Posts tagged Big Sky
NAI Global Issues 2012 Global Market Report; 26th Annual Volume Provides Review/Forecast for 217 Commercial Property Markets Worldwide
The commercial real estate industry demonstrated positive signs of growth of in the first half of 2011, but by year’s end many markets worldwide were coping with the impact of financial uncertainty in Europe and the United States, according to the 26th annual Global Market Report released today by NAI Global.
Activity was strong in the first half of 2011, as corporate space users took advantage of a global tenant’s market to reduce overall occupancy costs through consolidation and locking in low effective rental rates. However, commercial real estate markets across the globe were weighed down by the global financial crisis in the second half of the year. Most markets are continuing to show signs of improvement, but at a slower pace. However, with limited new construction, markets could tighten quickly should the pace of the economic recovery pick up.
“While the level of optimism varies from market to market, commercial real estate market fundamentals are generally improving,” said Jeffrey M. Finn, President and CEO of NAI Global. “Corporations once again are moving forward on plans, taking advantage of a tenants’ market worldwide to reduce their overall occupancy costs. Investors are beginning to chase yield as they move beyond core trophy assets to the quality opportunistic plays in strong secondary markets. With a tremendous amount of capital amassed on the sidelines, we expect more assets to transact as pricing continues to hold steady.”
Capital markets showed clear signs of improvement as historically low interest rates and high investor demand resulted in significant increases in global investment sales volumes. Cap rates compressed in most primary and secondary markets, as well-capitalized REITs, private equity and institutional investors aggressively pursue yield. With a relative shortage of quality assets on the market, this trend is likely to continue into 2012. Investors are also acquiring large portfolios of loans and REO as financial institutions are placing more product on the market.
While the level of real estate recovery varies from market to market, many markets across the U.S. are showing signs of recovery, as are parts of Asia, Europe and Latin America. However, the continuing uncertainty in the euro zone and the United States is creating a highly volatile global market that is impacting economic recovery in markets worldwide.
“The US economy is well over two years into the most anemic recovery in post-WWII history,” added Dr. Peter Linneman, NAI Global Chief Economist and Principal at Linneman Associates. “With the exception of home prices, all of the key economic indicators are on the ascent from their respective low points, but are at multiple standard deviations from historical norms. Job growth will be crucial for recovery in real estate markets, as jobs are needed to fill vacant space.”
Now in its 26th year, NAI’s Global Market Report offers insider insight and perspective on market conditions reported by NAI experts on the ground in over 200 property markets worldwide. To obtain a copy of the full report, click here.
Kasey Harte comes to NAI Landmark with over 10 years of commercial real estate experience representing buyers, seller, landlords and tenants as well as project developments. He has strong family business background in commercial leasing, hotels, restaurants, casinos, convenience stores, retail business as well as land and commercial development.
Originally from North Dakota, Cam Holt moved to Bozeman in 2004. He graduated Montana State University with a Business Finance degree in 2007 and has been working in the commercial real estate industry since 2008. Cam thoroughly enjoys working with Montana’s businesses and property owners to find solutions that are beneficial and rewarding to both.
Ryan Springer, another Bozeman native, brings over 15 years of experience spanning from the military, to corporate management to small business ownership and operation. Springer is involved in the Livingston business community as the Chair person for the Vision Livingston Downtown Partnership.
All three associates come to NAI Landmark from Grubb & Ellis. Their diverse backgrounds in commercial real estate and development make them a valuable addition to the NAI Landmark team.
NAI Landmark is a full-service commercial real estate brokerage and advisory firm serving Bozeman, Big Sky and southwestern Montana. The firm specializes in office and retail leasing, commercial property sales, 1031 Exchange properties, development assistance, site selection services, business valuation and buyer representation.
NAI Global is the premier network of independent commercial real estate firms and one of the largest commercial real estate service providers worldwide. NAI Global manages a network of 5,000 professionals and 350 offices in 55 countries throughout the world. NAI professionals work together with the global management team to help clients strategically optimize real estate assets.
Jason Leep with NAI Landmark Real Estate recently represented Kimmett Properties, LLC in the acquisition of a 30,000 sf commercial retail lot in the heart of Belgrade, MT. The lot has excellent visibility from Jackrabbit Lane and is located between Big Sky Western Bank and Rocky Mountain Supply. Stay tuned for updates on the retail plans for this site.
Earlier this year, Kimmett Properties, LLC also recently purchased 719 W. Park Street in Livingston. NAI Landmark represented both sides of the transaction. The location was the former home of Loaf ‘n Jug. Kimmett Properties will tear down the old building to construct a new Cellular Plus retail store.