Posts tagged industrial
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.
NAI Norris, Beggs & Simpson has released its First Quarter 2011 quarterly reports for office, industrial, retail and multifamily commercial real estate, as well as its economic report.
Central City office vacancy rose slightly to 12.41 percent during First Quarter. The biggest office news downtown was the $129 million sale of Shorenstein’s First & Main to American Assets Trust. Suburban office vacancy also rose slightly, to 24.13 percent. More >
NAI Norris, Beggs & Simpson has released its Fourth Quarter 2010 quarterly reports for office, industrial, retail and multifamily commercial real estate, as well as its economic report.
Office vacancy in Central City decreased to 11.78%, with a few significant leases. Suburban office vacancy fell slightly to 23.88%, with 121,056 sf absorbed. One of the larger leases of the quarter was ACS taking 30,656 sf at Triangle Pointe for a new call center. Vancouver office vacancy rose slightly to 18.7%. More >
Third Quarter Market Reports for PDX CRE: Signs of Improvement in Multifamily, Central City Office Markets
This week we released our Third Quarter 2010 quarterly reports for the Portland metro area. There’s no doubt that we’re still seeing the impact of the recession, but there was certainly some good news, too. More >
Industrial vacancy rose less than a percentage point to 15.24% during Second Quarter, with negative 354,330 sf absorbed. Southeast saw a significant increase in vacancy, to 14.35%, as United Stationers Supply Co. vacated 40,608 sf at Commerce Park – McLoughlin and relocated to 195,510 sf at Rivergate Corporate Center III in the North/Northeast submarket. Vancouver vacancy also increased about four percentage points to 15.44%, and Columbia Business Center had more than 450,000 sf available. Significant leases of the quarter included Consolidated Molding & Millworks leasing 48,000 sf and Stanton Furniture leasing 92,960 sf at 115th Commerce Park in Southwest I-5. More >
Industrial vacancy decreased slightly to 14.56%, with 118,458 sf absorbed. Vacancy in North/Northeast remained stable at 17.58%. Some large leases were signed in this submarket, including Owens Corning leasing 123,120 sf at Bybee Lake Logistics Center – Phase II. Ferrotec USA and Archive Systems also signed leases at Birtcher Center @ Townsend Way totaling 81,850 sf. Vacancy in Vancouver decreased about 1.5 percentage points, as 82,800 sf was leased up at Hart Industrial Center, bringing that property to 100% occupancy, and 40,267 sf was leased at Westside Business Center. More >
NAI NBS’ Neville Bassett (Portland), Doug Bartocci (Vancouver), and Garret Harper (Vancouver) have obtained the Certified Commercial Investment Member (CCIM) designation.
A CCIM is an invaluable resource to the commercial real estate owner, investor, and user, and is among an elite group of more than 9,000 professionals across North America and in 30 countries abroad. Only 6 percent of the estimated 150,000 commercial real estate practitioners nationwide hold the CCIM designation, an indication of one of the most coveted and respected designations in the industry.
To attain the CCIM designation, each broker completed four core courses, an ethics course and three elective credits, prepared a portfolio and passed a comprehensive exam.
NAI Norris, Beggs & Simpson made a strong showing in the 2009 CoStar Power Broker Awards. For the fifth consecutive year, NAI NBS was named a top leasing and sales firm in the Portland metropolitan market. More >