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The U.S. office market is seeing its fifth straight quarterly gain in net occupancy, according to a report from New York-based real estate research firm Reis, Inc. The report credited a demand for space from technology and energy-industry tenants, with the increase in leased space of almost 6 million square feet from January through March. More good news came in the form of a lower vacancy rate—from 17.6 percent to 17.2 percent—in the first quarter.
The latest Commercial Real Estate Market Survey from the National Association of Realtors (NAR) shows positive improvement in vacancy rates across all commercial real estate sectors, without a significant decrease in the majority of office and industrial tenants' concessions and rent discounts.
To revitalize urban centers, cities and commercial property owners have tried all sorts of gimmicks to attract desirable tenants. A section of Philadelphia may have finally found a winning pitch, by offering to put tenants' names in lights.
Canadian real estate services company Avison Young's annual CRE forecast gives U.S. owners and investors a reason to celebrate—in moderation. The report, which covers the office, retail, industrial, and investment markets in 20 U.S.
The latest semiannual release of the Allen Matkins/UCLA Anderson California Commercial Real Estate Survey gives Golden State real estate developers and their bankers a reason to be optimistic about the industry's prospects over the next two years.
The good news is driven by steady employment gains in coastal California in professional, technical, and scientific services; health care; users of office space; export-related sectors; manufacturing; and users of industrial space.
While several notable apartment transactions in major cities point to strong activity in the multifamily sector at the end of this year, property investors surveyed by PricewaterhouseCoopers said they're looking back to the office real estate market for solid returns. Real estate experts expect investors to lean toward major cities and strong secondary markets such as Austin, Minneapolis, and Seattle.
Almost nine out of 10 commercial property owners in Union City, N.J., are operating without valid business licenses, a recent audit of Hudson County tax records revealed. According to city staff, the audit found that 348 of 400 commercial property owners didn't have valid business licenses to lease out their properties. The city may be owed close to $1 million in delinquent fees.
Vacancies at U.S. shopping malls climbed to the highest in at least a decade, according to Reis Inc.'s annual report. The New York-based property-research company reported that regional and super-regional mall vacancies have risen to 9.4 percent—a nearly 1 percent increase from a year earlier. It attributes the U.S. unemployment rate that is depressing consumer confidence, and online stores that draw more customers, to sharply decreasing stores' revenue.
Commercial real estate trends in the third quarter of 2011 suggest an improving U.S. economy is beginning to make itself felt in Canada, consulting firm Cushman and Wakefield said. The company's real estate vacancy report showed office buildings in Canadian suburban areas—favored by U.S. commercial tenants, but which have stood vacant for years—are now starting to fill up.
CoStar Group Inc. recently released its list of the top 50 biggest commercial lease deals by size in the New York metro area for the first two quarters of 2011. The list revealed that the Top 5 deals finalized in the first six months total an astonishing 4.3 million square feet. This trumps the meager 1.7 million square feet that was leased by the Top 5 deals during the same period last year.
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