Archive for August, 2009

120,000 square foot office space planned in Anaheim

Tuesday, August 25th, 2009

Sares-Regis Group has plans to develop a 120,000 square foot office space complex in Anaheim, CA.

The development will be made up of three buildings, two of 30,000 square feet and one of 60,000 square feet.

The buildings will include 2,000 square feet of messanine and improved office space.

Dallas economists predict recovery for commercial property

Tuesday, August 25th, 2009

In Dallas, Texas, the first half of 2009 saw a 200,000 square foot drop in office space occupancy.

Despite this, economists in the area predict that Dallas will be in a good position for recovery when the recession abates.

Jeanette Rice, real estate economist, told the Dallas Morning News: “Texas will not suffer to the same degree… because we are not losing as many high-tech jobs.”

Office space price drop eases

Tuesday, August 25th, 2009

Residential and commercial property prices in the US fell by 1% in June.

This is the ninth month in a row that prices have fallen.

The decrease in values, however, represents a smaller decrease than that of previous months.

Idaho congressman reaches office space deal

Tuesday, August 25th, 2009

US Rep. Walt Minnick reached an agreement with Canyon County Commissioners over his courthouse office space.

Minnick will take up residence in the office space from September 1.

Rent on the 100 square foot space has been agreed at $246.89

20% of Detroit office space vacant

Tuesday, August 25th, 2009

The commercial property market in Detroit is suffering during the recession.

According to the Postal Service, one in five business addresses is vacant.

Landlords are cutting office space rents dramatically to try and counter the slump.

Austin office market in decline

Tuesday, August 25th, 2009

In Austin, Texas, office rents are falling in line with those of the rest of the US.

Five major Austin-area properties have been listed for foreclosure this year, with a sixth already bankrupt.

Property developers have been hit by a severe decrease in tenants, leaving them with no rent revenue with which to pay back loans.

Commercial property values fall

Tuesday, August 25th, 2009

In a report published by Moody’s Investors Service, it was revealed that commercial real estate values in the US fell by 27% between January and June.

Analysts at Moody’s also predict that office space rents may also drop throughout 2010.

A lack of credit, rising unemployment and corporate cutbacks are said to be the causes of the problem.

California: San Rafael police find cheap office space

Tuesday, August 25th, 2009

The San Rafael police department annex is lmoving to a lower-cost office space.

The department, which handles major crimes amongst other police business, will take up a cheaper office space opposite City Hall.

J.J Nunez, the San Rafael police personnel manager, said “Office space hasn’t been this inexpensive for some time.”

New live-work complex opens in Las Vegas

Tuesday, August 25th, 2009

A new loft complex, which will contain residential, warehouse and office space, has opened in southwest Las Vegas.

The Loftworks in Tenaya covers 6.5 acres, and was built by developer Joel Laub for $12 million.

Rent in the building starts at $1.05 per square foot.

Silverstein granted Ground Zero land

Tuesday, August 25th, 2009

After much legal wrangling, the Port Authority of New York and New Jersey have given a third piece of land at the World Trade Centre site to developer Larry Silverstein.

Silverstein has also been awarded $300,000 from the authority for delays.

The site of the 9/11 bombings will become home to three new skyscrapers with thousands of square feet of premium office space.