The San Diego office market continues to strengthen with absorption of 294,000 square feet in Q3 2014. Overall vacancy rates dropped below 13% for the first time since 2006, with certain submarkets like North City West achieving rates under 8%. Rental rates increased across class A and B properties, with the largest differences between the two classes reaching 30%. New supply additions over the past year total over 1.4 million square feet, with more projects underway. Absorption was led by class B properties in Q3, though class A has seen the strongest demand year-to-date.
The document provides an industrial market report for North County San Diego for Q3 2013. It finds that the total industrial inventory in the region is 52.2 million square feet, with a vacancy rate of 8.93%. Net absorption for the year-to-date is 675,486 square feet. The report also provides statistics on inventory, vacancy rates, absorption, and rents for the major submarkets of Carlsbad, Escondido, Oceanside, San Marcos, and Vista. Carlsbad has the highest vacancy rate at 11.85% while Escondido has the lowest at 5.36%.
San Diego's office vacancy rate dropped to its lowest point since 2006 as net absorption increased in Q2 2014. Class A office saw the most demand and absorption while vacancy rates vary by submarket. Rental rates increased countywide with some of the tightest markets seeing rates above $3.00 per square foot. Large leases were signed across asset classes as new supply comes online throughout the year and into 2015.
The San Diego County office market posted strong demand in Q1 2013 with over 365,000 square feet of positive net absorption. Vacancy rates declined across most classes and submarkets. Class B properties saw particularly high demand, with 413,000 square feet of net absorption. Large lease deals included XIFIN leasing 45,000 square feet in Carmel Valley and Union Bank leasing 84,000 square feet in UTC. New supply is expected to come online throughout 2013 and 2014 from projects in Sorrento Mesa, Carmel Valley, and UTC. Opportunities exist for tenants in Downtown San Diego's 19% vacancy rate and limited prime options in high-demand submarkets.
The San Diego office market saw strong demand in Q2 2013, with overall vacancy declining to 13.4% and net absorption of 540,000 square feet. Class A office space benefited most, seeing 430,000 square feet of net absorption and vacancy dropping to 11.9%. Rental rates for Class A space continue rising and are approaching $3/square foot in many submarkets. While large blocks of Class A space are scarce, there are some campus-style options available for lease over 250,000 square feet in University Towne Centre. By year-end, 295,000 additional square feet of new Class A office space will be completed, though demand is expected to remain high.
The San Diego office market saw strong demand in Q2 2013, with overall vacancy declining to 13.4% and net absorption of 540,000 square feet. Class A office space benefited most, seeing vacancy drop and rents increase. Large blocks of Class A space are scarce in major submarkets like Carmel Valley and Sorrento Mesa, driving effective rents higher. By year-end, 295,000 additional square feet of new Class A office space will be completed, with more projects planned over the next two years that will maintain tight Class A availability.
The document summarizes office market trends in San Diego County for Q4 2012. It finds that office vacancy rates decreased across all classes compared to Q3 2012, with Class A space seeing the largest decrease. Net absorption was positive countywide in Q4, with Class A space accounting for over 200,000 square feet of positive absorption. Rental rates for Class A space continued an upward trend during 2012. Overall the report finds improving demand and conditions in the San Diego County office market.
This document summarizes the industrial real estate market in Charlotte, North Carolina in Q3 2014. Key points include:
- Vacancy rates increased slightly but remained low at 5.61% overall
- Net absorption was positive with 456,735 square feet absorbed in Q3
- Over 2.2 million square feet of new speculative industrial space is planned for construction in Charlotte
- Several large companies announced expansions and new facilities totaling hundreds of thousands of square feet
The document provides an industrial market report for North County San Diego for Q3 2013. It finds that the total industrial inventory in the region is 52.2 million square feet, with a vacancy rate of 8.93%. Net absorption for the year-to-date is 675,486 square feet. The report also provides statistics on inventory, vacancy rates, absorption, and rents for the major submarkets of Carlsbad, Escondido, Oceanside, San Marcos, and Vista. Carlsbad has the highest vacancy rate at 11.85% while Escondido has the lowest at 5.36%.
San Diego's office vacancy rate dropped to its lowest point since 2006 as net absorption increased in Q2 2014. Class A office saw the most demand and absorption while vacancy rates vary by submarket. Rental rates increased countywide with some of the tightest markets seeing rates above $3.00 per square foot. Large leases were signed across asset classes as new supply comes online throughout the year and into 2015.
The San Diego County office market posted strong demand in Q1 2013 with over 365,000 square feet of positive net absorption. Vacancy rates declined across most classes and submarkets. Class B properties saw particularly high demand, with 413,000 square feet of net absorption. Large lease deals included XIFIN leasing 45,000 square feet in Carmel Valley and Union Bank leasing 84,000 square feet in UTC. New supply is expected to come online throughout 2013 and 2014 from projects in Sorrento Mesa, Carmel Valley, and UTC. Opportunities exist for tenants in Downtown San Diego's 19% vacancy rate and limited prime options in high-demand submarkets.
The San Diego office market saw strong demand in Q2 2013, with overall vacancy declining to 13.4% and net absorption of 540,000 square feet. Class A office space benefited most, seeing 430,000 square feet of net absorption and vacancy dropping to 11.9%. Rental rates for Class A space continue rising and are approaching $3/square foot in many submarkets. While large blocks of Class A space are scarce, there are some campus-style options available for lease over 250,000 square feet in University Towne Centre. By year-end, 295,000 additional square feet of new Class A office space will be completed, though demand is expected to remain high.
The San Diego office market saw strong demand in Q2 2013, with overall vacancy declining to 13.4% and net absorption of 540,000 square feet. Class A office space benefited most, seeing vacancy drop and rents increase. Large blocks of Class A space are scarce in major submarkets like Carmel Valley and Sorrento Mesa, driving effective rents higher. By year-end, 295,000 additional square feet of new Class A office space will be completed, with more projects planned over the next two years that will maintain tight Class A availability.
The document summarizes office market trends in San Diego County for Q4 2012. It finds that office vacancy rates decreased across all classes compared to Q3 2012, with Class A space seeing the largest decrease. Net absorption was positive countywide in Q4, with Class A space accounting for over 200,000 square feet of positive absorption. Rental rates for Class A space continued an upward trend during 2012. Overall the report finds improving demand and conditions in the San Diego County office market.
This document summarizes the industrial real estate market in Charlotte, North Carolina in Q3 2014. Key points include:
- Vacancy rates increased slightly but remained low at 5.61% overall
- Net absorption was positive with 456,735 square feet absorbed in Q3
- Over 2.2 million square feet of new speculative industrial space is planned for construction in Charlotte
- Several large companies announced expansions and new facilities totaling hundreds of thousands of square feet
JLL Detroit Office Insight & Statistics - Q3 2019Harrison West
As we look ahead to the end of 2019, we can expect the stable conditions in the Detroit office market to remain. Downtown’s Class A vacancy remains extremely tight outside of the Renaissance Center and will likely stay that way until new inventory is added to the market.
This document provides a market snapshot for the second quarter of 2013 in Toronto's office market. It shows that between Q1 and Q2 2013, office inventory increased slightly while net absorption and average additional rent increased. The vacancy rate and average asking net rent decreased slightly. Several new office developments are underway or planned, including pre-leases through 2017. The financial core submarket makes up half of the city's office inventory and over half of its available space.
JLL Detroit Office Insight & Statistics - Q4 2018Harrison West
The fourth quarter of 2018 was highlighted by yet another high-profile groundbreaking, as Bedrock began work on the Monroe Blocks development, a mixed-use project totaling over 1.4 million square feet that will bring approximately 847,000 square feet to the CBD office inventory. Market-wide, total vacancy fell by 60 basis points to 20.2 percent as 149,007 square feet was absorbed, while average asking rents rose by 1.0 percent up to $19.85 per square foot.
This document summarizes the third quarter 2015 office market report for Toronto North and East. It finds that Toronto North saw decreasing vacancy and increasing availability, while Toronto East saw steady double-digit vacancy and rising availability. Notable transactions included AMD renewing a 240,000 square foot lease in Toronto East and Crosslinx Transit Solutions leasing 56,700 square feet in Toronto North. Occupancy costs averaged $16.70 per square foot for net rent in Toronto North and $13.29 per square foot in Toronto East.
This document provides an overview of office market conditions in Detroit in the fourth quarter of 2015. Some key points:
- Total office inventory was 61.6 million square feet, with a vacancy rate of 19.0%. Net absorption was 157,919 square feet for the quarter and 872,323 square feet year-to-date.
- Asking rents averaged $18.41 per square foot. Several suburban markets like Southfield and Troy had higher vacancies than the CBD but also had lower average asking rents.
- Leasing activity was distributed across market segments and industries. The largest lease signed was 60,000 square feet for a tenant expanding in the CBD.
- Several developments were underway
Avison Toronto office market report q2 2015 creChris Fyvie
The Greater Toronto Area office market saw positive absorption in the second quarter of 2015, led by strong performance in the suburbs. Availability across all classes fell to 11.6% as vacancy rose slightly to 9.9%. Almost 1.2 million square feet of new office space was completed during the quarter, with two-thirds of the 5.7 million square feet under construction located in Downtown Toronto. Demand remained strong from US tenants looking to expand in the market, especially downtown.
JLL Detroit Office Insight & Statistics - Q4 2017Harrison West
Total vacancy fell to 18.5 percent across the metro, while average asking rents rose to $19.18. In total, 885,582 square feet of office space was absorbed in 2017. Multiple significant lease transactions took place in the fourth quarter, perhaps most notably Google’s announcement to move from Birmingham to a 17,000-square-foot space at the office component of the new Little Caesars Arena
JLL Detroit Office Insight & Statistics - Q4 2019Harrison West
2019 marked another year of positive growth for the Detroit office market. Vacancies fell 1.6 percent year-over-year, while rent growth flattened. In the fourth quarter, London-based WPP grabbed headlines with its announcement to lease nine floors of the vacant Marquette Building at 243 W. Congress Street, investing over $19.2 million and adding 1,000 jobs downtown.
JLL Detroit Office Insight & Statistics - Q2 2019Harrison West
The second quarter in the Detroit office market brought a decrease in vacancy and continued rent growth. Total vacancy across the market is currently at 18.5 percent, while average asking rents are $19.85 per square foot, representing a 2.1 percent increase year-over-year...
JLL Detroit Office Insight & Statistics - Q1 2019Harrison West
Over 202,000 square feet of space was absorbed in the first quarter, with notable transactions taking place in the city and the suburbs. Chicago-based Coyote Logistics made headlines with the announcement of a 58,000-square-foot lease at Bedrock’s Assembly Building at 1700 West Fort Street, bringing 500 new jobs to the burgeoning Corktown neighborhood. Google announced plans to expand their 29,000-square-foot office at Little Caesars arena.
Nearly $6.19 billion was invested in the cleantech industry in Q3 2015, with corporate funding accounting for 51% and project funding 49%. Venture capital funding for cleantech decreased 40% year-over-year to $258 million, which was driven by declines in deal volume and average deal size. However, investment in smart grid and energy storage increased significantly, accounting for almost half of total cleantech venture funding for the quarter. Overall, Q3 saw continued expansion of utility-scale solar and wind projects across various US regions.
The Greater Cincinnati office market continued slowing in Q4 2012, with net absorption of -320,686 sq ft and vacancy rising to 20.03%. The Central Business District saw a small increase in positive absorption but not enough to offset the year's negative total. Most negative absorption occurred in the suburbs, pushing the suburban vacancy rate to 21.01%. Developers are starting to market and plan new construction projects as uncertainty from the previous year dissipates.
- The Houston office market saw back-to-back quarters of falling vacancy and positive net absorption for the first time since 2012, absorbing over 1.6 million square feet in Q4 2018.
- New construction played a key role, delivering nearly 100% leased. Several large leases signed at new buildings in 2018 will contribute to continued positive absorption.
- However, the market still saw negative absorption for 2018 overall (-226,000 sqft) though an improvement over 2016-2017. The outlook is for sustained growth in 2019 as fundamentals continue improving.
- The Houston office market saw back-to-back quarters of falling vacancy and positive net absorption for the first time since 2012, absorbing over 1.6 million square feet in Q4 2018.
- New construction played a key role, delivering nearly 100% leased. Several large leases signed at new buildings helped drive absorption.
- While the full year ended in negative absorption, 2018 saw improvement over prior years with absorption moving closer to balance. The market is positioned for continued recovery and growth.
JLL Detroit Office Insight & Statistics – Q2 2016Aaron Moore
The quagmire persists – high demand and not enough supply. CBD vacancy rates for the second quarter were 14.5 percent as office construction has come to a virtual halt.
Year to date, Columbus has seen nearly 5 million square feet of industrial space absorption and over 1.5 million square feet of new construction deliveries. Investors and developers remain optimistic about continued demand given e-commerce growth and companies like Amazon establishing operations. Columbus is well-positioned for more speculative development projects.
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JLL Detroit Office Insight & Statistics - Q3 2019Harrison West
As we look ahead to the end of 2019, we can expect the stable conditions in the Detroit office market to remain. Downtown’s Class A vacancy remains extremely tight outside of the Renaissance Center and will likely stay that way until new inventory is added to the market.
This document provides a market snapshot for the second quarter of 2013 in Toronto's office market. It shows that between Q1 and Q2 2013, office inventory increased slightly while net absorption and average additional rent increased. The vacancy rate and average asking net rent decreased slightly. Several new office developments are underway or planned, including pre-leases through 2017. The financial core submarket makes up half of the city's office inventory and over half of its available space.
JLL Detroit Office Insight & Statistics - Q4 2018Harrison West
The fourth quarter of 2018 was highlighted by yet another high-profile groundbreaking, as Bedrock began work on the Monroe Blocks development, a mixed-use project totaling over 1.4 million square feet that will bring approximately 847,000 square feet to the CBD office inventory. Market-wide, total vacancy fell by 60 basis points to 20.2 percent as 149,007 square feet was absorbed, while average asking rents rose by 1.0 percent up to $19.85 per square foot.
This document summarizes the third quarter 2015 office market report for Toronto North and East. It finds that Toronto North saw decreasing vacancy and increasing availability, while Toronto East saw steady double-digit vacancy and rising availability. Notable transactions included AMD renewing a 240,000 square foot lease in Toronto East and Crosslinx Transit Solutions leasing 56,700 square feet in Toronto North. Occupancy costs averaged $16.70 per square foot for net rent in Toronto North and $13.29 per square foot in Toronto East.
This document provides an overview of office market conditions in Detroit in the fourth quarter of 2015. Some key points:
- Total office inventory was 61.6 million square feet, with a vacancy rate of 19.0%. Net absorption was 157,919 square feet for the quarter and 872,323 square feet year-to-date.
- Asking rents averaged $18.41 per square foot. Several suburban markets like Southfield and Troy had higher vacancies than the CBD but also had lower average asking rents.
- Leasing activity was distributed across market segments and industries. The largest lease signed was 60,000 square feet for a tenant expanding in the CBD.
- Several developments were underway
Avison Toronto office market report q2 2015 creChris Fyvie
The Greater Toronto Area office market saw positive absorption in the second quarter of 2015, led by strong performance in the suburbs. Availability across all classes fell to 11.6% as vacancy rose slightly to 9.9%. Almost 1.2 million square feet of new office space was completed during the quarter, with two-thirds of the 5.7 million square feet under construction located in Downtown Toronto. Demand remained strong from US tenants looking to expand in the market, especially downtown.
JLL Detroit Office Insight & Statistics - Q4 2017Harrison West
Total vacancy fell to 18.5 percent across the metro, while average asking rents rose to $19.18. In total, 885,582 square feet of office space was absorbed in 2017. Multiple significant lease transactions took place in the fourth quarter, perhaps most notably Google’s announcement to move from Birmingham to a 17,000-square-foot space at the office component of the new Little Caesars Arena
JLL Detroit Office Insight & Statistics - Q4 2019Harrison West
2019 marked another year of positive growth for the Detroit office market. Vacancies fell 1.6 percent year-over-year, while rent growth flattened. In the fourth quarter, London-based WPP grabbed headlines with its announcement to lease nine floors of the vacant Marquette Building at 243 W. Congress Street, investing over $19.2 million and adding 1,000 jobs downtown.
JLL Detroit Office Insight & Statistics - Q2 2019Harrison West
The second quarter in the Detroit office market brought a decrease in vacancy and continued rent growth. Total vacancy across the market is currently at 18.5 percent, while average asking rents are $19.85 per square foot, representing a 2.1 percent increase year-over-year...
JLL Detroit Office Insight & Statistics - Q1 2019Harrison West
Over 202,000 square feet of space was absorbed in the first quarter, with notable transactions taking place in the city and the suburbs. Chicago-based Coyote Logistics made headlines with the announcement of a 58,000-square-foot lease at Bedrock’s Assembly Building at 1700 West Fort Street, bringing 500 new jobs to the burgeoning Corktown neighborhood. Google announced plans to expand their 29,000-square-foot office at Little Caesars arena.
Nearly $6.19 billion was invested in the cleantech industry in Q3 2015, with corporate funding accounting for 51% and project funding 49%. Venture capital funding for cleantech decreased 40% year-over-year to $258 million, which was driven by declines in deal volume and average deal size. However, investment in smart grid and energy storage increased significantly, accounting for almost half of total cleantech venture funding for the quarter. Overall, Q3 saw continued expansion of utility-scale solar and wind projects across various US regions.
The Greater Cincinnati office market continued slowing in Q4 2012, with net absorption of -320,686 sq ft and vacancy rising to 20.03%. The Central Business District saw a small increase in positive absorption but not enough to offset the year's negative total. Most negative absorption occurred in the suburbs, pushing the suburban vacancy rate to 21.01%. Developers are starting to market and plan new construction projects as uncertainty from the previous year dissipates.
- The Houston office market saw back-to-back quarters of falling vacancy and positive net absorption for the first time since 2012, absorbing over 1.6 million square feet in Q4 2018.
- New construction played a key role, delivering nearly 100% leased. Several large leases signed at new buildings in 2018 will contribute to continued positive absorption.
- However, the market still saw negative absorption for 2018 overall (-226,000 sqft) though an improvement over 2016-2017. The outlook is for sustained growth in 2019 as fundamentals continue improving.
- The Houston office market saw back-to-back quarters of falling vacancy and positive net absorption for the first time since 2012, absorbing over 1.6 million square feet in Q4 2018.
- New construction played a key role, delivering nearly 100% leased. Several large leases signed at new buildings helped drive absorption.
- While the full year ended in negative absorption, 2018 saw improvement over prior years with absorption moving closer to balance. The market is positioned for continued recovery and growth.
JLL Detroit Office Insight & Statistics – Q2 2016Aaron Moore
The quagmire persists – high demand and not enough supply. CBD vacancy rates for the second quarter were 14.5 percent as office construction has come to a virtual halt.
Year to date, Columbus has seen nearly 5 million square feet of industrial space absorption and over 1.5 million square feet of new construction deliveries. Investors and developers remain optimistic about continued demand given e-commerce growth and companies like Amazon establishing operations. Columbus is well-positioned for more speculative development projects.
AVRUPA KONUTLARI ESENTEPE - ENGLISH - Listing TurkeyListing Turkey
Looking for a new home in Istanbul? Look no further than Avrupa Konutlari Esentepe! Our beautifully designed homes provide the perfect blend of luxury and comfort, making them the perfect choice for anyone looking for a high-quality home in the city.
With a wide range of apartment types available, from 1+1 to 4+1, we have something to suit every need and budget. Each apartment is designed with attention to detail and features spacious and bright living areas, making them the perfect place to relax and unwind after a long day.
One of the things that sets Avrupa Konutlari Esentepe apart from other developments is our focus on creating a community that is both comfortable and convenient. Our homes are surrounded by lush green spaces, perfect for enjoying a peaceful stroll or having a picnic with friends and family. Additionally, our complex includes a variety of social and recreational amenities, such as swimming pools, sports fields, and playgrounds, making it easy for residents to stay active and socialize with their neighbors.
https://listingturkey.com/property/avrupa-konutlari-esentepe/
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TENANT OUTLOOK REPORT
SAN DIEGO COUNTY
FALL 2014 | OFFICE
TENANT ADVISORY SERVICES
VACANCY BY SPACE TYPE
Q3 2014 Q2 2014 CHANGE
DIRECT 12.21% 12.67%
SUBLEASE 0.73% 0.63%
TOTAL 12.94% 13.30%
VACANCY BY CLASS
Q3 2014 Q2 2014 CHANGE
CLASS A 12.73% 12.84%
CLASS B 13.83% 14.34%
CLASS C 11.30% 11.80%
OFFICE VACANCY RATES
Q3 2014
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Q3
VacancyRate
SF(Millions)
Net Absorption New Supply Vacancy
NEW SUPPLY, ABSORPTION AND VACANCY RATES
16.1%
11.7%
12.7%
18.5%
12.2%
12.9%
0% 5% 10% 15% 20%
Downtown
Suburban
S.D. County
All Classes Class A
OFFICE VACANCY RATES
Q3 2014
55.8%
29.3%
9.3%
3.5%
2.1% <= 2,000 SF [299]
2,001 - 5,000 SF [157]
5,001 - 10,000 SF [50]
10,001 - 20,000 SF [19]
>= 20,001 SF [11]
OFFICE LEASING ACTIVITY BY TENANT SIZE
Percentage of Total Leases Completed in Q3 2014
$2.00
$2.10
$2.20
$2.30
$2.40
$2.50
$2.60
$2.70
$2.80
$2.90
$3.00
$3.10
Q3
09
Q4
09
Q1
10
Q2
10
Q3
10
Q4
10
Q1
11
Q2
11
Q3
11
Q4
11
Q1
12
Q2
12
Q3
12
Q4
12
Q1
13
Q2
13
Q3
13
Q4
13
Q1
14
Q2
14
Q3
14
$/SF/Month(FS)
Class A All Classes
HISTORICAL RENTAL RATE TRENDS
Class A & Overall Office Rates
Quarterly Average Asking Rate Per SF Per Month (Full Service)
Absorption of Office Space Continues at a Sizzling Pace
MARKET OVERVIEW
San Diego’s office market continues to strengthen with 294,000 SF of absorption in Q3 2014, increasing
the YTD total to 1,140,000 SF, causing office vacancy to drop below 13% for the first time since 2006.
North City West, consisting of Carmel Valley (7.8%), Sorrento Mesa (8.4%) and UTC (5.6%) continues
to outperform the market with a combined 7.3% direct Class A vacancy. Other “tight” Class A office
markets include Mission Valley (7.7%), Kearny Mesa (7.0%) and Rancho Bernardo (7.8%). As a result,
rental rates for these markets are increasing. However, opportunities can be found with “under
the radar” sublease space and Class B office where the difference between Class A and B rates can
reach 30%.
In September 2014, San Diego’s unemployment rate fell to 5.9%. The job gains were led by healthcare and
the high-paying professional STEM fields (Science, Technology, Engineering, & Math). Health care has
become one of the largest job sectors in San Diego, employing more than 121,000 representing 9% of the
country labor force. Venture Capital (VC) investment in startup companies remains high. According to
the PricewaterhouseCoopers Money Tree Report, 27 local companies raised $238.5 million in Q3. Most
notably were BioNano Genomics ($31M), Epic Sciences ($30M), Tracon Pharmaceuticals ($27M), Acutus
Medical ($20.6M) and Astute Medical ($20M).
NET ABSORPTION AND VACANCY
The Class B office segment saw the most demand during Q3 with 180,000 SF of net absorption. Class
A office absorbed 36,000 SF while Class C gained 78,000 SF. UTC (+107,000 SF) and Kearny Mesa
(+78,000 SF) recorded the most positive net absorption in Q3. For the first nine months of the year, Class
A demand was the healthiest of all office classes, making up over 52% of the net demand – equating to
600,000 SF. Since 2010, both market segments have performed well with Class A demand reaching
nearly 3.1 million SF and Class B at nearly 840,000 SF.
In Sorrento Mesa, Entropic Communications leased 132,000 SF. In UTC, Intercept Pharmaceuticals leased
47,000 SF at BridgePoint while Cubist Pharmaceuticals subleased 19,000 SF at La Jolla Commons. In the
I-15 Corridor, Intel leased 45,000 SF in the former Nokia building expanding their total size to 88,000 SF.
The biggest recorded vacancy in Q3 occurred when Active Network relocated from their headquarters
at Seaview Corporate Center in Sorrento Mesa to Dallas, Texas. As of the end of Q3, they had vacated
approximately 82,000 SF.
Countywide Class A ($2.95/SF) and Class B ($2.30/SF) rates increased. For Class A asking rates, Carmel
Valley averages $3.80/SF; UTC averages $3.45/SF; Sorrento Mesa averages $3.20/SF; Mission Valley
averages $2.80/SF and Downtown (CBD) averages $2.75/SF.
LARGE TENANT ACTIVITY AND OPPORTUNITIES
The largest signed lease transactions include: AMN (175,000 SF) renewal in Carmel Valley; State of
California’s Attorney General (120,000 SF) at One America Plaza in Downtown; Lytx (76,000 SF) at
Ocean Pointe in UTC; Jenny Craig (56,000 SF) renewal in Carlsbad; SERCO (29,000 SF) in Kearny Mesa;
and Moss Adams (24,000 SF) at La Jolla Commons in UTC.
Future CBD absorption may be affected as the new landlord at 625 Broadway is planning to convert their
223,000 SF office building into residential units while other landlords are evaluating repurposing their
office buildings to other product type.
NEW SUPPLY
Nearly 600,000 SF has been completed over the past ten months of the year with over 1.4 million SF
currently under construction. Construction is underway in Sorrento Mesa on a 410,000 SF build-to-suit
for Qualcomm on Pacific Heights Blvd. along with an extensive renovation of the 205,000 SF two-building
Enclave Sorrento project on Barnes Canyon Rd. In Carmel Valley’s Torrey Reserve, American Assets
has three buildings totaling 45,000 SF under construction. Additionally, Kilroy has broken ground at The
Heights Del Mar project that will add 75,000 SF of Class A office in Q4 2015.
The Irvine Company is well underway on One La Jolla Center in UTC, a 306,000 SF Class A office building
targeted for completion in mid-2015. Cisterra’s 320,000 SF build-to-suit office tower for Sempra Energy
in Downtown is expected to be completed in late-2015.
Finally, the MAKE project in Carlsbad consists of a complete renovation of the former Floral Trade Center
from an industrial building to nearly 178,000 SF of creative office space fronting the I-5 freeway.
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HERE
TENANT ADVISORY SERVICES
2. Average rental rates are defined as the average asking monthly rate per square foot normalized to a “full service gross” basis.
FALL 2014 | OFFICE
TENANT ADVISORY SERVICES TENANT OUTLOOK REPORT
SAN DIEGO COUNTY
Submarket / Class Bldgs
Total
Inventory
SF
Direct
Vacancy
Rate
Sublease
Vacancy
Rate
Total
Vacancy
Rate
Prior Qtr
Vacancy
Rate
Net Abs
Current Qtr
SF
Net Abs
YTD
SF
DOWNTOWN
A 20 7,257,266 14.9% 1.2% 16.1% 16.4% 22,318 73,979
B 25 2,231,597 20.5% 0.4% 20.9% 21.4% 12,602 (10,912)
C 13 683,662 36.2% 0.0% 36.2% 34.7% (10,718) (74,611)
TOTAL 58 10,172,525 17.6% 0.9% 18.5% 18.7% 24,202 (11,544)
MISSION VALLEY
A 13 2,017,208 7.7% 0.8% 8.5% 7.4% (22,718) (20,787)
B 64 3,459,528 9.9% 0.4% 10.4% 9.7% (22,520) 44,647
C 67 1,606,324 8.9% 0.1% 9.0% 8.4% (8,220) (11,554)
TOTAL 144 7,083,060 9.0% 0.5% 9.5% 8.8% (53,458) 12,306
KEARNY MESA
A 15 1,858,959 7.0% 0.2% 7.2% 7.6% 6,911 (10,062)
B 106 5,226,307 12.5% 0.1% 12.5% 13.6% 53,213 159,320
C 91 1,876,082 16.6% 0.0% 16.6% 17.6% 18,064 60,007
TOTAL 212 8,961,348 12.2% 0.1% 12.3% 13.2% 78,188 209,265
UTC
A 21 3,504,970 5.6% 0.4% 6.0% 6.7% 25,640 446,425
B 12 1,105,799 15.0% 0.0% 15.0% 22.3% 80,645 13,128
C 6 320,381 3.1% 0.0% 3.1% 3.4% 844 1,426
TOTAL 39 4,931,150 7.6% 0.3% 7.8% 10.0% 107,129 460,979
SORRENTO MESA
A 23 3,819,784 8.4% 0.9% 9.4% 9.3% (4,521) (77,177)
B 51 3,878,029 7.9% 0.4% 8.3% 8.7% 15,077 (36,030)
C 42 866,951 9.2% 0.6% 9.7% 8.3% (12,014) 7,991
TOTAL 116 8,564,764 8.3% 0.6% 8.9% 8.9% (1,458) (105,216)
CARMEL VALLEY
A 44 3,787,819 7.8% 4.2% 12.1% 10.9% (45,853) 148,925
B 25 1,253,709 14.1% 3.0% 17.1% 17.7% 6,361 8,273
C 1 13,914 0.0% 0.0% 0.0% 0.0% 0 0
TOTAL 70 5,055,442 9.4% 3.9% 13.3% 12.5% (39,492) 157,198
RANCHO BERNARDO
A 19 2,232,431 7.8% 0.8% 8.6% 8.4% (5,245) (6,796)
B 58 2,651,871 13.3% 0.0% 13.3% 13.6% 7,309 (104,703)
C 25 490,093 6.7% 0.3% 6.9% 9.1% 10,698 18,846
TOTAL 102 5,374,395 10.4% 0.4% 10.8% 11.0% 12,762 (92,653)
CARLSBAD
A 44 2,000,467 19.3% 1.1% 20.4% 21.2% 17,016 7,794
B 108 2,939,858 14.8% 1.4% 16.2% 16.5% 9,771 33,831
C 36 512,717 12.1% 0.4% 12.5% 16.8% 21,846 22,538
TOTAL 188 5,453,042 16.2% 1.2% 17.4% 18.3% 48,633 64,163
SAN DIEGO COUNTY OFFICE
A 271 31,061,696 11.5% 1.2% 12.7% 12.8% 35,744 598,966
B 972 35,507,332 13.3% 0.5% 13.8% 14.3% 180,076 446,028
C 1,145 15,455,276 11.1% 0.2% 11.3% 11.8% 77,836 98,270
TOTAL 2,388 82,024,304 12.2% 0.7% 12.9% 13.3% 293,656 1,143,264
San Diego County Office Market
VACANCY NET ABSORPTIONEXISTING PROPERTIES
OFFICE OVERVIEW
Q3 2014
Colliers International | Accelerating success. | www.colliersTAS.com
3. COLLIERS INTERNATIONAL
4660 La Jolla Village Drive, Suite 100 San Diego, CA 92122 | USA
TEL +1 858.677.5363
485 offices in
63 countries on
6 continents
United States: 140
Canada: 42
Latin America: 20
Asia Pacific: 195
EMEA: 85
• $2.1 billion in annual revenue
• 1.46 billion square feet under
management
• Over 15,800 professionals
• $75 billion USD in total transaction value
This report has been prepared by Colliers International for general information only. Information contained herein has been obtained from sources deemed reliable and no representation is made
as to the accuracy thereof. Colliers International does not guarantee, warrant or represent that the information contained in this document is correct. Any interested party should undertake their
own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes
all liability for loss and damages arising there from.
Accelerating success.
TENANT OUTLOOK REPORT | FALL 2014 | OFFICE | SAN DIEGO COUNTY
Tenant Advisory Services
www.ColliersTAS.com
> Only represent tenants in their
office lease and purchase
negotiations
> Provide objective conflict-free
advice with full service
resources
> Increase profitability &
mitigate risk
RON MILLER
Senior Director
Tenant Advisory
Services
858.677.5363
LIC # 00874868
Ron Miller is a tenant advisory
specialist. His expertise encompasses
relocation / expansion / contraction
strategies, lease renewal and
restructuring, market analysis, and
user purchase opportunities. With
his extensive career experience
in representing both tenants
and landlords, Ron offers a
unique perspective and valuable
insight to his tenant clients.
17.9
20.1
20.5
10.7
10.8
17.7
13.9
18.3
16.5
23.7
15.8
23.1
14.1
16.5
22.1
9.7
13.8
16.0
15.9
13.8
20.6
11.6
14.0
21.4
10.6
15.8
15.4
0
5
10
15
20
25
Downtown Mission
Valley
Kearny
Mesa
UTC Sorrento
Mesa
Carmel
Valley
Rancho
Bernardo
Carlsbad San Diego
County
Months
Class A Class B All Classes
OFFICE SPACE TIME-ON-THE-MARKET
Average Months by Submarket and Class
TIME ON MARKET
Time-on-the-market for Class A office space is averaging 16.5 months countywide.
55.8%
29.3%
9.3%
3.5%
2.1% <= 2,000 SF [299]
2,001 - 5,000 SF [157]
5,001 - 10,000 SF [50]
10,001 - 20,000 SF [19]
>= 20,001 SF [11]
OFFICE LEASING ACTIVITY BY TENANT SIZE
Percentage of Total Leases Completed in Q3 2014
$2.00
$2.10
$2.20
$2.30
$2.40
$2.50
$2.60
$2.70
$2.80
$2.90
$3.00
$3.10
Q3
09
Q4
09
Q1
10
Q2
10
Q3
10
Q4
10
Q1
11
Q2
11
Q3
11
Q4
11
Q1
12
Q2
12
Q3
12
Q4
12
Q1
13
Q2
13
Q3
13
Q4
13
Q1
14
Q2
14
Q3
14
$/SF/Month(FS)
Class A All Classes
HISTORICAL RENTAL RATE TRENDS
Class A & Overall Office Rates
Quarterly Average Asking Rate Per SF Per Month (Full Service)
RENTAL RATES
For the last two years, the
countywide average asking
rental rate has steadily
increasing from a low of
$2.10/SF on a “full service
gross” basis. Q3 2014 was
the 11th consecutive quarter
where the rate has either
increased or remained flat
with the current rate of
$2.27/SF exhibiting a $0.03
increase during the quarter.
The Class A rate also posted
a quarterly increase of
$0.02 to $2.88/SF.
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
011 2012 2013 2014
Q3
VacancyRate
Vacancy
Y RATES
55.8%
29.3%
9.3%
3.5%
2.1% <= 2,000 SF [299]
2,001 - 5,000 SF [157]
5,001 - 10,000 SF [50]
10,001 - 20,000 SF [19]
>= 20,001 SF [11]
OFFICE LEASING ACTIVITY BY TENANT SIZE
Percentage of Total Leases Completed in Q3 2014
$2.00
$2.10
$2.20
$2.30
$2.40
$2.50
$2.60
$2.70
$2.80
$2.90
$3.00
$3.10
Q3
09
Q4
09
Q1
10
Q2
10
Q3
10
Q4
10
Q1
11
Q2
11
Q3
11
Q4
11
Q1
12
Q2
12
Q3
12
Q4
12
Q1
13
Q2
13
Q3
13
Q4
13
Q1
14
Q2
14
Q3
14
$/SF/Month(FS)
Class A All Classes
HISTORICAL RENTAL RATE TRENDS
Class A & Overall Office Rates
Quarterly Average Asking Rate Per SF Per Month (Full Service)
LEASING ACTIVITY
A total of 536 leases were
completed in Q3 2014. This
equated to a 14% decrease in
total leases compared to Q2
2014. Leasing volume will
likely continue to be robust in
2014, allowing vacancy to
continue to decrease while
fueling rental increases due to
the accelerated demand.
www.ronmillersd.com
Colliers International | Accelerating success. | www.colliersTAS.com