Need Office Space for Lease or Sale? OfficeFinder can Help find your next Office. Leasing Office Space Buying Office Space Membership Online Toolkit OfficeFinder Advisor

Entries Tagged as 'Office Vacancy Rate'

Portland Office Space Update

No Comments »

Portland, Oregon has been described as America’s most European city, and has earned several nicknames, including “City of Roses”, “Stumptown”, and “Rip City”.   Portland is also referred to as one of the most environmentally friendly, or “green”, cities in the nation because of its emphasis on building public transportation networks and efficient land-use planning. 

Portland is a city with liberal political values, abundant outdoor activities, a lively arts and music culture, vast green spaces, and numerous micro-breweries and coffee shops.  It is fast becoming a destination for “foodies” because of its robust culinary scene.  It has a wide variety of restaurants, catering to all genres and cultures, including vegetarians and those looking for vibrant street food offerings.

Located east of the Pacific Ocean, Portland is a city of many lakes, rivers, mountains, and forests.  With a temperate, oceanic climate, it is the perfect environment for outdoor activities such as fishing, camping, hiking, mountain climbing, biking, and walking.  Portland’s city park system has been designated as one of the best in the nation.  

Tourism plays a significant role in the local economy.  Offering beautiful scenic views, vibrant neighborhoods, many historical sites, and a close proximity to both the mountains and the ocean, Portland brings people in from all over the world.  Its location makes it beneficial to several industries, including import/export, and international trade.  In addition, the metro-area is home to more than 1,200 technology companies, including Intel.

The market for office space market in Portland and teh surrounding area is tight, with only San Francisco being tighter.  As things tighten in the Central Business District, suburban markets continue to recover as new developments come on the market.  Tenants should be prepared for a landlord favorable market.  All the more reason to engage the FREE services of a qualified local office tenant representative, like the ones we have at OfficeFinder.

Market

Vacancy SF

Avg. Rental Rate $

CBD

 

Class A - 1,008,454

Class B - 772,288

 

Class A - $25.88

Class B - $21.07

Suburban:

Eastside

 

Westside

 

 

Class A - 138,904

Class B - 451,635

Class A - 439,904

Class B - 1,264,034

Class A - $24.02

Class B - $17.90

Class A - $21.25

Class B - $16.68

  Source: Colliers International, The Knowledge Report, Q1 2013   

Find Office Space in Portland

Find Office Space Elsewhere

By: James Osgood

Office Rental , Office Space , Office Vacancy Rate , Portland Office Space , Tenant Representation

Omaha Office Space Market Conditions

No Comments »

Founded in 1854, along the banks of the Missouri River, the city earned its nickname “Gateway to the West” from a crossing called the Lone Tree Ferry.  The largest city in the state of Nebraska, Omaha consists of a diverse population of approximately 427,000 residents.

Once a pioneer town, Omaha was home to one of the world’s largest stockyards.  Due to its central location, the city soon became a national transportation hub.  During the 19th century, Omaha’s railroads and breweries were important industries to the local economy.

Today, Omaha is headquarters to five Fortune 500 companies and boasts a modern economy of diverse and skilled knowledge jobs, including banking, insurance, telecommunications, and architecture/construction.  The annual College World Series, which Omaha has hosted since 1950, provides a great deal of tourism activity and revenue to the city.  Omaha is also the birthplace of the “richest person in the world”, Warren Buffet, where he made his fortune in business.

Omaha has a thriving cultural community, rich in musical and theatrical history.  A number of jazz and rhythm and blues musicians/bands got their start in Omaha, including drummer Buddy Miles, and jazz great Preston Love.  The community offers many historical attractions, such as the Omaha Community Playhouse, the largest community theatre in the United States.  Sports also has a long history in Omaha, with both the U.S. Olympic Swim Trials and the College World Series returning to the city in 2012. 

The city appears to be on a steady pace of economic growth and recovery this year.  This has led to new jobs and a resilient office market. The Omaha office space market is expected to stay vibrant through the end of the year as confidence in the local economy stays strong.

Market Area

Vacancy Rate (SF)

Asking Rent (Class A $/SF)

Downtown

474,815

$20.13

Central Dodge

174,605

$23.10

Miracle Hills

51,381

$20.75

Regency

108,360

$29.57

South Central

621,055

$24.40

Southwest

203,215

$19.73

Source:  Colliers International Omaha Metro Area Research and Forecast Report Q2 2013         

More Market Information on Omaha Office Space

Find Office Space in Omaha

Find Office Space in Other Markets

By: James Osgood

Office Rental , Office Space , Office Vacancy Rate , Omaha Office Space

Big Trouble on the Horizon for China Real Estate & Economy

No Comments »

I found this 60 Minutes replay video very disconcerting. While it may be a little more focused on housing, there is an impact on office space in China and potentially the world economy. It looks like China may be in line for a big financial crisis. China's real estate bubble will probably cause big trouble for China Real Estate and their economy. How will it effect the world economy? Just as we think we are getting out of our slump? Will China's problems and their holding of US debt lead us into another slump. I certainly hope not. Four years has been plenty long enough.

By: James Osgood

Office Vacancy Rate , Video

New NAR Office Space Sector Report Optimistic

No Comments »

According to the most recent quarterly report prepared by NAR:
"Major commercial real estate sectors continue to improve, albeit slowly, with gradual economic improvement and job creation driving absorption of space, according to the National Association of Realtors® quarterly commercial real estate forecast."

Key Points regarding the Office Space Sector:

National office space vacancy is expected to drop .4 percentage point during 2013.

Office rental rates are expected to increase by 2.6 percent in 2013 and 2.8 percent in 2014. That follows a 2 percent gain in 2012.
That is about $.50 / sf / yr based upon the current national average of $17.50 / sf.

Source

Find Office Space

By: James Osgood

Office Rental , Office Space Negotiations , Office Vacancy Rate

Denver office space rental--You may want some help

No Comments »

As the United States continues its (sometimes sluggish) rise out of recession, more Americans are getting back to work, and more employers are looking for office space rentals.  Unfortunately, the previous economic downturn has meant a decrease in new construction, which means some cities, like Denver, are struggling to keep up with demand.

The outlook for the economy in Denver is good, with increased demand for office space from the energy, aerospace, engineering, health care and software sectors.  However, for the company looking for space, the news isn't all good.

While the national office vacancy rates, according to Bloomberg, are at a three-year low at 17.1 percent, the Denver market is much lower.  The fourth quarter of 2012 saw an office space vacancy rate of just 12.4 percent in the Denver area, down from 12.7 in the previous quarter.

Something else that the office space seeker in Denver will need to keep in mind is that 75% of Denver's office space is greater than 25 years old.  This means that many modern features, like green energy efficiency and modern energy requirements, may be lacking.  Those companies looking for space that isn't "obsolete" will find they have to pay more for that premium.

There is, however, some good news for the Denver market.  According to MetroDenver.org, nearly 40,000 square feet of newly constructed office space was delivered in the fourth quarter of 2012, and nearly 900,000 square feet of office space across ten buildings is currrently under construction.  Denver's dedication to attracting business, obviously, remains strong.  (Indeed, they are proud of being highlighted by PriceWaterhouseCooper on their list of top-tier cities for four years in a row, and being in the top ten national cities to watch last year.)

The other good news is that you have OfficeFinder, which will help you find the best space for your needs in tight markets like Denver.  For help in this or for any of your office finding needs, please feel free to contact us.

Find Office Space

By: James Osgood

Denver Office Space , Office Vacancy Rate