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.
The Portland metro area commercial real estate market showed some positive signs during First Quarter, according to NAI Norris, Beggs & Simpson’s reports. Here are some key points:
- Central City office vacancy rose slightly to 13.41%, with negative absorption of 147,391 sf. Though office sales remained slow overall, Central City saw a few significant sales.
- First Quarter was slow for suburban office leasing, with vacancy rising slightly to 22.41% and negative absorption of 61,838 sf. Vancouver office vacancy rose more than half a percentage point to 16.02%, with slight negative absorption.
- Industrial vacancy rose slightly to 14.55%, with 34,168 sf absorbed. Despite rising vacancy, there was some significant leasing activity in North/Northeast.
- Flex vacancy dropped slightly to 17.41%, with a flurry of activity in Southwest Sunset.
- Overall retail vacancy rose less than half a percentage point to 6.68%, with negative absorption of 31,705 sf. Some major closures included the Glisan Street Station Target and two former Bally’s gyms, but downtown saw some very positive activity, including Target’s 91,555 sf lease at The Galleria.
- Multifamily vacancy was flat at 2.87%, with moderate growth in rental rates. The big story here is the wealth of apartment construction occurring around the metro area, and particularly in close-in neighborhoods.
Click here for our full report, which includes office, retail, industrial and multifamily, as well as an economic overview.
A team of NAI Norris, Beggs & Simpson brokers represented the seller in the acquisition leasing and $4.5 million sale of a 12,000 sf retail building in Hillsboro’s Tanasbourne area.
NAI NBS President Chris Johnson, Vice President MaryKay West, Vice President Denis O’Neill and Senior Real Estate Broker J.J. Unger represented the seller, Quattro Hillsboro LLC, in the sale.
The building is fully leased to two medical tenants, Aspen Dental and Concentra Health, who both recently signed 10-year leases after the seller retrofitted the building. It is in the heart of the Tanasbourne area, close to Highway 26, with excellent visibility and car traffic.
“Tanasbourne is one of the stronger retail submarkets in the Portland metro area, and this sale is a good indication that demand for well-located, stable retail product is there,” O’Neill said.
Most recently, Chris was the Pacific NW Leasing Representative with Retail Opportunity Investments Corp, a REIT based out of San Diego. He was responsible for leasing a portfolio of more than a million square feet of grocery-anchored shopping centers in Portland and Seattle. Prior to that, he spent six years in retail brokerage in the Portland metro area with Barnard Commercial Real Estate.
Click here to view Chris’ resume.
We’re proud to report that our CEO, Jan Robertson, was honored yesterday as one of the Portland Daily Journal of Commerce’s 2012 Newsmakers. This award recognizes a select roster of the most interesting personalities impacting the local and regional built environments, according to the DJC.
Jan, who has been with NAI NBS since 1981, became CEO of the company during 2011. Read the DJC profile here to learn more about Jan’s career path and industry and community involvement.
Portland’s historic Yeon Building has signed its first new full-floor tenant since Jonathan Rose Companies and its affiliate, the Rose Value-Add Office Fund, invested in the building and began a green retrofit designed to LEED Gold standards.
Conducive Technology, the developer of the FlightStats service, which provides global flight and airport information to consumers and participants across the travel industry, has leased 13,000 sf, taking occupancy April 1. NAI Norris, Beggs & Simpson Senior Vice President Sean Turley and Real Estate Broker Charlie Floberg represented the property’s owner. Brian Wise of Hume Myers Tenant Counsel represented Conducive. More >
The Burnside Rocket, one of Portland’s most unique and sustainable buildings, has been sold.
San Marino Business Partners, LLC purchased the 16,233 sf mixed-use building at SE 11th and E. Burnside from Kevin Cavenaugh, a local developer and architect, for $2.8 million. NAI Norris, Beggs & Simpson Associate Vice President Robert Black represented both parties. More >
NAI Global’s 2012 Global Market Report is hot off the presses, and features insight into what it calls the “long, slow recovery” of commercial real estate markets around the world. This is the 26th year NAI Global has released the Global Market Report, which contains snapshots of more than 200 markets around the world, provided by the professionals in those offices. Portland, of course, is represented!
Click here for a summary on NAI Global’s blog and a link to the full report.
Power Freight Systems, a third party logistics company, has leased 85,600 sf of industrial space at a former United States Postal Service distribution center at 22310 NW Wagon Way, Hillsboro.
Portland’s commercial real estate market saw some improvement during Third Quarter, particularly in the industrial and multifamily markets.
Central City office vacancy rose slightly to 12.88 percent during Third Quarter, with a number of sales of older downtown buildings, including the Medical Dental Building and the Commerce Building (now called Broadway Commons). Suburban office vacancy fell slightly to 23.20 percent. Vancouver vacancy fell significantly to 14.37 percent, with PeaceHealth’s lease at Columbia Center at Columbia Tech Center accounting for 162,000 sf of positive absorption.
The industrial market saw significant improvement during Third Quarter, as vacancy fell more than two percentage points to 14.35 percent, and 916,859 sf was absorbed. Many of the large leases that were signed had long been in the works, including SoloPower’s 225,250 sf lease at Marine Drive Distribution Center.
Retail vacancy remained fairly stable at 6.38 percent. Much of the negative absorption of the quarter could be accounted for by the closures of four local Borders stores, all at around 25,000 sf.
The multifamily market remains healthy, with just 2.78 percent vacancy, and rental rates have risen significantly year-over-year. Institutional investors remain active players in the marketplace, primarily seeking Class A core properties, and development activity should pick up in 2012 and 2013.
To access the reports, visit http://www.nai-nbs.com/Pages/marketresearch.html.