LAS VEGAS—Jan. 30, 2018—Cushman & Wakefield today announced it has negotiated the sale of two multifamily communities in Las Vegas, reflecting a growing demand for Class C apartments. Promenade at Sahara, is a 312-unit apartment community located at 4801 East Sahara, Las Vegas 8104. It was built in 1983, and sold for $23.3 million. The Santa Fe is a 145-unit community located at 3955 East Charleston Blvd. Las Vegas, NV 89014. It was built in 1988 and sold for $11.5 million.
LAS VEGAS—Jan. 17, 2018—Cushman & Wakefield today announced it has negotiated a large industrial lease at Prologis Cameron Distribution Center in Las Vegas between the owner, Prologis and the new tenant, Legacy Transportation Services. Travis Noack, Kimberly Noack-Summers, and Warren Noack of Cushman & Wakefield represented the tenant.
SALT LAKE CITY, November 16, 2017 – Cushman & Wakefield today announced the appointment of Gary Mangum as Managing Principal of the firm’s Utah offices. Based in Salt Lake City, the industry veteran brings more than 39 years of experience and leadership in real estate and related business to his position.
LAS VEGAS, July 14, 2017 – The second quarter of 2017 in Las Vegas was another strong one for leasing activity, according to the Palmeri – Wainwright tenant representative team of Cushman & Wakefield Commerce. The team of Dan Palmeri, SIOR and Natalie Wainwright, which specializes in exclusively representing tenants with their leasing, acquiring, relocating, expansions and build-to-suit projects, secured 12 tenant lease transactions totaling 155,000 square feet with $25.4 million in lease values in Q2 2017.
SALT LAKE CITY, July 5, 2017 – Cushman and Wakefield Commerce’s Alison Beddard and Peter Hanlon, in cooperation with CBRE’s Barb Johnson and Vic Galanis, led the representation and negotiation of the University of Utah Health’s new build-to-suit ambulatory care center in the heart of downtown Sugar House on behalf of the tenant. With a scheduled completion in mid-2019, the 170,000-square-foot site will house a consolidated specialty clinic which provides world-class outpatient services to citizens across the Salt Lake Valley.
SALT LAKE CITY, June 28, 2017 – The Salt Lake City office of Cushman & Wakefield Commerce has added a new Operations Director and promoted Matt Liapis to Director of Research and GIS. Both roles will strengthen support for the brokerage and property management businesses as the company continues to grow in Salt Lake City.
Las Vegas—June 26 , 2017—Natalie Wainwright, Associate – Tenant Representative, Cushman & Wakefield Commerce in Las Vegas, has been elected president of Commercial Real Estate Women of Las Vegas (CREW LV), a vibrant and growing state chapter of the largest commercial real estate network dedicated to Influencing the success of the commercial real estate industry by advancing the achievements of women. She served the last 12 months as president-elect and begins her year as president on July 1, 2017.
SALT LAKE CITY—June 8, 2017— Seattle, Washington and Salt Lake City, Utah emerged as promising tech cities after San Jose (Silicon Valley) and San Francisco, according to Cushman & Wakefield’s inaugural “Tech Cities 1.0” national report launched today. Within the top 25 U.S. tech cities, Seattle, Washington, emerged in sixth place and Salt Lake City, Utah, emerged in 24th place.
SEATTLE, April 27, 2017 – The 2017 first quarter commercial real estate report from Cushman & Wakefield Commerce shows that leasing activity in Seattle’s central business district doubled from this time last year. The quarterly report also indicated that the industrial vacancy rate in Kent Valley is at a historic low, putting upward pressure on asking rents.
SALT LAKE CITY, April 25, 2017 – The Cushman & Wakefield Commerce first quarter MarketBeat report shows healthy growth in the Salt Lake Valley, setting the stage for another positive year in 2017. Even though the vacancy rate rose to 12.7 percent, net absorption was positive and trended above the 10-year average. The market also continued to experience an increase in asking rent from $22.85 per square foot full service to $23.46. Meanwhile, it is anticipated that the construction completion total will reach its highest level since 2007.
LAS VEGAS, April 25, 2017 – The first quarter Marketbeat report by Cushman & Wakefield Commerce for Las Vegas is now available, and it shows that the Las Vegas market continued its post-recession recovery in the first three months of 2017. The reports detail the industrial, office and retail markets, as well as the general state of the economy and commercial real estate in Southern Nevada.
SEATTLE, Apr. 24, 2017 – Taylor Hazard is returning to his hometown of Seattle to join Cushman & Wakefield Commerce as an associate director, industrial brokerage. Hazard comes to the Seattle office by way of Cushman & Wakefield’s Denver office. He will focus on industrial sales and leasing in the Puget Sound area.
LAS VEGAS, Apr. 7, 2017 – The first quarter of 2017 in Las Vegas was a strong one for leasing activity, according to the Palmeri – Wainwright tenant representative team of Cushman & Wakefield Commerce. The team of Dan Palmeri, SIOR and Natalie Wainwright specializes in exclusively representing tenants with their leasing, acquiring, relocating, expansions and build-to-suit projects. They secured 14 tenant lease transactions totaling 89,480 square feet with $13.3 million in lease values in Q1 2017.
“During a recent trip to Las Vegas, Nevada, I had the amazing opportunity to meet Natalie Wainwright, an exclusive Tenant Representative with Cushman & Wakefield Commerce. As a successful, passionate professional and President-Elect of CREW’s Las Vegas chapter, Natalie has a wealth of insight to share regarding women in the workforce and pursuing a career that makes you excited to wake up on Monday morning. It was an honor to include Natalie in this series – please freely share this piece with your network!”
LAS VEGAS, March 14, 2017 – Cushman & Wakefield Commerce announced today it has been selected by MIG Real Estate, LLC of Newport Beach, Calif, for property management of its entire Las Vegas portfolio, which includes six office and retail buildings totaling 701,348 square feet. This adds to the long-standing relationship MIG has had with Cushman & Wakefield Commerce.
SALT LAKE CITY, March 7, 2017—Dana Baird has been elected to serve on the Ivory Boyer Real Estate Center Board. Baird, who is the executive director of the Cushman & Wakefield Commerce office division in Salt Lake City, joins a board comprised of the major players in the Utah commercial real estate industry.
“The Seattle industrial market hasn’t been this tight in years, according to new Cushman & Wakefield data. The vacancy rate at year-end 2016 was recorded at an all-time low of 3.8%, down from 5% a year earlier.”
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LAS VEGAS, Jan. 31, 2017 – Prominent Las Vegas real estate developer, Thomas & Mack, is saying “thank you” in a way that is rarely seen in a business setting. It is naming a park at the McCarran Center after Dan Palmeri, senior director at Cushman & Wakefield Commerce, to thank and honor his tenant representation work. Palmeri leased more than 200,000 square feet in six buildings at the 100-acre business park and his team is the most active in bringing new companies to the McCarran Center.
LAS VEGAS, Jan. 30, 2017 – The Cushman & Wakefield Commerce fourth quarter, 2016 Marketbeat reports were released today. They detail the industrial, office and retail markets as well as the general state of the economy and commercial real estate in Southern Nevada. The reports highlight an improved industrial market throughout 2016 and a positive outlook for the region in 2017.
“The medical office sector continues to transform in response to changes in both the economics of the healthcare industry and the demands of the consuming public. Economies of scale combined with increased desire by large healthcare providers to enhance the patient experience have led to larger, patient-centric medical office buildings and medical delivery facilities in the community.”
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SEATTLE, Jan. 24, 2017 – The latest report from Cushman & Wakefield Commerce shows an increase in business growth throughout Seattle’s office market as vacancy rates decreases on a quarter-over-quarter basis. The firm released its fourth quarter Marketbeat Snapshot reports detailing the office and industrial markets for Seattle, Seattle Suburban, and Puget Sound Eastside.
SALT LAKE CITY, Jan. 17, 2016 –Cushman & Wakefield Commerce reported today that for the first time in the state’s history, Utah has broken the $2 billion mark for commercial real estate investment sales. The company released its 2016 year-end market review which shows an exceptional year across the board for commercial real estate in Utah.
SEATTLE – Jan. 10, 2016 – Dave Magee, Cushman & Wakefield Commerce’s Market Leader in Seattle, has achieved the SIOR Office designation 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.
Sale makes way for 1.1M square foot industrial development
SEATTLE – Dec. 7, 2016 – The Seattle office of Cushman & Wakefield Commerce today announced that it has brokered the sale of a 58-acre former sawmill in Tacoma, Wash. The seller was Interfor, a Vancouver, B.C.-based lumber company. The buyer was Industrial Property Trust (IPT), which purchased the property to develop the IPT Tacoma Logistics Center, which will include two industrial buildings totaling approximately 1.1 million square feet. Tony Kusak, SIOR, Senior Director at Cushman & Wakefield Commerce in Seattle, was the lead broker on the transaction.
LAS VEGAS, Nov. 28, 2016 – The Las Vegas office of Cushman & Wakefield Commerce announced that the team of Carl and Taylor Sims have negotiated the sale of the apartment portion of a three-property, multi-state portfolio sale in Las Vegas for $41,500,000. The team represented the seller, a global corporation based in China. The buyer was a subsidiary of Angelo, Gordon & Co. of New York, NY.
LAS VEGAS, Nov. 28, 2016 – Cushman & Wakefield Commerce Las Vegas today announced that Pete Janemark has received the national Certified Commercial Investment Member (CCIM) designation. By obtaining the CCIM designation, Janemark is recognized as an expert in the commercial and investment real estate industry.
LAS VEGAS, Oct. 28, 2016 – The Las Vegas office of Cushman & Wakefield/Commerce released its Q3, 2016 Marketbeat report, which details the office, industrial and retail markets, economy and the state of commercial real estate in Southern Nevada. One of the key insights of the report indicates that the lagging Las Vegas office market may be showing signs of resurgence.
SEATTLE—Oct. 24, 2016—Cushman & Wakefield Commerce in Seattle and CBRE have partnered to present Governors Point, an unparalleled investment opportunity for waterfront estate development on Bellingham Bay and Pleasant Bay, in the City of Bellingham, Washington. The firms announced today that the approximately 125.84 acre property, which includes more than 9,500 lineal feet (882.6 lineal meters) of marine shoreline, is being offered in two divided portions or as a single purchase of the entire acreage.
NEW YORK, NY – Oct. 20, 2016 – The Commercial Real Estate Women (CREW) Network announced the new members of the Board of Directors, which will be led in 2017 by President Alison Beddard of Cushman & Wakefield Commerce. The announcement was made at the 2016 CREW Network Convention and Marketplace, held this year in New York City. Beddard and the other members of the board will officially take office in January, 2017.
SALT LAKE CITY, UT – Oct. 18, 2016 – The commercial real estate market in Utah continues to strengthen according to the third quarter Marketbeat report from Cushman & Wakefield Commerce. While the investment, retail and industrial markets all reporting a strong quarter, the office market was a standout as nearly 16,000 jobs have been added over the past year alone.
LAS VEGAS, Sep. 29, 2016 – Daniel Palmeri, SIOR of Cushman & Wakefield Commerce Las Vegas has achieved the SIOR Office designation 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.
SALT LAKE CITY, Sept. 26, 2016 – Cushman & Wakefield Commerce announced the sale of the Village on Main, a deluxe mixed-use property with 192 high-end multi-family housing units and 49,441 square feet of Class A retail and office space. The property was purchased by Village Glen Plaza LLC represented by Parkstone Companies. The Seller was Village on Main Street LLC.
LAS VEGAS, Aug. 4, 2016 – The second quarter of 2016 has seen strong and steady leasing activity, according to the Palmeri – Wainwright tenant representative team of Cushman & Wakefield/Commerce’s Las Vegas office. Due to Southern Nevada’s large-scale scale commercial real estate with easy access to logistics, flexible and competitive utility rates, and low workers’ compensation rates in a right-to-work state, Las Vegas has become an increasingly desirable place for businesses to relocate.
SEATTLE, August 17, 2016 – Cushman & Wakefield/Commerce released its second quarter Marketbeat Snapshot report detailing the Seattle and Puget Sound Eastside areas’ office markets. According to the reports, the commercial real estate office market continues to be in high demand. The Seattle-Bellevue-Tacoma unemployment rates increased from 4.8 percent in Q1 of 2016 to 5.2 percent. Despite the continuously increasing unemployment rate, employment actually continued to grow as a result of the high return to the workforce, pushing the labor participation rate higher.
BOISE, IDAHO, Aug. 23, 2016 – According to Cushman & Wakefield/Commerce’s 2016 Mid-Year report, Treasure Valley’s office, retail and industrial markets were in extreme high demand. Each market saw a decrease in vacancy and demand was far out pacing supply for quality product. The Boise economy continued to perform well, reflecting a strong commercial real estate market.
Utah closed 2015 with a total $27.8 billion in retail sales. The previous record (inflation adjusted) of $27.6 billion was set in 2007, closing out that year alongside the beginning of the 2007/2008 financial crisis. Retail sales had reached unsustainable levels, due in part by easy credit, which had been facilitated by rapid rising housing prices and the willingness of households to take on excessive levels of debt.
By 2010, the financial crisis had pushed construction spending down in Utah’s economy to a twenty-year low of $3.5 billion—the bottom of the cycle’s trough. Since then, the construction industry has had five consecutive years of expansion Figure 1. The first two years saw rather tepid growth, but in the following three, construction value increased at an impressive annual rate of nearly twenty percent. In 2015, the value of Utah’s permit-authorized construction reached $6.9 billion, the fourth highest year ever.
LAS VEGAS, June 9, 2016 – Multi-family construction volume in Las Vegas is at an all-time high, according to Cushman & Wakefield/Commerce. Each year on average, permits for 5,000 to 6,000 units are granted. Currently, permits for nearly 11,000 units have been granted, indicative of growth and improved market conditions.
After what looked like a trend toward lower levels of job growth in 2014, Utah’s economy caught a second wind in 2015, increasing its number of jobs by nearly 50,000. The positive momentum has also carried into 2016. March’s 3.3 percent increase was the fifteenth consecutive month of job growth beyond Utah’s long-term rate. From 1954-2015, the average annual growth rate for non-farm employment in Utah was 3.17 percent – a record very few states can match. Only Nevada, Arizona, and Florida have higher long-term rates; and only one state, Idaho, outperformed Utah in 2015 (4.1 percent increases vs. Utah’s 3.6 percent).
LAS VEGAS, May 10, 2016 –Cushman & Wakefield/Commerce today announced it has brokered a land transaction in North Las Vegas on behalf of Faraday Future for the site of a $1 billion electric vehicle plant.
The visionary startup Faraday Future broke ground on April 13 and will soon begin construction of a 3 million square foot factory situated on 940 acres of land. This factory is expected to create approximately 4,500 for the state.
SEATTLE, May 4, 2016 – The latest report from Cushman & Wakefield/Commerce shows an increase in business growth throughout Seattle’s office market as vacancy rates decreases. The firm released its first quarter Marketbeat Snapshot report detailing the Seattle and Puget Sound Eastside areas’ office markets.
SALT LAKE CITY, UTAH April 28, 2016 – Salt Lake retail activity remained strong during first quarter 2016, with overall vacancy decreasing by one percentage point year-over-year, according to Cushman & Wakefield/Commerce. This tightening has pushed average asking rates up more than 11 percent during the same period. Absorption remained positive, with community and regional centers performing strongest, indicating continued demand for quality space in new, anchored projects.
A few years ago, University of Utah Bureau of Economic and Business Research (now a part of the Kem C. Gardner Policy Institute) reported on Salt Lake County’s employment center, and its geographic proximity to the county’s population center. Demographic mean centers are important for understanding current market conditions and trends. They can be visualized as the center of gravity a waiter focuses her/his fingers to balance a tray of food – the edge of the tray represents the market’s boundaries; the waiter’s fingers represent its population densities; and the food balanced on the tray are the market’s jobs, given equal weight throughout.
SALT LAKE CITY, April, 25, 2016 – The Utah investment market experienced the strongest first quarter on record according to Cushman & Wakefield/Commerce, with total sales volume surpassing a half-billion dollars. At this pace, 2016 is expected to exceed $2 billion by end-of-year for the first time in state history.
SALT LAKE CITY, April 20, 2016 – The Salt Lake industrial market experienced tightening during first quarter 2016 with overall vacancy down and leasing activity outpacing first quarter 2015 by 17.7 percent according to Cushman & Wakefield/Commerce. These indicators along with net absorption reaching more than 400,000 square feet validate high market demand.
SALT LAKE CITY, April 6, 2016 – According to Cushman & Wakefield/Commerce’s first quarter MarketBeat report, Salt Lake office market fundamentals remained strong, positioning the sector for another impressive year. With an overall vacancy of 11.8 percent, lease rates pushed higher, increasing by 4.8 percent year-over-year. Additionally, the imminent completion of 1.3 million square feet of new construction, almost 70 percent of which is preleased, in 2016 will drive high absorption numbers.
SALT LAKE CITY, March 31, 2016 – Cushman & Wakefield/Commerce today announced three of its Utah brokers were honored at CCIM Utah’s 2016 Excellence Awards. 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.
SALT LAKE CITY, March 24, 2016 – Cushman & Wakefield/Commerce released its 2015 year-end medical office market report which shows a strong overall year for leasing and absorption activity. Ambulatory care centers and several large healthcare providers competed for space across the Wasatch Front, as the trend of more healthcare services being offered near high populated areas continued.
SEATTLE, March 23, 2016 – Cushman & Wakefield/Commerce is pleased to announce additional leadership and resources in property management in its Seattle office. Janice Davis, a 20-year property management expert, has been promoted to general manager and the company welcomes two new property professionals: Christine Lang, senior property manager, and Catherine Lategan, senior project manager. This expanded team offers a stronger platform of services to investor clients and their assets, and for tenants who are moving or renovating their space.
Boise, March 21, 2016 – The International Downtown Association (IDA) has selected Kâren Sander, associate with the Boise office of Cushman & Wakefield/Commerce, to serve on the Top Issues Council. IDA is the premier association of urban place managers who are shaping and activating dynamic downtown districts, connecting all the stakeholders in a downtown area, and bridging the gap between the public and private sectors.
Last year was a surprisingly strong year for nonresidential construction in Utah. The value of permit authorized, nonresidential construction was up 37 percent, to $2.0 billion, the fourth highest year ever. But the 2015 value does carry an asterisk – the unexpected surge in nonresidential value was due in part to a pair of large energy related projects. The $216 million expansion of Holly Frontier’s oil refinery, in Davis County, was the single largest nonresidential project in 2015, doubling its daily capacity from 30,000 to 60,000 barrels. Solar farms in Beaver and Iron Counties also added another $200 million in nonresidential value. These large energy projects were reported as industrial construction and helped drive the value of this sector to a near record level. In 2015, industrial construction totaled $485.1 million, just below the 2007′s all-time high of $497 million (inflated adjusted).
NEWPORT NEWS, VA – March 15, 2016 – The recently acquired Denbigh Village Shopping Centre in Newport News, Virginia will soon experience a major overhaul. The asset will go under renovations, which will conclude third quarter of this year, as well as go through a period of repositioning to fully lease the remaining 50 percent vacant space, according to Cushman & Wakefield/Commerce.
The January release of the Utah Economic Council’s 2016 Utah Economic Report to the Governor is Utah’s best source for understanding the state’s current and upcoming economic conditions. Twelve major economic indicators included in the report reveal Utah’ economy enjoyed a very good year during 2015 and will likely enjoy a solid year of growth through 2016.
The following narrative provides context and analysis of the change underlying some of the most important indicators.
Congratulations to the Cushman & Wakefield/Commerce top 2015 brokers. We are proud of their professionalism, integrity and accomplishments in 2015.
SALT LAKE CITY, Feb. 11, 2016 –Cushman & Wakefield/Commerce released its 2015 year-end market review which shows an exceptional overall year for commercial real estate in the State of Utah. With a new record set for total annual investment sales and the addition of 48,400 jobs, Utah’s unemployment rate stands at 3.5 percent, a full 1.5 percentage points below the national average.
SEATTLE, Feb 10, 2016 – Cushman & Wakefield/Commerce is pleased to announce the addition of Connor Cree to its Seattle office where he will be joining Tony Kusak and Ryan Foley as part of their industrial team. Cree is joining the company as an associate specializing in tenant representation in the Kent Valley industrial market.
BOISE, Feb. 8, 2016 – Commercial real estate in the Boise area had a strong 2015, according to Cushman & Wakefield/Commerce. The firm released its 2015 Year-End Market Review report detailing the state of commercial real estate in the Boise area, including the office, industrial and retail markets.
“Commercial real estate in the Boise area saw rental rates continue in an upward trend as demand increased and vacancy rates dropped,” said Tim Reid, market leader of Cushman & Wakefield/Commerce Idaho Region. “Although all three market segments, office, retail and industrial, were strong in 2015, the retail market was the shining star as it continued to outperform the others as the economy continued to grow. This has been the seventh consecutive year now that more retail stores opened than closed.”
Twenty-one apartment projects, totaling 4,805 units are currently under construction in Salt Lake County.
Eleven (2,217 units) are in Salt Lake City and 10 (2,588 units) are located in suburban Salt Lake County – all projects will be completed and start leasing units over the next 12 to 18 months.
Between September and November 2015, 12 large apartment projects completed construction and began leasing – 956 of the total 2,283 new units were leased by the end of November, leaving 1,327 units yet to be leased.
SALT LAKE CITY, Jan. 13, 2016 – According to Cushman & Wakefield/Commerce, Salt Lake County industrial demand remained strong, pushing absorption to nearly 2 million square feet, which continued to exceed the five year average.
Activity remained strongest in spaces in excess of 100,000 square feet with both leasing and sale activity reaching the second highest level in the past five years. This is due to the proximity Salt Lake City offers by way of distribution and logistics chains. Salt Lake City reaches all markets from Denver, Phoenix, Los Angeles, San Francisco, Oregon and others within a 24 hour drive, making it an excellent and dynamic location for distribution. Expect to see strong activity in this sector throughout 2016.
SALT LAKE CITY, Jan. 11, 2016 – The latest report from Cushman & Wakefield/Commerce shows activity in the Salt Lake office market ended 2015 strong with net leasing absorption near 976,127 square feet, just shy of peak year 2007.
This strong leasing activity is supported by significant transactions such as CHG’s lease of 281,663 at View 72, Ancestry.com’s lease of 200,317 square feet at Traverse Mountain, and SolutionReach’s lease of 147,000 square feet at Thanksgiving Point.
BOISE, Jan. 4, 2016 – Cushman & Wakefield/Commerce today announced the addition of four new members to the Boise team.
“We are delighted to have three brokers and one dedicated admin join our Boise team,” said Tim Reid, Market Leader of Cushman & Wakefield/Commerce Idaho. “We are particularly pleased to see the retail team grow its ranks. The retail segment of the market in Idaho is very strong and Cushman & Wakefield/Commerce is seen as the go-to team for retail clients. Each new person is joining us with their own unique expertise and successes; we are very excited to have this new talent work with us to maximize our growth and impact on the market in 2016.”
SALT LAKE CITY- Dec. 16, 2015- As the population in Utah continues to increase, Cushman & Wakefield/Commerce is reporting a rapid growth of retail opportunities as the development of residential housing spikes in the southwest portion of Salt Lake County. In response to this rapid increase in housing, Cushman & Wakefield/Commerce is working with Anthem Commercial on new development and expansion of retail space west of Daybreak.
Online sales grew 25.2% year-over-year during the four-day Thanksgiving weekend, traditionally the kickoff of the U.S. holiday shopping season, according to data from IBM. On Cyber Monday, shoppers spent more than $3 billion online, making it the biggest online shopping day. According to comScore, shopping by phone, laptop or tablet jumped 21% to $3.11 billion, the sixth year in a row that Cyber Monday has been the top online sales day on record. U.S. online retail sales are projected to reach $334 billion by year-end and anticipated to total $480 billion by 2019. In the third quarter, online sales accounted for 7.4% of all retail sales in the nation, but that is projected to increase to about 15% during the holidays.