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Posts Tagged ‘CBD’

GeneralBizDex (consulting|finance|insurance|legal|other)

Westside

HSBC Bank – 12447 SW 69th Ave | 123,210 SF renewal

Pacific Office Automation – Cornell Oaks | 15400 NW Greenbrier Pkwy | 17,056 SF renewal

American Admin – Beveland Office Park | 7117 SW Beveland | 2,560 SF

Paul Carlson Assoc – Lake Oswego Exec Pk | 5775 Jean Rd | 2,340 SF

Wibata Management Group – Lake Oswego Exec Pk | 5775 Jean Rd | 2,305 SF

Cascade Residential Mortgage – Lincoln Center | 10250 SW Greenburg Rd | 2,426 SF

Central Business District

Spectrum NW – Montgomery Park | 2701 NW Vaughn St | 3,788 SF

Spalding & Cox – American Bank Bldg | 621 SW Morrison St | 2,713 SF renewal

Bottini Bottini & Oswald – Willamette Park Plaza | 6420 SW Macadam Ave | 2,983 SF

Jackson Lewis – Congress Center | 1001 SW Fifth Ave | 4,188 SF

Cadence Mgmt Corp – 1515 SW Fifth Ave | 1,658 SF renewal

Bridge City Capital – Willamette Park Plaza | 6420 SW Macadam Ave | 1,318 SF

Worksystems – Riviera Plaza | 1618 SW First Ave | 9,698 SF

Eastside

Scott Richmann Insurance – Lloyd Corp Plaza | 925 NE 19th | 2,605 SF

Vancouver

Stewart Title – Park Tower Biz Ctr | 201 NE Park Plaza Dr | 5,677 SF renewal

TechDex (apps|provider|hardware|var)

Westside

Portico Systems – Cornell Oaks | 15455 NW Greenbrier Pkwy | 8,099 SF

Peer Technologies – Arctic Drive Bldg | 6020 SW Arctic Dr | 3,376 SF

Q Components – 14271 NW Science Park Dr | 5,506 SF

Allied Digital Services – Allen West Biz Ctr | 10200 SW Allen Blvd | 4,159 SF

Intel – Five Oaks West Biz Ctr | 6200 NW Casper Pl | 10,855 SF

EthicsPoint – Kruse Way | 6000 SW Meadows Rd | 6,684 SF expansion

Central Business District

EngineWorks – Water Tower | 5331 SW Macadam Ave | 4,126 SF

MCI Communications – Kittridge Dist Ctr | 4937 NW Front Ave | 5,772 SF renewal

Qmedtrix – 8203 SW Seventh St | 2,775 SF expansion

Companionlink – Paulson Building | 811 SW Naito Pkwy | 5,513 SF

DesignDex (A/E|apparel|graphic d)

Central Business District

Tetra Tech – 1020 SW Taylor St | 3,472 SF

Eastside

Nutcase Inc – Ford Building | 2505 SE 11th Ave | 4,089 SF

Rafael Astorga Photography – Ford Building | 2505 SE 11th Ave | 2,135 SF renewal

MediaDex (traditional|digital|research)

Eastside

Citrus – Olympic Mills CC | 107 SE Washington St | 3,418 SF renewal

NonProfDex (charitable|education|trade assoc)

Westside

Credit Union Assoc – Creekside Corp Pk | 8205 SW Creekside Pl | 6,797 SF renewal

Oregon Assoc of Hospital and Health Systems –  4000 Kruse Way | 6,788 SF extension

HealthDex (hospital/provider|managed care|equipment)

Westside

SportsOne – Quad 217 | 9640 SW Sunshine Ct | 6,358 SF

Therapeutic Associates – Belvedere Biz Park | 5920 NE Ray Circle | 2,867 SF

Zoom Care – Sunset Center | 19075 NW Tanasbourne Dr | 6,226 SF sublease

SustainDex (environmental|sustainable|green/bio tech)

Eastside

ReVolt Technology – Int’l Corp Ctr | 11855 NE Glenn Widing Dr | 20,940 SF

Central Business District

SWCA Environmental – Terminal Sales Bldg | 1220 SW Morrison St | 10,878 SF

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Our Second Quarter Report for the Vancouver submarket is out and the news is less than uplifting. All of the Vancouver submarkets are now in double digit territory for vacancy rate. Rental rates are still on a steady decline while tenant improvement allowances are becoming more challenging to pencil out for landlords. Lease terms are shorter, 2-3 years, with most tenants exercising renewal options as they remain in a “wait and see” mode.

Office Vacancy Rates

Office Vacancy Rates

With the recent announcement of Nautilus giving back nearly 400,000 square feet of space, the increase in available space in the Cascade Park submarket is nearly doubled from the previous quarter. The likely tenant candidate is a large company, from outside of the region, seeking a campus-like setting and tax breaks. This will not be an easy challenge to tackle in the current economic climate.

Office Rental Rates

Office Rental Rates

Investment Opportunities
New on the market, Evergreen Plaza (611 W Evergreen) is one of the few opportunities available with a stronger tenant mix ( State and County agencies). The current asking price on this 64,975 SF property is $6,090,000  with projected returns of:

Year 1 Return:  13%
Projected 15 Year Cash Flow:  $16 million
Projected 15 Year Tax Savings:  $6 million
IRR:  13%

The Columbian remains tied up in legal discussions and fairly inactive from a new tenant perspective due to the uncertainty of ownership.

For a copy of the complete report, email me with Vancouver Snapshot in the subject header.

kristin.hammond(at)pacific-re dot com

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It appears the Wall Street Journal has taken notice of the Portland-Vestas Wind Systems love affair, announcing the 500,000 SF headquarters decision I blogged about in an earlier post.

Vestas has expanded into an additional 18,000 SF at Harrison Square (1800 SW First Avenue) bringing their total square footage across three buildings between Naito Parkway and First Avenue to around 77,000 SF.  While this is some significant square footage, it is hard to believe that they would actually need 500,000 SF (that’s larger than the Fox Tower).  There are still some major hurdles to overcome and who knows what this deal will look like when it is finally completed. My guess, something closer to 300,000 SF and a 2010 construction start date. Especially if they want to be in or close to downtown.

As for the rates quoted in this article, they reflect an average including all types of office buildings across the entire market (downtown, eastside, westside). The average asking rate for just downtown buildings, all types, is actually closer to $22.75 with a vacancy rate of 7.7%.  As you can see, the downtown (CBD is our preferred acronym) is much tighter than this article would have you believe. This is a good thing. It means more businesses are choosing to locate in our downtown and take advantage of all the improvements made over the last five years.

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Okay, so when people ask me what I do and I say “commercial real estate”, they typically respond with “ohhh” and then move on to someone else’s professional pursuits.  Admittedly, the daily processes involved with pulling together a good commercial real estate package can be mundane at times. But at its core, the industry is all about sharing information.  This is where the business becomes intriguing and fun; knowing what businesses are coming and going, contracting and growing, and how much it cost. On top of this, you get an unbelievable education on the types of niche’ businesses in the market (see our Piece of the PDX Pie monthly feature at the bottom).

Fascinating like the study of blackholes or earthworm reproduction, well no, but being behind the scenes of what makes Portland’s business environment tick is definitely cool. So, with this said, my partner and I thought we would share a little of the “behind the scenes” activity with readers.

For ease of use, we have created a few test indices (by industry) of various transactions in the Portland market.  We can add industries and welcome suggestions for other information/statistics you would find helpful or interesting.  Our intention is to update this information as it occurs, with this initial post reflecting transactions dating back to the beginning of the Third Quarter 2008 (July 1, 2008).

We have also included some market comps so that you can see where deals are being struck in the various submarkets of Portland/Vancouver.

Comps Around Town

 

Submarket

Size

Term

Rate

Free Rent

New/Renew

Bldg Type

 

Beaverton

6500

5 yrs

$17.00

none

New

Class B

 

CBD

3800

5 yrs

$24.00

2 mths

Renew

Class C-H

 

CBD

3600

3 yrs

$21.00

2 mths

New

Class B

 

Eastside

4100

5 yrs

$19.00

none

New

Class C

 

Vancouver

9500

10 yrs

$24.00

6 mths

New

Class A

 

 

TechDex (apps|hardware|provider|var)

Central Business District

 

TripWire – One Main Place | 101 SW Main St. | 33,062 SF

Iterasi – Pioneer Arts Building | 715 SW Morrison St. | 4,141 SF

CompanionLink – One Main Place | 101 SW Main St. | 3,000 SF

Infinity Internet – Portland Medical Cntr | 511 SW 10th Ave. | 10,000 SF

Westside

 

Pixelworks

– Durham Plaza | 16650 SW Boones Ferry | 4,875 SF

Corrigo – Tualatin Commons | 8215 SW Tualatin Sherwood Rd. | 8,178 SF

Lunarr – 5 Lincoln | 10200 SW Greenburg Rd. | 2,660 SF

Prince Telecom – 14215 NW Science Park | 3,525 SF

Linden Technologies – Cornell West | 1500 NW Bethany Blvd. | 1,569 SF

Trivium Systems – Twin Oaks Exec. Cntr | 1865 NW 173rd Plc. | 1,288 SF

Healthco Information Systems – 7657 SW Mohawk St. | 9,119 SF

SQLSoft Inc. – Cornell West | 1500 NW Bethany Blvd. | 5,235 SF

Veicon Technology – WCI Building | 19720 NW Tanasbourne Dr. | 2,325 SF

Retail Dimensions – 4800 SW Griffith Dr. | 1,680 SF

Cypress Semiconductor – Creekside Corp Park | 9125 SW Gemini Ave. | 4,300 SF

Comsys – 3 Lincoln | 10220 SW Greenburg Rd. | 9,156 SF

 

MediaDex (traditional|digital|research)

Central Business District

 

Harris Interactive – Riviera Plaza | 1618 SW First Ave. | 2,727 SF

RumbleFish – OMCC | 107 SE Washington St. | forthcoming

Downstream Digital – Fremont Place | 1650 NW Front Ave. | 16,521 SF

Pyramid Communications – 526 NW 13th Ave. | 3,630 SF

Audient Consulting – OMCC | 107 SE Washington St. | 2,696 SF

Yellowpages.com – One Main Place | 101 SW Main St. | 6,956 SF

Liquid Agency – Triangle Building | 1800 NW 16th Ave. | 2,971 SF

Lakonic Partners Inc. – Mikado Building | 117 SW Taylor St. | 3,610 SF

Westside

 

Rubicon Interactive – Pacific Corp Center | 15350 SW Sequoia Pkwy. | 2,709 SF

MKTX Inc – Creekside Corporate Center | 8205 SW Creekside Plc. | 2,210 SF

MSN Communications – Kruse Woods II | 5335 Meadows Rd. | 2,515 SF

Database Marketing – Cascade Plaza West | 12665 SW Center St. | 6,833 SF

Angelvision – Hilltop Business Cntr | 7300 SW Hunziker Rd. | 5,264 SF

ReachLocal Inc. – 1 Lincoln | 10300 SW Greenburg Rd. | 4,374 SF

Eastside

 

Seamless Event Solutions – 12838 NE Airport Way | 5,760 SF

 

DesignDex (A/E|graphic d)

Central Business District

 

Hiromi Ogawa Architects

– OMCC | 107 SE Washington St. | 1,200 SF

Dull Olson Weekes – Federal Reserve Building | 915 SW Stark St. | 13,624 SF

Robertson Architecture Inc. – 1512 SW 18th Ave. | 2,300 SF

Walker Macy – Failing Building | 111 SW Oak St. | 11,107 SF

Westside

 

PNG Environmental – Hampton Oaks | 6655 SW Hampton St. | 1,960 SF

Geoengineers – Pacific Corp Center | 15055 SW Sequoia Pkwy. | 8,638 SF

Heery International – Sunset Business Park | 9600 SW Barnes Rd. | 4,143 SF

West Yost Associates – Lakeside Center | 8100 SW Nyberg Rd. | 5,315 SF

Smith Monroe Gray – Cascade Square | 8628 SW Cascade Ave. | 8,052 SF

Eastside

 

Locating Inc. – Airport Business Center | 6601 NE 78th Ct. | 4,121 SF

 

SustainDex (Environmental|Sustainable|Clean/Bio Tech)

Central Business District

 

Ecology and Environment Inc. – Oregon Trail Bldg | 333 SW Fifth Ave. | 7,806 SF

Conservation Services Group – Market Square | 1515 SW Fifth Ave. | 3,782 SF

Brookfield Power – Desoto Building | 720 NW Davis St. | 6,403 SF

Vestas – 2000 SW First | 2000 SW First Ave. | 12,103 SF

rePower USA Corp – One Main Place | 101 SW Main St. | 1,557 SF

Garrad Hassan America Inc – Oregon Trail Bldg | 333 SW Fifth Ave. | 1,855 SF

Westside

 

Particle Measuring Systems Inc.

– 1100 NW Compton Dr. | 1,518 SF

 

PIECE OF THE PDX PIE! – October 2008

Plas2Fuel – A privately-held alternative energy company who converts mixed

waste plastics into synthetic crude oil and other valuable petrochemical

products. Finally you can take all of those old baby toys and use them to fuel

your Escalade!

 Authors/Experts

Kristin Hammond and Mark McFarland have over 30 years of combined experience representing tenants with commercial real estate requirements. At Pacific Real Estate Partners (PREP), we help businesses assess and respond to their real estate priorities in a consistent, efficient, and cost effective manner. For more background, click on the Authors tab at the top of the page.

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