Portland Investment Market Seeing Signs of Life

MaryKay West, who specializes in investment sales in NAI NBS' Capital Asset Group (CAG), has a column in today's Daily Journal of Commerce. West says that though the investment market certainly hasn't completely recovered yet, 2010 was a big improvement over 2009, and momentum is building in the Portland metro area.

Here's a brief excerpt:

In 2010 we saw a total of $754.1 million in transactions ($500,000 and larger) in the tri-county area. This number, although only 24 percent of the total volume of 2007, is still encouraging because it represents a 19 percent increase over 2009. Last year also saw a rise in the number of transactions greater than $10 million, and all product types were represented in this category - another promising sign.

Rent trends seem to have reversed course - rates are leveling off and perhaps even rising. Vacancy rates are dropping slightly and absorption is rising slowly - however, this is as much a function of no new construction as it is of few new companies leasing up more space. Cap rates are dropping again, but not precipitously, and most of the movement is for trophy properties. Interest rates are still very attractive.

All in all, it appears the market correction has started, but it will take a while to turn the ship - which is actually a good thing. Significant volatility tends to breed uncertainty and uncertainty tamps down real estate investment activity.

The whole article can be accessed here.

Downtown Office Broker Turley is NAI NBS' Number One Top Producer of 2010

NAI Norris, Beggs & Simpson's Number One Top Producer of 2010 is Sean Turley. Turley, a specialist in downtown office leasing and sales, has been with NAI NBS since 1999. He completed 57 transactions valued at nearly $40 million during 2010. He helped sell the historic Sherlock Building for $6.4 million, and helped sign 46,000 sf in leases at the Bank of America Financial Center, where he represents the landlord.

Jennifer Medak and John Medak Tie For Number Two Top Producer of 2010

Office brokers and siblings John Medak and Jennifer Medak, who have both been with NAI NBS for about 10 years, tied for the Number Two spot for the second year in a row. They completed 64 deals valued at more than $51 billion last year, primarily in the suburban markets. Their landlord representation during 2010 included leasing 24,000 sf to State Farm Auto Insurance at Fanno Creek Building B, and 17,400 sf to CNA Insurance at Pacific Parkway Center.

Merino Takes Number Four Top Producer of 2010 Spot

Industrial broker Michael Merino, who has achieved the respected CCIM and SIOR designations, is NAI NBS' Number Four Top Producer of 2010. A frequent and consistent member of this list, he is actively involved in conducting business through the NAI Global Network. Some of his highlights of 2010 were representing Precision Elite Gymnastics in a 34,000 sf lease in Clackamas, and serving as a landlord rep in XO Communications’ 31,000 sf lease at Cascade Business Center.

Investment Broker West is Number Five Top Producer of 2010

Investment broker MaryKay West, CCIM, was NAI NBS' Number Five Top Producer of 2010. She and partner Chris Johnson completed a number of significant deals last year, including leasing the entire 340,000 sf office portion of downtown’s First & Main. She also helped represent Alpha Broadcasting in its 31,000 sf lease at Pacwest Center. She is an accomplished writer and serves as Chair of the Independent Publishing Resource Center Board of Directors.

Chesnut Foster Honored as NAI NBS Property Manager of the Year

NAI Norris, Beggs & Simpson named Beverly Chesnut Foster Property Manager of the Year at the company's annual awards banquet Jan. 22.

Chesnut Foster is a Certified Property Manager (CPM) who joined the company in 2008. She currently manages three properties with office and retail components totaling nearly 300,000 sf. One client deemed her the “property manager of the century,” and said she ably deals with challenges and goes above and beyond to satisfy tenants and clients. Prior to coming to NAI NBS, Chesnut Foster had a diverse career that included managing property for the Port of Portland and lecturing on real estate and management in central Europe.