Portland Industrial, Retail Vacancy Decreased During Fourth Quarter, NAI NBS Reports Show

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

Office vacancy increased slightly to 11.81% in Central City and 20.95% in the suburban areas. The Northwest submarket saw some activity – the 87,976 sf redevelopment Soho 321 delivered, and a few leases were signed at Machine Works. Vancouver vacancy was flat at 18.56%, with positive absorption of 22,488 sf.

Industrial vacancy decreased to 14.85%, with 55,308 sf absorbed. This was the first positive absorption since Third Quarter of 2008. A number of sizeable leases were signed in North/Northeast, including MOR Furniture for Less leasing 156,000 sf at Kelley Point Distribution, and Rose City Printing & Packaging leasing 62,000 sf at Sandy Boulevard Business Park. Flex vacancy rose slightly to 16.16%.

The retail market saw some improvement this quarter as vacancy decreased more than half a percentage point to 7.4%, with 349,919 sf absorbed. The 140,000 sf Cascade Station Target delivered, and better than expected holiday retail sales results were encouraging.

Multifamily vacancy rose nearly a percentage point to 5.43%; a seasonal uptick in vacancy is to be expected, but this rise was more significant. Rents were largely flat. While multifamily permitting and construction is down, opportunities exist for developers to acquire buildable land at substantially lower prices. Yet barriers to development include lack of capital and uncertainty of future rental rates.

Click here for full reports.

Honzel Helps Haberdashers Lease 1,808 SF at Bridgeport Village

NAI Norris, Beggs & Simpson Real Estate Broker Tyler Honzel represented Haberdashers, a men's clothing store, in its lease of 1,808 sf at Bridgeport Village in Tigard. The store opened on Black Friday.

The Bridgeport Village store has a pool table and bar, and carries brands like Lacoste, Ben Sherman, Original Penguin, 7 For All Mankind and AG Adriana Goldschmied.

Haberdashers also has a location on N. State Street in Lake Oswego.

NBS Companies Named one of Top Donors to Arts and Culture in Oregon

Norris, Beggs & Simpson Companies has been named one of the top donors to arts and culture in Oregon by Business for Culture & The Arts (BCA). BCA‘s mission is to engage every business in the arts - to build audiences, encourage volunteerism, strengthen board capacity, recognize and stimulate community leadership and create arts advocates. NBS Companies ranked seventh on the list of medium-sized companies (100 to 499 employees).

NBS Companies donated nearly $20,000 to the arts in 2009. Recipients included the Oregon Symphony, Young Audiences, and the Portland Art Museum. Many of NBS’ partners also serve on the boards of arts organizations.

NAI NBS Named One of Oregon's Most Admired Companies

For the fifth consecutive year, NAI Norris, Beggs & Simpson was recognized as one of Oregon's Most Admired Companies, based on a survey of Oregon CEOs conducted by the Portland Business Journal. NAI NBS ranked fourth out of the top ten Most Admired Commercial Real Estate Companies. President Clayton Hering accepted the award at a luncheon held at the downtown Hilton yesterday.

About 1,800 CEOs and top-level managers in Oregon and Southwest Washingotn were surveyed to determine the Most Admired Companies. 128 commercial real estate companies throughout the state were nominated for inclusion on the list. The PBJ has a complete list of the winners in the commercial real estate category and others (such as manufacturing, technology and nonprofits).

Local Economist Mitchell Provides Economic Forecast for 2010

Local economist John Mitchell gave an economic forecast for 2010 at a Portland Business Alliance forum this morning. Mitchell said that the recession is likely either over or nearly over, and projected a fairly slow recovery. Though residential real estate has already seen gains, he expects commercial real estate to take much longer to recover. Mitchell is a principal at M & H Economic Consultants, and was previously a chief economist at US Bancorp.

The Daily Journal of Commerce and Portland Tribune both covered the event, and Oregon Business Editor Robin Doussard has a good blog post about it.

The PBA holds breakfast forums once a month. January's forum is on the future of Portland's newspapers.

NAI NBS Special Asset Team and Johnson Reid Team Up to Release 3Q09 Single-Family Housing Report

NAI Norris, Beggs & Simpson’s Special Asset Team and Johnson Reid, a consultancy specializing in real estate development and land use economics, have collaborated to release a single-family housing report for the Portland metro area for Third Quarter 2009.

The report covers both lots and standing inventory in Portland and Vancouver, and contains some good news for the market.

“Market watchers think that the bottom of the curve is behind us and that we are well on our way into a recovery in this hard-hit market,” said NAI NBS Executive Vice President H. Roger Qualman, who heads up the Special Asset Team.

The inventory of new and used homes and lots is declining, the report says, and houses between $150,000 and $199,000 are a sweet spot for action.

NAI NBS’ Special Asset Team, consisting of five brokers in Portland and Vancouver, was created within the firm to respond to the collapse of property markets through the Pacific Northwest. Tight financing for housing, investors and developers has created a need for its services as stress is placed on banks, bankers and banking relationships. The Special Asset Team works with lenders to provide strategic solutions for distressed assets, improved properties or loans.

The full report can be found here.