Archive for October, 2012
Demand for office space in the U.S. held steady in the third quarter as leasing activity and absorption of available office space continued to pick up momentum following a lackluster start at the beginning of 2012, CoStar Group reported this week in the company’s Third-Quarter 2012 Office Review & Outlook.
The overall U.S. office vacancy rate edged down and net absorption rose to 15 million square feet during the quarter from 13 million square feet at mid-year 2012. The relatively little new office supply and continued low levels of new office construction supported the balance in supply and demand.
Meanwhile, office tenants continued to enjoy a ‘holiday’ from rent increases as office rents in most market have yet to budge much from their market trough tipping point, according to analysts for Property and Portfolio Research (PPR), CoStar’s analytics and forecasting division.
“The recovery is only one-third of the way there in the office sector, we still have two-thirds to go,” said Walter Page, PPR director of research, office, who was joined by PPR’s Managing Director Hans Nordby and Manager, U.S. Market Research Aaron Jodka, in dissecting the third-quarter numbers for CoStar clients.
Palm Beach-based Hamburger Heaven will move to the Waterfront Clematis building at 1 N. Clematis St. in West Palm Beach.
A mainstay in Palm Beach, Hamburger Heaven closed its doors in June after a rental dispute with the owners of the building at 314 S. County Road.
The restaurant will occupy 4,443 square feet – nearly double the size of the space it occupied for more than half a century in Palm Beach.
630 N US Hwy 1, North Palm Beach, FL, 33410 – Available for Sale
Four-story office building consisting of 23,200 square feet situated on a .86 acre lot.
Beautiful water views. Floor to ceiling windows throughout. New roof, HVAC condenser, and elevator mechanicals. 3:1000 parking ratio.
Located between PGA Blvd & Northlake Blvd on busy US Highway One. Convenient to restaurants and banking.
– Hamburger Heaven moves to Waterfront After 65 Years in Palm Beach –
West Palm Beach, Fla. — NAI/Merin Hunter Codman, Inc., one of South Florida’s leading privately owned commercial real estate services firm, today announced that is has arranged a lease for Hamburger Heaven, a Palm Beach dining icon, to move to the Waterfront Clematis building at One North Clematis Street in West Palm Beach. The restaurant will occupy nearly double the space that it had for over half a century in Palm Beach, where it became synonymous with down-home delicious and casual fare. Restaurant locations all over Palm Beach County courted Hamburger Heaven — from Palm Beach Gardens to Delray Beach — given its long-term success and established clientele. The restaurant expects to build on its business by tapping into the urban density of the downtown West Palm Beach waterfront, while continuing to draw from its loyal client base on the island of Palm Beach.
“Hamburger Heaven adds to the exciting restaurant and retail mix at Waterfront Clematis,” said Jordan Paul, Chief Executive Officer of NAI/Merin Hunter Codman. “We continue to see urban revitalization at the waterfront area of Clematis Street that began with the 2011 completion of the park. Now, locals and visitors have one more reason to head toward Waterfront Clematis.”
Waterfront Clematis is a mixed-use office and retail development located at One and 101 North Clematis Street, situated at the intersection of Clematis Street and Flagler Drive. Hamburger Heaven inked a deal for 4,443 square feet within the One North Clematis building. The restaurant will seat approximately 150 guests, including 30 sidewalk café spots, and is expected to open soon after the New Year. Diners will have partial water views and look out toward palm trees, flowered trellises and green space. Office tenants in the building, which will also be a draw for Hamburger Heaven, include Florida Crystals, Merrill Lynch and the law firm of Broad & Cassell. More >