Here’s Why Retail Real Estate Hasn’t Shown Any Signs Of Recovery Yet

November 11, 2011

While other property types, like multifamily and office, have shown consistent signs of recovery, retail has yet to do so.
Why is retail recovery lagging, and are there specific retail subsectors that are bucking the trend and posting gains?

An uneasy standstill
It doesn’t matter which property types are examined: National numbers imply vacancies moored at levels unseen in at least a decade.

30 Best Cities for Jobs

November 10, 2011

The newest unemployment numbers show a slight improvement in the nation’s unemployment rate. Americans now may have some small hope that the Great Recession might be coming to an end. But which cities are leading the comeback?

To find out, The Daily Beast considered the change in unemployment from September 2010 to September 2011 and the change in employment—to factor in overall job creation—from September 2010 to September 2011 (both with data from the US. Bureau of Labor Statistics). In addition to the change from last year, we wanted to consider what the economic future holds for the fourth quarter of 2011. Using data from the Manpower Economic Outlook Survey, which surveyed 18,000 employers across the 100 largest metropolitan areas in the country, we included the net job growth percentage for each metro area. Job growth was calculated by Manpower based on the percent of employers expecting to add jobs subtracted from the percent of employers expecting to cut jobs.

To read complete article, click here.

Retail Demand Continues Steady Recovery, Some Pockets of Pain Persist

November 9, 2011

With the holiday shopping season getting under way in earnest this month, recession-weary American consumers are setting aside their worries about stagnant U.S. employment, a soft housing picture and the debt crisis in Europe to go shopping. That’s providing fuel for the slow-but-steady improvement in retail property fundamentals that has emerged in recent quarters.

Consumers rode out a slow-but-not-stalled economic expansion during the spring, and annualized GDP growth edged up in the third quarter, with lower interest rates beginning to have their intended effect — encouraging purchases of durable goods like autos and stronger spending by consumers on home improvements, food and beverage and electronics, furniture and appliances, according to data presented at CoStar Group’s Third-Quarter 2011 Retail Review and Outlook.

Westside Story

November 7, 2011

The transformation of Greenville’s Westside should open opportunities for residents and businesses.

Greenville Mayor Knox White said the city is ready to expand into this area. A.J. Whittenberg Elementary School is well established and the Kroc Center is finished. The West End is open for business.

Downtown Greenville’s Main Street is filled with construction and development and will soon spill onto side streets and neighborhoods near downtown. The city of Greenville is already working on a master plan for expanding downtown along the river corridor of nearly 180 acres of mainly open space, White said.

The city applied for and received a $1.8 million grant in the spring to support redevelopment of the low- to moderate-income level areas of West Greenville, the Southernside and the West End.

Leaders push for “mega-region” collaboration

November 2, 2011

The Upstate is in the middle of a push for businesses to capitalize on the emerging “mega-region” between Charlotte and Atlanta, said officials at the Upstate SC Forum at BMW Zentrum Tuesday.
The so-called mega-region, created mainly by Atlanta, Greenville and Charlotte, needs to focus on infrastructure, emerging regional clusters, training and retraining and energy and influence, said Ted Abernathy, the director of the Southern Growth Policies Board and event moderator.
Hal Johnson, president and CEO of Upstate SC Alliance; Ronnie Bryant, president and CEO of Charlotte Regional Partnership; and Sam Williams, president of Metro Atlanta Chamber were panelists at the Upstate Forum to discuss regional growth.
“We need to learn to work more like businesses as we cross over state lines,” Johnson said.

U.S. Endowment for Forestry renovates abandoned building

October 24, 2011

The U.S. Endowment for Forestry and Communities recently renovated its building at 908 E. North St. in Greenville.
The U.S. Endowment for Forestry and Communities Inc. refurbished a long-abandoned building, costing around $400,000. This new headquarters symbolizes the organization’s commitment to Greenville going forward, Endowment President and CEO Carlton Owen said.
The U.S. Endowment for Forestry and Communities board of directors will tour the building Thursday in Greenville. The board will dedicate it and host a tree planting ceremony. An open house with tours and a reception will begin at 5:30 p.m.

U.S. Office Market Posts Strong Third Quarter Absorption

October 19, 2011

With the construction pipeline all but shut down and reduced rents prompting many tenants to trade up for better or more efficient space, the U.S. office market absorbed a strong 19 million square feet in the third quarter, according to data presented this week at CoStar Group’s Third-Quarter 2011 Office Review & Outlook.

The leasing activity helped lower the national office vacancy rate slightly to about 13.1% — down nearly a half percentage point since hitting its peak a year ago. Should leasing activity remain at the level seen this past quarter, it would set the stage for future rent increases, since little to no new supply is being added. CoStar’s analysis found office rents firming or already trending up in some key metros, and more increases are expected to spread across the country by 2013.

Single-Tenant Property Sales Surge To Record Numbers

October 12, 2011

With money to burn but still having a strong aversion to risk, investors have increasingly turned single-tenant properties into one of the hottest commercial real estate plays in the country.

For the last quarter of 2010 and first two quarters of this year, CoStar Group shows that sales of single-tenant properties have averaged more than 10,000 transactions per quarter – the highest quarterly totals on record. And for third quarter comparable sales CoStar is showing that pace is continuing.

So far this year, CoStar has tallied more than 30,000 single-tenant sales valued at $29.2 billion in all property types. Retail sales have accounted for about half of the activity.

The single-tenant, net lease investment sales market is expected to continue growing, according to Jones Lang LaSalle.

“The low interest rate environment and the lack of safe-haven investment alternatives are driving new sources in build-to-suit and sale-leaseback activity, and investors have incredibly healthy appetites for stable and dependable income streams that single-tenant assets provide,” said Guy Ponticiello, managing director Jones Lang LaSalle’s Corporate Finance & Net Lease division.

Commercial Market Hits a Snag in Rebound

September 21, 2011

Many companies that were looking for office space are now opting to delay their plans as uncertainty looms in the economy, stalling what had been a two-year rebound, The Wall Street Journal reports.
The commercial market had been picking up in recent months because of expectations that rents and occupancies would continue to rise. But the economy and fears over a double-dip recession has more worried about moving forward.
Companies such as UBS AG, Morgan Stanley, and the Quidsi unit of Inc. all recently have postponed looking for office space in New York.

To read complete article, click here.

CVS on Main Street, Greenville hosts Grand Opening

Mike Kiriakides and Larry Webb represented the owners in the development and lease of a new building located on the corner of E. McBee and S. Main Streets in Greenville’s central business district. The first floor of the building was leased to CVS who was represented by D&M Properties. This new location features a drive-thru pharmacy window and gives the downtown area a much needed drugstore. The second floor of the building is available for lease as a Class A office space.

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