Posts tagged office space
Rocky Mountain Credit Union will open its newest branch in Belgrade with a full-service office at 90 West Madison Avenue just east of Jackrabbit between downtown and the Interstate. RMCU is in the process of fully remodeling the location, including a drive-through teller window, and expects to be open for business in early 2013. NAI Landmark’s associate, Chris Pope assisted in this transaction.
Jason Leep recently listed an 1178 sf office condo at 270 W. Kagy in the popular South Town Square in Bozeman, Montana. The office suite is 1178 sf and features an amazing second story patio off of a large conference room. The space has high quality finishes throughout and is for lease at $13/sf/year NNN.
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.
- Chris Pope and Steve Olson of NAI Landmark Real Estate represented the Trustee for the Bankruptcy Court, Mr. Joe Womack, in the 363 bankruptcy sale of the Lodge at Big Sky. The Lodge is one of three hotels on the mountain at the foot of ski runs. The 90 room property was sold by auction to the highest bidder for $3.6M.
- Farm Credit Services has expanded and renewed its lease at 1001 Oak Street in Bozeman. The company will now occupy the entire ground floor formerly of Opus Restaurant and PreFix and half of the second floor.
- If you are wondering what is being built on Lot 11 in the Northstar subdivision in Four Corners just north of Buffalo Bump Pizza is a new dog boarding kennel.
- NAI Landmark has listed for sale three buildings just across the street from the new SIMMS headquarters in Four Corners. The property currently is home to Taco Time and Kenco Security. The 12 condos aggressively priced.
Another reason why living and working in Bozeman, Montana is beyond great. “Not only did Outside magazine name Bozeman one of America’s best ski towns last year, now it’s also given one of the city’s employers the distinction of being among the nation’s best companies to work for.
MercuryCSC, a downtown communications company, is listed 16th on a list of 50 best companies to work for in the magazine’s September issue, slated to be out Tuesday.
MercuryCSC employees enjoy a relaxed workplace atmosphere with group yoga, mountain biking and snow sports excursions, a company kickball team called “Who Shot the Serif?” and a company cruiser bike for running errands downtown, according to the company’s website.”
• McKinstry is a smart building consultant firm that has received the $9 Million contract to upgrade and retrofit MSU in efforts to reduce greenhouse gas emissions. NAI Landmark represented McKinstry in the lease of office space at 1982 Stadium Drive. Read more about the MSU project at http://www.mckinstry.com/projects/173/Montana-State-University
• Jimmy John’s Gourmet Sandwiches has leased space at the Bridger Peaks Towne Center for a new locally-owned franchise facility. NAI Landmark represented the tenant and NAI Business Properties out of Billings, MT represented the landlord. Jimmy John’s can already be found in Great Falls, Helena, Missoula and Billings. For more information visit www.jimmyjohns.com