Apr
20
2015 Q1 MarketBeat Industrial Snapshot: Industrial leasing activity increased by 8.2% over the same period in 2014

industrial

The U.S. economy continued to add jobs at a high rate as job growth expanded by 2.4% over the last year, pushing the unemployment rate to just 5.5%. Even with stronger employment numbers, wage pressure remained moderate, mainly occurring in specialized jobs.

Utah continued to outpace the overall economy, adding jobs at a rate of 4.2%, with employment gains occurring in nine out of 10 categories. With this job growth, the unemployment rate remained at 3.4%, which has caused job shortages in specific industries and occupations. For 2015, Utah is expected to see job growth of 2.8%, which would result in 37,200 new jobs.

Apr
20
2015 Q1 MarketBeat Salt Lake City Office Snapshot: Tech firms and VC funding major drivers of office expansion

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The U.S. economy continued to add jobs at a high rate as job growth expanded by 2.4% over the last y ear, pushing the unemployment rate to just 5.5%. Even with stronger employment numbers, wage pressure remained moderate, mainly occurring in specialized jobs.

Utah continued to outpace the overall economy, adding jobs at a rate of 4.2%, with employment gains occurring in nine out of 10 categories. With this job growth, the unemployment rate remained at 3.4%, which has caused job shortages in specific industries and occupations. For 2015, Utah is expected to see job growth of 2.8%, which would result in 37,200 new jobs.

Apr
16
C&W Research: Wage Growth Will Accelerate in 2015, Driving Increased Demand for Real Estate

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Although wage growth has lagged in the current economic expansion, there are reasons to expect that this will change in the near future. Companies are looking to hire more people than at any time in the past 14 years and the numbers of unemployed continue to drop. This should lead to faster wage growth in 2015 and driving increased demand for real estate.

Apr
16
Utah’s Economy: Trends and Forecast for Utah’s Construction Sector

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By far the most volatile employment sector over the last several years has been Utah’s Construction sector. In 2003 there were 67,000 construction jobs in the Utah economy, four years later employment had grown by 56 percent to 103,500. But this amazing run-up in employment was followed by three consecutive years of job losses which wiped out all the previous gains. Construction jobs fell by 38 percent from 2008 to 2010 in the most severe employment contraction of any sector in the Utah economy since the Great Depression.

Apr
8
C&W Industrial Research MarketNote: Major Shift in Container Traffic from West to East and Gulf coast Ports

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KEY TAKEAWAY

Retailers and other importers began to divert shipments to ports in Canada and on the East Coast in anticipation of the July 1, 2014 expiration of the ILWU contract. The labor showdown, which exacerbated U.S. West Coast port congestion, helped pull down container volumes at West Coast ports which plummeted 24% in the first two months of 2015 compared to 2014. The significant drop in volume was distributed all along the west coast, although the percentage decline in container volume was greater in the California ports. The total container volume in Los Angeles-Long Beach was down 18.2% year-over-year in the first two months of 2015 and Oakland’s volume declined 31.6% in the same period. Container volumes through the ports of Seattle-Tacoma continued to struggle, dipping 9.3%. Meanwhile, some East Coast ports are reporting double-digit increases, with Charleston reporting an annual increase of 17.9% through February.

Apr
8
Cushman & Wakefield | Commerce Wins TOBY Award for 170 South Main from the Building Owners and Managers Association of Utah

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SALT LAKE CITY, UTAH—April 8, 2015—Cushman & Wakefield | Commerce today announced that Tammy Rasmussen, Property Manager for the Asset Services group of Cushman & Wakefield | Commerce received the Building Owners and Managers Association (BOMA) of Utah’s TOBY Award for the outstanding property management of 170 South Main, a contender in the 250,000–499,999 square feet office building category.

Apr
6
Why Cushman & Wakefield | Commerce Boise for Commercial Real Estate

idaho

Knowing what it takes to be a leader in the market, we strive to continually raise the professionalism, knowledge and expertise of all of our brokers. With commercial real estate being vastly different than residential, there are many facets of education and understanding that can only come from industry professionals and senior brokers. We specifically work with junior broker providing them with training and mentoring opportunities; a vital part of their education that results in their success as an individual and as part of the larger organization. There are five areas we find to be at the core of any successful broker:

Apr
1
Cushman & Wakefield | Commerce Completes Sale of Historic Felt Building in Salt Lake City

SALT LAKE CITY—Apr. 1, 2015—Cushman & Wakefield | Commerce today announced that it has brokered the sale of the historic Felt Building located at 341 South Main Street in Salt Lake City, Utah. The Felt Building is a 57,665 square foot historic office and retail property.

Mar
25
Cushman & Wakefield Releases International Investment Atlas and Insights Video

New Picture

Cushman & Wakefield’s International Investment Atlas 2015 report has been prepared to provide an overview of the world’s key commercial real estate investment markets in 2014 and an indication of performance in 2015.

KEY MESSAGES:

-Global investment volumes fell 6.3% or $1.2 tn in 2014, the first fall in 5 years.
-The decline however was solely due to a fall in land sales in China and most markets saw strong demand.
-The US overtook China to be the largest city target for foreign investors, but Paris closed the gap with very strong growth in 2014.
-A focus on core markets remains but interest in tier 2 stock and locations has increased.
-Cross boarder investors raised their share of trading to 20%.
-North America is the largest global investor by some margin but 7 of the top 20 capital sources are now Asian.

Mar
25
C&W Industrial Research MarketNote: Top Industrial Markets Continue to Post Strong Growth

New Picture

KEY TAKEAWAY

The overall vacancy rate for the U.S. industrial sector declined to 6.8% in the fourth quarter of 2014, the lowest national industrial vacancy experienced since 2001. National leasing activity climbed to its highest point since 2005 with 340 million square feet of new activity in 2014, and overall absorption reached a all-time high with 159.1 msf of positive absorption. New construction completions totaled 104.7 msf, the highest level of new construction to deliver since 2008. While the recovery of the U.S. industrial sector since the economic recession appears to be fairly balanced, the top 10 core industrial markets have been leading the way, posting strong numbers in 2014.

Mar
25
Utah’s Economy: Year End 2014 Estimates and 2015 Forecast

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The 2015 forecast for the Utah economy was developed recently by the state’s Revenue Assumption Working Group. The forecast shows increases for every major economic indicator. The number of jobs is forecast to grow by 2.8 percent, or an increase of 37,200 jobs. The unemployment rate declined to 3.4 percent, suggesting labor shortages for some industries and occupations. Auto and truck sales are expected to hit an all-time high of 118,300 vehicles. New permit authorized non-residential construction will increase to $1.4 billion, but will still be slightly below the average historic value of $1.5 billion (excludes renovation and rehab). And the number of permits issued for residential construction will reach 18,000 units, the highest level in eight years. Residential permits peaked in 2005 at 28, 285 housing units, a level unlikely to be exceeded for some time.

Mar
24
Record Visitors Boost Retail in Las Vegas

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By: Dan Hubbard, Director – Retail, and Todd Manning, Senior Associate – Retail, Cushman & Wakefield Commerce

It is great to be in Las Vegas and witness the city’s strong recovery from the economic lows of a few years ago. Exciting projects like the $500-million LINQ entertainment and retail promenade, the 1.6-million-square-foot Downtown Summerlin lifestyle center and the market’s first IKEA, now under development, are filling the region with promise.

Mar
24
Cushman & Wakefield | Commerce Promotes Bob Hawkins to Senior Director

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LAS VEGAS—Mar. 23, 2015—The Las Vegas office of Cushman & Wakefield | Commerce today announced that Bob Hawkins has been promoted to a Senior Director.

Hawkins specializes in the leasing and sales of office and industrial real estate. He has a targeted specialty in that he represents only landlords and sellers.

Mar
24
CCIM Utah Names Kip Paul of Cushman & Wakefield | Commerce Top Investment Broker of the Year and Utah’s Top Commercial Real Estate Agent of the Year

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SALT LAKE CITY—Mar. 24, 2014—For the fourth year in a row, CCIM Institute’s Utah Chapter has recognized Kip Paul, Executive Director of Investment Sales for Cushman & Wakefield | Commerce, as Utah’s Top Investment Broker of the Year. CCIM Utah is a professional organization for commercial real estate practitioners, which hosts their annual Excellence Awards to recognize and honor Utah’s top professionals within the commercial real estate industry.

Mar
19
Cushman & Wakefield | Commerce Announces New Office Broker in Its Salt Lake City Office

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SALT LAKE CITY, UT – Mar. 19, 2015 – Cushman & Wakefield | Commerce, announced today the addition of Tyson S. Fowler as Associate Broker in the Office division of its Salt Lake City, Utah office.

Mar
18
Grocery Tenants Drive Salt Lake City’s Retail Market

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By Nick Clark, Director – Retail Associate, Cushman & Wakefield | Commerce

The retail market in Utah continues to build steam and has expanded over the past 12 months. With these gains, tenants are in abundance and new construction is on the rise. Vacancy continued to improve through 2014, as the overall vacancy rate declined by 0.7 percentage points on a year-over-year basis to end at 6.2 percent. This represents the lowest vacancy rate of the past decade. With supply constrained and demand improving, average asking lease rates jumped by 9 percent on a year-over-year basis, to $18.98 per square foot. New construction continued across the valley, with 548,577 square feet of space added to the market.

Mar
16
Cushman & Wakefield | Commerce Negotiates Sale of Lamplighter Square in Salt Lake City

SALT LAKE CITY—March 16, 2015—Cushman & Wakefield |Commerce announced today the closing sale of Lamplighter Square Shopping Center, located on Foothill Boulevard. Lamplighter Square has long been home to many favorite restaurants and businesses, making it a high volume destination for area residents and business owners. The square is currently occupied by the popular State Liquor store, Taqueria 27, Foothill Fitness, and Bleu Bistro, among others.

Mar
12
C&W Industrial Research MarketNote: Industrial Tenants Take Advantage of State Tax Incentives in Top Markets

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KEY TAKEAWAY

With approximately $610 million USD in state tax incentives among states with the top industrial markets, it is no surprise that 250.7 million square feet of industrial space were leased in California, Illinois, Texas, Georgia and New Jersey in 2014. Illinois alone awarded $1.5 billion in Capital Expenditure or “CAPEX” incentives to companies. These incentives are used by companies to acquire fixed assets such as equipment, property or industrial buildings or to add to the value to assets with a useful life extending beyond the taxable year. Strong incentives helped these five states attract industrial tenants, who were able to create 9,888 jobs in 2014.

Mar
6
Cushman & Wakefield | Commerce Reports an Upward Trend for Q4, 2014 Commercial Real Estate Market in Las Vegas

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LAS VEGAS—Mar. 5, 2015—Commercial real estate in the Las Vegas area ended 2014 better than it started, according to new data by the Las Vegas office of Cushman & Wakefield | Commerce. The firm released its most recent Marketbeat Snapshot reports detailing the state of commercial real estate in Southern Nevada.

“Commercial real estate in the Las Vegas-Paradise metropolitan area made steady progress on the road to economic recovery in 2014,” said Michael Dunn, Market Leader for the Las Vegas office of Cushman & Wakefield | Commerce. “This is the second straight year of strong gains in the industrial sector. With positive indicators in new construction, rising sales prices, and decreasing unemployment rates, there is reason to be optimistic that the Las Vegas economy will continue to improving during 2015.”

Mar
4
C&W N. American Industrial Forecast: Increased activity expected in all industrial sectors

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Cushman & Wakefield is pleased to announce the release of their North American Industrial Forecast 2015-2017.

Positive news on the job front and early signs of accelerated wage growth and household spending are all storylines in the unprecedented demand for industrial real estate. As the economy continues to expand, increased activity is expected in all the sectors that drive demand for industrial space, from imports and exports, to manufacturing production and distribution.

Mar
4
London Cements Position as World’s Most Expensive Office Market According to Cushman & Wakefield

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“The US economic recovery helped to bolster strong leasing activity in the country’s core downtown markets – such as New York, which saw record take-up results – whereas in South America, the underperformance of both Brazil and Argentina in 2014 led to a slowdown in economic growth.”

Mar
4
Cushman & Wakefield | Commerce Remembers and Pays Tribute to the Late Keith W. Bassett

LAS VEGAS—Mar. 04, 2015—Keith W. Bassett, a senior director in the Las Vegas office of Cushman & Wakefield | Commerce passed last week at the age of 75. Bassett was a highly trusted and well-respected commercial real estate professional.

Feb
26
C&W Industrial Research MarketNote: North American Ports Contend with Mega Container Vessels

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KEY TAKEAWAY:
Today’s container ship is the linchpin of cargo transportation with 90 percent of international trade carried by sea. According to Sea-Land Services, Inc, to and from the United States, the yearly waterborne foreign trade amounts to over one billion tons, a value of $625 billion. To keep up with the demand from foreign trade, container ships are becoming larger and more cost effective, driving ports in the U.S. and around the globe into a constant struggle to keep up with the massive bulk of these new modern carriers.

Feb
26
Cushman & Wakefield | Commerce Adds Two Office Investment and Sales Brokers to Las Vegas Team

LAS VEGAS—Feb. 26, 2015—Cushman & Wakefield | Commerce today announced the addition of two commercial real estate office and investment brokers to its Las Vegas team. Nicholas Barber and Jeremy Foley are joining the firm as directors.

Feb
23
Utah’s Economy: Venture Capital and High Tech Employment in Utah

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Utah’s 2015 Economic Report to the Governor was released in early January. It’s the twenty-seventh year of the publication, which is a collaboration between the Utah Economic Council, Salt Lake Chamber, David Eccles School of Business and the Governor’s Office of Management and Budget. The 138 page document provides a 2015 economic outlook for Utah, a review of the performance of major economic indicators, and an analysis of key industries.

Feb
17
Cushman & Wakefield | Commerce Reports High Confidence in Boise Commercial Real Estate Market

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BOISE, IDAHO—Feb. 17, 2015—Commercial real estate in the Boise area had a strong 2014 according to new data from the Boise office of Cushman & Wakefield | Commerce. The firm released its most recent Marketbeat Snapshot reports detailing the state of commercial real estate in Boise for Q4, 2014.

Feb
17
Cushman & Wakefield | Commerce Announces new Senior Managing Director, Occupier Services

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SEATTLE, WA—Feb. 17, 2015—Cushman & Wakefield | Commerce today announced that Scott Schlumberger has been named Senior Managing Director, Occupier Services for Cushman & Wakefield | Commerce. Schlumberger will be based in Seattle, but will cover Nevada, Idaho and Utah as well. Schlumberger will work closely with Cushman & Wakefield | Commerce and its leaders, brokers and advisory professionals, and colleagues within Cushman & Wakefield to provide real estate solutions to occupier clients.

Feb
10
Cushman & Wakefield | Commerce Reports a Strong but Tight Commercial Real Estate Market in Seattle-Bellevue in Q4, 2014

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SEATTLE—Feb. 9, 2015—The commercial real estate in the Seattle-Tacoma-Bellevue metro area saw a tightening of the market according to new data by the Seattle office of Cushman & Wakefield | Commerce. The firm released its most recent Marketbeat Snapshot reports detailing the state of commercial real estate in the Seattle and Bellevue markets.

Feb
4
Trigger Reital Promoted to Market Leader of Cushman & Wakefield | Commerce Salt Lake Office

Reital_Trigger

SALT LAKE CITY—FEB 4, 2015—Cushman & Wakefield | Commerce today announced that Trigger Reital has been promoted to the position of market leader for the Salt Lake City, Utah, office. In this new position, Reital will be responsible for growing Cushman & Wakefield | Commerce’s market share across all services for both investors and occupiers in Utah.

Jan
29
Cushman & Wakefield | Commerce Reports Utah Commercial Real Estate Broke All-Time Investment Record of $1.8 Billion in 2014

 22New Picture

SALT LAKE CITY—Jan. 28, 2015—The Cushman & Wakefield | Commerce (www.comre.com) 2014 Year-End Market Review reports that total commercial real estate investment sales topped $1.8 billion, which is the highest level in the state’s history.

Jan
23
Cushman & Wakefield | Commerce Boise, Idaho Retail Market News

retailboise

Stay up-to-date on the state of the Boise retail market with our monthly report. In this month’s issue:

-National news
-Local news
-About Cushman & Wakefield | Commerce’s Boise Retail Team

Jan
23
Cushman & Wakefield | Commerce Signs Property Management Guru Dan McGregor in Boise

McGregor_Dan

BOISE, ID—Jan. XX, 2015—Cushman & Wakefield | Commerce today announced that Dan McGregor has joined the firm in the Boise office as the Property Manager. McGregor, a property management expert is bringing with him a large portfolio of properties with nearly one million square feet of space.

Jan
13
Utah’s Economy: Status of Utah’s Economic Recovery

New Picture

In the summer of 2008 the number of jobs in Utah peaked at 1.26 million; an all-time high. What followed has been well documented: a loss of 70,000 jobs in two years and an unemployment rate spiking to 8.0%; the highest level since the 1930s Depression. Six percent of the jobs in the Utah labor market vanished over 24 months. It took a little over four years for the Utah labor market to get back to its pre-recession employment level. By the fourth quarter of 2012 the number of jobs in Utah exceeded the pre-recession peak. A side note, if the Great Recession could have been avoided and Utah had average rates of job growth during 2008-2011 period the number of jobs in 2014 would likely be about 13% higher – 175,000 jobs.

Jan
13
C&W Research: U.S. Economic Update – Strongest Annual Employment in 15 Years

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As the U.S. economy strengthened in 2014, the pace of employment growth accelerated. In the fourth quarter more than 865,000 jobs were created. For 2014 as a whole, the economy added more than 2.95 million jobs, making it the best year for job creation since 1999.

Jan
13
C&W Industrial Research MarketNote: Gas Prices & Job Market Push U.S. Consumer Confidence to 7-Year High

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KEY TAKE AWAY

An improving job market is one of the driving forces behind a rebound in American consumer confidence, but perhaps the biggest current factor in the consumer confidence boost is the declining price of gas. The pace of job growth accelerated notably in 2014 and the country capped its strongest year for job creation since 1999, while across the country retail prices for regular grade gasoline reached the lowest levels in four years. U.S. GDP growth is expected to accelerate to at least 3.3% in 2015, and possibly higher, as rising consumer and business confidence leads to faster employment and income growth and stronger increases in spending.

Jan
12
Tim Reid Promoted to Market Leader of Cushman & Wakefield | Commerce Boise Office

Reid_Tim_White

Boise—January 12, 2015—Cushman & Wakefield | Commerce today announced that Tim Reid has been promoted to the position of Market Leader for the Idaho region. Reid will, in this new position, be responsible for growing Cushman & Wakefield | Commerce’s market share across all services for investors, owners and occupiers.

Jan
7
Cushman & Wakefield | Commerce Negotiates Lease of Largest Industrial Speculative Building in the Las Vegas Market in 8 Years

LAS VEGAS—Jan 7, 2015—The Las Vegas office of Cushman & Wakefield | Commerce today announced that Global Industrial Distribution of New York has signed a lease for a 464,203 square foot speculative industrial building in the Prologis Las Vegas Corporate Center at 3700 Bay Lake Trail, North Las Vegas. The Las Vegas industrial team at Cushman & Wakefield | Commerce, Danielle Steffen, Art Farmanali, SIOR and Amy Ogden represented the Tenant.

Dec
23
C&W Research: U.S. Economic Update – 2014 A Year of Surprises!

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As the year comes to a close, it provides a chance to look back on what we learned last year and look ahead to what the events of 2014 might tell us about 2015. So this week we will do a modified top 10 list consisting of the top five surprises of 2014 and the top five expectations for 2015.

Anyone in the forecasting business knows that almost as soon as a projection has been made, something will happen to change the environment. Such was the case in 2014 when there were several unexpected events, and some expected events that did not take place.

Dec
19
Utah’s Economy: What’s Happened to Housing Demand?

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From 1970 to 2010 the number of households in Utah increased at an annual growth rate of 2.6 percent. This rat of growth nearly matches the average annual increase in the inventory of occupied housing units in Utah of 2.7 percent. Long-term, the increase in households equals or nearly equals the increase in occupied housing units. Of course, in the short-term, annual increases may vary significantly from the long-term trend. For example, in 1977 new residential construction increased the housing inventory by almost six percent in a single year. And the years on either side of 1977 also had very high rates of new construction. This overbuilding in the lat 1970s contributed, in part, to several years of below average home building the 1980s and very weak housing prices. Over the 1980s housing prices in Utah increase by only 15 percent compared to 60 percent nationally.

Dec
16
C&W Research: U.S. Economic Update – The Economic Benefits of Lower Oil Prices

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The plunge in oil prices over the past six months will have a positive impact on the U.S. economy. It is the equivalent of a tax cut for consumers, freeing up as much as $150 billion to spend on other goods and services. It is likely that growth in 2015 will be the best in at least a decade.

Dec
16
C&W Research: Millennials & the Future of Real Estate

 millenial

How can companies win the war for millennial talent?

Millennials already make up almost 40% of the workforce and are on pace to hit 75% by 2025, leading business leaders across all industries to ask: “How do we win the war for millennial talent?”

Addressing these concerns, C&W Global Business consulting recently released a research report tackling what it takes to attract, engage, and retain millennials, including insights on how they approach the employee experience and view real estate and facilities. The best organizations will be proactive in addressing these changes, crafting workplace and location strategies designed for consumers of space, not users of space.

Dec
10
Cushman & Wakefield | Commerce Wraps up Year with Strong Numbers in Boise Commercial Real Estate

BOISE, ID—Dec. 10, 2014—The Boise office of Cushman & Wakefield | Commerce today announced several successful 2014 sale and lease transactions negotiated on behalf of clients in the Boise market. The volume of transactions is indicative of the growing and improved market conditions in Idaho.

“This year, the Boise commercial real estate market has kept pace with the overall robust U.S. economy,” said Tim Reid, Managing Director at Cushman & Wakefield | Commerce. “We can expect to see new entrants in the market as more national firms realize the strength of the Boise economy, with the resulting inflow of investment continuing to fuel growth in the market.”

Nov
26
C&W Research: U.S. Economic Update – Five Reasons to be Thankful

2New Picture

With the U.S. Thanksgiving holiday this week, it’s a great time to look back over the past year from an economic and real estate perspective to focus on five reasons to be thankful.

-The U.S. is the largest, strongest, most dynamic economy in the world
-The U.S. real estate market is in the sweet spot
-The Millennials’ dynamic impulse
-Energy and technology are driving employment, the economy and real estate markets
-Clients

Nov
26
Cushman & Wakefield | Commerce Boise, Idaho Quarterly Office Market News

2BoiseOfficeNewsletter

Stay up-to-date on the state of the Boise office market with our quarterly report. In this quarter’s issue:

- Office Space Revolution
- Knowledge Center
- About Cushman & Wakefield | Commerce
- Featured Properties
- Office Activity

Nov
18
C&W Retail Research: Black Friday by the Numbers – Interesting Facts/Figures on Black Friday in the U.S.

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C&W Retail Research: Black Friday by the Numbers – Interesting Facts/Figures on Black Friday in the U.S.

Nov
18
C&W Research: U.S. Economic Update – Consumers Will Drive Growth in 2015

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American consumers have not increased spending in the current expansion as rapidly as in previous economic upturns. But that appears likely to change in the coming year. A combination of tighter labor markets, which should lead to higher wages, rising employment, and increasing optimism are expected to lead to growth in consumer spending at the fastest pace of the recovery so far. The year 2015 should be the year of the consumer.

Nov
18
C&W Research: Global Office Forecast 2015-2016

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Cushman & Wakefield Research has released its 2015-2016 Global Office Forecast. The report tracks current and anticipated Class A office market trends in The Americas, Asia Pacific and Europe.

From a global perspective, 2014 was a stronger year for the office real estate sector, with many markets heading into 2015 on solid footing. Of course, some markets in or near areas of political instability and those with stalled economic growth continue to struggle; but overall, things are in better shape than they were 12 months ago.

Nov
11
C&W Industrial Research MarketNote: Ship-From-Store Distribution Model Increasingly Being Utilized by Brick & Mortar Retailers

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KEY TAKEAWAY

Traditional “bricks & mortar” retailers continue to respond to competition from online retailers through a wide array of strategies, including, of course, their own online ordering and fulfillment offerings, but increasingly finding ways to leverage their physical retail stores for online order fulfillment. The ship-from-store (SFS) distribution strategy allows ‘traditional’ retailers to fulfill e-commerce orders from local retail stores instead of their warehouses and distribution centers.

Nov
6
Utah on Track for Historic Year in Commercial Real Estate

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SALT LAKE CITY—Nov. 6, 2014—Cushman & Wakefield | Commerce has published its third quarter 2014 Marketbeat Snapshot reports outlining the state of the commercial real estate market in Salt Lake County. Several remarkable trends have emerged that highlight the extraordinary strength of the Utah commercial real estate market. The following are the top five take-away trends from the Q3 2014 Marketbeat Snapshot reports:

Nov
5
C&W Research: U.S. Economic Update – GDP Confirms Real Estate Markets in the Sweet Spot

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The U.S. economy has shifted to a higher growth trajectory over the past year. Recently released economic reports suggest that this stronger growth will be sustained in 2015, which we expect to be the best year for the U.S. economy since 2004. Commercial real estate markets across the country are beginning to reflect this improving environment and we expect the coming year to see healthy performances across all property types. We are now in the sweet spot in the commercial real estate cycle.

Nov
5
Natalie Wainwright Named as Associate at Cushman & Wakefield | Commerce in Las Vegas

Natalie Wainwright

LAS VEGAS—Nov. 5, 2014—Cushman & Wakefield | Commerce today announced that Natalie Wainwright has been named as an Associate and will focus on office leasing and sales for both landlords and tenants in the Las Vegas area.

Oct
29
C&W Industrial Research MarketNote: Demand for U.S. Intermodal Facilities Increases

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KEY TAKEAWAY

The Association of American Railroads (AAR) has reported a 4.5 percent increase in total combined traffic for the first 40 weeks of 2014 when compared to the same period in 2013, with a total volume of 21,976,509 carloads and intermodal units, driven by coal (39.5%) and chemicals and allied products (10.0%). Additionally, a total of 59.6 million square feet (msf) have been leased year-to-date in rail-served properties across the country, on pace to meet the five-year average for leasing activity in rail-served parks of 70.3 msf. We expect these numbers to rise in coming years due to increased demand for rail-served facilities.

Oct
28
C&W Survey: US Occupier Survey – The Corporate View of Sustainability

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There can be no doubt that sustainable real estate practices have become commonplace for any occupier that leases, owns, or operates corporate facilities. While the emphasis placed on sustainability varies by organization, and is often tied to larger enterprise goals and objectives, a discussion about corporate social responsibility (CSR) takes place with almost every occupancy decision made today. Businesses large and small realize the benefits of being “Green.” They know that reducing energy use can translate into real cost savings and projecting an environmentally responsible image enhances their brand. But, how are today’s corporations approaching sustainability from an organizational perspective? And, how is being “green” impacting their business and real estate policies?

Oct
27
Utah’s Economy: The Great Recession and Retail Sales in Utah

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In retrospect, the rapid run-up in retail sales in Utah prior to the Great Recession was evidence of the growing debt load of Utah households. At the time, increases in retail sales were far outstripping gains in wages or incomes. The nearly $6 billion increase in retail sales in four years (2003-2007) was financed in large part by generous lenders extending credit to Utah households. Household debt exploded between 2000 and 2007. Nationally household debt jumped from $7 trillion to $14 trillion during this seven year period. It is safe to assume that Utah households participated in like manner and doubled their debt prior to the recession. Using all manner of credit – revolving credit, installment loans, lines of credit, and home equity loans – households financed higher standards of living and pushed retail sales to an all-time high in Utah of $27 billion in 2007.

Oct
23
C&W Industrial Research: Reality Check – Evaluating 7 Industrial Real Estate Predictions

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This report takes a look back at seven predictions about industrial real estate, the impact of e-commerce, shifting consumer behavior, the reshoring of manufacturing, and the shifts in facility location and design.

We assess how closely the industry has tracked according to predictions and continuing forecasts, and we highlight the trends that are worthy of continued consideration as companies address their supply chain strategies.

Oct
17
Utah’s Economy: Oil Boom in the Basin

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The discovery of oil in Utah dates back to 1850 when Captain Howard Stansbury found evidence of oil while surveying the north shore of the Great Salt Lake. Over the next 100 years there were many other discoveries of minor oil seeps, along with wildcat drilling, from Green River (1891), to Mexican Hat (1909), Moab (1925), and north end of Redwood Road (1926), but no major discoveries were made until 1948. Equity Oil Company of Utah struck oil in 1948 in the Uintah Basin (Duchesne and Uintah Counties) in the are now known as the Greater Altamont/Bluebell field.

Oct
17
C&W Industrial Research MarketNote: How are State Sales Taxes Affecting Site-Selection for E-Commerce Fulfillment Centers?

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KEY TAKEAWAY

In the early age of e-commerce, the concept of sales tax nexus posed interesting considerations and questions for online sales distribution center site selection. This has also fueled much debate in the retail sector, as traditional bricks and mortar retailers raised concerns that e-commerce companies held an unfair advantage in their ability to sell goods to some customers without charging state sales tax, depending on where the seller had located their DC.

Oct
15
Cushman & Wakefield | Commerce Secures Leasing Assignment for Pawn Plaza

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Las Vegas—Oct. 14, 2014—Cushman & Wakefield | Commerce today announced it has been awarded the leasing assignment for Pawn Plaza in Las Vegas, Nevada. The new retail project will be located along Las Vegas Boulevard next to the World‐Famous Gold & Silver Pawn Shop, home of History’s No. 1 show, “Pawn Stars.”

Oct
10
C&W Research: Retail riding high in the West – A snapshot of retail real estate in major Western markets

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In conjunction with ICSC’s Western Division Conference in San Diego, below is a snapshot of retail real estate performance in major Western markets.

The University of Michigan Consumer Sentiment Index rose to 84.1 in early September, the highest in a year. Spending on food services and hotels is up. Retail sales in August showed a healthy increase. And perhaps no U.S. region is benefiting more from the continued improvement of the economy and consumer spending than the Western U.S.

Oct
1
Cushman & Wakefield | Commerce Completes Sale of Park Lane Village Apartments in Farmington, Utah

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SALT LAKE CITY—October 1, 2014—Cushman & Wakefield |Commerce (www.comre.com) today announced The Park Lane Village Apartments have sold. The 324-unit property, situated on 13 acres, is located at 500 North Broadway in Farmington, Utah.

Sep
30
C&W Industrial Research MarketNote: Spec Construction is Back, but Build-to-Suit Holds its Own

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KEY TAKEAWAY

Traditionally, build-to-suit (BTS) construction has made up a smaller share of total industrial deliveries – in the five years prior to 2007, the percent of BTS was about 34% on average. But from 2010 to 2012, because very few developers risked speculative projects, BTS projects comprised the majority of deliveries, reaching a peak in 2011 at 85% of all new construction. Although spec construction has returned, changing dynamics of the economy and unique demands users have for specialized facilities have sustained BTS construction.

Sep
30
Cushman & Wakefield | Commerce Officially Lists Governors Point Property

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Seattle, WA—Sept. 29, 2014—Cushman & Wakefield | Commerce today announced that Governors Point, a one-of-a-kind waterfront estate property with more than 125 acres, is officially on the market for the first time in more than 50 years. Gary Danklefsen, Steve Brunette and Evan Olson from Cushman & Wakefield Commerce have listed the property, with advisory services provided by The Land Group.

Sep
29
Michael Dunn Promoted to Market Leader of Cushman & Wakefield | Commerce Las Vegas Office

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Las Vegas—Sept. 29, 2014—Cushman & Wakefield | Commerce today announced that Michael Dunn has been promoted to the position of Market Leader for the Las Vegas office. In this new position, Dunn will be responsible for growing market share for Cushman & Wakefield | Commerce across all services for both investors and occupiers.

Sep
25
C&W Research: U.S. Economic Update – Fed Policy Will Depend on the Strength of the Economy

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The last time the Federal Reserve made any change to its interest rate policy was in late 2008 when the central bank dropped the federal funds rate to a record low. Now, six years later, the Fed has set the stage for higher interest rates. It is likely that the Fed will begin to raise interest rates during the first half of 2015. The timing and extent of the interest rate increases will depend on how the economy performs over the next several months.

Sep
18
C&W Research: U.S. Economic Update – The Consumer Never Left

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Anxiety about consumer spending is misplaced. Revised retail sales data indicate that consumer spending in the U.S. is rising steadily. Although there are some concerns about the ability of consumers to increase spending because of slow wage growth, several indicators suggest wage growth is about to accelerate. As a result, we remain confident that consumers will continue to increase spending at a healthy clip, which will boost the need for both retail and industrial space in the coming year.

Sep
18
C&W Industrial Research MarketNote: Oil or Natural Gas…Is the Landscape Gradually Changing for the Trucking Industry?

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KEY TAKEAWAY

In the last four years, the natural gas shale drilling boom has produced a glut of inexpensive fuel, leading producers to argue that the commercial transportation industry should shift from its dependence on imported oil to domestically produced natural gas. While the near-term costs and infrastructure challenges are impediments to natural gas adoption, the long-term benefits to the transportation industry may make it a reality.

Sep
17
Cushman & Wakefield | Commerce Commercial Real Estate Professionals overview the Boise Market (VIDEOS)

Sep
10
C&W | Commerce: Office Space Revolution, Breaking the Mold

BREAKING THE MOLD

If you walked into a typical office building 10 years ago you would most likely have seen perimeter offices surrounding a sea of cubicles. Today there are a number of successful companies who have broken this mold. Companies are changing in response to the needs and wants of their employees who no longer see achieving the corner office as the epitome of success.

Sep
10
C&W Research: Employment Disappointment Doesn’t Indicate a Weaker Economy

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The first economic data for august was released last week and it was mostly positive, although the growth in payroll employment was smaller than expected.

Sep
10
Cushman & Wakefield | Commerce Brokers 25,000 Square Foot Lease for Landmark Home Warranty

Salt Lake City, Utah—Sept. 10, 2014—Cushman & Wakefield | Commerce today announced it has brokered a new lease for Landmark Home Warranty at Riverpark 2, 10701 S. Riverfront pkwy in South Jordan, Utah.

Sep
3
C&W Industrial Research MarketNote: U.S. Unemployment and Labor Challenges for the Industrial Sector

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KEY TAKEAWAY: U.S. Unemployment and Labor Challenges for the Industrial Sector

The U.S. economy is slowly improving. The jobless rate in many metropolitan areas has fallen below the 5.2% to 5.6% level that the Federal Reserve regards as full employment nationally. Industrial sectors are leading the way in many of these markets, generating a large share of new jobs the past several quarters. While the job creation is good news, several workforce and demographic trends may threaten the health of the industrial labor pool long term.

Aug
28
Cushman & Wakefield | Commerce Releases Q2 2014 Commercial Real Estate Report for Boise, Idaho

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Boise, Idaho—Aug. 27, 2014—The Boise office of Cushman & Wakefield | Commerce released its Marketbeat Snapshot reports for Q2 of 2014. The reports detail the commercial real estate activity for the office and retail markets in the Boise area.

“Boise is beginning to see tremendous interest from larger tenants due to its educated work force, high quality of life, and new, aggressive tax incentives,” said Tim Reid, Managing Director of the Boise office of Cushman & Wakefield Commerce and Office / Investment Specialist. “Looking forward, we expect continued job growth in the Boise market, which will fuel the office market and increased revenues will also drive the retail market, which should continue to see a drop in vacancy rates through the end of the year.”

Aug
26
Utah’s Economy: Mid-Year 2014

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Broad-Based Economic Growth – All major employment sectors of the Utah economy have grown in the past 12 months, with the exception of federal government employment which is unchanged. In May employment growth in Utah was 2.9 percent, an increase of 37,400 jobs. Year-over May employment in Utah’s construction sector increased by 7.3 percent, adding 5,400 jobs. Construction was the top ranked sector in terms of percent change and also ranked first among all major sectors in numeric change. The 3.2 percent increase in manufacturing (3,800 jobs) is encouraging. The growth in health services has slowed to only 2.5 percent.

Aug
26
Economic Growth Means Demand for Workspace

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By: Tim Reid, Managing Director – Office/Investment Specialist, Cushman & Wakefield | Commerce

The impact of new Tax Reimbursement Incentive on commercial real estate could be greater than many realize.

First, let’s look at the TRI itself. As of July 1, companies that bring to Idaho new value-added jobs may be eligible for a tax reimbursement of up to 30 percent of their payroll, sales and income taxes for a negotiated period of up to 15 years. Depending on the size of the company and the number of employees, the TRI could be extremely significant in terms of dollar savings and could mean the difference between hiring the right people to grow the company or not! To qualify, companies must create at least 50 jobs in an urban setting or 20 in rural areas with wage levels above the county average.

Aug
26
Cushman & Wakefield | Commerce Q2 2014 Commercial Real Estate Report shows Increased Confidence for Las Vegas Market

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Las Vegas—Aug. 25, 2014—The Las Vegas office of Cushman & Wakefield | Commerce released its Marketbeat Snapshot reports for Q2 of 2014. The reports detail office, retail and industrial market commercial real estate activity in the Las Vegas area.

Aug
21
Cushman & Wakefield | Commerce reports the apartment market in Salt Lake County as strong and solid

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The vacancy rate for apartments in Salt Lake County is currently 3.0 percent. One year ago the rate was 3.9 percent. The rental inventory of Salt Lake County is nearly
“fully occupied.” The 3.0 percent vacancy rate in 2014 is the lowest rate in 13 years of rental market surveys.

Rental rates have increased by nearly 2.0 percent over the past year. The combined average rental rate for all types of units is $865. The average rental rate for a two
bedroom two bath unit is $983.

Aug
21
C&W Industrial Fact: Continued Growth in the Industrial Sector: Vacancy and Spec Construction Back to Pre-recession Levels

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KEY TAKEAWAY

The U. S. economy appears to have finally transitioned to a period of stronger growth that will likely be sustained over the next 12 to 18 months. Job creation was much stronger than expected and the economy added 288,000 jobs in June. U.S. factory output rose for the sixth consecutive month in July and over the past 12 months, manufacturing has risen 4.9%. Similar to the recent positive trends in the broader economy, the U.S. industrial sector also accelerated in the second quarter. Net demand remained strong and is on track to surpass last year’s total, with 95.7 msf of occupancy gains at mid-year. The Midwest region led the way with 22.7 msf of occupancy gains, followed by the West region with 20.9 msf.

Aug
19
Cushman & Wakefield | Commerce Reports Strong Q2 2014 for Puget Sound Commercial Real Estate Market

SEATTLE—Aug. 19, 2014—The Seattle office of Cushman & Wakefield | Commerce released its Marketbeat Snapshot reports for Q2 of 2014 today. The reports detail the commercial real estate activity for the Seattle and Bellevue markets.

“We’re seeing a lot of cranes along the skyline and activity is heating up, particularly on the Eastside,” said Dave Magee, Market Leader for the Cushman & Wakefield | Commerce Washington Region. “Development companies are prepping land for construction and the race is on to build office space in the Bellevue area. Competition for space in Seattle is also on the rise and the market is expected to respond with increased lease rates looking forward.”

Aug
14
Scotsman Guide Q&A with Geoffrey West: Investments are on the Rise

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Investment activity in the commercial real estate market is back in vogue after the difficult years following the market crash. Cushman & Wakefield | Commerce reported that global investment activity totaled $1.18 trillion in 2013, its highest amount since 2007 and a 22.6 percent increase from 2012. We spoke with Las Vegas-based Geoffrey West, senior director of investment properties at Cushman & Wakefield | Commerce and veteran of more than 17 years experience in commercial real estate lending and brokerage, about the trends and the factors converging to drive this resurgence in commercial real estate investments.

Aug
13
Dave Magee Promoted to Market Leader of Cushman & Wakefield | Commerce Seattle Office

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Seattle—August 11, 2014—Cushman & Wakefield | Commerce today announced that Dave Magee has been promoted to the position of market leader for the Washington region which includes the offices in Seattle and Bellevue, Wash. In this new position, Magee will be responsible for growing Cushman & Wakefield | Commerce’s market share across all services for both investors and occupiers.

Aug
6
C&W | Commerce: Downtown Salt Lake City Transition and Future

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The Central Business District (CBD) is bound by North Temple and 400 South to the north and south and 250 East and 250 West to the east and west and is primarily made up of larger buildings in the urban core. Historically the CBD has been a hot bed for attorneys, insurance agencies and financial institutions, but over the past couple of years has begun to see a transition into additional trades, local amenities and transportation, making the CBD more accessible.

Aug
5
C&W Research: The Economy Accelerates

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Several major indicators were released this week and they all indicate that the U.S. economy has shifted into high gear. That’s great news for the commercial real estate sector as more employment and stronger consumer demand will lead to greater demand for all forms of commercial real estate. Strong momentum going into the second half of the year is expected.

Aug
5
Utah’s Economy: Retail Sales Recovery

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Retail sales in Utah are slowly recovering. Sales peaked at almost $30 billion in 2007, then plummeted over the next 24 months by $8 billion – a 25 percent decline. The contraction was led by the collapse of auto and truck sales, which dropped from an all-time high of 115,000 vehicles in 2007 to 66,000 in 2009. fittingly, it is auto and truck sales that are leading the recovery. This year auto and truck sales are expected to hit 113,000 vehicles with a value of $5.6 billion. Vehicle sales typically account for about 20 percent of all retail sales in Utah. General merchandise captured nearly 25 percent of all sales in 2013.

Aug
5
Utah’s Economy: Prices, Income and Purchasing Power in Utah

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How does the cost of living in Utah compare to other states? This is an often asked question with no official answer. But now “for the first time…businesses considering relocating or establishing new plants have a comprehensive and consistent measure of differences in the cost of living and the purchasing power of consumers nationwide.” This quote is from a press release of the Bureau of Economic Analysis (BEA), U.S. Department of Commerce April 24, 2014. The BEA has developed regional price parities (RPPs) which measure geographic differences in the price levels of consumption of goods and services relative to the national average. That is, RPPs measure the differences in the price levels of goods and services across states and metropolitan areas.

Aug
5
Las Vegas Office of Cushman & Wakefield | Commerce Names David Livingston as Research Specialist

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Las Vegas—August 5, 2014—The Las Vegas office of Cushman & Wakefield | Commerce today announced that David Livingston has joined the company as Research Specialist.

Jul
30
PEMCO to Relocate Headquarters, Cushman & Wakefield | Commerce to broker sale and advise PEMCO in long term occupancy plan

Seattle—July 30, 2014—Cushman & Wakefield |Commerce (www.comre.com), today announced it has been selected to broker the sale of the PEMCO Block, which has served as the company’s headquarters for over 30 years. PEMCO, which has been both an iconic and active fixture in the South Lake Union area for decades, will sell the property and lease it back until the company completes its relocation to a new local headquarter location. The company continues its commitment to the Seattle and greater South Lake Union areas as it finalizes its search for a location that better meets its current and future needs.

Jul
30
C&W Research: Improved Confidence Leads U.S. Economy to Stronger Growth

The shift to a stronger growth trajectory for the U.S. economy will be driven by rising business confidence. As U.S. businesses shift from defense to offense they are taking more risks and increasing hiring. This is expected to boost economic growth sharply in the second half of 2014 and in 2015.

Jul
29
Cushman & Wakefield | Commerce Closes Sale of Historic Main Street Building in Park City, Utah

Park City, Utah—July 29, 2014—Cushman & Wakefield | Commerce today announced the sale of the historic 4,700 square foot, 591 Main Street building in Park City, Utah.

The seller was Meyer Crest, Ltd. of Berkley, Calif. The transaction was negotiated on behalf of the seller by Steve Hooker, Director at Cushman Wakefield | Commerce. The buyer was PCMAIN LLC of Park City, Utah.

Jul
29
C&W Research: U.S. Economy Finally Running on All Cylinders

After five years of tepid growth, the U.S. economy is finally busting out. The next year and a half or so should be the strongest of the expansion so far. The key is business confidence, which is setting post-recession highs. The result will be the best environment for commercial real estate leasing markets since 2006/2007.

Jul
22
C&W Emerging and Frontier Markets: Assessing Risk and Opportunity

New report available from CIS. Do the business opportunities in emerging markets outweigh the increasing risks?

As John Santora, President & CEO of CIS, points out that today’s emerging markets present enormous opportunities for both Occupiers and Investors, yet they also come with significant business, political, and security risks.

Ray Kelly, President of Risk Management Services, highlights the need for companies to have adequate security plans that address their physical assets and employees.

Jul
22
C&W Industrial Research MarketNote: Foreign Investment in Mexico Reaches Record High; Central States Lead Industrial Surge in Mexico

KEY TAKEAWAY:

Foreign direct investment in Mexico reached a record high in 2013 with $35.2 billion being invested in the country. The amount is 178% higher than the $12.7 billion recorded in 2012. Mexico is having its largest economic change in the last 20 years. The successful reforms agenda will open up Mexican industry to a level never seen before and boost the Mexican economy. This is attracting many big industrial investments that will increasingly take advantage of lower logistics costs driven by the energy and telecomm reforms, further increasing the high quality and very cost effective labor market they currently enjoy.

Jul
21
Seattle Office Development Map

Map Highlights:

-Covers office developments recently completed, under construction and proposed in Seattle proper
-3D shading to expected development height
-Aggregate SF for each classification

Jul
8
C&W Economic Update: Employment Growth Moving Above Trend

The U.S. economy added 288,000 jobs in June, making it the fifth consecutive month that employment growth has exceeded 200,000. This marks the first time since 1999-2000 that the U.S. economy has generated such sustained strong job growth. The economy has entered a new stronger growth phase that will likely last through 2014 and into 2015. For the first time in this recovery, the U.S. economy is running on all cylinders. This is great news for the commercial real estate sector.

Jul
8
Cushman & Wakefield | Commerce Seattle Office Welcomes Industrial Properties Expert Edward Turpin

Seattle—July 8, 2014—Cushman & Wakefield | Commerce today announced that 20-year veteran, Edward Turpin, has rejoined the Seattle office as a director where he will focus his efforts on the leasing and sales of industrial properties in Kent Valley.

Jul
8
C&W Industrial Research MarketNote: Countdown to the Opening of The Panama Canal Expansion

The expansion of The Panama Canal is due for completion in early 2016, allowing the passage of much larger “Post-Panamax” ships and essentially doubling the volume of cargo that can be moved through the Canal. These larger ships will allow cost savings for shipping, but will place greater demands on ports on the U.S. Atlantic and Gulf Coasts. Terminal facilities and channel depths, as well as other infrastructure improvements, have been on the agenda for many of these ports, with ports from New Jersey to Brownsville, TX preparing to compete for increased volume and changing trade patterns brought by the Canal’s expansion.

Jul
7
Cushman & Wakefield | Commerce Closes First Land Sale on Former Wasatch High School Site

.SALT LAKE CITY—July 7, 2014—Cushman & Wakefield | Commerce today announced that it has closed on the first acre of land in Heber, Utah that was previously home to the Wasatch High School.

Jul
1
C&W Economic Update: US consumers, the good & the bad

WAITING ON SPENDING

One of the biggest disappointments thus far in the economic recovery has been the reluctance of consumers to open up their wallets. Consumer spending accounts for roughly two-thirds of the demand in the U.S. and it has increased at the slowest pace of any recovery. After nearly 5 years of expansion, consumer spending has increased only 2.2% per year, slightly more than half of the 3.9% average gain in the four previous economic recoveries. Three economic reports this week highlighted the impact of consumers, as well as the vulnerability of the current economic expansion and, at the same time, its potential.

Jun
24
C&W Industrial Research MarketNote: Will the Declining Canadian Dollar Spur Manufacturing Growth in Canada?

The declining value of the Canadian dollar could mean better days ahead for Canada’s manufacturing sector. Canadian manufacturers have historically benefited from a weaker Canadian dollar, allowing them to be more competitive internationally. With roughly 75% of Canada’s total exports going to the United States, increased demand from a strengthening U.S. economy could not come at a better time. The globalization of manufacturing has created fierce competition and many manufacturing operations have closed shop in Canada, only to relocate to the U.S. or Mexico where unions are weaker and wages relatively low.

Jun
20
C&W Human Capital: The War for Talent and Its Effect on Real Estate

Does the war for talent top your agenda?

There is a constant buzz around the war for talent. Today’s leading corporations compete fiercely for professionals who can produce new and innovative ideas and create a competitive edge. Now more than ever, real estate has a role in assisting the corporate enterprise with recruiting, retaining, and engaging talented labor. Whether through workplace designs that help foster collaboration, amenities that enhance work/life balance, or locations that draw the right professional demographics, real estate’s role in the talent war is increasingly important.

Jun
17
Travis Parry of Cushman & Wakefield | Commerce Achieves SIOR Designation

ST. GEORGE—June 16, 2014—Cushman & Wakefield | Commerce congratulates Travis Parry, Senior Director of Industrial and Investment, for achieving the SIOR industrial designation, which is awarded by the Society of Industrial and Office REALTORS®. SIOR is a Washington, DC-based international professional organization of more than 3,000 commercial real estate professionals, 2,800 of whom have earned the coveted SIOR designation.