For the second year, Westerville’s Uptown District will be awarding up to $15,000 in grant money per property for improvements ranging from paint, new windows, awnings to concealing rooftop wiring. Eight local businesses will be receiving grant dollars from the Westerville Industry and Commerce Corp., acting in behalf of the City of Westerville. $200,000 is…
The city of Dublin, Ohio has embarked on a grand project with this one so here’s an update on the progress. The project is moving along and the city is offering a quick look at what it could be. http://vimeo.com/61395284 The Bridge Street Corridor run along State Route 161 (Bridge Street) from Sawmill Road through…
According to CoStar News, sales of commercial real estate in the United States reached $64 billion last year, which is the highest since 2004 and increased 22 percent from 2011. The price gains spread beyond multifamily into industrial, office and retail. Even commercial land showed signs of awakening mostly due to demand for multifamily with…
Developers report that although money is still tight for new commercial development, money is far more available that it was a year ago, especially for new multiunit development. “It’s a good time to be a multifamily developer,” says David Cardwell, vice president of Capital Markets for the National Multi-Housing Council. “I don’t know of any…
New data show major rebound in both commercial and residential construction led almost entirely by multifamily and single family development. Developers and builders started construction on the highest number of single family homes and apartments since July 2008. Multifamily rose 10% in October 2012 to an annualized rate of 285,000 units. Single family building application…
If it’s one thing that markets hate, especially commercial real estate, that’s uncertainty. Also, election really matter and this one made the situation more uncertain. In fact, it’s going to be worse than it has been in the prelude to the election given that Obama still holds the Whitehouse and the Democrats the senate and…
CoStar’s CCRSI index show strong pricing gains across all commercial real estate segments for September 2012. Third quarter commercial real estate transactions closed with with strong pricing gains. CoStar’s two broadest indexes that measure aggregate pricing movement for commercial real estate properties, the CCRSI’s U.S. Value-Weighted Composite Index and the U.S. Equal-Weighted Composite Index, posted…
Commercial real estate prices posted major gains in July across all segments to further support the widely held view that we are at the beginning of a broad based recovery. The two broadest measures of property pricing in this month’s CoStar’s Commercial Repeat Sales Indices (CCRSI) shows big gains for both high end investment grade properties…
The recovery is spreading west, which had been a deeply affect region of the country by the residential housing collapsed combined with the deep recession. There has been a few technology and/or energy based markets in California and Texas that have done well over the last couple of years and that strength is broadening to…
As prices get stupid for the product of choice – the triple net or absolute net, S&P BBB or better, single tenant retail, it starts pulling up secondary and tertiary markets and slightly weaker credit single tenant retail. Multi tenant won’t be far behind. We’re now in a broad based recovery that is pulling the…
Randyl Drummer with CoStar News reports that the rebound in office type jobs is becoming strong enough that we could see rent growth in the near future. The growth spreading to smaller businesses and secondary markets coupled with positive absorption and little new supply coming on the market will lead to rent growth over the…
First quarter 2012 softened a bit as compared to fourth quarter 2011, but net absorption remained positive according to Mark Heschmeyer of CoStar news. Plus, a mild slowdown in the rate of recovery is balanced by the lack of new commercial space coming out of the ground so as a result, vacancy rates are still…
As many of us are aware, unless congress takes action, the top tax rate of dividends will increase from the current 15% to 43.4% next year. That’s a top ordinary income rate of 39.5% plus the 3.8% on investment income as part of Obamacare passed in 2009. Another good reason for commercial real estate and…
CoStar’s monthly National Composite Index of Commercial Real Estate posted gains in eight of the last nine months for January 2012. True, it’s March 15, 2012, but it takes them around 45 days to get the numbers out to us. With the gain in January the national composite index is now 1.9% above January last year….
Randyl Drummer from CoStar news writes, and I agree, that retail rents will begin to rise this year. It’s not so much a huge increase in demand as much as there is virtually no increase in supply. The supply / demand balance is tipping in favor of the landlord. Construction financing is still a pain…
CoStar’s monthly National Composite Index of Commercial Real Estate increased for the seventh consecutive month in November 2011. I know its January 19, 2012, but it takes them around 45 days to get the numbers out to us. Leading the price recovery again has been investment grade property. There’s nothing new there as I’ve been writing…
Even the the office market is picking up around Columbus and Central Ohio with a positive absorption of 303,207 square feet for the fourth quarter of 2011. Major tenants leasing space last year were Alcatel – Lucent moving into 128,541 square feet at Atrium II North Tower; JP Morgan Chase moving into 72,588 square feet…
The Ohio EPA has agreed not to impede the redevopment of the 6 ½ acre second site of the plan at Kingsdale Shopping Center at 1760 – 1800 Zollinger Road in Upper Arlington. The site is the home of the former Giant Eagle, city building and medical building. The city and developer removed asbestos, lead…
For the first time since 2008, overall commercial real estate prices are on the increase. CoStar’s monthly National Composite Index of Commercial Real Estate increased 2.2% and that’s the first since the sharp downturn in 2008. Leading the price recovery has been investment grade property – no surprise there as I’ve written about this for…
The CMBS recovery was coming along so strongly in the first two quarters of 2011 that conservative estimates were $35 – $40 billion and some predictions as high as $50 – 55 billion in originations for the year versus $10 billion for all of 2010. Then we had the stock market, job growth and debt…