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.

Jun
10
C&W Industrial Research MarketNote: Continued Industrial Growth Across North American Markets

The North American industrial sector can be characterized as showing steady growth. In the U.S., many markets reported historic performance in market fundamentals such as vacancy rates, new construction and pricing.

Jun
10
Cushman & Wakefield | Commerce Boise Office Welcomes Retail Specialist Mallisa Jackson

BOISE, ID—June 10, 2014—The Boise office of Cushman & Wakefield | Commerce welcomes retail specialist, Mallisa Jackson.

Jun
3
Commercial Real Estate Veteran Jennifer McEntee Joins the Boise Office of Cushman & Wakefield | Commerce

BOISE, ID—June 3, 2014— Jennifer McEntee, CCIM, an esteemed commercial real estate professional, has joined the Boise office of Cushman & Wakefield | Commerce as a Director where she will provide her clients with all aspects of commercial property transactions from quality contractual documentation to financial analysis and marketing.

Jun
3
Real Estate Focus – There is an office space revolution in progress

There are a number of extremely successful companies who have broken the mold. These companies lead by knowing how their workforce is changing and what office environments will be best suited to their company’s culture and their employees. This revolution is now being picked up by more mainstream companies. What is this revolution and what impact will it have on the design and construction of new office space?

Jun
2
Cushman & Wakefield | Commerce Boise, Idaho 2014 First Quarter Commercial Real Estate Market Update (Videos)

Professionals in the Cushman & Wakefield | Commerce Boise, Idaho office give market updates on all sectors of the commercial real estate industry.

Jun
2
C&W Industrial Research MarketNote: Boom in New Development Increasing Industrial Land Values

Improved market fundamentals and tight vacancies continue to increase the amount of new construction across the U.S. with over 119.5 msf under construction at the end of the first quarter, up 83.0% compared to the same period a year ago.

May
30
Cushman & Wakefield | Commerce Las Vegas Marketbeat Reports Show Strong Industrial, Improving Retail and Office Markets

LAS VEGAS—May 28, 2014—Cushman & Wakefield | Commerce (www.comre.com) released its Q1, 2014 Marketbeat Snapshot reports outlining the state of commercial real estate in the Las Vegas region.

May
30
Cushman & Wakefield | Commerce Welcomes Veteran Asset Services Pro Todd Taft

Cushman & Wakefield | Commerce today announced that Todd Taft has joined the company as a Regional Operations Manager for Asset Services.

May
29
Industrial Specialist, Jake Miller Joins Cushman & Wakefield | Commerce Boise Office

BOISE, ID—May 27, 2014—The Boise office of Cushman & Wakefield | Commerce welcomed Jake Miller as an associate on its Industrial team in the Boise area.

May
21
Cushman & Wakefield Spring 2014 Global Shopping Center Development Report: America, Europe, Asia

The effect the credit crisis and global recession has had on shopping center development has been apparent across the world. There can be absolutely no doubts now that the retail development landscape has changed to varying degrees depending on geography over the last few years. This is not likely to alter significantly in the near future as shopping center owners and developers grapple with the challenges of integrating an increasingly competitive virtual world, where technology is driving a structural change in the retail market and how shoppers want to shop.

May
21
Cushman & Wakefield | Commerce Boise Office Welcomes Office Specialist Shelley Wallace

BOISE, ID—May 20, 2014—The Boise office of Cushman & Wakefield | Commerce today announced that Shelley Wallace has joined its ranks as an office specialist. Wallace will specialize in the leasing and selling of office properties, representing landlords and tenants as well as buyers and sellers.

May
14
Cushman & Wakefield | Commerce Reports High Activity in Puget Sound Commercial Real Estate Market in Q1 2014

SEATTLE—May 14, 2014—The Seattle office of Cushman & Wakefield | Commerce released its Marketbeat Snapshot reports today detailing the Seattle and Bellevue areas’ commercial real estate market status.

May
14
Cushman & Wakefield | Commerce Utah Marketbeat Reports Show Strong Fundamentals for First Quarter 2014 Commercial Real Estate

SALT LAKE CITY—May 14, 2014—Cushman & Wakefield | Commerce (www.comre.com) released its Q1, 2014 Marketbeat Snapshot reports outlining the state of commercial real estate in Utah including reports for the office, industrial, investment and retail markets.

May
13
C&W Industrial Research MarketNote: Manufacturing Sector’s Comeback – Slow but Steady Growth

After the steep decline in output during the Great Recession, the U.S. manufacturing sector has been slowly recovering. The U.S. employment and real estate fundamentals in the manufacturing sector improved over the past three y ears as companies moved to re-shore and on-shore activities from emerging markets. The shift has led to a boost in manufacturing employment and a return to positive gains in absorption levels.

Apr
24
Cushman & Wakefield | Commerce Adds Will Carroll to Seattle Tenant Rep Team

SEATTLE—Apr. 23, 2014— The Seattle branch of Cushman & Wakefield | Commerce has added Will Carroll to its roster as an associate. He will primarily conduct tenant representation in Seattle.

Apr
23
Utah’s Economy: Salt Lake County by the Numbers 2000-2013

From 2000 to 2013, the Salt Lake County economy faced not only the worst three years (2008-2011) since the Great Depression, but also three of the strongest years of economic growth in recent history (2004-2007). The tables below give a statistical history of this volatile period beginning with a snapshot of the Salt Lake County and Utah economy in 2013.

Apr
23
In pursuit of the CCIM designation

I started my career in commercial real estate about two years ago, right as the market began to turn around. Hey, what can I say, I have a knack for timing. Even before accepting a position with Cushman & Wakefield | Commerce, I was already doing research on the Certified Commercial Investment Member designation and preparing to become a candidate. I knew from the start I wanted to be a CCIM and wanted to get on the path towards my designation as soon as possible.

Apr
23
Retail: Love it or loose it

Retail is at the center of our economy. Whether we like it or not, consumerism fuels our growth and depending on its strength can affect all other aspects of commercial real estate. I am quite certain my husband wishes I liked retail less than I do, but after 16 years of helping retailers select locations, I can’t help but support their efforts to add to our economy.

Apr
17
C&W Industrial Research MarketNote: E-commerce Demand Shows No Signs of Slowing

KEY TAKEAWAY

As online retail sales in the U.S. have been on the rise for the past 15 years, online retailers have opened more and in many cases, larger distribution and fulfillment centers around the country. In terms of square feet occupied, E-commerce related tenants have seen their footprints grow at a brisk rate in recent years. In the top U.S. industrial markets, we’ve seen E-commerce firms account for approximately 24% of activity (leases 200,000 sf+) during the last three years.

Apr
17
Cushman & Wakefield | Commerce Closes Land Sale for Joint Operations Center for County Parks Department and County Public Works

SALT LAKE CITY—April 17, 2014—Cushman & Wakefield | Commerce today announced the completion of two transactions involving the purchase of land and an industrial property to be the future home of a centralized operations center for Salt Lake County’s Parks Department and County Public Works.

Apr
2
Cushman & Wakefield | Commerce Closes Sale of the Family Center at Riverdale

SALT LAKE CITY—Apr. 2, 2014—Cushman & Wakefield | Commerce today announced it has completed the sale of The Family Center at Riverdale. The offering included 427,805 square feet of leasable area located in Riverdale, Utah.

Apr
1
Industrial Research MarketNote: Strong Retail Sales Fuels Growth in U.S. Industrial Leasing Activity

There is a strong correlation between U.S. retail sales and U.S. industrial leasing activity. Retail sales continued to rise for the fourth straight year and the wider economy continues to improve. The consumer confidence index ended 2013 at 78.1 – the strongest year-end reading since 2007. As the retail sector, including ecommerce, expands, demand for distribution space and large fulfillment centers rises.

Mar
31
Q4 Snapshot Report indicates 2013 ended as one of the strongest years ever

BOISE, IDAHO—Mar. 31, 2014—Commercial real estate in the Boise metro area had a strong Q4 in 2013 according to a new report from the Boise office of Cushman & Wakefield | Commerce. The Boise area continued to outperform the U.S. economy during the latter part of 2013 and with incomes rising and a stable job market, the market is in a good position for growth.

Mar
28
Data point to strong, continued retail growth

While major retailers across the country continue to close multiple locations, new data from Cushman & Wakefield | Commerce point to overall growth in the retail sector. Locally a 752,321 square feet absorption of existing space points to a healthy retail environment.

Mar
26
Cushman & Wakefield | Commerce Seattle Office Promotes Steve Brunette

The Seattle branch of Cushman & Wakefield | Commerce has promoted Steve Brunette to Senior Director.

Mar
24
Utah’s Economy: Expansion of the Salt Lake International Airport

The expansion of the Salt Lake International Airport will be one of the largest construction projects in Utah’s history. The 10 year project has an estimated cost of $1.8 billion. Big-D Construction/Holder Construction was awarded the construction contract in October 2013.

Mar
19
C&W Industrial Research MarketNote: The Big Picture – Bigger DCs and More of Them

Key Takeaway:

The average footprint of warehouse & distribution buildings has been steadily increasing. National retail tenants continue to re-evaluate their warehousing needs in response to the rapid growth of E-Commerce. The national average square footage of warehouse & distribution buildings constructed since 2000 is more than double the size of the inventory built prior to 2000. Since 2007, that average footprint increased even more by 27%.

Mar
12
Cushman & Wakefield | Commerce Completes Sale of 222 Main, Downtown Salt Lake City’s Premier Office Building

SALT LAKE CITY—Mar. 12, 2014—Cushman & Wakefield | Commerce today announced that a team of its brokers has completed the sale of 222 Main; a Class A, trophy office tower which is widely considered the finest office property in Salt Lake City.

With 426,657 square feet, the sale of this landmark building is the largest single-asset sale in the history of the state. 222 Main was sold by Chicago-based Hamilton Partners, who developed the property, to KBS of Newport, Calif., which is one of the nation’s preeminent buyers of commercial real estate and structured debt investments. KBS has completed approximately $30.0 billion in transactional volume since its inception in 1992.

Mar
12
Cushman & Wakefield | Commerce Closes Sale of Rossignol Building in Park City, Utah

March 11, 2014—Cushman & Wakefield | Commerce today announced the sale of the class “A” office building, home to Rossignol USA in Park City, Utah.

The seller was Cottonwood Newpark Two represented by Janet West of Sage Realty and Kip Paul of Cushman Wakefield | Commerce. The buyer was Newpark Two Property Owners led by local real estate investment group, Cassis Capital Partners. Tim Anker, Managing broker for the Park City Office of Cushman Wakefield | Commerce and Brieona Pappas negotiated the transaction on behalf of the buyer.

Mar
6
3 Things to Know: Reshore, near-shore or offshore – the math is no longer easy

This edition of “3 Things to Know” touches on manufacturing location trends as moving production to countries with cheaper labor is no longer a given and “right shoring” involves the consideration of several variables.

Mar
4
CCIM Utah Names Kip Paul of Cushman & Wakefield | Commerce Top Commercial Real Estate Agent of the Year

SALT LAKE CITY—Mar. 4, 2013—Kip Paul, Executive Director of Investment Sales for Cushman & Wakefield | Commerce has been named as the Top Commercial Real Estate Agent of the Year and the Top Investment Broker of the Year by the Utah Chapter of the CCIM Institute. CCIM Utah is a professional organization for commercial real estate practitioners. This is the third year in a row that Paul has been named as the Top Investment Broker of the Year

Paul also received a third award as having completed the largest sale transaction in the State of Utah. This was for a four-office building project at the Gateway Center totaling 450,000 square feet.

Mar
4
Reshoring: The Return of Opportunities

Reshoring – that is, U.S. companies moving their offshore productions back to the U.S. – is a growing trend across the nation. It offers a great deal of potential business opportunities for commercial mortgage originators. The greater Seattle/Puget Sound industrial real estate market is a prime example of a region ready to take advantage of it.

Feb
27
Industrial Research: MarketNote: The U.S. industrial real estate market marked its strongest performance since 2005

Industrial Research MarketNote: The U.S. industrial real estate market marked its strongest performance since 2005

Feb
27
Cushman & Wakefield | Commerce Adds Evan Olson to Commercial Real Estate Investment Team

The Seattle branch of Cushman & Wakefield | Commerce welcomed Evan Olson as an associate to its commercial real estate Investment and capital markets team. He will work with Gary Danklefsen and Steve Brunette in investment sales.

Feb
14
Utah’s Economy: Year-End and 2014 Forecast

The forecast for the Utah economy in 2014 was developed recently by the state’s Revenue Assumption Work Group. The forecast shows increases for every major economic indicator. The number of jobs is forecasted to grow by 3.1 percent or an increase of 40,000. Auto and truck sales are expected to hit an all-time high, as are exports.

Feb
10
Congratulations to the Cushman & Wakefield | Commerce Las Vegas 2013 Top Producers and Employee!

The Cushman & Wakefield | Commerce Las Vegas office recently held their 2014 Kick-Off. Congratulations to those brokers and employees that were recognized for their production, dedication, and collaboration. Nice work team!

Feb
10
Cushman & Wakefield | Commerce Reports Lower Vacancy Rates in Seattle-Bellevue Commercial Real Estate Markets in Q4

Commercial real estate in the Seattle-Tacoma-Bellevue Metro area had a strong Q4 in 2013 according to new data by the Seattle and Bellevue branches 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
C&W Industrial Research MarketNote: If Timing is Everything, the Logistics Industry is Poised to Benefit from Fuel Price Trends

An increase in crude oil production in the U.S. combined with lower demand for fuel in emerging markets has lowered retail gasoline and diesel fuel prices in the U.S. The decline in diesel prices will accelerate in the coming 24 months as unconventional methods of production further boost supply in the U.S.

Feb
4
Cushman & Wakefield | Commerce to Bring First Shared Executive Office Building to Park City

Park City, Utah—Feb. 04, 2014—Cushman & Wakefield |Commerce (www.comre.com) is bringing, for the first time, a shared office concept for professionals in Park City, Utah that will fill a pressing need for business people in the area. Assemble will provide 11,289 rentable square feet of individual offices, collaboration areas, meeting rooms and ancillary services at the new Cottonwood Building at Kimball Junction. The site is under construction and the owners plan to open the doors in March, 2014.

Feb
4
Cushman & Wakefield | Commerce Reports 2013 was a Strong of Year for Expansion of Commercial Real Estate in Utah

SALT LAKE CITY—Jan. 30, 2013—The Cushman & Wakefield | Commerce (www.comre.com) 2013 Year-End Market Review reports that in Utah, 2013 saw commercial real estate returning to pre-recessionary levels in several categories. The most prolific being total investment sales coming at their second highest level of all time.

“Once again, Utah has seen a stellar year of growth and development, and has received numerous national accolades for its stability, pro-business environment and high quality of life,” said Michael Lawson, President of Cushman & Wakefield | Commerce. “The commercial real estate market in Utah saw a shift in 2013 as it drove past the effects of the recession with all property types moving beyond stabilization into a period of expansion. By end of year, Utah had recorded the second highest level of investment sales activity in the state’s history with nearly $1.4 billion in sales. With numerous construction projects lining up, 2014 is anticipated to be another strong year for commercial real estate.”

Jan
30
Congratulations to the Cushman & Wakefield | Commerce Boise 2013 Top Producers and Employees!

The Cushman & Wakefield | Commerce Boise office recently held their 2014 Kick-Off. Congratulations to those brokers and employees that were recognized for their production, dedication, and collaboration. Nice work team!

Jan
29
Cushman & Wakefield | Commerce Arrange Sale of Three Office Buildings on Nickerson Street in Seattle

Seattle—Jan. 27, 2014—Cushman & Wakefield |Commerce (www.comre.com) brokered the sale of three buildings, 2, 4 and 6 Nickerson which are situated along the water near Fremont, about three miles north of downtown Seattle. The three-building deal totaled $13,650,000, and included 80,723 square feet. The buyer was 246 Nickerson LLC, associated with Stephen C. Grey & Associates and the seller was Columbia West Properties.

Jan
8
State of the Market: Retailers cash in on strong local market

By: Susie Detmer, Executive Director, Cushman & Wakefield | Commerce

Originally published in the Daily Journal of Commerce, December 12, 2013: http://www.djc.com/news/re/12060230.html

Puget Sound regional malls have consistently reported sales increases above the national average and for many tenants, some of their best performing locations are in the Pacific Northwest.

Jan
3
Cushman & Wakefield | NorthMarq Acquires Commerce Real Estate Solutions, C&W Alliance Firm Operating in Utah, Nevada, Washington and Idaho

MINNEAPOLIS (Jan. 3, 2014) Cushman & Wakefield/NorthMarq (CWN), through its holding company NorthMarq Companies, has acquired Commerce Real Estate Solutions, an independently owned and operated Cushman & Wakefield Alliance firm based in Salt Lake City, Utah. Together CWN and Commerce employ nearly 750 employees, have annual revenues of more than $100 million, and manage more than 50 million sq. ft. of commercial real estate assets. The acquisition closed Dec. 31, 2013. Terms of the private transaction will not be disclosed.

Dec
23
Idaho Business Review: A wish list for real estate in 2014

LeAnn Hume, principal at Cushman & Wakefield Commerce, would like to see building owners start planning an area downtown with a high density of retail clothing stores in 2014.

Dec
17
Nevada’s Economy: Tourism Accounts for Slow Growth of Southern Nevada Economy

As we explained in previous issues of Nevada’s Economy, the Southern Nevada economy lags well behind the nation in recovering from the Great Recession. Nevada lost 14.1 percent of its jobs during the Great Recession, and as of October, statewide employment was still 9.7 percent below the high-water mark of 1.297 million set in May 2007. Southern Nevada lost 14.4 percent of its jobs during the Great Recession, and as of October, employment in Southern Nevada was 9.1 percent below the high-water mark of 931.2 thousand set in February 2007.

Dec
9
Utah’s Economy: Needed – More Apartment Construction

Demand is up but supply is down in Utah’s apartment market. Vacancy rates are below 5% and rental rates have increased more than 10% in the past two years.

Nov
26
C&W Industrial Fact: Overall Net Absorption vs Warehousing/Storage Employment

C&W Industrial Fact: Overall Net Absorption vs Warehousing/Storage Employment

Nov
26
Cushman & Wakefield | Commerce Boise, Idaho 2013 Year-End Commercial Real Estate Market Update (Videos)

Cushman & Wakefield | Commerce Boise, Idaho brokers give year-end updates and overview on the state of the market.

Nov
22
Dana Baird, Named Executive Director of Cushman & Wakefield | Commerce

Dana Baird, CPM, CCIM of Cushman & Wakefield | Commerce has been promoted to the position of Executive Director. Baird has served most recently in the capacity of Senior Director of the Cushman & Wakefield | Commerce office division and has been very active in the commercial real estate community for nearly two decades.

Nov
18
C&W Valuation & Advisory Group Informative Snapshot of the Salt Lake City Market

Demand for suburban office space in Salt Lake City maintained momentum in third quarter 2013, as vacancy declined 90 basis points over the past year to 17.1 percent, and rental rates grew by 0.2 percent. CBD office rental rates increased 0.9 percent over the same period of time, although downtown vacancy increased by 1.2 percentage points on an annual basis to reach 18.0 percent. The Salt Lake City economy is growing at a robust rate, which suggests steady growth in the region’s Office and Industrial markets in the coming years.

Nov
14
LeAnn Hume, Branch Manager of Cushman & Wakefield | Commerce Boise Office Receives Certified Leasing Specialist Designation

LeAnn Hume, the principal and branch manager of the Cushman & Wakefield | Commerce Boise office, has received the prestigious CLS designation from ICSC.

Nov
12
C&W Industrial Fact: Major U.S. Markets – Speculative Construction Completions

C&W Industrial Fact: Major U.S. Markets – Speculative Construction Completions

Nov
7
Nevada’s Economy: An In-depth Look at Nevada’s Current Economic Indicators

One consequence of the government shutdown has been the delayed release of data. Most notably absent are the state and local employment numbers. At the state and local level, jobs gained (or lost) are the most common series used to represent the current state of the economy. Now that we lack that information, what other indicators can we turn to?

Nov
7
Cushman & Wakefield | Commerce Reports Strong Office, Retail and Investment Segments in Q3 2013

SALT LAKE CITY—November 7, 2013—Cushman & Wakefield | Commerce recently released its most recent Marketbeat Snapshot reports for Salt Lake City detailing the state of the market for Q3 2013. The reports show the state of Office, Retail, Industrial and Investment commercial real estate market segments.

Nov
6
Utah’s Economy: Slowdown in Economic Growth

In the past few months, the rate of growth in the Utah Economy unexpectedly slowed down.

In three of the last four months, employment growth dropped below 3 percent. For 16 consecutive months (January 2012 through April 2013) employment growth was between 3 and 4 percent.

State Tax revenues slowed to a 1.9 percent first quarter increase while motor fuel taxes and fees fell 9.3 percent.

Nov
6
Cushman & Wakefield | Commerce Reports Strengthening Commercial Real Estate Markets in Las Vegas

Cushman & Wakefield | Commerce released its most recent Marketbeat Snapshot reports detailing the status of the commercial real estate market in Las Vegas, covering the Office, Industrial and Retail markets.

Nov
1
Alison Beddard of Cushman & Wakefield | Commerce Named to 2014 CREW Network National Board of Directors

SALT LAKE CITY—Oct. 31, 2013—Cushman & Wakefield | Commerce (www.comre.com) is proud to announce that Alison Beddard has been elected to serve as a member of the 2014 national Board of Directors for the Commercial Real Estate Women (CREW) Network. Beddard’s appointment will span a 2 year term beginning in January, 2014.

Beddard is an office and investment broker and director at the Salt Lake City-based commercial real estate firm of Cushman & Wakefield | Commerce, one of the largest alliance firms in the Cushman & Wakefield network. It has offices in Utah, Nevada, Washington and Idaho.

Oct
30
Cushman & Wakefield | Commerce Reports Continuing Strength in the Seattle-Bellevue Commercial Real Estate Markets in Q3

SEATTLE—October 30, 2013—The Seattle-Tacoma-Bellevue Metro continues to outperform the national commercial real estate market according to new data by the Seattle and Bellevue branches of Cushman & Wakefield | Commerce. The firm released its most recent Marketbeat Snapshot reports detailing the Seattle and Bellevue areas’ market status.

The entire market has seen a decrease in vacancy and increase in direct asking rents which shows continued strength and economic upturn. Large construction projects in the Bellevue area will create jobs and bring more than 6 million square feet of new space to the market.

Oct
24
Cornerstone Real Estate Joins Horse Station Brokerage Team

October 23, 2013, Boise, ID – Developers of the Horse Station at Cache Valley announced today that the brokerage firm of Cornerstone Real Estate Professionals has joined the team as co-broker in order to strengthen the local representation of the project located in Franklin City, Idaho. The real estate brokerage role is being led by Cushman & Wakefield | Commerce out of their Boise, Idaho office.

“We are excited that our marketing ands sales effort for the project will include Cornerstone as they have great local and regional contacts, and will further enable personal attention paid to prospective property purchasers, sub-developers, businesses and other interested parties,” said Ernest Bleinberger, Master Developer for the project located on 167 acres on Rt. 89 / 91 at the Idaho / Utah border. The mixed-use development will include equestrian and agricultural elements, hotel, specialty retail, restaurants, multi-family residential, and other synergistic elements according to the developer.

Cornerstone maintains five offices along the Wasatch front of the Rocky Mountains and effectively covers this region with a combination of personnel and online marketing. The firm’s Preston, Idaho location will be the primary point of contact for local operations connected to the Horse Station. Within this group, Ms. Stephanie Gunn will be the designated agent for handling site visits, local business recruitment and other related duties. “We are enthusiastic about the realm of opportunities this project has to offer our community. We are excited to hit the ground running,” said Ms. Gunn in an interview.

Cushman & Wakefield is a globally active company with headquarters in New York and offices located around the world. Commerce Real Estate Solutions has been among the top commercial real estate firms in the Intermountain region and Pacific Northwest for over 30 years.

For more information, contact: Ernest Bleinberger / Strategy 5 LLC / Master Developer (435) 563-5638

Oct
22
Utah’s Economy: Trends at Utah’s Universities and Colleges

Trends at Utah's Universities and CollegesOver the past 10 years, tuition at nearly every university and college in the state has doubled. The only exceptions are the College of Eastern Utah and Brigham Young University. This rapid increase in tuition costs is a serious issue, not only for students and their families, but also for the local and national economies. For most of the postwar period, higher education was made very affordable by the G.I. Bill, land-grant universities and junior colleges. The affordability of a college education played a major role in the increased level of educational attainment of Americans and the subsequent vast improvement in wages and the standards of living. Given the threat of rising tuition costs and the importance of higher education to our standard of living, it’s worth looking at recent trends in Utah’s higher education system.

Read the entire report

Oct
15
Cushman & Wakefield | Commerce Welcomes Sharen Bajema as Seattle-Bellevue Branch Operations Director, Washington Region

SEATTLE—October 15, 2013—Cushman & Wakefield | Commerce (www.comre.com) is pleased to welcome Sharen Bajema to the Seattle and Bellevue branches to serve in the position of Branch Operations Director. Bajema is joining the organization with a strong management and operations background and 20 years’ experience in the industry.

The Branch Operations Director serves a supervisory role within the branches. Bajema will oversee to the branch administrative support staff and be an effective partner to the Branch Broker in managing day-to-day operations in line with branch objectives, initiatives, and approaches, in addition to being a liaison for corporate matters.

“We are thrilled to welcome Sharen to the Seattle and Bellevue branches. She will be a great asset to our offices, bringing both experience and knowledge of the Seattle-Bellevue market and industry,” said Dave Magee, Cushman & Wakefield | Commerce Senior Director and Managing Broker of the Washington Region. “Cushman & Wakefield | Commerce prides itself on having a knowledgeable staff of individuals, like Sharen, who are essential to our clients and brokers.”

Oct
15
C&W Industrial Fact: Rising Interest Rates Have Little Impact on Real Estate Value

Please click here to access the electronic version of this information 

Oct
14
Collaborate to Make Space Great

DJ Thompson is an office specialist with Cushman & Wakefield | Commerce. To reach DJ, visit comre.com or dj.thompson@comre.com.

If we as a business community are going to fully emerge from the shadow of the worst economic downturn since the Great Depression, we need to think differently about how we conduct business on a fundamental level. Specifically, with regard to commercial real estate, I believe property owners need to be realistic about their property, consult the advice of specialists on how to position their product and offer a higher level of service to potential tenants.

As published in Idaho Business Review, October 4, 2013. Read the entire article http://idahobusinessreview.com/2013/10/04/collaborate-to-make-a-space-great/