Greetings, I read an article today about our re-surging apartment sales market in Reno. Many commercial brokers are optimistic this particular sector will continue to improve because of the lowering vacancy and lack of new construction. Apartment vacancy is currently running at 6.56% according to the appraisal firm of Johnson Perkins, who tracks all apartments [...]
Category: "Commercial"
Commercial Real Estate Offers Investors Refuge
Greetings, Kenneth P. Riggs, president of Real Estate Research Group, writes an interesting article about how investors are viewing commercial real estate investments with renewed interest, especially given the dismal standing of their other investment options, such as stocks or bonds. With record amounts of cash on the sidelines, institutional and private investors are seeing [...]
B of A Sells Prominent Office Tower in Boston
Greetings, The enclosed link takes you to an article in the Boston Globe by Todd Wallack and Casey Ross about the prominent Bank 0f America office tower in downtown Boston. B of A is in negotiations to sell the 37 story skyscraper for $600 million to a company called Boston Properties Inc. The building was [...]
Interesting Wall Street Article on Office Rents
Greetings, I just read an article in Wall Street by Elliot Brown titled “Less Building Now, Higher Office Rents Later”. In this article, Mr. Brown emphasizes the lack of office construction across the U.S. could result in higher office rents and increased building values. Certainly, there are other economic forces that will also impact office [...]
Grubb & Ellis Year End Forecast
Greetings, Last year was stagnant in the office sector in the Reno/Sparks market. Overall vacancy continued to maintain at between 19% and 20%, due primarily to the loss of tenants from Class C and B- space to Class A. This has been termed “flight to quality”. Absorption for the year did go into the positive [...]
Glenn Group Wins Workplace Award
Greetings, I have 7500 sf of office space listed for lease at 50 Washington Street – the same building that is home to The Glenn Group. According to an article today in the RGJ Business Section, The Glenn Group recently was awarded the title of Reno’s Healthiest Place to Work at the Reno Chamber [...]
It’s A Commercial Tenant’s World
Greetings, I recently spoke with a colleague who owns several office buildings in downtown Reno. We were talking about the office market in general and how difficult it has been lately to find tenants for empty space. That is good for tenants and not so good for landlords. The overall office vacancy has consistently [...]
Does it Make Sense to Own vs. Rent A Commercial Building?
Greetings, I recently spoke with Adrien Burney of Nevada State Development Corporation, an originator of SBA loans. She informed me the interest rates for the SBA portion of the SBA 504 loan was now down to 4.70%! An SBA 504 loan program involves two loans combined as a 1st and a 2nd mortgage. The 1st [...]
Green Commercial Office Leases
Greetings, Due to the slow economy and lack of new commercial construction, emphasis on green building practices has dwindled, at least temporarily. However, there is still some interest in green leases. Tenants and landlords sometimes share an interest in making their spaces conform to green, environmentally responsible standards. Here is a link to the article [...]
When Planning to Lease Commercial Office Space, Plan Ahead!
Greetings, As commercial office specialists with Grubb & Ellis, my partner I work with quite a few tenants who move from one office location to another. Their reason for moving often involves the opportunity to lease nicer space for the same or less rent than their current location. Sometimes the tenant has downsized his business, [...]
