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Posts Tagged ‘square foot’

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

 Central Business District

Gordon & Rees – Bank of America | 121 SW Morrison St | 6,350 SF

Immigrant Law Group - Oregon Trail Bldg | 333 SW Fifth Ave | 3,282 SF

Westside

Boise Cascade Bldg Materials – Three Centerpointe Drive | 2,627 SF

Generator Group – 17933 NW Evegreen Parkway | 3,253 SF

DesignDex (A/E|apparel|graphic d)

Central Business District

HNTB – Columbia Square | 111 SW Columbia St | 3,607 SF

NonProfDex (charitable|education|trade assoc)

Central Business District

Portland Youth Philharmonic – Cascade Building | 520 SW Sixth Ave | 2,822 SF

Westside

Better Business Bureau of WA, AK, OR  - 4004 Kruse Way Place | 2,578 SF

SALES

Buyer: RSVP Investments LLC

Seller: RH Fund I

Address: Fieldstone Office Park, 11109-14 NE 14th Street, Vancouver, WA

Size: 12,000 SF

Type: Office Building

Price: $1,825,000

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The loss of more than 4 million jobs over the last 15 months has pushed the national office vacancy rate in 2008 to 14.5% , up from 12.6% in 2007 (based on 79 office markets tracked by the Bureau of Labor Statistics). Office rents grew from 9% to 10.6% between 2006 and 2007, but started a moderate decline in the second half of 2008.  They are on a much sharper downward trajectory for the first quarter of 2009.

As a result of the change in market conditions, tenants are now pressuring landlords to renegotiate leases or downsize their space. This type of strategy is effective in the most overheated markets (ie. New York, Los Angeles, Las Vegas, Miami, etc) while secondary markets are less exposed and therefore slower to lower rates and/or “right-size” tenants in order to keep them on the rent roll. In the Portland/Vancouver area, think suburbs for the greatest opportunities in savings at this stage of the cycle.

Office tenants are also delaying lease decisions if at all possible. With so much uncertainty in the economy most businesses appear to be in a holding pattern until a clear picture of future revenues is visible. I would hazard to guess that tenants are also counting on a further decline in rental rates. However, at the end of the day, most are renewing their leases, usually for three to five years, with some are taking the one to two year tactic in case things just don’t work out.

data source: Reis and National Real Estate Investor

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It was another slow week of lease transactions in Portland. The majority of the companies announcing moves fell under the financial services and insurance categories interestingly enough. The largest deals were Paulson Capital, who renewed 17,136 SF at the Paulson Building (811 NW Naito); Premier Source LLC, who leased 13,321 SF at the Spaulding Building (319 SW Washington); and The Government of Japan, who renewed 11,604 SF at Wells Fargo Center (1300 SW Fifth).  It will likely slowdown considerably more this week and not pick back up until after the first of the year.

MediaDex (traditional|digital|research)

Central Business District

OnPR Inc. – Morgan Building | 720 SW Washington St. | 1,417 SF

Westside

Madsense – 14705 SW Millikan Way | 2,623 SF | $817,000

DesignDex (A/E|consulting|graphic d)

Central Business District

Staccato Design – Madison Condos | 1140 SW 11th Ave. | 6,193 SF

Paragon Consulting – Unitus Plaza | 1300 SW Sixth Ave. | 2,750 SF

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So the building that sits at the crux of the I-5/Hwy 217 interchange has finally sold.  Deacon Development Group purchased the office building at 13333 S.W. 68th Parkway in Tigard, OR, from Farmers Insurance Group for $8.5 million, or $78 per square foot.

The five-story, 109,500-square-foot property at 13333 S.W. 68th Parkway was built in 1969. Deacon intends to renovate and lease the building and has renamed it Triangle Pointe.

The interesting thing to note about this transaction is that when this property initially came to market, back in the Fall of 2007, the selling price was around $16M.  This nearly 50% reduction in price is a good example of what values look like currently for older, unoccupied office buildings in the Portland market.  Most experts predict it will take until 2010 to see values start to inch upward.

courtesy of CoStar

courtesy of CoStar

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