Hello....Our Research Department has been busy tracking Office and Industrial market activity and this year's 1st Quarter Market Trends Reports are now available directly to you. You may also visit our Blog (www.RansomWith.com/news) to stay updated on weekly trends in the marketplace. Please let us know if you have any questions. Regards,
Tim With & John Ransom
Office Market: The total amount of available office space grew by over 300,000 square feet from Q1 last year. Market rates appear to have stabilized but vacancies are expected to climb slowly over the coming months, delaying an immediate recovery. A local accounting firm, REDW, will be vacating their 35,000 SF building on Jefferson and moving into a larger, 45,000 SF build-to-suit project on Masthead/Jefferson. In the Downtown submarket, Plaza Maya (60,000 SF) was put back in the base inventory since the lender foreclosed on this failed condo project and is now offering space for lease. Also, the USPS admin office is leaving 20,000 SF in 500 Marquette and the DEA is relocating to Mesa del Sol, leaving another 33,000 SF (both Downtown).
Industrial Market: The total amount of available industrial space grew by over 142,000 square feet from Q1 last year. The good news is that new construction activity currently underway is greater than that from the past 3 years. Land sales and new construction in the South Valley have been strong (Waste Management - 49,000 SF building, U.S. Foodservice - 140,000 SF building) and a couple of projects in the North I-25 Corridor (30,000 SF build-to-suit for Stryker, and Gerald Martin General Contractor's new 30,000 SF building).
Click on the thumbnail images below to download the 2011 First Quarter "Office" and "Industrial" Trends Reports.