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Onyx Center: Boise Valley Commercial Real Estate for Lease

September 24, 2013 Leave a comment

Onyx Center

Onyx Center
3919 E. Overland Road
Meridian, Idaho 83642

Onyx Center –– a nearly 9,700 square-foot Class A Meridian, Idaho structure – is part of the Silverstone Corporate Center, which is a 90-acre master planned employment center centrally located in the Boise Valley. Situated 1/2 mile from Interstate 84 at the Eagle Interchange, Silverstone Corporae Center features more than one million square feet of tenant amenities within minutes of the center including lodging, day care facilities, a fitness center, and a variety of restaurants. Silverstone also features a professional onsite business concierge available – www.silverstoneamenitycenter.com – to assist with all of your business planning and state-of-the-art meeting facilities designed to provide your business with everything you need to keep your company productive.

Onyx Center has space starting at 1,099 square feet for lease and the building features extensive perimeter and site landscaping, high visibility and access to Overland Road, consistent architecture throughout the park, minimum 5/1,000 parking ratio, and a generous $40/sf tenant improvement allowance on first generation space. Other highlights include:

Zoning: CC
Year Built: 2005
Number of Floors: One
Parking: 5/1,000 usable square feet
Ceiling: Lay-in acoustic ceiling panels in 2’x4’ T-bar ceiling grid with indirect and recessed lighting
Ceiling Height: 10 feet in office areas
Restrooms: Shared or private tenant restrooms throughout
Miscellaneous: All Sundance tenants have proportionate use of the Silverstone Amenity Center at no additional cost.

More information available about Onyx Center at www.sundanceco.com or LoopNet.

About The Sundance Company
Established in 1976, The Sundance Company has the experience to help you with your commercial real estate needs throughout the Boise Valley. If your requirements include property management, leasing, real estate development, project planning, construction or space planning then look to us. The Sundance Company has more than 1.5 million square feet of office and industrial space available in prime locations in the Boise metropolitan area. More information is available at www.sundanceco.com or 208.322.7300.

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Commercial Real Estate Forecast: Vacancy, Rent Improvements

September 17, 2013 Leave a comment

Falling vacancy rates and modest rent growth are predicted for each of the major commercial real estate sectors, according to the National Association of Realtors’ (NAR) quarterly commercial real estate forecast released last month.

NAR is forecasting commercial vacancy rates nationwide to decline 0.2 percentage points in the office sector and 0.6 points in both the industrial and retail sectors. Lawrence Yun, NAR’s chief economist, said the multifamily vacancy rate is not expected to change much as the sector will continue to have the tightest levels of availability.

“Office vacancies haven’t declined much because total jobs today are still below that of the pre-recession level in 2007, but rising international trade is boosting demand for warehouse space,” Yun said. “Consumer spending has been favorable for the retail market, and rising construction is keeping apartment availability fairly even, though at low vacancy levels.”

Lower vacancies are continuing to have an especially pronounced effect on the multifamily sector’s rental rates, according to Yun.

“That, in turn, is pushing apartment rents to rise twice as fast as broad consumer prices and average wage growth,” he said.

Average apartment rents will rise 4 percent in 2013 and another 4 percent next year, according to NAR’s forecast. However, NAR said that with new construction rising to meet increased demand in the multifamily sector, it will likely see vacancy rates edge up only a tenth of a percentage point, from 3.9 percent in the third quarter to 4.0 percent in the third quarter of 2014.

NAR is estimating that vacancy rates in the office sector are expected to decline from a projected 15.7 percent in the third quarter of 2013 to 15.5 percent in the third quarter of 2014. The industrial vacancy rates are projected to fall from 9.3 percent in the third quarter of this year to 8.7 percent in 2014. Retail vacancy rates are expected to decline from 10.6 percent in the third quarter of this year to 10 percent in the third quarter of 2014.

When it comes to rent growth in the other sectors, NAR expects office rent to increase 2.5 percent this year and 2.8 percent in 2014. Industrial rents are expected to grow by 2.4 percent this year and 2.6 percent in 2014, and retail rents are likely to increase 1.5 percent in 2013 and 2.3 percent in 2014.

Article courtesy of reit.com.

About The Sundance Company
Established in 1976, The Sundance Company has the experience to help you with your commercial real estate needs throughout the Boise Valley. If your requirements include property management, leasing, real estate development, project planning, construction or space planning then look to us. The Sundance Company has more than 1.5 million square feet of office and industrial space available in prime locations in the Boise metropolitan area. More information is available at www.sundanceco.com or 208.322.7300.

The Evolving Face of Commercial Real Estate Technology

September 10, 2013 Leave a comment

A recent article from Opinion of Value discussed some new commercial real estate technology showcased at the CRE Tech Intersect. CRE technology is an impossibly broad term that touches really every facet of a complex industry. Occupier services. Search. Data Exchange. Analytics– and more. The CRE Tech Intersect conference pulled these diverse items together in a setting that provided attendees with some great cutting-edge information, but still reminded everyone that personal interaction was still our industry’s most important tool.

COMPSTAK: Brokers have been using data on recent completed leases in the marketplace as currency forever. A lot of veteran brokers have regular meetings with colleagues from competing firms to trade lease comparables. We’ve been crowdsourcing comps for years, and pretty effectively at that.

CompStak CEO Michael Mandel says that they have close to 100% of lease data in New York, the first market in which they rolled out the service. Compstak’s comps are available to brokers essentially on a barter system– you give comps, you can get some. Again, not terribly different from how brokers operate amongst themselves already. Mandel sees a strong market for their data with institutional investors and major developers. CompStak’s aggregated data could supplement information that these entities now get for free from their broker.

This brings up a new take on a conversation that’s been going on in commercial real estate circles for a long time. Not the case everywhere, but it has been a very, very long time since information on something as mundane as available spaces has been considered proprietary.  Brokers that base their business model on hoarding information at their desk are going to be forced to change. This applies to lease comparable data, too. Commercial real estate data is a commodity, and it’s getting cheaper and more readily available. Knowledge, information, and the ability to synthesize both into a real understanding of the market, though, has value. Smart brokers know this and welcome new players like CompStak.

LIQUIDSPACE:  LiquidSpace is focused on booking immediate-need meeting space, short term conference rooms, etc., by taking advantage of an increasingly mobile workforce and the growth of co-working space. CEO Mark Gilbreath has an even bigger vision, though. From a real estate perspective, the biggest challenge facing start-ups is appropriately scaling a young high growth operation. What if these early stage players had an efficient method of ordering their office space à la carte instead of in bulk?  Office space needs can be responded to real-time and based on immediate need.  A more dynamic team with the flexibility to respond to the immediate needs of key employees. Bottom-up facility planning.

About The Sundance Company
Established in 1976, The Sundance Company has the experience to help you with your commercial real estate needs throughout the Boise Valley. If your requirements include property management, leasing, real estate development, project planning, construction or space planning then look to us. The Sundance Company has more than 1.5 million square feet of office and industrial space available in prime locations in the Boise metropolitan area. More information is available at www.sundanceco.com or 208.322.7300.

How To Improve Customer Service

September 3, 2013 Leave a comment

About The Sundance Company
Established in 1976, The Sundance Company has the experience to help you with your commercial real estate needs throughout the Boise Valley. If your requirements include property management, leasing, real estate development, project planning, construction or space planning then look to us. The Sundance Company has more than 1.5 million square feet of office and industrial space available in prime locations in the Boise metropolitan area. More information is available at www.sundanceco.com or 208.322.7300.