officebroker.com Blog | November 2009

Fredonia State College to office technology companies

Published by Jamie on Monday, November 30 2009 at 10:51 PM

Fredonia State College in Buffalo, NY has set up an incubator space for technology companies in Dunkirk’s business district, and is set to open on December 21st.

Lewisville, Texas starts a transit-oriented development project

Published by Jo on Monday, November 30 2009 at 10:12 AM

Lewsiville, Texas will be going through a huge build-out project in the next year.

The Hebron 121 station is expected to break ground next spring on the 90 acre tract that will eventually include more than 1,700 apartments and 20,000 square feet of commercial and flexible office space.

Charlotte’s new high rise to include office space

Published by Billy on Sunday, November 29 2009 at 11:20 AM

Developers are planning on building a new three-building mix-use retail and office complex in Charlotte, breaking ground in 2011.

Las Vegas office space leasing at a glacial pace

Published by Sarah on Saturday, November 28 2009 at 2:51 PM

As the housing market teeters, analysts have their eye on the commercial real estate industry. In Las Vegas, leasing office space is moving as slow as it can.

Raleigh area sees vacancies skyrocket

Published by Billy on Friday, November 27 2009 at 10:14 AM

Research Triangle Park (RTP) in Raleigh is saying goodbye to cell phone maker, Sony Ericsson. The company's annoucement to leaving their office space is just another high-profile tenant to leave the signature industrial park, according to the News Observer..

Miami landlords refurbishing office buildings

Published by Jamie on Wednesday, November 25 2009 at 5:01 PM

As Miami prepares itself for 1.2 million square feet of new office building construction to hit the commercial market, landlords are trying to do everything they can in order to make their current office space more appealing.

Louisiana state agencies get a rental increase

Published by Sarah on Tuesday, November 24 2009 at 7:13 PM

State agencies are set to move into a prominent downtown office building. Agencies are complaining about rent increases, but building management claims they are getting several perks to offset the cost.

Chicago’s Willis Tower gets a green makeover

Published by Jamie on Tuesday, November 24 2009 at 10:17 AM

Sara Beardsley is tasked with making the tallest office building in the Western Hemisphere 'green' - with a little help from $200-$300 million dollars.

Jack London Square gets a face lift

Published by Jamie on Monday, November 23 2009 at 10:13 PM

San Fransisco’s Jack London Square is undergoing a massive redevelopment, and the result is tenants.

Development group hoping to lease new office space

Published by Billy on Sunday, November 22 2009 at 10:34 PM

A Plymouth, Minnesota-based development group, Dominium Development and Acquisition, is planning on leasing their own office-warehouse to use as their new headquarters.

Commercial real estate in Florida seeing progress

Published by Sarah on Saturday, November 21 2009 at 6:09 PM

NBI Properties near Destin, FL, has witnessed a lot of vacancies in the area, including office space and store fronts.

Dallas’ Galleria office towers nearing default

Published by Jamie on Friday, November 20 2009 at 10:03 PM

A recent report released by Wall Street rating firm, Fitch Ratings, put a high-profile Dallas office project on the list for default predictions.

Downtown Phoenix construction could raise submarket vacancy rates

Published by Jamie on Thursday, November 19 2009 at 4:38 PM

New developments are set for downtown Phoenix in 2010, and some industry experts are predicting an even higher office vacancy rates as a result.

British developer buys Chicago post office in hopes of turning into office space

Published by Sarah on Thursday, November 19 2009 at 11:08 AM

With past redevelopment efforts failing, British developer Bill Davies purchased Chicago's old post office for $20.8 million dollars in an auction held in late August.

With the office building being vacant since 1995, some reports claim that Davies overpaid for his purchase.

Comcast takes on new office space

Published by Billy on Wednesday, November 18 2009 at 7:28 PM

Comcast, the largest cable provider in the U.S., has taken on new office space in Jacksonville, Florida. For the last few months Comcast has been looking for the perfect space to properly hold their call center and administrative operations. The company has leased 106,000 square feet of space, contained in the first through third and fifth floor of a Deerwood North building.

Portsmouth Music Hall tuned for office expansion

Published by Sarah on Wednesday, November 18 2009 at 11:16 AM

The Music Hall in Portsmouth, New Hampshire is expanding their executive office space.

Carlson Real Estate leases office space in Plymouth

Published by Jamie on Tuesday, November 17 2009 at 9:55 PM

Carlson Real Estate recently leased 48,000 square feet of office space in the OTC Building in Plymouth, Minnesota, according to RE Journals.

Old Coca-Cola bottling offices are being remodeled!

Published by Jamie on Tuesday, November 17 2009 at 10:32 AM

A Coca-Cola bottling Co. plant on York Street in South Carolina is reportedly getting a much needed face lift.

The aim of the project is to attract new interest to the office space with hopes to get a potential buyer. The 2.6 acre site needs some curb appeal and inside renovations before there can be any hope of a sale.

Paychex moves offices to Riverside’s Hunter Park

Published by Sarah on Monday, November 16 2009 at 8:08 PM

[p]Paychex, a company that provides human resource and payroll services, is moving their office from San Bernardino to The Grove, a three-building office development in url= http://us.officebroker.com/SearchOffices.aspx?HP=TopBar&City=Riverside&County=Stanislaus&State=California&ComPage=0]Riverside’s Hunter Park.[/url] What makes this transaction incredible is that this places the Grove at 93 percent occupancy.[/p]

Birmingham office projects grounded until 2011

Published by Jamie on Sunday, November 15 2009 at 11:21 PM

Several Birmingham office construction projects are on hold until 2011. Though several blueprints have been drawn up, the weak economy and low demand is putting a hold on most area projects.

Law firms struggling with open office space

Published by Billy on Friday, November 13 2009 at 7:47 PM

Even though the recession is officially over, the residual effects are continuing to show up in industries. The legal community is no exception.

Oklahoma City and Tulsa office space markets hold firm

Published by Billy on Friday, November 13 2009 at 11:13 AM

Third quarter reports by REIS Inc. have confirmed that Oklahoma City and Tulsa office rental markets have remained stable.

Industrial conglomerate relocates offices to Downers Grove

Published by Jamie on Thursday, November 12 2009 at 9:41 PM

Announced Thursday, Park Avenue’s Dover Corp. will be relocated is headquarters to office space in Downers Grove, IL. The move is expected to open up over 100 jobs for the area.

Haverhill, Massachusetts’ downtown is getting a much needed revitalization

Published by Sarah on Thursday, November 12 2009 at 9:23 AM

Mayoral challenger John Michitson has let people know that if he is elected, his centerpiece would be to revitalize downtown Haverhill.

With high hopes for the new flexible office space, shopping centers and living, the place could soon be booming with new jobs and new revenue. However, Mayor James Fiorentini has almost stolen Michitson's thunder.

CBRE finds new ways to attract tenants

Published by Billy on Wednesday, November 11 2009 at 2:41 PM

Why buy the office when they’re giving it away for free? A CB Richard Ellis (CBRE) broker has found a new and interesting way to bring tenants to dying downtown Minneapolis office space – she’s giving it away.

No light for office space market in Atlanta, Georgia

Published by Jamie on Wednesday, November 11 2009 at 10:25 AM

There is no end in site when it comes to the commercial office space market in Atlanta, Georgia.

With an estimated 3 million square feet of empty office building spaces just in Buckhead, it will reportedly take 12 years to fill all of the empty commercial office centers.

New jobs on the market due to company's executive office move

Published by Sarah on Tuesday, November 10 2009 at 10:04 AM

Companies that move executive office space often help create new jobs, such as the recent move by Morgan Distributing.

The firm has employed Group Mackenzie to build their 105,000 square foot office building on 10.7 acres of land near Airport Way in Portland, Oregon.

Vacancy Chain Reaction Effecting Worcester

Published by Sarah on Monday, November 09 2009 at 10:03 PM

Downtown Worcester is falling victim to effect on office vacancy. A Research Bureau reported last week the city’s occupancy is 81.8 percent, reflected by 4.46 million square feet. Compared to other parts of the nation, this rate is fairly outstanding. However, with its 88.4 percent occupancy rate a year ago, the six-and-a-half percent decrease is having an effect on the rest of the city.

Another executive suite office park is going 'green'!

Published by Sarah on Monday, November 09 2009 at 9:34 AM

A Phoenix corporate office park in Shirley, Massachusetts is due for some big changes in the upcoming months.

They have just announced that the office park will be installing 2,530 solar panels with a combined output of 506 kilowatts.

Office Incubator Planning to Move

Published by Jamie on Sunday, November 08 2009 at 10:49 PM

North Carolina small business incubator is moving their offices to the Piedmont Triad area.

Forecasters Releases “Gloom and Doom” Survey for 2010

Published by Billy on Friday, November 06 2009 at 4:46 PM

Commercial Real Estate (CRE) Forecasters are predicting the commercial real estate market is still going to go downhill into 2010. Despite some good news leaking in the market, the overall findings are leading to more negative expectations.

JomaShop.com move to executive suites in Manhattan

Published by Billy on Friday, November 06 2009 at 9:04 AM

JomaShop.com have recently moved their company headquarters and taken a new executive suite in Manhattan.

The idea behind the luxury brand retailer's move was to increase the number of SKU's to include watch brands such as Caterpillar and Police.

As officebroker.com has continued to follow news regarding high vacancy rates and low office rents, Boston has come given a little ray of hope to the office space industry. Reporting third quarter results, the Boston office market is maintaining a low sublease rate for the second quarter in a row.

Dallas Real Estate Investor Buys Two Office Buildings

Published by Billy on Monday, November 02 2009 at 11:02 PM

An Addison-based real estate investor has purchased two office buildings at the LBJ Freeway in Dallas, TX.

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