The ft.² Report

Who’s On The Move – Week Ending 4/22/11

Posted in commercial real estate, downsizing, Green Building, headquarters, lease, LEED, new office, office brokerage, office space, oregon, portland, renewal, rental rate, square feet, sublease, Vacancies, vancouver, tagged AM Investment Properties, aspen hotel management, CML Enterprises, cobalt mortgage, Collier Prosthetics, commercial real estate, Deans and Homer, first american title, First Option Mortgage, Hartford Insurance, lease, MIG, moore iacofano goltsman, NetXposure, new office, office brokerage, office space, oregon, portland, relocation, renewal, rental rate, square feet, squarefeetpdx, sublease, Tactel US, The Patron Company, vacancy, vancouver, zing toys on April 27, 2011 | Leave a Comment »

MediaDex (traditional|digital|research)

Moore Iacofano Goltsman - Yamhill Plaza | 815 SW Second Ave | 4,435 RSF

TechDex (apps|provider|hardware|var)

NetXposure – Jefferson Office Pk | 2110 SW Jefferson St | 2,547 RSF

The Patron Company – 4000 Kruse Way Place I | 9,392 RSF

Tactel US – AmberGlen Biz Ctr | 1915 NW Amberglen Pkwy | 2,357 RSF

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

CML Enterprises – Parkside Biz Ctr | 8275 SW Cirrus Dr | 3,929 RSF

Deans and Homer – 4000 Kruse Way Place II | 1,168 RSF renewal

First Option Mortgage – Kruse Woods II | 5335 Meadows Rd | 4,627 RSF

Cobalt Mortgage – Kruse Woods II | 5335 Meadows Rd | 4,827 RSF expansion

Hartford Fire Insurance – Kruse Woods V | 5885 Meadows Rd | 4,693 RSF

Vancouver

AM Investment Properties – Orchards Center | 10411 NE Fourth Plain Rd | 1,981 RSF

HealthDex (hospital/provider|managed care|equipment)

Vancouver

Collier Prosthetics – Vancouver Mall Biz Pk | 5115 NE 94th Ave | 3,960 RSF

First American Title – Bank of America Financial Ctr | 121 SW Morrison St | 18,843 RSF

Aspen Hotel Mgmt – US Bancorp Tower | 111 SW Fifth Ave | 3,846 RSF

FunDex

Zing Toys – Auditorium Building | 920 SW Third Ave | 3,833 RSF

Who’s On The Move – Two Weeks Ending 04/01/2011

Posted in commercial real estate, downsizing, Green Building, headquarters, lease, LEED, new office, office brokerage, office space, oregon, portland, renewal, rental rate, square feet, Vacancies, vancouver, tagged adventist medical, all about travel, ameriprise, bruun properties, centerpointe dental, coates kokes, commercial real estate, edward jones, impact sales, kivel howard, KPFF, laurus financial, lease, lincoln national life insurance, merrill lynch, Novogradac, office buildings, office space, OHSU, oregon, oregon health science, portland, relocation, renewal, rental rate, sherwood lumber, square feet, squarefeetpdx, ssc construction, stateserv medical, sublease, TFG card solutions, timothy bletcher dds, united healthcare, vacancy, vancouver on April 1, 2011 | Leave a Comment »

HealthDex (hospital/provider|managed care|equipment)

Timothy Bletcher, DDS – Highlands at Sylvan | 5440 SW Westgate Dr | 4,079 SF renewal

StateServ Medical – 74th Ave Industrial Park | 15717 SW 74th Ave | 3,160 SF

United Healthcare Services – Southwest Center | 7630 S WDurhamRd | 18,294 SF renewal

Adventist Medical Center – Whitney Prof Bldg | 19255 SW 65th Ave | 2,104 SF

Centerpointe Dental - Kruse Way | 5 Centerpointe Dr | 2,851 SF renewal

OHSU – Bancroft Building | 0690 SW Bancroft St | 19,727 SF

NonProfDex (charitable|education|trade assoc)

Society of St.Vincent De Paul – Bruun Building | 3881 SE 20th Ave | 6,000 SF

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

Edward Jones – Kruse Way | One Centerpointe Drive | 1,605 SF

All About Travel – Park 217 | 12168 SW Garden Pl | 10,020 SF renewal

Lincoln National Life – Peterkort Centre II | 9755 SW Barnes Rd | 6,817 SF

Merrill Lynch Pierce Fenner Smith – 4004 Kruse Way | 2,952 SF

Sherwood Lumber – 400 Meadows Rd | 1,970 SF

KPFF – US Bancorp Tower | 111 SW Fifth Ave | 47,788 SF renewal

Novogradac & Co – US Bancorp Tower | 111 SW Fifth Ave | 6,911 SF

Kivel & Howard – US Bancorp Tower | 111 SW Fifth Ave | 9,379 SF renewal

Bruun Properties – 3611 SE 20th Ave | 1,807 SF

Vancouver

Ameriprise – Columbia Tech Center | 1499 SE Tech Center Dr | 7,254 SF renewal

SSC Construction – Park Tower Biz Ctr | 201 NE Park Plaza Dr | 1,827 SF

Laurus Financial - Park Tower Biz Ctr | 201 NE Park Plaza Dr | 2,076 SF renewal

Impact Sales – Park Tower Biz Ctr | 201 NE Park Plaza Dr | 2,856 SF renewal

TechDex (apps|provider|hardware|var)

TFG Card Solutions – 4875 SW Griffith Dr | 3,382 SF

MediaDex (traditional|digital|research)

Coates Kokes – Commonwealth Bldg | 421 SW Sixth Ave | 7,183 SF

Who’s On The Move – Week Ending 01/14/11

Posted in commercial real estate, headquarters, lease, new office, office brokerage, office space, oregon, portland, renewal, rental rate, square feet, start up, Vacancies, tagged clunas funding, commercial real estate, for lease, john lape, kliewer associates, lease, m d control systems, office building, office space, oregon, renewal, rental rate, square feet, steelhead advertising, sublease, vacancy on January 18, 2011 | Leave a Comment »

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

John Lape – Cascade Building | 520 SW Sixth Ave | 1,539 SF

Clunas Funding – Kruse Woods II | 5335 Meadows Rd | 888 SF

Kliewer & Associates – 1500 Plaza | 1500 NE Irvington | 1,624 SF

DesignDex (A/E|apparel|graphic d)

Steelhead Advertising – Fisk Tire Building | 380 NW 13th Ave | 6,890 SF

TechDex (apps|provider|hardware|var)

M/D Control Systems – Tanasbourne Commerce Ctr | 3306 NW 211th | 4,919 SF renewal

Who’s On The Move – Week Ending 09/10/10

Posted in build to suit, commercial real estate, downsizing, headquarters, lease, new office, office brokerage, office space, oregon, portland, renewal, rental rate, square feet, start up, Vacancies, tagged bridgewater group, cognex, community food security coalition, dow agrosciences, for lease, geocon, graystone partners, headquarters, insignia health, lease, lei medical, new office, office buildings, office space, oregon, pushdot studio, relocate, renewal, rental rate, se works, seifer yeats, square feet, sublease, tykim, vacancy, vision capital, westside pediatric on September 13, 2010 | Leave a Comment »

SustainDex (environmental|sustainable|green/bio tech)

Dow AgroSciences – PacTrust Biz Ctr | 16160 SW Upper Boones Ferry | 38,752 SF

Geocon NW – Parkside Biz Ctr | 8385 SW Cirrus Dr | 3,765 SF renewal

Bridgewater Group – Kruse Way Plaza I | 4500 Kruse Way | 2,414 SF renewal

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

Seifer Yeats Zwierzynski Gragg – Bank of America Financial Ctr | 121 SW Morrison St | 3,433 SF

Vision Capital Mgmt – Umpqua Bank Plaza | 1 SW Columbia St | 3,031 SF renewal

Tykim – North Pacfic Plaza | 1675 SW Marlow Ave | 2,640 SF

Graystone Partners – 6443 SW Beaverton Hillsdale Hwy | 2,248 SF

Gary Carlson, esq – Cascade Plaza | 12655 SW Center St | 2,236 SF

NonProfDex (charitable|educational|trade assoc)

Community Food Security Coalition - 3828 SE Division St | 3,000 SF

SE Works – 7916 SE Foster Rd | 8,119 SF

HealthDex (hospital/provider|managed care|equipment)

Westside Pediatric – Peterkort Centre | 9555 SW Barnes Rd | 5,243 SF renewal

Insignia Health - Haseltine Building | 133 SW Second Ave | 2,864 SF

LEI Medical – Sunrise Biz Pk | 12330 SW Hwy 213 | 9,394 SF

DesignDex (A/E|apparel|graphic d)

Pushdot Studio – Ford Building | 2205 SE 11th Ave | 2,094 SF

TechDex (apps|provider|hardware|var)

Cognex Corp – Creekview Biz Pk | 15865 SW 74th Ave | 15,619 SF renewal

Fourth Quarter Update for Portland Office Market

Posted in commercial real estate, downsizing, headquarters, lease, new office, office brokerage, office space, oregon, portland, rental rate, retail brokerage, square feet, Trends, Vacancies, tagged commercial real estate, downsize, Forecast, lease, office space, oregon, portland, rental rate, square feet, sublease, transactions, vacancy on January 14, 2010 | Leave a Comment »

Here’s a brief summary of our Year End Review/Fourth Quarter Report on the Portland Commercial Real Estate Market. None too shocking to anyone, 2009 finished out as one of the weakest years for activity on record, in particular for the retail sector. Five things to consider:

The overall office vacancy rate is at 11.3%, considerably lower than the national average which hovers around 16%.
The downtown (CBD) vacancy should level off in coming months as GSA takes down large chunks of space (nearly 300,000 SF) making the options for larger tenants few and far between.
The retail sector is still experiencing fall out as national chains struggle to stay above red. Smaller, local boutiques and some franchises comprise what activity exists, taking advantage of great space at record low rates.
With the announcement of yet another solar firm setting up a manufacturing facility in the area (Gresham), alternative energy continues to keep industrial activity afloat, but slower over a three year period.
There is no Transformers Movie Sequel expected in 2010, thank you Hollywood!

If you would like a complete copy of the report, please contact us.

Office Lease Comps – Fourth Quarter 2009

Submarket Class SF Mths Rate Abated Rent

Kruse Way A 22,120 90 $23.00 7 mths

CBD B 11,600 52 $18.00 4 mths

Eastside A 6,900 81 $21.75 3 mths

Old Town Historic 6,400 60 $15.25 0 mths

Sunset Cor. A 4,620 66 $18.00 9 mths

The Next Real Estate Quake

Posted in commercial real estate, downsizing, Forecast, lease, new office, office brokerage, office space, square feet, Trends, Vacancies, tagged california, commercial real estate, lease, loan to value, maturing debt, office buildings, office vacancy, oregon, real capital analytics, square feet, unemployment rate, upside down mortgage, volatility on July 8, 2009 | Leave a Comment »

The national office vacancy rate is inching toward 17% and a significant number of maturing loans are coming due in the next 18-24 months. As a result, building owners are pressing hard to retain tenants and clean up balance sheets before the next real estate aftershock.

A year ago, owners believed they could offer more generous tenant improvement allowances and free rent (rather than lower rates) and ride out the economic storm. But that didn’t happen. Instead, the U.S. office vacancy rate escalated to 15.3% in 1Q 08 up from 12.5% in 3Q 07 while rents fell by 3.6%. In 2008, many people felt, despite the fact we were headed into an unprecedented economic situation, that it would be somewhat manageable. And this feeling wasn’t without facts to support it: unemployment was at 5.6% in June 2008 and the office market was showing only modest signs of weakness (particularly downtown Portland). But by June 2009, unemployment skyrocketed to 9.5% (I don’t even want to mention the Oregon unemployment rate) and office markets across the country were experiencing large vacancy rates as tenants downsized or disappeared completely.

Unfortunately, for property owners this is only half of the problem as maturing debt and major drops in property valuations continue to increase volatility. The price per square foot for office buildings, according to Real Capital Analytics, fell 62% from November 2007 to May 2009. This means many owners are now upside down on their mortgages, just like homeowners. For now, as long as owners can service their debt payments, many lenders are granting short-term extensions. The trouble with this option is that these extensions are coinciding with a mountain of debt set to mature in 2011 and 2012 (estimated to be around $602.4 billion).

There are a few bright spots however, in the office sector. Energy markets (Houston, For Worth) are seeing positive rent growth and the growth of government has helped to keep rents stable in the nation’s capital – just not in California. Yep, that’s it for the brightspots.

For the full story, click here http://budurl.com/nzqf