Leasing News RSS

Manhattan Retail Hit Hard in '09, But Turnaround on Tap

Wed, 28 Oct 2009 13:05:08 UTC

It's been a rough year for retail, even in tony Manhattan. The crumbling of Wall Street in the fourth-quarter of 2008 spurred the downward spiral of the market and the recession just added salt to the wound, according to a third quarter report by Marcus & Millichap Real Estate Investment Services.

As San Antonio Office Market Rebounds, Transwestern Takes Over at 2MSF Mixed-Use

Wed, 28 Oct 2009 13:05:08 UTC

With San Antonio's office market rebounding in the third quarter, Transwestern�s local office hopes to take advantage of that good karma with the contract to handle the real estate services assignment for the Brooks City-Base development there.

Jersey City Trumps Manhattan, Landing Big Fish with DTCC's 415,000SF Office Lease

Wed, 28 Oct 2009 13:05:08 UTC

New York's loss is New Jersey's gain, as the Depository Trust & Clearing Corporation reveals plans to relocate 1,600 members of its 2,300-member staff to 415,000 square feet of space at the Newport Office Center in Jersey City. It's not a total defeat for New York, however; DTCC will keep its headquarters and its remaining 700 employees in Lower Manhattan.

Charleston Industrial Market Gets Boost with 1.1MSF BTS Deal

Wed, 28 Oct 2009 13:05:08 UTC

Given that the U.S. recession has left the retail market in shambles and the global financial meltdown has hindered trade activity, demand for distribution and warehouse facilities has taken a major hit, so the big news out of Charleston's industrial market is something that is heard of quite infrequently these days. Rockefeller Group Development Corp. and MeadWestvaco Corp., developers of the 400-acre Rockefeller Group Foreign Trade Zone/Charleston industrial park in Berkeley County, S.C., have just landed a 1.1 million square-foot build-to-suit deal with automotive replacement tires marketer TBC Corp.

Retail Vacancies Hit New Highs

Wed, 28 Oct 2009 13:05:08 UTC

Even as the economy shows signs of having turned a corner, serious hurdles remain for the retail sector. And the latest figures from the third quarter reveal that vacancy rates at U.S. malls and shopping centers have risen to multi-year highs.

A Ray of Sunshine?

Wed, 28 Oct 2009 13:05:08 UTC

The capital markets are on hold right now. The news is all about the lack of debt capital to refinance maturing loans and, on the flip side, the growing pool of equity capital waiting to invest in distressed assets, primarily debt. At some point assets will begin to change hands, but whether that process resembles a dam breaking or a steady flow is uncertain.For a ray of sunshine, we must look to the leasing market.�

$330M HSBC Sale-Leaseback Makes Splash in Sluggish Market

Wed, 28 Oct 2009 13:05:08 UTC

With the commercial real estate market still hindered by a chilly credit market and declining property values, sale-leaseback activity has dwindled, but London-headquartered HSBC Holdings plc's HSBC Bank USA N.A. still sees some advantages in such deals. The financial services company has signed a $330 million cash sale-leaseback agreement with a subsidiary of Israel-based IDB Group for its 865,000-square-foot New York City headquarters.

CREW Awards 20 Women Under 40

Wed, 28 Oct 2009 13:05:08 UTC

The Commercial Real Estate (CREW) Network last night lauded 20 Under 40 women from throughout the commercial real estate industry as part of its 20th anniversary celebration. The awards, unveiled during the organization�s 2009 CREW Network Convention & Marketplace in Boston, honor women age 39 or younger working within a qualified area of the industry and considered a �woman to watch� and likely to be an influential leader in the industry.

As Home Ownership Struggles Continue, Renting Popularity Grows

Wed, 28 Oct 2009 13:05:08 UTC

More families at every income level are facing housing cost burdens, while households with the lowest incomes continue to be disproportionately affected by the shortage of affordable rental housing across the country, according to an analysis conducted by The National Low Income Housing Coalition (NLIHC) on newly released data from the 2008 American Community Survey (ACS).

Manhattan Office Market Stabilizing

Wed, 28 Oct 2009 13:05:08 UTC

The Manhattan office market, which was hard hit by the recent economic and financial upheaval, is showing some signs of getting back on track, and is expected to become increasingly more stable and fundamentally sound in the coming months.

Sluggish Miami Office Market Buoyed by 80,000SF Financial District Pre-Lease

Wed, 28 Oct 2009 13:05:08 UTC

While Miami's office market vacancy rate lingers beneath the U.S. average, it has not gone unscathed by the worldwide economic crisis. However, law firm Bilzin Sumberg Baena Price & Axelrod L.L.P's pre-lease of 80,000 square feet at the 576,000-square-foot 1450 Brickell office tower downtown has players in the Miami office market game buzzing. The transaction marks South Florida's largest new office lease this year.

Equity Office Signs Sony to LA Lease Renewal

Wed, 28 Oct 2009 13:05:08 UTC

Equity Office Properties has signed tenant Sony Corp. to a lease renewal for 50,400 square feet of office space in West Los Angeles.

Report: Rents on Half the World's Preeminent Shopping Streets Plummet to 24-Year Low

Wed, 28 Oct 2009 13:05:08 UTC

Fifth Avenue. Rodeo Drive. Avenue des Champs-Élysées. Event the most acclaimed retail strolls in the world have not escaped the ravages of the global economic crisis, according to Cushman & Wakefield's annual Main Streets Across the World report. Surveying 274 leading shopping streets in 60 countries, the real estate services firm found that 54 percent of the group experienced a decline in rents; a decline that marks the largest drop in retail rents ever recorded since the report' s inception 24 years ago.

RBJ Negotiates 343,000SF Boston-Area Warehouse Lease

Wed, 28 Oct 2009 13:05:08 UTC

Real estate advisory firm Richards Barry Joyce & Partners has negotiated a nearly 343,000-square-foot industrial lease renewal and expansion in Northborough, Mass., one of the Boston-area�s largest deals of the year.

ProLogis Signs ITS to 176,000SF Reno Lease Renewal

Wed, 28 Oct 2009 13:05:08 UTC

Global industrial property REIT ProLogis has signed a lease renewal for 176,000 square feet of distribution space in Reno, Nev., with ITS Logistics, a third-party logistics provider.

Berger to Lead NYC Leasing for Monday Properties

Wed, 28 Oct 2009 13:05:08 UTC

Private real estate firm Monday Properties has tapped former Jones Lang LaSalle vice president Jordan Berger as the firm�s new director in its New York office.

Equity Office Inks Tenant to $2.8M LA Office Lease

Wed, 28 Oct 2009 13:05:08 UTC

Equity Office Properties has inked a 10-year office lease with tenant J Arthur Greenfield & Co. at Los Angeles' Oppenheimer Tower.

ProLogis Inks 326,000 SF of Leases in Columbus

Wed, 28 Oct 2009 13:05:08 UTC

Industrial property REIT ProLogis has signed four new lease agreements for distribution space in Columbus, Ohio, totaling 326,000 square feet.

FirstService Secures 82,500SF Manhattan Law Firm Lease

Wed, 28 Oct 2009 13:05:08 UTC

FirstService Williams has represented law firm Holland & Knight L.L.P. in a long-term, 82,500-square-foot lease at 31 West 52nd Street in New York City.

Better Business Through Twitter, Part 2

Wed, 28 Oct 2009 13:05:08 UTC

If you recall, I was looking at taking the plunge into social media via Twitter. I already was on Facebook and LinkedIn, but as I did more research and talked to other brokers, I could see that Twitter would give me another way to communicate about my company�s business with other brokers, possible clients and the media. Not only that, I could see that it would allow me to keep abreast of real estate and political news that could impact my business and keep me educated as well. In a way, it was like getting a constant news feed in 140 characters or less.��