had the highest production numbers for 2012.  Many of these same advisors helped their offices make it into SVNIC’s Top 20 Offices for 2012.  Click here for full list.SVNICTrophy

The following individual awards were also handed out at the conference:

  • Firm of the Year: Sperry Van Ness/Miller Commercial Real Estate, Salisbury, Md.
  • Collaborator of the Year: Sperry Van Ness, LLC, Chicago
  • Ambassador of the Year: Curt Arthur, Sperry Van NessCommercial Advisors, LLC, Salem, Ore.
  • Humanitarian of the Year: Walter Helm, Sperry Van Ness/ Walter Helm, Sacramento, Calif.
  • Rookie of the Year: Jennifer Donathan, Sperry Van Ness/Commercial Real Estate (Barton W. Weprin) Liberty Township, Ohio
  • Prospector of the Year: Tony Yousif, Sperry Van Ness/Finest City Commercial, San Diego, Calif.
  • Team Player of the Year: John Rickert, Sperry Van Ness/RICORE Investment Management, Inc.,Cincinnati, Ohio
  • Innovator of the Year: Ryan Imbrie, Sperry Van Ness/Imbrie Realty, LLC, Portland, Ore.
  • Trainer of the Year: Mark Alexander, Sperry Van Ness(Mark Alexander), Fort. Myers, Fla.

Among that group of winners is Walter Helm (Humanitarian of the Year) who is not only a broker – but also a volunteer firefighter and volunteer pilot for the free medical flight group AirLifeLine.  Mark Alexander (Trainer of the Year) volunteers his time to SVNIC’s Product Council on Medical Offices, sharing his expertise on the property sector with other franchisees. The Sperry Van Ness LLC office in Chicago was named Collaborator of the Year for working to promote cooperation among advisors – a key tenet of the SVNIC mission. In 2012, Sperry Van Ness LLC brought the largest number of new and recent closings to the company’s Monday National Sales Calls Program – which markets properties to brokers nationwide – regardless of their company affiliation.

“In the crowded commercial real estate field, Sperry Van Ness advisors stand apart,” said President and CEO Kevin Maggiacomo. “Through innovation and collaboration, these outstanding brokers and offices are providing the best service to their customers, and are setting the bar high for our field in 2013.”

 

*All Sperry Van Ness® offices are independently owned and operated.