Second Quarter Reports Give Some Reasons for Optimism

NAI Norris, Beggs & Simpson has released its Second Quarter 2012 quarterly reports for office, industrial, retail and multifamily commercial real estate, as well as its economic report.

Office vacancy rose slightly during Second Quarter, to 13.71 percent in central city, 22.76 percent in the suburbs, and 16.62 percent in Vancouver.

Retail vacancy rose slightly to 6.91 percent, with a significant increase in vacancy in Central City as the Yamhill Marketplace former Bally Total Fitness became available. Grocery stores, including Wal-Mart, continue to expand throughout the metro area.

Industrial vacancy fell slightly to 14.19 percent during Second Quarter, with a significant drop in vacancy in Vancouver due to Canfield Transfer’s 62,798 sf lease at Columbia Business Center, and some other sizable leases.

The multifamily market continued to improve, with vacancy down to 2.6 percent during Second Quarter and rental rates rising. Though the single-family housing market is finally seeing some sustained recovery, the apartment market will remain healthy, with strong demand for the roughly 6,000 units under construction in the metro area.

Full reports are available at http://www.nai-nbs.com/Pages/marketresearch.html.

Celebrating Our 80th Anniversary This Month

This month, NAI Norris, Beggs & Simpson is celebrating a monumental occasion: the 80th anniversary of the company’s founding.

Norris, Beggs & Simpson Companies, NAI NBS’ parent company, was founded April 1, 1932, in Portland, Oregon, by A.D. Norris, and George J. Beggs, later joined by David B. Simpson. Beginning as property managers, services soon expanded into mortgage lending as loan correspondents for major life insurance companies. Over the years, the role of NBS Companies in commercial real estate broadened into its present full-service operation. Today, NBS Companies has four distinct areas of focus (one being NAI NBS, the brokerage/property management arm), and three offices in the Northwest, located in Portland, Oregon, and Vancouver and Seattle, Washington. Click here for an overview of our history and areas of focus. You can also learn more in Norris, Beggs & Simpson: Past, Present and Future, an article written by Tracy Laine in her Skyline Rewind column in Portland’s Daily Journal of Commerce.