Office Market Nears Rent Growth Tipping Point
The rebound in office-using jobs is spreading to smaller businesses, which dominated office leasing activity during the first quarter of 2012. The continued positive absorption, coupled with dwindling supply of available space, is setting the stage for resumed rent growth in U.S. markets over the next few years, CoStar Group reported this week in its First-Quarter 2012 Office Review & Outlook.
Though weaker than in recent quarters, office space absorption in the U.S. held steady at 11 million square feet in the first quarter while the national office vacancy rate fell 10 basis points to 12.7%, according to the report presented to CoStar clients by Walter Page, director of research for Property and Portfolio Research (PPR), CoStar’s analytics and forecasting division, and Jay Spivey, CoStar senior director of research and analytics. 
While overall job growth has been less than expected, the economy is converting the number of temporary jobs to permanent fulltime jobs at a faster clip and employees are working a greater number of hours on average, trends that bode well for office demand and rent growth over the next three years, the CoStar economists reported. If job forecasts hold up, the unemployment rate will fall to its long-term of average of below 6% by 2015.
For the first time in several years, none of the top 20 U.S. office markets reported job losses, with hiring especially strong in energy markets such as Houston and Dallas/Fort Worth, and technology markets such as San Francisco, San Jose and Denver.
Meanwhile, rising energy prices are causing a parallel increase in construction costs. This trend, combined with higher interest rates required to support new office construction, will likely curtail the level of new supply until rents begin to justify new supply, buying more time for vacancies to decline further, Page said.
The 11 million square feet in total absorption, while comparable with historical average, declined over the last couple of quarters and remains far below levels from the mid-2000s, when 30 million to 40 million square feet per quarter in office space absorption was routine. Despite solid job growth, office landlords and their tenants continue to hold a large amount of so-called shadow space, unused but not officially listed as vacant.
Gross leasing activity, the type of metric broker commissions are based on, is projected to be nearly 120 million square feet in the first quarter.
“Rents have come down, space is cheap relative to history, and companies are taking advantage of that to move, upgrade or expand into new space, and we’ve seen steep increases from the bottom of the market in 2009,” Spivey said. “These leasing levels rival what we saw in the 2000 dot-com period.”
Leasing is now dominated by smaller tenants, with over 50% of transactions involving blocks of space measuring 2,000 square feet or less in 2011. At the same time, large tenants are very rare in the market, with transactions over 50,000 square feet representing less than 1% of total activity, according to new data generated by PPR and CoStar.
“Roughly half of the tenants in the CoStar database occupy between 2,000 square feet and 20,000 square feet, and that’s the sweet spot of liquidity within the office sector,” Page said.
Tenants are also becoming more efficient in their real estate usage, with footprints on new leases down 6% over the last 10 years. While Class A tenants have seen a modest 3% increase in square footage, the amount of Class B space taken is down by 5% and Class C space down 13%.
CoStar and PPR project the national vacancy to decline to 10.5% by the end of 2015, with the corresponding increase in occupancy leading to boosts in NOI, rent growth and other factors that tend to boost property values. Meanwhile, the supply pipeline will remain at low ebb until 2015, and occupancies should continue to rise ever in the event of a spike in energy prices or a meltdown in the European economy.
Tenants, finding a scarce supply of Class A property, are starting to gravitate to Class B buildings, and smaller tenants are back in the market — both indications of a broadening of the recovery that’s helping more employers hire more workers.
For the Greater Reading Office Market Report – Click Here
Source: Costar
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NAI Keystone’s Bryan Cole handles sale of 7,648 sf. MOB
NAI Keystone’s Bryan Cole handles the sale of a 7,648 sf. MOB in Wyomissing PA. The property was owned and operated by Diagnostics Health Corporation who hired NAI to sell the asset. The facility was set up for an imaging operation.
The property located at 1025 Berkshire Blvd, Suite 500 is located in the Berkshire Commons condo association in Wyomissing PA. The site is a free-standing building with easy access to major berks corridors and located in the heart of the Berks Medical community.
NAI Keystone was sole broker in the transaction; NAI keystone is also assisting Diagnostics Health Corp in the sale of two fully occupied MOB’s in Beaumont Texas, and Jackson Texas. The leases totaled 24,000 sf. in two free-standing buildings which are also being leased as imaging centers.
For more information abou these NNN deals please call Bryan Cole at 610 370 8502.
For more information about this lease please contact Bryan Cole of NAI Keystone Commercial & Industrial, LLC
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Bryan E. Cole | NAI Keystone Commercial & Industrial, LLC
direct: 610-370-8502
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About Bryan Cole and NAI Keystone
NAI Keystone’s Bryan Cole handles 7,648 sf. lease to Southeast Diagnostics Imaging
NAI Keystone’s Bryan Cole leases 7,648 sf. of Medical Space to Southeast Diagnostics Imaging. SDI will occupy the free-standing MOB as an imaging center. The facility was previously occupied by Healthsouth Imaging, then Diagnostics Health Corporation a Texas-based firm.
The property located at 1025 Berkshire Blvd, Suite 500 is located in the Berkshire Commons condo association in Wyomissing PA. The site is a free-standing building with easy access to major berks corridors and located in the heart of the Berks Medical community.
NAI Keystone was sole broker in the transaction; NAI keystone also assisted in two additional leases to SDI in Beaumont Texas, and Jackson Texas. The leases totaled 24,000 sf. in two free-standing buildings which are also being leased as imaging centers.
For more information about this lease please contact Bryan Cole of NAI Keystone Commercial & Industrial, LLC
Source: www.Bryanecole.wordpress.com and www.Bryan-cole.com
For More Information about Local News, Market Intel, or Commercial Real Estate Opportunities; visit www.Bryan-Cole.com
Bryan E. Cole | NAI Keystone Commercial & Industrial, LLC
direct: 610-370-8502
Check out my new website at www.Bryan-Cole.com
About Bryan Cole and NAI Keystone
NAI Keystone’s Bryan Cole handles sale of 50,644 sf. Office Building
NAI Keystone’s Bryan Cole with the assistance of John Buccinno and Steve Willems complete the sale of a 50,644 sf. multi-tenanted office building in Wyomissing PA.
The property located at 2001 State Hill Road is a multi-tenanted office building located in the Boro of Wyomissing. The property consists of 10 total units with an on-site fitness center and large surface parking lot.
The building current has various suites still available for lease; suites are available from 1,200 sf to 18,000 sf.
The building was owned by Berkadia & Bank of America. NAI Keystone was hired to dispose of the asset for the Bank which was placed under contract in less than 30 days and sold in 90 days.
NAI Keystone handled both sides of the transaction and assisted in the property management prior to the sale.
The buyer was a local investor who intends to hold the property as a long-term investment.
For more information about this sale please contact Bryan Cole of NAI Keystone Commercial & Industrial, LLC
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For More Information about Local News, Market Intel, or Commercial Real Estate Opportunities; visit www.Bryan-Cole.com
Bryan E. Cole | NAI Keystone Commercial & Industrial, LLC
direct: 610-370-8502
Check out my new website at www.Bryan-Cole.com
About Bryan Cole and NAI Keystone
Greater Reading Office Market Report by Bryan Cole
Written and compiled by Bryan Cole of NAI Keystone Commercial & Industrial, LLC
The 2011 Greater Reading Office Market experienced similar activity as the previous year; however unlike 2010 the market noted a slight positive absorption. This was mainly due to the majority of the tenants in the local market maintaining their space rather than reducing or relocating. The activity level was still there in the 1st thru 3rd quarters of 2011; however companies were nervous about making decisions on moving or relocating from their existing facilities. The positive absorption came from some tenants taking advantage of the market by extending their lease terms to take advantage of the lower base rental rates and tenant incentives and few slightly increasing their footprints.
These renewals included The Travelers insurance group who renewed their lease at 1105 Berkshire Blvd, Wyomissing which consisted of approximately 60,000 +/- square feet, along with STV Inc., who renewed their lease at 205 W. Welsh Drive in Douglassville, which was approximately 50,000 sf.
New developments slowed in 2011 with only a few facilities being built which includes the 33,000 sf. speculative project at The Wyomissing Corporate Campus and the Reading Hospitals newly built MOB in Cumru Township.
The 4th quarter 2011 into the 1st quarter 2012 experienced an extreme level of activity. There are approximately 200,000 sf. of new and existing tenants circulating the market; looking to move into the county or relocate from the existing facilities within the county.
Although the level of activity has jumped, there have also been recent press releases of large tenants vacating large blocks of contiguous space or looking to sub-lease their space. This includes the announcement of CNA looking to close down or downsize its Reading facility which contains approximately 260,000 sf., along with Teleflex marketing their 60,000 sf. for Sub-Lease at 1 Meridian Boulevard in Wyomissing, IMS Healthcare reducing their footprint locally, and Sovereign Bank continuing to try and sub-lease their 57,000 sf. office building on Berkshire Blvd.
Overall the end of year 2011 showed a slight decrease in Suburban Class “A” building Vacancies starting at 12.4% in late 2010 and closing at 12.2%, mostly due to a new build to suit for the Reading Hospital and Medical Group, along with companies increasing their footprints at 1 Granite Point, and 1105 Berkshire Blvd. Class “A” buildings have typically been a safe sector in the marketplace because of low inventory; however with new developments coming on-line, and companies still looking for lower rents the Class “A” sector has seen less demand. This will and has changed in 2012 with a great deal of the activity surrounding this type of product.
Class “A” rental rates in 2011 remained flat with rates ranging from $15.50 – $16.75 (Triple Net) on the high side; however there was considerable downward pressure on pricing within this segment.
The Class “B” sector experienced the same in 2011 as did Class “A”, starting at 13.6% and ending at 13.2%, however while vacancy rates decreased, rental rates has a slight increase. Base rental rates slightly increased within this sector ranging from $9-10 per square foot and tops out at $13-14 per square foot with gross rates coming in around $16-17 per square foot!
Downtown City of Reading has seen some new deals consummated, like the renewal of the United Way of Berks County and the Spanish Council of Berks County. However the market still remains flat due to these companies’ renewing leases rather than expanding their footprints. Buildings that have seen vacancy for some time, including 645 Penn Street and 501 Washington Street are starting to show some signs of hope due to new management and ownership changes taking effect. Owners and tenants are continuing to struggle with high parking costs and security concerns, which are continuing to be addressed by a committed City Administration.
Downtown City of Reading vacancy rates continue to increase in late 2011 with rates rising 20.70% to 21.00% in Class “B” Product with much of the vacancy continuing to surround large blocks of contiguous space. This also includes approximately 20,000 sf. of vacant space which was not accounted for in 2010’s numbers at The Madison Building located at 400 Washington Street.
2012 downtown vacancy rates will have a major negative jump if CNA follows thru with their plan to vacate the 260,000 sf. facility located at 401 Penn Street. Even if CNA decides to maintain its presence they are still only occupying 80,000 of the 260,000 sf., so the impact is going to be felt regardless. A positive note is that 525 Lancaster Ave, Reading has been purchased by a multi-family developer who has decided to redevelopment from office to apartments. This will eliminate a 110,000 sf. office building which has been vacant for a number of years.
The City of Reading and economic development groups have been working hard to improve and revitalize Downtown which shows in the number of projects underway and/or completed. The new IMAX Theater and the completed addition to the Reading Eagle Headquarters in the CBD are welcome entrants to the market and kick off a multi-million dollar main street corridor project that includes a new $67 million Doubletree hotel and garage project across from the Sovereign Entertainment and Expo Center. This will help attract a more vibrant restaurant and entertainment segment with increased amenities and ultimately assist to bring tenants back downtown while decreasing vacancy rates and increases in the tax base.
2012 is showing signs of hope, with new tenants entering the market place, and rental rates continuing along a steady course.
Deals will continue getting done because landlords are reacting to current market conditions, which means companies are getting favorable incentives, such as introductory rates, rent abatements and additional tenant improvements. Also, landlords are now offering tenant improvements and incentives to keep their existing tenants.
Check out my blog at www.Bryanecole.wordpress.com for more market information and updates within the Greater Reading Office Sector along with checking our website at www.Bryan-Cole.com
For More Information about Local News, Market Intel, or Commercial Real Estate Opportunities; visit www.Bryan-Cole.com
Bryan E. Cole | NAI Keystone Commercial & Industrial, LLC
direct: 610-370-8502
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New Listing – 40,011 SF Flex Facility for Sale or Lease
NAI Keystone’s Bryan Cole and Steve Willems is pleased to offer the Bright Signs Building for Sale or Lease. The property consists of one building totaling 40,011 sf.
The building which was previously occupied and built for Bright Signs is a two-story facility with approximately 20,000 sf +/- foot prints.
The building which was built-in 2008, can easily be considered a Class “A” Flex building. The property is in very good condition and offers enough parking for its current use; both for car and truck. The property has access from both levels via 14′ x 14′ overhead doors and offers enough room to place a dock position.
The large macadam lot offers easy turn around, and flow for vehicles coming in and out of the site. The property is located within .23 miles of Route 183, and enjoys easy access to Route 222 (1.02 Miles), Route 61 (3.22 Miles) and I-78 (13 Miles).
Due to its proximity to major North/South and East/West Corridors of Berks County the building is ideally suited for its current use which is Flex/Office and small distribution/warehouse.
The area consists of a mixture of light industrial, storage units, small office, and educational learning centers.
For additional information please visit www.Bryan-Cole.com or email us at Bcole@naikeystone.com
For More Information about Local News, Market Intel, or Commercial Real Estate Opportunities; visit www.Bryan-Cole.com
Bryan E. Cole
NAI Keystone Commercial & Industrial, LLC
direct: 610-370-8502
Check out my new website at www.Bryan-Cole.com
What Does it Mean to be an Office Tenant in an Improving Market?
After some really bad times, the office market in US finally began a slow but steady recovery in 2011. Ryan Severino, senior economist for REIS said, “During 2011, the office vacancy rate declined by around 30 points when compared to 2010.” The result of this decline is that rental rates rose by about 1.6 percent, the first increase since 2008. While this is not a huge increase, the recovery trend is expected to continue on a steady basis.
So what does this mean to office tenants seeking to lease an office?
- Increasing Office Rents: As noted above, the rental rates are rising slowly but steadily, so negotiating a new lease or moving to a different office space may well mean paying more per square foot than just a few months ago. Since this trend is expected to continue, if you are considering moving your office, it is better to act quickly than wait; if you delay, you will only pay more.
- Reduced Incentives: Recently, it was an office renter’s market and renters were able to shop for incentives that appealed to their situation. For example, some landlords offered tenant improvement allowances while others offered special rates to long term renters. These incentives are very soon to be greatly reduced as the vacancy rate continues to decline and spaces fill up. Once the rental market turns a corner, the incentives will vanish completely. Again, making it the best time for tenants to make any changes being considered for the near-term future.
- Fewer Office Space Alternatives: With changes to the rental market, the choice afforded the potential renter will be reduced. Today, many renters are seeking to move to more flexible floor plans and smaller spaces. This may well leave a wealth of larger offices at increased cost per square footage available, but this may well be exactly what you want to change for your own office. Those seeking the perfect spaces for flexible office spaces and non-traditional spaces, such as serviced office space, may find themselves at a loss for locating the space that would have readily been available only a short time ago. A matter of weeks can change the market in this area and business people take advantage of their last days of incentives and broad selections.
As with any period of recovery, whether in the commercial office market or the general economy, it is difficult to see into the future. But trends today give us the best insight into where you may find your business rental needs in the near-term future. Today is the best time to make a move and only a few months from now may be entirely too late to reap the benefits remaining.
Article obtained from Officefinder
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Bryan E. Cole NAI Keystone Commercial & Industrial, LLC
direct: 610-370-8502 | Bcole@naikeystone.com
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About Bryan Cole and NAI Keystone
Bryan joined NAI Keystone in early 2004, but before joining NAI, Bryan Cole spent 4 year’s active duty in the United States Marine Corp, including a 6 month deployment in Afghanistan, a 4 month deployment in Kuwait/Iraq, and a 7 month deployment in Japan. Prior to joining the military Bryan was involved in the construction of commercial and multi-unit properties in the Philadelphia suburbs. Bryan has experience working with a diverse group of individuals in numerous countries throughout the world. During Bryan’s time at NAI, he has sold and leased well over $200 Million Dollars worth of Commercial Real Estate. Because of this, Bryan earned NAI gold club status his first year in the business. Bryan is currently working on earning both his CCIM designation and SIOR designation. Bryan has been NAI Keystone’s Top Performer from 2006 – 2011.
NAI Keystone is a full service commercial and industrial real estate firm located in Reading, Berks County. NAI Keystone manages and handles approximately 4 Million square feet of commercial and industrial space in Berks and Schuylkill County. NAI is the only firm in Berks County dedicated to strictly commercial real estate. www.Bryan-Cole.com
Landlords Poised to Regain Upper Hand In Recovering Office Market
Article by Costar Group Research Department
Office space absorption doubled during 2011 as the office-using job base expanded and vacancies declined across nearly two-thirds of U.S. submarkets, CoStar Group reported this week in its Year-End 2011 Office Review & Outlook. The report presented to CoStar clients found that positive momentum in office fundamentals and the continued absence of new construction is expected to result in higher rents for building owners over the next few years.
Office sales increased steadily through 2011 over the previous year as investors sought to get ahead of the curve, with investor interest spreading beyond the safer well-leased investment-grade buildings in top-tier markets and into smaller properties and second-tier markets such as Seattle, Atlanta and Northern New Jersey. Total fourth-quarter 2011 office sales are likely to match or exceed fourth-quarter 2010’s impressive $25 billion once all sales are tallied.
Total CRE sales, which evened out in 2011 across all property types, is estimated at nearly $300 billion, the highest since the peak of the real estate boom in 2007, and well above the historical average of around $220 billion since 2000.
Although office tenants continue to hold the cards in many markets, CoStar reports the outlook appears to increasingly favor building owners in coming years as the cycle continues.
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“To sum it up, for the office market, we’re just now getting started. Now is a good time to be an office investor,” said Walter Page, director of research for Property and Portfolio Research (PPR), CoStar’s analytics and forecasting division. “We expect vacancy to continue to decline through 2015, and when you have declining vacancy rates, you can raise rents, returns are better, and for an investor, that’s good news.”
Economy Shows Positive Signs For CRE
CoStar Group founder and CEO Andrew Florance noted that, although overall employment growth has been anemic, the U.S. posted a solid 1.7% gain in office-using jobs, led by technology and energy markets such as Seattle, Boston, San Francisco and Dallas.
Other positive signs abound, including a leveling off in the loss of manufacturing jobs and a bottoming of the housing market, which should be less of a drag on the economy going forward, and likely to be the source for new jobs as replacement demand for single-family and apartment housing fuels expected construction demand.
Meanwhile, corporate profits are off the charts, from $800 billion in 2000 to $2 trillion in 2011.
“Coupled with low-interest rates, companies are in a position to invest aggressively in new facilities and equipment. From a CRE perspective, Corporate America is well positioned to invest in their businesses, plant facilities and equipment,” Florance added.
Challenges remain, including relatively weak consumer confidence, continued high unemployment, a record federal budget deficit and economic upheaval in Europe. Occupancy recovery varies widely between metros, with “have” markets such as supply constrained New York City showing 7.4% vacancy and housing bust “have-nots” like Phoenix lingering at a stubbornly high 20.7%.
However, CRE values have recovered to roughly 2000-year levels, and vacancies declined across the country last year. In a strong indicator of an impending office rebound, vacancy rates declined in 63% of the 2,400 office submarkets tracked by CoStar. That’s the strongest number since 2004-05, which roughly marked the beginning of the last CRE up cycle.
In the fourth quarter, CoStar recorded 18 million feet of net absorption, which drives occupancy rates and other leasing fundamentals, and a total of 49 million square feet for the year, doubling 2010’s absorption.
Despite rising concerns about the darkening economic picture that started last spring and continued through the year, absorption rose sharply in the second half of 2011, said Page, noting that companies are leasing space “and smaller tenants, the lifeblood of the office sector, are back.”
Jay Spivey, CoStar senior director of research and analytics, said that the office recovery, while not feeling very strong so far for many landlords and investors, is actually much stronger than the recovery in the office market following the collapse of Internet companies and real estate downturn 10 years.
“We have seven quarters of positive growth, and at that same point 10 years ago, we were still seeing negative absorption,” Spivey said.
Concessions Starting to Disappear
With improving occupancy and little new supply, concessions like free rent and tenant improvements are burning off in some markets and overall, the long downward slide in average office rents has likely bottomed.
CoStar sees significant upside in office rents, which are currently 11% below their long-term trend, Page said. With office construction at an all-time low, rents will rise and are expected to reach their long-term average between 2015 and 2017.
The analysts singled out “premier” suburban areas located near the urban core in markets such as Bethesda, MD, and West Los Angeles are seeing net absorption recover much more quickly on a rolling annual average compared with CBDs or outer suburban areas. Likewise, a survey of four- and five-star buildings in CoStar’s new Building Rating System, the equivalent of the top Class A properties, shows that the best buildings are absorbing most of the space. One- and two-star buildings, typically Class C, were hammered during the recession and are recovering more slowly.
While national vacancy and availability rates are both trending down, there are vast differences within metros and within the CBD and suburban properties in those markets. In Miami, for example, the CBD vacancy rate is about 22%, while suburban and premier suburban rates are lower. By contrast, Atlanta’s Buckhead premier office suburb, where much new construction came on line as the recession hit, has the highest vacancy at over 20%, more than 6 percentage point higher than the Atlanta CBD.
Investors Explore Secondary, Suburban Markets for Deals
The return of portfolio sales outside the largest markets in 2011 shows that investors, who largely retreated to the safety of well-leased properties in safe core markets like Washington and New York over the last couple of years, are ready to assume risk in certain transactions, with the help of a slowly returning flow of debt financing.
Distressed sales volume as a percentage of total office sale transactions fell during 2011. As distress has abated, prices have begun to rise over the last couple of quarters, spreading from investment-grade properties to smaller general commercial sales, according to the CoStar Commercial Repeat Sale Index (CCRSI).
Pricing has risen in most markets and is approaching replacement cost for some buildings, Spivey noted. Higher occupancy buildings are fetching a higher price premium currently than in 2007, possibly opening a window for investors on opportunities in select vacancy challenged properties.
Source Costar Group
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Bryan E. Cole
NAI Keystone Commercial & Industrial, LLC
direct: 610-370-8502
Bcole@naikeystone.com
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About Bryan Cole and NAI Keystone
NAI Keystone leases 324,000 sf Facility to Bottling Company
NAI Keystone’s Bryan Cole and Steve Willems complete a 324,000 sf. Manufacturing/Distribution lease in Muhlenberg Township Berks County.
The property located at 1055 Cross Roads was formally occupied by Power Packaging and vacated in 2009 when the company decided to close down two of its facilities. The other site a 220,000 sf. building located along Tuckerton Road, Muhlenberg Township was leased by NAI Keystone in 2010.
The tenant for 1055 Cross Roads, Silver Springs Bottled Water Co. leased the entire facility for its operations which should Create an estimated 110 jobs locally while taking a large block of space off the market.
NAI Keystone worked aggressively to pursue tenants and/or buyers from around the country who could take advantage of the buildings high daily water and sewer capabilities, infrastructure, access to road systems, and quality workforce that was left behind when Power Packaging closed.
Berks Economic Partnership, Muhlenberg Township, and the State of Pennsylvania were instrumental in getting this deal done.
Source: www.Bryanecole.wordpress.com and www.Bryan-cole.com
For More Information about Local News, Market Intel, or Commercial Real Estate Opportunities; visit www.Bryan-Cole.com
Bryan E. Cole
NAI Keystone Commercial & Industrial, LLC
direct: 610-370-8502
Check out my new website at www.Bryan-Cole.com
About Bryan Cole and NAI Keystone
Sale of 21,000 sf MOB in Reading PA
NAI Keystone’s Bryan Cole and John Buccinno represent MBC Development LP in the sale of a 21,000 square foot MOB located in Reading PA. The property located at 1020 Grings hill Road was a single tenant net leased facility. The buyer Grings Hill Associates LP paid $6.8 Million for the site which equates to $323 per square foot.
The property is located in Cumru Township a submarket of Reading, Berks County.
For more information please contact Bryan Cole or John Buccinno at NAI Keystone Commercial & Industrial, LLC
Source: Bryanecole.wordpress.com
For More Information about office or medical real estate in Reading visit www.Bryan-Cole.com
- Bryan E. Cole
NAI Keystone Commercial and Industrial
Bcole@naikeystone.com
NAI Keystone is a full service commercial and industrial real estate firm located in Reading PA; representing buyer, tenant, and landlord representation throughout Pennsylvania. For More Information about Local News, Market Intel, or Commercial Real Estate Opportunities visit www.Bryan-Cole.com
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