NAI Norris, Beggs & Simpson has released its First Quarter 2011 quarterly reports for office, industrial, retail and multifamily commercial real estate, as well as its economic report.
Central City office vacancy rose slightly to 12.41 percent during First Quarter. The biggest office news downtown was the $129 million sale of Shorenstein’s First & Main to American Assets Trust. Suburban office vacancy also rose slightly, to 24.13 percent.
Industrial vacancy rose nearly a percentage point to 15.94 percent, with 529,020 sf newly available. Vacancy especially increased in North/Northeast, up to 18.94 percent, as a number of tenants vacated large spaces. But positive signs included Subaru’s build-to-suit lease at Rivergate Corporate Center III.
Retail vacancy remained fairly stable at 6.3 percent. Vancouver is seeing considerable retail activity, including a new Cinetopia under construction at Westfield Vancouver Mall and the recently-announced New Seasons in Fisher’s Landing, opening this October.
The multifamily market has seen recovery more quickly than other property types. Apartment vacancy was 2.74 percent during First Quarter, down from a peak of 5.43 percent during Fourth Quarter 2009. The multifamily investment market remains a bit sluggish, though the institutional market is more robust. The construction pipeline has also started to heat up.
Monday, April 18, 2011
Friday, April 1, 2011
Happy Anniversary, NAI Norris, Beggs & Simpson!
Today marks the 79th anniversary of NAI Norris, Beggs & Simpson's founding. The company was founded April 1, 1932, in the midst of the Great Depression, in Portland, Oregon. Starting out primarily as property managers, the company has grown into the full service operation it is today. For our 75th anniversary in 2007, we compiled some company history, which can be found here.
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