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Posts Tagged ‘leasing’

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

Westside

Northwest Bank – Kruse Way | 4900 Meadows Rd | 8,560 RSF renewal

Hayden Properties – Kruse Woods II | 5335 Meadows Rd | 3,564 RSF

Vergepointe LLC – Kruse Woods I | 5285 Meadows Rd | 5,546 RSF renewal

Kforce – 1 Lincoln | 10300 SW Greenburg Rd | 3,244 RSF renewal

Thorsen Pacific – 1 Lincoln | 10300 SW Greenburg Rd | 1,873 RSF

Northwest Mortgage Group – 16100 NW Cornell Rd | 3,643 RSF renewal

Vancouver

Wells Fargo Bank – Vancouver Center N | 700 Washington | 6,886 RSF renewal

Cornerstone Lending – Park Tower Biz Ctr | 201 NE Park Plaza Dr | 2,826 RSF renewal

Central Business District

TicketMaster – Crown Plaza | 1500 SW First Ave | 2,571 RSF

NonProfDex (charitable|education|trade assoc)

Central Business District

Jewish Family and Child Services – Yamhill Plaza | 1221 SW Yamhill St | 4,088 RSF

HealthDex (hospital/provider|managed care|equipment)

Westside

DaCosta Dental – Hall & Nimbus Center | 8400 SW Nimbus | 2,112 RSF

Medius Medical Concepts – Summit Bldg | 1260 NW Water House Ave | 2,133 RSF

Eastside

Hospice Care of NW – 1500 NE Irving St | 5,510 RSF

SustainDex (environmental|sustainable|clean/bio tech)

Westside

LiveLight Energy – Twin Oaks Technology Center | 1815 NW 169th | 6,248 RSF

TechDex (apps|provider|hardware|var)

Westside

nvoice pay – 4 Lincoln | 10250 SW Greenburg Rd | 2,744 RSF

Payer Connections – Kruse Woods II | 5335 Meadows Rd | 1,106 RSF

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Activity has definitely picked up post Labor Day, with many firms looking to upgrade their space now that rates are the lowest they’ve been in at least 3 years.  The larger tenants are continuing to renew, such as Wells Fargo, but a few are making moves to newer space. McCormick & Schmick’s will be vacating the Morgan Building (720 SW Washington) for a brand new project in the Pearl District called Machine Works. This building has a more industrial look and feel to it, as opposed to the historic architecture of the Morgan Building, reflecting a change in company culture for the restaurant operator.

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

Westside

Hampton Management – Sunset Biz Park | 9600 SW Barnes | 24,056 SF

Southwest Financial Services – Parkside Biz Ctr | 8285 SW Nimbus | 1,507 SF

Central Business District

Wells Fargo – Montgomery Park | 2701 NW Vaughn | 128,032 SF renewal

McCormick & Schmick’s HQ – Machine Works | 1455 NW Northrup Ave | 19,250 SF

Whipple & Duyck – Crown Plaza | 1500 SW First Ave | 2,751 SF

Vancouver

Bonneville Billing & Collections – Eastridge Biz Pk | 12013 NE 95th | 2,240 SF renewal

NonProfDex (charitable|education|trade assoc)

Central Business District

Oregon Jewish Museum – 1953 NW Kearney St | 6,400 SF

Eastside

Mentor Oregon – Multnomah Plaza | 305 NE 102nd Ave | 7,590 SF

TechDex (apps|provider|hardware|var)

Westside

SAP America – Triangle Corp Park | 13190 SW 68th | 6,624 SF downsize

Eastside

Celestial Solstice – Ford Building | 2505 SE 11th | 1,866 SF

Central Business District

Inflow Systems – 11000 Barbur Blvd | 3,000 SF

DesignDex (A/E|consulting|graphic d)

Vancouver

LD Jellison Inc –  Eastridge Biz Park | 11805 NE 99th St | 4,320 SF

Radio Popper – Columbia Shores | 501 SE Columbia Shores | 1,752 SF

MediaDex (traditional|digital|research)

Westside

Coyote Logistics – Wilsonville Town Ctr | 29100 SW Town Ctr Loop | 4,098 SF

HealthDex (hospital/provider|managed care|equipment)

Westside

River City Eyecare – Mount Scott Center | 9201 SW 91st | 2,188 SF

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Office Leasing : Advantage Tenant

Recent reports are saying the same thing: the office market is fast becoming a tenant’s market. Nationwide, the vacancy rate rose steadily through 2008 with a spike toward the end of the year. This increase in vacancy is applying downward pressure on rental rates, decreasing occupancy costs, and increasing the amount of inducements being offered by landlords (ie. free rent or larger tenant improvement allowances).

Now is also a good time for tenants to review their existing leases to see if there is the ability to lower expenses through an early renewal. Keep in mind, tenants willing to sign a longer term lease (say 5+ years in this climate) are the ones who have any real play with this option. Short-term leases do not have leverge with landlords.

Commercial Property Values Still Tumbling

According to Moody’s/REAL Commercial Property Price Indices, in 2008, commercial real estate prices dropped 15%, nearing 2005 levels. In December, the prices fell 2.2% from November levels – a significant drop. Commercial properties are now down more than 16% from their peak in October 2007 and are projected to decline further over the near-term. The good news (there is some) is credit markets are improving (see my earlier post about TED).

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Highly regarded financial advisor Judith McGee had a few thoughts to offer on the current credit market and what she sees as, if at least modestly, improving markets this year. Though cautious on her observations, Ms. McGee points out that money market indicators are showing signs of better times ahead.  An important signal to track is the Ted spread (the gap between the rate of the three month Treasury bill and the lending rate banks charge each other).  She points to the fact that in November 2008, banks were not lending to one another thus causing the Ted to stretch to 450 basis points, a colossal jump in the wrong direction over a short timeframe. It is currently down around 100 basis points, a vast improvement.  The average from 2002 to 2006 was 25-30 basis points, so clearly we have some work to do, but it looks attainable at this point.

From a commercial real estate standpoint, this means that, very slowly, commercial investors can hope to see some lending make a re-appearance in lower risk markets first followed by more troubled areas.  Portland is lower risk, though considered a second tier investment market, with our neighbor to the north considered a good first tier investment by many.  I’m not sure if we have seen the full effects as a result of Wamu’s collapse (whose 700,000 SF downtown office tower will be vacated) and Boeing’s continued layoffs, which could change the outlook for Seattle. 

The story references statistics provided by my partner and I through our quarterly report on the market conditions in Portland and Vancouver.  If you are interested in receiving our quarterly report, contact me at kristin.hammond(at)pacific-re.com.

Here’s the article from the DJC – http://tinyurl.com/blpefchttp

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