Posts Tagged ‘Commercial Property’

Indeanapolis law firm acquires more unusual office space

Friday, October 23rd, 2009

Law firm Plews Shadley Rache & Braun has added new office space to its unconventional collection.

The environmental law firm now owns three historic buildings and an office block built in the 1950s.

The fact that the company owns, rather than rents its commercial properties, and that for a small firm it uses multiple buildings, is unusual.

New Jersey office space finally gets tenant

Wednesday, September 23rd, 2009

The iPort 12 International Trade and Logistics Centre has been standing empty for almost two years.

This month, however, it has finally signed its first tenant, Graybar Electric Co. Inc.

Graybar signed a 10 year least for 136,250 square feet of commercial property space in the 1.2 million square foot premises, on Industrial Avenue, Carteret.

Nashville landlords offer goodies with commercial properties

Tuesday, September 22nd, 2009

In Nashville, Tennessee, the recession has taken its toll on the commercial property market.

Tenants have been able to secure freebies with their office space; energy services firm Conservation Services Group received nine months free rent with their 6,200 square foot space.

Landlords have dropped prices aggressively in order to attract tenants.

JP Morgan to sell office space worth millions

Thursday, August 13th, 2009

International bank JP Morgan Chase (JPM) will sell around $1 billion worth of office space, spokespeople for the bank have announced.

JPM is looking to sell 7.1 million square feet of office space in 23 locations including Manhattan and Seattle.

Given the state of the commercial property market, with national office vacancy at 15.9%, losses on the properties are expected.

Falling office rents lead property giants to hand over space

Monday, August 10th, 2009

Maguire Properties Inc, the office building giants, have announced that they will hand over seven buildings to creditors.

The buildings are in $1.06 billion debt.

Maguire, whose properties are mostly in Orange County, has blamed falling office space rents and rising vacancies for its debt.

New commercial property deals signed in Naples

Monday, July 20th, 2009

Despite the recession and the pattern of falling rents and rising vacancy, business seems to be picking up in Naples, Florida.

On Fifth Avenue, a number of commercial spaces have been taken up to be used as shops and restaurants.

The 365 building, however, remains empty; the 30,000 square foot office space belongs to investment company BlackRock.

Manhattan office space vacancy at 15 year high

Monday, July 6th, 2009

Reuters reports that the vacancy rates for midtown class A properties has reached its highest point in 15 years.

The Manhattan vacancy rate for office spaces in general is 13.1 per cent.

Meanwhile, rents in the area have fallen by 11 per cent.

Fayettville City Council fears office rent defaults cost taxpayer money

Tuesday, June 16th, 2009

Fayette City Council members have questioned the decision of the council to pay the office space rents of two local organisations.

Mitchell Brewer Richardson, a law practice, is currently a resident at the Festival Park Plaza, whilst School Link Inc was a resident last year.

Both organisations fell behind on rent, and in a bid to attract investment to the plaza, the City Council paid the outstanding balance.

Some members of the council are now concerned that this 45,000 bail out is an unnacceptable use of taxpayer’s money.

Office space vacancies irrelevant, says CoStar Group

Thursday, April 16th, 2009

Andrew Florance, CEO of CoStar Group, this week stated in the organisation’s First Quarter Review that the rise in office space for rent is irrelevant.

Mr Florance said: “Never has a vacancy rate chart been more useless in commercial real estate than right now.”

He said that, when cross-referenced with job loss figures, the vacancy rate is not nearly as bad as it could be.

“We’ve had massive job losses but so far oly 20 million square feet of negative absorbtion.

“We should be seeing something on the order of 450 million square feet of negative absorbtion.”

Commercial property owners woo small businesses

Thursday, April 16th, 2009

The office real estate market, due to business closures and downsizing, is retracting by the day.

There have been countless reports of crashing rents and rising office vacancies, but there is evidence that small businesses are taking advantage of the lower rents.

A new report by Grubb & Ellis has found that small office transactions actually rose in the first quarter of 2009.

This may be due to landlords enticing small businesses into renting office space with free rent and improvement packages.