Neville Bassett Joins NAI NBS Industrial Team

NAI Norris, Beggs & Simpson has added Neville Bassett as a Real Estate Broker on the industrial team in Portland.

Most recently, Bassett was a Senior Account Executive in Business Property at GE Capital. In this position he sourced and closed commercial real estate loans, closing 43 transactions valued at $120 million between 2005 and 2009. His career at GE Capital spanned 15 years. He also has experience in commercial equipment finance and sales management.

Bassett holds a BS in business and economics from Eastern Oregon University, and is a licensed broker in Oregon. He is actively working toward achieving the Certified Commercial Investment Member (CCIM) designation.

Bassett's resume and contact info can be found here.

NAI NBS Releases Third Quarter Reports

NAI Norris, Beggs & Simpson has released its Third Quarter 2009 quarterly reports for office, industrial, retail and multifamily commercial real estate, as well as its economic report.

Office vacancy in Central City rose slightly from the previous quarter to 11.12%, with -272,692 sf absorbed. Two Class B buildings in Northwest were major contributors to this rise in vacancy and negative absorption. Vacancy in the suburban office markets rose about a percentage point to 20.59%, and Vancouver office vacancy rose to 18.42%.

Industrial vacancy increased to 14.94%, with -531,805 sf absorbed. One positive sign for the industrial market this quarter was Daimler Trucks North America’s decision to keep its Swan Island plant open. The plant had previously been scheduled to close in June 2010.

Vacancy in the retail market rose to 8.0%, with 365,818 sf newly available. The closure of all Joe’s Sports & Outdoors stores helped contribute to the increased vacancy, but Dick’s Sporting Goods leased a few previous Joe’s locations in the metro area.

Multifamily vacancy decreased slightly to 4.64%, which can partly be attributed to more tenants being active during the summer months; some landlords offered rent concessions and other incentives to attract tenants. Multifamily rental rates rose slightly.

A PDF of all of the reports can be found here.

Has the Market Hit Bottom?

This question has been the subject of much speculation lately from commercial real estate experts, economists and more. National Real Estate Investor recently published an article suggesting that the bottom is likely imminent, because investors are starting to gather capital in anticipation of making property acquisitions again. The publication surveyed more than 500 property owners in August to get a feel for where this market is headed.

Columbia Tech Center’s 17200 Mill Plain Gains Three New Tenants Despite Tough Office Market

Columbia Tech Center’s 17200 Mill Plain Boulevard has gained three new tenants and an existing tenant has expanded since NAI Norris, Beggs & Simpson listed the 52,845 sf building in May, taking it from nearly 85 percent vacant at the beginning of 2009 to more than three-quarters occupied today.

Charter College, which is opening a new Vancouver branch, leased 17,112 sf, and Insitu, a tenant since February 2008, expanded into 7,470 additional sf. Barbara Bushell, Director of Leasing for Columbia Tech Center, represented the owner, PacTrust, on these transactions.

American Ultraviolet Company, another business that is new to the area, leased 5,156 sf, and Ciber, Inc. leased 4,150 sf. NAI NBS Vice President Tamara Fuller and Senior Salesperson Doug Bartocci represented PacTrust on those leases.

The quality of the two-story Class A building, built in 2007, the myriad amenities in the growing East Vancouver area, and excellent rates attracted tenants to the building, Fuller said.

Columbia Tech Center is a mixed-use development featuring 2.8 million square feet of commercial space on 412 acres. Major tenants include Nautilus, Logitech, Rose City Printing and Packaging and CRU-Data Port.

Investment Market May Be Down, But It's Not Out, Brokers Say

NAI NBS' MaryKay West and Chris Johnson had a column in Portland's Daily Journal of Commerce yesterday about the investment market. They chronicle how the investment market reached the state it's in today, where it is headed and when we can expect a recovery. Though it is a challenging time to be a broker, they say that those who are patient, professional and persistent can still get deals done. You can find the article here.

Barendrick Moves to Portland Office

Real Estate Broker Gina Barendrick has moved to NAI Norris, Beggs & Simpson's Portland office. Barendrick, a retail specialist, has been in NAI NBS’ Vancouver office since 2006.

Barendrick is teaming up with Real Estate Brokers J.J. Unger and Tyler Honzel to provide comprehensive retail services throughout the Portland metro area. Barendrick has extensive knowledge of the Vancouver and Southwest Washington markets and will continue to have listings in these areas, while also taking on listings in Portland.

Barendrick holds a bachelor of arts in public relations from Gonzaga University, and is a licensed real estate broker in Oregon and Washington. She is involved with the International Council of Shopping Centers Next Generation Planning Committee, among other industry groups.