San Diego's office market is seeing increasing momentum in 2012, with rising job creation and declining unemployment boosting demand for office space. Net absorption in 2011 was 68,000 SF while leasing activity totaled 1.5 million SF, indicating renewals dominated over new tenants. Several large companies committed to new office blocks in early 2012. With job growth accelerating and rental rates remaining low, many firms are willing to commit to longer lease terms, though tenants still have an advantage in negotiations. However, landlords may start raising rents for Class A space.
The San Diego County office market saw steady demand in Q3 2012 with 205,000 SF of positive net absorption. Vacancy rates decreased slightly to 14.7% as absorption outpaced new supply. Rental rates have stabilized after bottoming out in 2011 and are rising for Class A space in certain submarkets as vacancy declines. However, economic and political uncertainties could impact demand if planned defense budget cuts materialize in early 2013 as anticipated.
This document provides an analysis of DR Horton's strong first quarter 2010 results compared to its competitors. The author argues that DR Horton's "spec building" strategy, where it builds homes before finding buyers, gives it advantages over competitors that focus on building to order. DR Horton is well positioned to benefit from changes in the homebuilding industry as the housing crisis has made bank financing unavailable for many smaller builders. The author believes DR Horton has been consistently undervalued by the market despite its superior operating performance and growth potential.
Recine Team Report
Provider of instant No obligation e-mail updates as soon as homes are listed. Get acess to homes as soon as they aprear on MLS. sign up today. click website to register today
[1] ALLTEL achieved solid financial results in 2002 despite economic challenges, with revenues and earnings per share up 6% and 14% respectively. [2] The company completed two acquisitions, adding over 1.35 million customers, and raised $3 billion in financing for the deals. [3] Looking ahead, ALLTEL will focus on improving the customer experience at all points of interaction and navigating ongoing industry and regulatory issues.
Arrow Electronics had a record year in 2007, with sales of $16 billion, an 18% increase over 2006. Productivity among employees also rose 11%. The company continues to invest in growing both its Global Components and Enterprise Computing Solutions businesses. It aims to drive industry-leading performance while also investing for long-term growth. Arrow is transforming its systems to operate more efficiently on a global scale through an ERP initiative.
This document is a letter to stockholders from Toll Brothers, a luxury home builder, addressing the company's performance in the first quarter of fiscal year 2008. It summarizes that housing market conditions remained weak with declining sales. The company reported a net loss for the quarter due to write-downs, though earnings excluding write-downs were positive. Backlog and gross contracts signed declined significantly year-over-year as the company continued adjusting to soft market conditions.
U.S. Bancorp reported net income of $942 million for Q4 2007, down from $1,194 million in Q4 2006. Earnings per share were $.53 compared to $.66 in Q4 2006. Results were impacted by $215 million in charges related to Visa litigation and $107 million in losses from money market securities. Excluding these charges, earnings were comparable to Q3 2007. Loan and deposit growth was strong, driven by fee businesses. Credit quality remained sound with manageable expected increases in charge-offs and nonperforming assets. The company remains well-capitalized and increased its dividend.
The document provides a summary and analysis of the payments system industry for Q2 2010. It notes the significant impacts of the Gulf oil spill and impending Dodd-Frank and Durbin regulations. Prepaid card companies are scrambling to meet CARD Act requirements, while the segment avoided the full impact of new laws. One prepaid company filed for bankruptcy. Green Dot moved ahead with plans for an IPO and bank acquisition. Predictions for 2010 are reviewed, with mobile payments and barcodes showing more adoption.
The San Diego County office market saw steady demand in Q3 2012 with 205,000 SF of positive net absorption. Vacancy rates decreased slightly to 14.7% as absorption outpaced new supply. Rental rates have stabilized after bottoming out in 2011 and are rising for Class A space in certain submarkets as vacancy declines. However, economic and political uncertainties could impact demand if planned defense budget cuts materialize in early 2013 as anticipated.
This document provides an analysis of DR Horton's strong first quarter 2010 results compared to its competitors. The author argues that DR Horton's "spec building" strategy, where it builds homes before finding buyers, gives it advantages over competitors that focus on building to order. DR Horton is well positioned to benefit from changes in the homebuilding industry as the housing crisis has made bank financing unavailable for many smaller builders. The author believes DR Horton has been consistently undervalued by the market despite its superior operating performance and growth potential.
Recine Team Report
Provider of instant No obligation e-mail updates as soon as homes are listed. Get acess to homes as soon as they aprear on MLS. sign up today. click website to register today
[1] ALLTEL achieved solid financial results in 2002 despite economic challenges, with revenues and earnings per share up 6% and 14% respectively. [2] The company completed two acquisitions, adding over 1.35 million customers, and raised $3 billion in financing for the deals. [3] Looking ahead, ALLTEL will focus on improving the customer experience at all points of interaction and navigating ongoing industry and regulatory issues.
Arrow Electronics had a record year in 2007, with sales of $16 billion, an 18% increase over 2006. Productivity among employees also rose 11%. The company continues to invest in growing both its Global Components and Enterprise Computing Solutions businesses. It aims to drive industry-leading performance while also investing for long-term growth. Arrow is transforming its systems to operate more efficiently on a global scale through an ERP initiative.
This document is a letter to stockholders from Toll Brothers, a luxury home builder, addressing the company's performance in the first quarter of fiscal year 2008. It summarizes that housing market conditions remained weak with declining sales. The company reported a net loss for the quarter due to write-downs, though earnings excluding write-downs were positive. Backlog and gross contracts signed declined significantly year-over-year as the company continued adjusting to soft market conditions.
U.S. Bancorp reported net income of $942 million for Q4 2007, down from $1,194 million in Q4 2006. Earnings per share were $.53 compared to $.66 in Q4 2006. Results were impacted by $215 million in charges related to Visa litigation and $107 million in losses from money market securities. Excluding these charges, earnings were comparable to Q3 2007. Loan and deposit growth was strong, driven by fee businesses. Credit quality remained sound with manageable expected increases in charge-offs and nonperforming assets. The company remains well-capitalized and increased its dividend.
The document provides a summary and analysis of the payments system industry for Q2 2010. It notes the significant impacts of the Gulf oil spill and impending Dodd-Frank and Durbin regulations. Prepaid card companies are scrambling to meet CARD Act requirements, while the segment avoided the full impact of new laws. One prepaid company filed for bankruptcy. Green Dot moved ahead with plans for an IPO and bank acquisition. Predictions for 2010 are reviewed, with mobile payments and barcodes showing more adoption.
This editorial discusses opportunities for VARs and MSPs in the growing healthcare IT industry. It introduces two articles that provide more details on specific opportunities. The first article by Leo Bletnitsky argues that healthcare IT is a profitable vertical for VARs and MSPs to specialize in, due to opportunities from electronic medical records implementation and stimulus funds, as well as the need to increase efficiency as reimbursement rates decrease. The second article interviews Robert Cohen and Bob Laclede of ChannelLine about their new healthcare IT program and the real opportunities they see in practice management applications and electronic health records.
Multiplus is a Brazilian coalition loyalty program company that presented at an investor presentation in December 2012. The presentation contained forward-looking statements and estimates subject to risks and uncertainties. It discussed Multiplus' innovative business model and multiple drivers of growth, including domestic consumption growth, credit card usage growth, and air transportation growth in Brazil. It also outlined the company's goals to diversify revenue streams and drive value for members and partners through branding, innovation, and knowledge. The presentation positioned Multiplus as a promising investment due to its high growth, strong cash generation, attractive dividend payout, and improving stock liquidity.
The document summarizes rental market statistics for the second quarter of 2012 in the Greater Toronto area. It finds that apartment rentals increased 3% year-over-year while listings grew 15%. The average rent for a two-bedroom apartment was $2,088, up 4% from the second year. Strong condo development added to investor-held units on the rental market but demand remained high, keeping vacancy rates low and rents increasing above inflation.
20% of members may be eligible for home refinance under HARP 2.0! (Webinar Sl...NAFCU Services Corporation
The new Home Affordable Refinance Program (HARP) offers a huge opportunity for credit unions to help roughly 20% of members. Between two and five million underwater homeowners could be helped by this program.
HARP 2.0 is a revamped version of the original HARP program, a program whose restrictions limited its effectiveness. Those barriers are now gone.
Watch and listen to this educational session on HARP 2.0 hosted by expert presenter, Nizar Hashlamon to hear more about a program that could change your members' lives, help boost the economy, and increase mortgage business at your credit union. For more info: www.nafcu.org/primealliance
Kaydon Corp. is rated a "Buy" with a price target of $30.85. Kaydon designs and manufactures custom-engineered bearings and other products. It has benefited from growth in the wind power industry, which now represents about 20% of sales. However, Kaydon faces cyclical risks from its industrial end markets declining. It also relies on acquisitions for growth, which carry integration risks. Government subsidies that support the wind industry could also be at risk if not extended. Overall, Kaydon is well-positioned in stable industries like defense, but broader economic weakness and policy changes present challenges.
The U.S. real estate market saw a comeback in 2012 with cumulative home values gaining more than $1.3 trillion, representing the first annual gain in more than five years. However, price recovery is expected to slow in 2013 with only a 2.1% increase projected nationally as homes start from a higher base price. Some local markets may see a backslide in values depending on broader economic factors. The Northeast saw the lowest annual growth rate at 1.5% and a similar trend is expected in 2013. Overall, the housing market is projected to continue steady growth in 2013, though chances of a robust recovery remain slim.
The document summarizes the top 10 business continuity issues for 2012 as identified by ContinuitySA, a leading provider of business continuity and disaster recovery services in Africa. The key issues are: 1) Increasing socio-economic challenges exacerbating political and social tensions; 2) Lagging government performance and service delivery fueling unrest; 3) Persistent infrastructure weaknesses and pressure on the middle class; 4) Ongoing water security problems; 5) A worsening business climate due to various risks; 6) Increased regulatory burdens and board responsibilities; 7) Supply chain vulnerabilities to global events; 8) Blurring of boundaries from cloud computing; 9) New data risks from employee mobility; and 10) Need to better integrate continuity
The Las Vegas office market continues to show signs of recovery in Q4 2011. Vacancy rates remained stable at 23.8% while direct net absorption was positive for the full year after being negative since 2008. Rents have stabilized after declining but remain lower than past rates. Absorption was positive for Class B and A properties while Class C saw negative absorption. The outlook expects further improvement in 2012 with lower vacancy and slightly higher rents dependent on continued job growth and economic stability in the region.
Las Vegas Americas Market Beat Industrial Q42011Jessica Parrish
The document provides an economic and market snapshot of the industrial real estate sector in Las Vegas, Nevada for Q4 2011. Key points include: vacancy rates remained stable at 15.1% overall; direct net absorption ended the year positive for the first time since 2008; median asking rental rates ranged from $0.35 to $0.52 per square foot per month; and the outlook expects continued modest economic improvement in 2012-2013 dependent on job growth.
C&W - MONTREAL OFFICE MARKETBEAT - Q4 2012 Guy Masse
The Montreal office market saw slowing growth in Q4 2012, with overall absorption dropping slightly to -15,000 square feet due to large blocks of vacant space returning to the market. However, vacancy rates remained steady at 7.7% overall and 6.7% direct. Suburban office markets performed better than the downtown core, with over 160,000 square feet of positive absorption offsetting increased vacancies downtown. Looking ahead, nearly 750,000 square feet of new downtown construction is expected to alleviate class A space shortages while stable rental rates and expanding suburban options will boost future leasing activity.
This report provides an overview of the San Diego commercial real estate market in winter 2012. Some key points:
1) The market saw positive momentum in 2011 with over 1.5 million square feet of leasing activity and net absorption of 68,000 square feet, though much of the leasing was renewals rather than new tenants.
2) Job growth is accelerating in San Diego, especially in technology, education, healthcare, and professional services. Several large companies committed to new leases totaling over 500,000 square feet.
3) Vacancy rates decreased to 15.4% countywide as net absorption was positive for the eighth consecutive quarter, with demand strongest in Class A space. However
North American Office Highlights Q4-12Coy Davidson
The document summarizes North American office market highlights from Q4 2012. Some key points:
- Vacancy rates declined further in Q4 2012 to 14.09% in North America and 14.63% in the US. Net absorption was strong at 21.1 million square feet in North America.
- Office leasing and transaction activity remained robust in Q4 despite economic uncertainty earlier in 2012. Major office property sales totaled $77.6 billion for the year.
- "ICEE" markets (focused on intellectual capital, energy, and education) continue to see disproportionate absorption. Medical office has also seen increasing transaction volume.
- Recovery in the housing market may further drive office demand
Las Vegas Americas Market Beat Medical Office Q42011 In HouseJessica Parrish
The medical office market in Las Vegas experienced rising vacancies in 2011 due to the effects of the economic slowdown. The overall vacancy rate increased to 18.3% in the fourth quarter of 2011. Lease rates remained low as landlords offered concessions to attract tenants, with average asking rents at $1.71 per square foot. While vacancies remained stable, absorption was negative as the market continued to struggle with overbuilding and a large unemployed workforce reducing demand for medical services. The outlook anticipates lower vacancy rates and slightly higher lease rates in the coming years dependent on job growth and economic improvement.
The net lease market report for Q2 2011 found that asking capitalization rates rose across most property sectors as lower quality assets were added to the market. However, cap rates for properties with investment grade tenants and long-term leases continued to compress due to high demand and limited supply. Cap rates for core assets like McDonald's properties compressed despite overall retail rates rising. A lack of new development is causing supply constraints for quality single-tenant properties through 2012, keeping cap rates low for these assets. The national single-tenant net lease market remains active but concentrated in core assets, and cap rate spreads between these and other properties are widening.
The retail real estate market is faring better than two years ago but still faces many challenges. While retail sales have increased over the past year, the gains have been uneven, with discount and high-end retailers thriving while mid-range retailers continue to struggle due to stagnant wages, high gas prices, and lackluster job growth. Consumer confidence, as measured by an index, remains below healthy levels, indicating consumers remain cautious in their spending. Vacancy rates remain elevated but are expected to decline in coming quarters as demand gradually increases.
The document summarizes the Manhattan office market in Q4 2012. It notes that 2012 saw sluggish leasing activity and a 25% drop in total leasing from 2011, largely due to economic uncertainty. While large transactions disappeared, fundamentals like the unemployment rate improved modestly. The forecast predicts continued modest declines in vacancy rates and rent increases in 2013, but smaller deals and slower job growth, especially in finance.
Thompson Creek Metals provided an update on its Mt. Milligan copper-gold project in British Columbia. Construction is 54% complete overall and 72% of engineering, procurement and construction management is finished. Key milestones have been achieved, including water storage and concrete foundations. Assembly of grinding equipment is underway and the on-site power system is operational. The project remains on schedule for start-up in Q3 2013 and commercial production in Q4 2013. Thompson Creek has taken steps to de-risk the project through extensive engineering, procurement commitments, and use of lump-sum contracts.
Brookfield Office Properties - BPO - Quarterly EarningsKevin Cheng, CFA
Brookfield Office Properties reported second quarter 2012 results that exceeded expectations due to non-recurring income and accounting adjustments. While the company achieved strong leasing spreads, overall leasing velocity has moderated from 2011 due to macroeconomic headwinds. There was repeated focus during the earnings call on Brookfield's leverage and liquidity. The company is likely to see flat to declining funds from operations per share into mid-2014 as it carries vacant space previously leased to Bank of America. However, Brookfield remains the "value" name among large-cap office REITs due to its discount to net asset value and earnings momentum concerns over the next few years.
In 3 sentences:
BGC Partners reported their financial results for 4Q2012 compared to 4Q2011. Total revenue was $1.1 billion, down 1% from the previous year. Revenue from rates, credit, and equities declined due to lower industry volumes and quantitative easing, though foreign exchange revenue grew due to strong performance in electronic trading. Overall pre-tax earnings were $35.1 million in financial services and $12.6 million in real estate.
The document summarizes the real estate and economic outlook presented by Lawrence Yun, Chief Economist for the National Association of Realtors. It finds that while the housing market has improved from the downturn, with home sales and prices rising, it remains below historic averages. The outlook predicts further gains in home sales, prices, and construction in 2012-2013, supported by job growth, low interest rates, and improving affordability. However, risks like fiscal policy uncertainties could still negatively impact the recovery. Commercial real estate transaction volumes and rent growth are also expected to continue strengthening.
C&W - MONTREAL INDUSTRIAL MARKETBEAT - Q4 2012 Guy Masse
This document provides a quarterly market snapshot of the Canadian industrial real estate sector in Q4 2012. Some key points:
- GDP growth is expected to remain modest in Canada in 2012-2013, with Western markets outperforming.
- Industrial vacancy rates held steady nationally at 6.2% in Q4 2012, with the strongest markets being Vancouver (3.5%) and Calgary (4.5%).
- Absorption was positive across most major markets in the second half of 2012, led by Vancouver and Toronto, benefiting from the US recovery.
- Speculative development remained constrained in most markets. Vancouver saw over 3 million square feet of positive absorption while Calgary saw softer demand due
North American Office highlights 2Q 2012Coy Davidson
The office market in North America saw slowing growth in the second quarter of 2012. Key indicators like absorption, vacancy rates, and sales volumes improved but at a slower pace than in 2011. Office transaction activity declined compared to the previous year. Intellectual capital, energy, and education (ICEE) markets continued to see strong demand and lower vacancy rates. While absorption remained positive, it was shrinking compared to the prior period. The average vacancy rate for the U.S. dipped below 15% for the first time in years, though new construction means it may be difficult for the rate to fall below 14% in the near future. Delinquency rates for commercial mortgage backed securities loans on office properties set new records.
This editorial discusses opportunities for VARs and MSPs in the growing healthcare IT industry. It introduces two articles that provide more details on specific opportunities. The first article by Leo Bletnitsky argues that healthcare IT is a profitable vertical for VARs and MSPs to specialize in, due to opportunities from electronic medical records implementation and stimulus funds, as well as the need to increase efficiency as reimbursement rates decrease. The second article interviews Robert Cohen and Bob Laclede of ChannelLine about their new healthcare IT program and the real opportunities they see in practice management applications and electronic health records.
Multiplus is a Brazilian coalition loyalty program company that presented at an investor presentation in December 2012. The presentation contained forward-looking statements and estimates subject to risks and uncertainties. It discussed Multiplus' innovative business model and multiple drivers of growth, including domestic consumption growth, credit card usage growth, and air transportation growth in Brazil. It also outlined the company's goals to diversify revenue streams and drive value for members and partners through branding, innovation, and knowledge. The presentation positioned Multiplus as a promising investment due to its high growth, strong cash generation, attractive dividend payout, and improving stock liquidity.
The document summarizes rental market statistics for the second quarter of 2012 in the Greater Toronto area. It finds that apartment rentals increased 3% year-over-year while listings grew 15%. The average rent for a two-bedroom apartment was $2,088, up 4% from the second year. Strong condo development added to investor-held units on the rental market but demand remained high, keeping vacancy rates low and rents increasing above inflation.
20% of members may be eligible for home refinance under HARP 2.0! (Webinar Sl...NAFCU Services Corporation
The new Home Affordable Refinance Program (HARP) offers a huge opportunity for credit unions to help roughly 20% of members. Between two and five million underwater homeowners could be helped by this program.
HARP 2.0 is a revamped version of the original HARP program, a program whose restrictions limited its effectiveness. Those barriers are now gone.
Watch and listen to this educational session on HARP 2.0 hosted by expert presenter, Nizar Hashlamon to hear more about a program that could change your members' lives, help boost the economy, and increase mortgage business at your credit union. For more info: www.nafcu.org/primealliance
Kaydon Corp. is rated a "Buy" with a price target of $30.85. Kaydon designs and manufactures custom-engineered bearings and other products. It has benefited from growth in the wind power industry, which now represents about 20% of sales. However, Kaydon faces cyclical risks from its industrial end markets declining. It also relies on acquisitions for growth, which carry integration risks. Government subsidies that support the wind industry could also be at risk if not extended. Overall, Kaydon is well-positioned in stable industries like defense, but broader economic weakness and policy changes present challenges.
The U.S. real estate market saw a comeback in 2012 with cumulative home values gaining more than $1.3 trillion, representing the first annual gain in more than five years. However, price recovery is expected to slow in 2013 with only a 2.1% increase projected nationally as homes start from a higher base price. Some local markets may see a backslide in values depending on broader economic factors. The Northeast saw the lowest annual growth rate at 1.5% and a similar trend is expected in 2013. Overall, the housing market is projected to continue steady growth in 2013, though chances of a robust recovery remain slim.
The document summarizes the top 10 business continuity issues for 2012 as identified by ContinuitySA, a leading provider of business continuity and disaster recovery services in Africa. The key issues are: 1) Increasing socio-economic challenges exacerbating political and social tensions; 2) Lagging government performance and service delivery fueling unrest; 3) Persistent infrastructure weaknesses and pressure on the middle class; 4) Ongoing water security problems; 5) A worsening business climate due to various risks; 6) Increased regulatory burdens and board responsibilities; 7) Supply chain vulnerabilities to global events; 8) Blurring of boundaries from cloud computing; 9) New data risks from employee mobility; and 10) Need to better integrate continuity
The Las Vegas office market continues to show signs of recovery in Q4 2011. Vacancy rates remained stable at 23.8% while direct net absorption was positive for the full year after being negative since 2008. Rents have stabilized after declining but remain lower than past rates. Absorption was positive for Class B and A properties while Class C saw negative absorption. The outlook expects further improvement in 2012 with lower vacancy and slightly higher rents dependent on continued job growth and economic stability in the region.
Las Vegas Americas Market Beat Industrial Q42011Jessica Parrish
The document provides an economic and market snapshot of the industrial real estate sector in Las Vegas, Nevada for Q4 2011. Key points include: vacancy rates remained stable at 15.1% overall; direct net absorption ended the year positive for the first time since 2008; median asking rental rates ranged from $0.35 to $0.52 per square foot per month; and the outlook expects continued modest economic improvement in 2012-2013 dependent on job growth.
C&W - MONTREAL OFFICE MARKETBEAT - Q4 2012 Guy Masse
The Montreal office market saw slowing growth in Q4 2012, with overall absorption dropping slightly to -15,000 square feet due to large blocks of vacant space returning to the market. However, vacancy rates remained steady at 7.7% overall and 6.7% direct. Suburban office markets performed better than the downtown core, with over 160,000 square feet of positive absorption offsetting increased vacancies downtown. Looking ahead, nearly 750,000 square feet of new downtown construction is expected to alleviate class A space shortages while stable rental rates and expanding suburban options will boost future leasing activity.
This report provides an overview of the San Diego commercial real estate market in winter 2012. Some key points:
1) The market saw positive momentum in 2011 with over 1.5 million square feet of leasing activity and net absorption of 68,000 square feet, though much of the leasing was renewals rather than new tenants.
2) Job growth is accelerating in San Diego, especially in technology, education, healthcare, and professional services. Several large companies committed to new leases totaling over 500,000 square feet.
3) Vacancy rates decreased to 15.4% countywide as net absorption was positive for the eighth consecutive quarter, with demand strongest in Class A space. However
North American Office Highlights Q4-12Coy Davidson
The document summarizes North American office market highlights from Q4 2012. Some key points:
- Vacancy rates declined further in Q4 2012 to 14.09% in North America and 14.63% in the US. Net absorption was strong at 21.1 million square feet in North America.
- Office leasing and transaction activity remained robust in Q4 despite economic uncertainty earlier in 2012. Major office property sales totaled $77.6 billion for the year.
- "ICEE" markets (focused on intellectual capital, energy, and education) continue to see disproportionate absorption. Medical office has also seen increasing transaction volume.
- Recovery in the housing market may further drive office demand
Las Vegas Americas Market Beat Medical Office Q42011 In HouseJessica Parrish
The medical office market in Las Vegas experienced rising vacancies in 2011 due to the effects of the economic slowdown. The overall vacancy rate increased to 18.3% in the fourth quarter of 2011. Lease rates remained low as landlords offered concessions to attract tenants, with average asking rents at $1.71 per square foot. While vacancies remained stable, absorption was negative as the market continued to struggle with overbuilding and a large unemployed workforce reducing demand for medical services. The outlook anticipates lower vacancy rates and slightly higher lease rates in the coming years dependent on job growth and economic improvement.
The net lease market report for Q2 2011 found that asking capitalization rates rose across most property sectors as lower quality assets were added to the market. However, cap rates for properties with investment grade tenants and long-term leases continued to compress due to high demand and limited supply. Cap rates for core assets like McDonald's properties compressed despite overall retail rates rising. A lack of new development is causing supply constraints for quality single-tenant properties through 2012, keeping cap rates low for these assets. The national single-tenant net lease market remains active but concentrated in core assets, and cap rate spreads between these and other properties are widening.
The retail real estate market is faring better than two years ago but still faces many challenges. While retail sales have increased over the past year, the gains have been uneven, with discount and high-end retailers thriving while mid-range retailers continue to struggle due to stagnant wages, high gas prices, and lackluster job growth. Consumer confidence, as measured by an index, remains below healthy levels, indicating consumers remain cautious in their spending. Vacancy rates remain elevated but are expected to decline in coming quarters as demand gradually increases.
The document summarizes the Manhattan office market in Q4 2012. It notes that 2012 saw sluggish leasing activity and a 25% drop in total leasing from 2011, largely due to economic uncertainty. While large transactions disappeared, fundamentals like the unemployment rate improved modestly. The forecast predicts continued modest declines in vacancy rates and rent increases in 2013, but smaller deals and slower job growth, especially in finance.
Thompson Creek Metals provided an update on its Mt. Milligan copper-gold project in British Columbia. Construction is 54% complete overall and 72% of engineering, procurement and construction management is finished. Key milestones have been achieved, including water storage and concrete foundations. Assembly of grinding equipment is underway and the on-site power system is operational. The project remains on schedule for start-up in Q3 2013 and commercial production in Q4 2013. Thompson Creek has taken steps to de-risk the project through extensive engineering, procurement commitments, and use of lump-sum contracts.
Brookfield Office Properties - BPO - Quarterly EarningsKevin Cheng, CFA
Brookfield Office Properties reported second quarter 2012 results that exceeded expectations due to non-recurring income and accounting adjustments. While the company achieved strong leasing spreads, overall leasing velocity has moderated from 2011 due to macroeconomic headwinds. There was repeated focus during the earnings call on Brookfield's leverage and liquidity. The company is likely to see flat to declining funds from operations per share into mid-2014 as it carries vacant space previously leased to Bank of America. However, Brookfield remains the "value" name among large-cap office REITs due to its discount to net asset value and earnings momentum concerns over the next few years.
In 3 sentences:
BGC Partners reported their financial results for 4Q2012 compared to 4Q2011. Total revenue was $1.1 billion, down 1% from the previous year. Revenue from rates, credit, and equities declined due to lower industry volumes and quantitative easing, though foreign exchange revenue grew due to strong performance in electronic trading. Overall pre-tax earnings were $35.1 million in financial services and $12.6 million in real estate.
The document summarizes the real estate and economic outlook presented by Lawrence Yun, Chief Economist for the National Association of Realtors. It finds that while the housing market has improved from the downturn, with home sales and prices rising, it remains below historic averages. The outlook predicts further gains in home sales, prices, and construction in 2012-2013, supported by job growth, low interest rates, and improving affordability. However, risks like fiscal policy uncertainties could still negatively impact the recovery. Commercial real estate transaction volumes and rent growth are also expected to continue strengthening.
C&W - MONTREAL INDUSTRIAL MARKETBEAT - Q4 2012 Guy Masse
This document provides a quarterly market snapshot of the Canadian industrial real estate sector in Q4 2012. Some key points:
- GDP growth is expected to remain modest in Canada in 2012-2013, with Western markets outperforming.
- Industrial vacancy rates held steady nationally at 6.2% in Q4 2012, with the strongest markets being Vancouver (3.5%) and Calgary (4.5%).
- Absorption was positive across most major markets in the second half of 2012, led by Vancouver and Toronto, benefiting from the US recovery.
- Speculative development remained constrained in most markets. Vancouver saw over 3 million square feet of positive absorption while Calgary saw softer demand due
North American Office highlights 2Q 2012Coy Davidson
The office market in North America saw slowing growth in the second quarter of 2012. Key indicators like absorption, vacancy rates, and sales volumes improved but at a slower pace than in 2011. Office transaction activity declined compared to the previous year. Intellectual capital, energy, and education (ICEE) markets continued to see strong demand and lower vacancy rates. While absorption remained positive, it was shrinking compared to the prior period. The average vacancy rate for the U.S. dipped below 15% for the first time in years, though new construction means it may be difficult for the rate to fall below 14% in the near future. Delinquency rates for commercial mortgage backed securities loans on office properties set new records.
This document outlines Telecom Italia's 2012-2014 plan for its subsidiary TIM Brasil. It summarizes TIM Brasil's strong growth over the past three years in key metrics like customer base, revenues, EBITDA, and market share. The plan aims to continue this momentum by pursuing three strategies: community expansion to grow the customer base to 90 million lines, leveraging the "Voice is Good" and "Internet for All" concepts to increase voice usage and data adoption, and capitalizing on the fixed-mobile substitution opportunity in Brazil through fiber investments. The integration of TIM's mobile network with AES Atimus' fiber infrastructure will allow TIM to offer broadband and WiFi services nationwide to further its
County Budget Forecast FY 2014 and FY 2015Fairfax County
County Budget Forecast FY2014 and FY 2015
Joint Meeting of the Fairfax County Board of Supervisors and the Fairfax County School Board
November 27, 2012
Houston's office market saw strong positive absorption in Q2 2012, driven by job growth in the energy sector. Net absorption was 1.4 million SF, pushing the YTD total to 2.4 million SF. Vacancy rates decreased slightly, while average rental rates rose between quarters. Several companies announced plans for new office developments to address the reduced available inventory due to increased demand for space.
Studley report for south florida 4 q12Chris Lovell
South Florida's office market saw some signs of improvement in 2012 but is still bouncing along the bottom. While sectors like tourism and retail recovered slightly, the job market remains weak with office-using employment growing only 1% compared to nearly 2% nationally. Availability rates increased slightly to 22.2% overall as new buildings delivered space faster than it could be absorbed. Rents decreased slightly and concessions remained common as competition for tenants remained intense due to oversupply. The recovery is uneven across submarkets, with higher-quality buildings in places like Coral Gables performing better while older properties struggle.
Commercial Real Estate Market Watch for Toronto: September 2012
TENANT OUTLOOK REPORT Winter 2012
1. WINTER 2012 | OFFICE | TENANT ADVISORY SERVICES
SAN DIEGO COUNTY
TENANT OUTLOOK Report
Momentum Increasing In 2012
As Firms Continue To Absorb Office Space
MARKET OVERVIEW
We had positive net absorption of 68,000 SF and approximately 1.5 million SF of leasing activity in 2011. The
large disparity between net absorption and leasing activity indicates that most of the leasing activity was
concentrated in lease renewals with significantly less new tenant or expansion activity.
As we head into February 2012 we are seeing a rise in the index of our nation’s leading economic indicators,
NEW SUPPLY, ABSORPTION AND VACANCY RATES consumer confidence index, and a surge in the help wanted index prompting many firms to begin
a rise in the
VACANCY BY SPACE TYPE hiring. This will result in more office space needed which will equate to lower vacancy rates and higher rents.
HISTORICAL RENTAL RATE TRENDS
3.0 Q4 2011 Q3 2011 CHANGE 20% Class A & Overall Office Rates
So far in 2012 San18% Diego’s economic recoveryAverage Asking Rate Per SF Per Month (Full Service) job creation and declining
Quarterly is gathering momentum with rising
2.5
Direct 14.51% 14.73% unemployment. San Diego had the second fastest hiring pace in the state with a 2.6% jump in jobs behind
2.0
Silicon Valley with technology alone increasing by 4.2%. New jobs are coming from the same sectors that
16% $3.30
SUBLEASE 0.90% 0.76% created jobs in recent years such as technology, secondary education, health care, Biotech, and professional
14% $3.20
$3.10
1.5
TOTAL 15.40% 15.49% services. However, our defense sector will likely undergo downsizing as our national defense budget gets cut.
12%
Vacancy Rate
SF (Millions)
$3.00
$ / SF / Month (FS)
1.0 10% $2.90
Several local employers have committed to large blocks of space including LPL who pre-leased the second
$2.80
0.5 phase of La Jolla Commons in UTC for 415,000 SF, and TD Ameritrade who signed a lease in Sorrento Mesa
8% $2.70
for 110,000 SF. Qualcomm, San Diego’s largest technology company is searching for over 250,000 SF with
6% $2.60
0.0
multiple requirements. What is significant$2.50point out is the willingness of many firms to commit to longer
4% to
-0.5 lease terms as compared to recent years past. With job growth accelerating and lease rates still at low levels,
$2.40
VACANCY BY CLASS 2% $2.30
firms are recognizing the opportunity to lock in rates for longer terms. Tenants still have the upper hand when
$2.20
-1.0 Q4 2011 Q3 2011 CHANGE negotiating for office space, however this window may be closing as some landlords are beginning to raise
0%
$2.10
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 especially for Class A space. $2.00
rental rates 2011
CLASS A 14.12% 14.54% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Several factors that could influence 2012’s momentum include the European debt09 10 10 U.S. Presidential and
06 07 07 07 07 08 08 08 08 09 09 09 crisis, 10 10 11 11 11 11
CLASS B 17.96% Absorption
Net 17.89% New Supply Vacancy
congressional elections, and San Diego’s mayoral elections. These factors will impact business decisions for
CLASS C 12.93% 12.65% our corporate community’s future expansion plans and could curtail investment in venture capital funding, the
Class A All Classes
lifeblood of start-up firms ranging from technology to Biotech to clean-tech.
NET ABSORPTION | VACANCY
OFFICE LEASING ACTIVITY BY TENANT SIZE
With rental rates gradually inching up from historic lows, demand in Q4 Class A space continues to dominate
Percentage of Total Leases Completed for 2011
OFFICE VACANCY RATES
OFFICE VACANCY RATES absorption activity. In 2011, both Class A and B space saw strong improvement totaling 978,000 square feet
Q4 2011
Q4 2012 and 284,000 SF, respectively.
9.5%
15.4%
S.D. County Overall net absorption for the suburban submarkets totaled 120,000 SF with 91,000 SF concentrated in Class
24.7%
14.1% 3.5%
A space. The suburban submarkets absorbed nearly 1.2 million SF in 2011 with Class A space constituting
14.7% most of this demand with 960,000 SF feet absorbed. 2.2% <= 2,000 SF [278]
Suburban
13.3%
Seven submarkets had significantly strong demand totaling over 100,000 SF of net absorption with Mission
2,001 - 5,000 SF [114]
19.8%
Downtown Valley (301,000 SF), Carlsbad (275,000 SF) and Sorrento Mesa (250,000 SF) being the top three areas.
16.9% 5,001 - 10,000 SF [44]
0% 5% 10% 15% 20% 25%
With eight consecutive quarters of positive net absorption our countywide total vacancy rate 20,000 SF [16] to
10,001 - has dropped
15.4% which is comprised of 14.5% direct vacancy and 0.9% sublease vacancy.
>= 20,001 SF [10]
All Classes Class A NEW SUPPLY
No new speculative office construction was completed in Q4 resulting in the slowest year for new office
development in over fifty years. Only 250,000 SF feet was under construction for the FBI build-to-suit in
60.2%
Sorrento Mesa.
TENANT ADVISORY SERVICES
Plans for a new 950,000 SF mixed-use office project in San Marcos were announced recently. The new
WEBSITE project – aptly named “North City” – will be located in close proximity to UC San Marcos and is expected to
CLICK
break ground in 2012.
LOOKING AHEAD
HERE With continued net absorption and large blocks of space diminishing, executives would be wise to implement a
plan to secure expansion space and lock in favorable lease terms now or be forced to take lesser quality space
in less desirable areas
Colliers International | Accelerating success. | www.colliersTAS.com
2. TENANT OUTLOOK REPORT | WINTER 2012 | OFFICE | SAN DIEGO COUNTY
TENANT ADVISORY SERVICES
OFFICE OVERVIEW
San Diego County Office Market
Winter 2012
OFFICE OVERVIEW
San Diego County Office Market�
Q4 2011
EXISTING PROPERTIES
EXISTING PROPERTIES VACANCY
VACANCY NET ABSORPTION
NET ABSORPTION
Total Direct Sublease Total Prior Qtr Net Abs Net Abs
Inventory Vacancy Vacancy Vacancy Vacancy Current Qtr YTD
Submarket / Class Bldgs SF Rate Rate Rate Rate SF SF
DOWNTOWN
A 20 7,254,266 15.3% 1.5% 16.9% 17.4% 36,025 19,561
B 25 2,232,115 24.7% 0.3% 25.0% 21.2% (84,336) (25,367)
C 14 776,591 31.7% 0.0% 31.7% 31.1% (4,349) (23,685)
TOTAL 59 10,262,972 18.6% 1.1% 19.8% 19.2% (52,660) (29,491)
MISSION VALLEY
A 13 2,008,118 15.3% 0.8% 16.2% 17.2% 20,954 176,229
B 61 3,360,970 11.7% 0.2% 11.9% 12.8% 28,066 83,104
C 66 1,596,960 9.3% 0.3% 9.6% 9.1% (5,015) 41,443
TOTAL 140 6,966,048 12.2% 0.4% 12.6% 13.1% 44,005 300,776
KEARNY MESA
A 24 2,436,160 6.2% 0.8% 6.9% 6.0% (21,725) 16,260
B 73 3,272,367 13.1% 0.2% 13.3% 12.8% (17,634) (42,075)
C 89 2,017,130 21.0% 0.1% 21.0% 20.7% (6,761) (133,930)
TOTAL 186 7,725,657 13.0% 0.4% 13.3% 12.7% (46,120) (159,745)
UTC
A 20 3,088,798 18.9% 0.8% 19.7% 21.4% 52,215 128,184
B 12 928,360 25.9% 3.2% 29.1% 28.6% (4,029) 47,332
C 6 320,381 8.3% 0.0% 8.3% 7.5% (2,460) (3,195)
TOTAL 38 4,337,539 19.6% 1.3% 20.9% 21.9% 45,726 172,321
SORRENTO MESA
A 24 3,655,796 2.4% 1.5% 3.9% 5.0% 24,862 85,128
B 40 2,882,491 10.2% 0.3% 10.5% 11.1% 16,625 141,005
C 44 920,986 13.9% 0.0% 13.9% 15.0% 10,484 23,980
TOTAL 108 7,459,273 6.9% 0.8% 7.7% 8.6% 51,971 250,113
CARMEL VALLEY
A 41 3,581,695 9.1% 5.0% 14.1% 14.0% 14,893 53,929
B 26 1,299,977 19.9% 1.3% 21.2% 21.6% 4,471 56,502
C 1 13,914 0.0% 0.0% 0.0% 0.0% 0 0
TOTAL 68 4,895,586 12.0% 4.0% 16.0% 15.9% 19,364 110,431
RANCHO BERNARDO
A 19 2,232,431 8.2% 0.1% 8.3% 8.0% (4,786) 105,529
B 45 1,833,832 12.2% 0.8% 13.1% 13.1% 1,659 28,964
C 25 490,093 13.0% 0.7% 13.7% 14.3% 3,013 (2,528)
TOTAL 89 4,556,356 10.3% 0.4% 10.8% 10.8% (114) 131,965
CARLSBAD
A 44 2,000,467 23.5% 1.7% 25.3% 25.1% 21,248 200,468
B 108 2,966,038 21.5% 1.0% 22.5% 22.6% (8,830) 62,959
C 38 567,571 13.7% 0.0% 13.7% 13.7% (5,190) 12,055
TOTAL 190 5,534,076 21.4% 1.1% 22.6% 22.6% 7,228 275,482
SAN DIEGO COUNTY OFFICE
A 287 31,229,198 12.5% 1.6% 14.1% 14.5% 127,125 978,482
B 905 31,090,220 17.4% 0.6% 18.0% 17.9% (33,250) 284,320
C 1,151 15,999,164 12.8% 0.1% 12.9% 12.6% (26,858) (140,468)
TOTAL 2,343 78,318,582 14.5% 0.9% 15.4% 15.5% 67,017 1,122,334
Colliers International | p. 2
Colliers International | Accelerating success. | www.colliersTAS.com
3. TENANT OUTLOOK REPORT | WINTER 2012 | OFFICE | SAN DIEGO COUNTY
RATES
HISTORICAL RENTAL RATE TRENDS RENTAL RATES
HISTORICAL RENTAL RATE TRENDS Office Rates
20%
480 offices in
Class A & Overall
Class A & Overall Office Rates Since a historical high point
18% Quarterly Average Asking Rate Per SF Per Month (Full Service)
Quarterly Average Asking Rate Per SF Per Month (Full Service) in Q2 2008, average asking
61 countries on
16% $3.30 rental rates in all office
$3.30 $3.20
14%
$3.20 $3.10
classes have been steadily
$3.10
12% decreasing. As of Q4 2011,
6 continents
Vacancy Rate
$3.00
$3.00
$ / SF / Month (FS)
10% $2.90 the Class A rate and
$ / SF / Month (FS)
$2.90 $2.80
8%
$2.80 combined rate for all classes
$2.70 United States: 135
$2.70
6% $2.60 are both down 20.1% and
Canada: 39
$2.60 $2.50 22.8%, respectively, from
4%
$2.50 Latin America: 17
$2.40 their historical highs reached
$2.40
2% $2.30 Asia Pacific: 194
$2.30 in the first quarter of 2008.
0%
$2.20 EMEA: 95
$2.20 $2.10 Some submarkets are
2009 2010 2011$2.10 $2.00 showing signs of a reversal
$2.00
• $1.9 billion in annual revenue
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 in this trend. Q2 Q3 Q4
Q2 Q3 Q4 Q1
Vacancy
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 09 10 10 10 10 11 11 11 11
06 07 07 07 07 08 08 08 08 09 09 09 billion square feet under
• 2.4
06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 management
Class A All Classes
Class A All Classes • Over 15,000 professionals
LEASING ACTIVITY
OFFICE LEASING ACTIVITY BY TENANT SIZE
OFFICE LEASING ACTIVITY BY TENANT SIZE
A total of 462 leases were Percentage of Total Leases Completed in Q4 2011
Percentage of Total Leases Completed in Q4 2011
Tenant Advisory Services
completed in Q4 totaling 1.5
million square feet. The total
9.5% www.ColliersTAS.com
leased square footage in Q4 9.5% 24.7%
was down 13.2% from Q3;
24.7% 3.5%
overall leasing activity in
3.5% > Only represent tenants in their
2011 was down 32.6% from
2.2% <= 2,000 SF [278] office lease and purchase
2.2% <= 2,000 SF [278]
2010. 2,001 - 5,000 SF [114]
negotiations
2,001 - 5,000 SF [114]
5,001 - 10,000 SF [44]
5,001 - 10,000 SF [44] > Provide objective conflict-free
10,001 - 20,000 SF [16] advice with full service
10,001 - 20,000 SF [16] resources
>= 20,001 SF [10]
>= 20,001 SF [10]
> Increase profitability &
mitigate risk
60.2%
60.2%
RON MILLER
Senior Director
Tenant Advisory
Services
OFFICE SPACE TIME-ON-THE-MARKET
Average Months by Submarket and Class
g y 858.677.5363
30 LIC # 00874868
24
25.6
25.5
24.8
18 Ron Miller is a tenant advisory
21.8
20.6
20.5
20.0
19.7
specialist. His expertise encompasses
Months
19.2
18.9
18.6
18.3
18.2
17.6
17.5
17.1
17.1
17.1
16.9
12
16.0
15.8
15.4
relocation / expansion / contraction
4.0
3.7
3.7
13.5
M
1
1
13
13
14
1
10.8
6 strategies, lease renewal and
0 restructuring, market analysis, and
Downtown Mission Kearny UTC Sorrento Carmel Rancho Carlsbad San Diego user purchase opportunities. With
Valley Mesa Mesa Valley Bernardo County his extensive career experience
Class A Class B All Classes in representing both tenants and
landlords, Ron offers a unique
perspective and valuable insight to his
TIME ON MARKET tenant clients.
Time-on-the-market for Class A office space is averaging 20 months countywide.
Colliers International
4660 La Jolla Village Drive, Suite 100 San Diego, CA 92122 | USA
tel +1 858.677.5363
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
Accelerating success.
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