Here are the 10 most viewed distressed properties on LoopNet over the last 30 days:
1. Listing taken off market.
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3.Listing taken off market.
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View all distressed properties on LoopNet.
Monday, March 23, 2009
Sunday, March 22, 2009
11 Commercial Real Estate Podcasts Worth a Listen
For those that are wondering, Podcasts are radio shows or other audio/video programs available for download over the Internet (more). Listening to these shows while driving or surfing the web takes little effort but you can benefit from the gems of wisdom contained in each one and keep the edge.We recently did some digging and, to our surprise, found that there actually are a few podcasts which cover commercial real estate. These guys put in a lot of effort to produce informative shows for you for free. Here are 11 to check out (make sure you have iTunes installed):
- CCIM Podcasts
- Get Real with Cushman & Wakefield
- Colliers International - a Commercial Real Estate Services Company Podcasts
- Starboard TCN Worldwide CRE Podcasts
- NAI Global Podcast
- REALTORS Commercial Alliance Technology and Intelligence Briefings
- Income Property Investment Talk with Peter L. Mosca and Dean Essa
- Global Commercial Real Estate News
- Commercial Real Estate Special Report
- Philip Blumberg Podcast
- Mike's Mic - Real Estate 2.0
Did we miss anything? Let us know, post a comment.
Thursday, March 19, 2009
San Francisco Office Lease Market Rental Rate Trends
The San Francisco office lease market story is all too familiar. Businesses are suffering. Unemployment is rising. Vacancies are mounting. But what exactly is happening? How does this affect you and your clients? When is it going to get better? Now, more than ever, a big spreadsheet, different sources of data, and a healthy dose of critical thinking is key.
According to Colliers' Q4 2008 SF Office Market Report, "The City posted 766,464 square feet of negative absorption during the fourth quarter... Softening market conditions triggered a drop in average effective rental rates... Looking ahead, average rental rates will decrease, albeit at a slower pace. The influx of sublease space forecasted to hit the market will continue the downward pressure on rental rates. " Read the full report.
CBRE's Bay Area Market Outlook for Q4 2008 is equally bearish. "The increase in unoccupied space has led to a willingness on the part of owners to drop asking rates significantly. As net absorption for the year surpassed two million sq. ft., owners dropped asking rates by more than 6% during the quarter, the steepest quarterly decline in more than five years. Despite the drop in published rates, the delta between asking and signing rates appears to have widened further as owners trade lower rents for the stability of longer term occupancy." Read the full report (registration required).
At LoopNet, we've been looking at ways to provide more data to give you context to what you're seeing on the market. Being the leading online marketplace for commercial real estate, we generate quite a bit of activity from both searchers and listers that can yield valuable insight into the state of the CRE market. We already have Investment Market Reports you can purchase and LoopLocal Insight Reports for Premium Members looking for trends on the sale side but we think there is more that can be done.
Here's a chart of the monthly average asking rental rate for office spaces for lease in San Francisco, CA for the last 26 months:
Looking at the most recent month, Feb 2009 average asking rental rates are down 13% YOY.
According to Colliers' Q4 2008 SF Office Market Report, "The City posted 766,464 square feet of negative absorption during the fourth quarter... Softening market conditions triggered a drop in average effective rental rates... Looking ahead, average rental rates will decrease, albeit at a slower pace. The influx of sublease space forecasted to hit the market will continue the downward pressure on rental rates. " Read the full report.
CBRE's Bay Area Market Outlook for Q4 2008 is equally bearish. "The increase in unoccupied space has led to a willingness on the part of owners to drop asking rates significantly. As net absorption for the year surpassed two million sq. ft., owners dropped asking rates by more than 6% during the quarter, the steepest quarterly decline in more than five years. Despite the drop in published rates, the delta between asking and signing rates appears to have widened further as owners trade lower rents for the stability of longer term occupancy." Read the full report (registration required).
At LoopNet, we've been looking at ways to provide more data to give you context to what you're seeing on the market. Being the leading online marketplace for commercial real estate, we generate quite a bit of activity from both searchers and listers that can yield valuable insight into the state of the CRE market. We already have Investment Market Reports you can purchase and LoopLocal Insight Reports for Premium Members looking for trends on the sale side but we think there is more that can be done.
Here's a chart of the monthly average asking rental rate for office spaces for lease in San Francisco, CA for the last 26 months:
Looking at the most recent month, Feb 2009 average asking rental rates are down 13% YOY.
Keep in mind this is only LoopNet data and may not reflect the overall market but that's why we wanted to share this chart with you. Do you find this information is useful as another data point to consider? If not, what can we do to improve it? Where do you currently get reliable market data? What other charts would you like to see? Average time on market? Searcher demand? Post a comment below and we'll see what we can do!
Wednesday, March 18, 2009
Investor Survey Says Commercial Real Estate Not Expected to Rebound Until 2010 at the Earliest. What Are You Doing About Your Properties?
Press release for PWC's Korpacz Real Estate Investor Survey for Q1 2009:
"Real estate investors do not expect a rebound in any of the commercial real estate sectors until well into 2010, according to the survey. In the meantime, property owners are faced with limited financing options, declining tenant demand, rising overall capitalization rates and deflated confidence. They are looking to protect the value of their existing properties in order to compete and survive in an increasingly challenging environment. To mitigate value loss, landlords are being more proactive about signing tenants to new leases, expansions and renewal, in some cases offering leasing incentives and lower rental rates. In addition, some are attempting to cut property costs and better position assets in a rapidly growing tenants' market."What are some actions you're taking for your properties to survive through this year? Please share any changes you're making in light of economic conditions. Post a comment below.
Wednesday, March 04, 2009
What Are Your Top Commercial Real Estate Blogs?
We've been looking for some blogs about commercial real estate and they are hard to find--this surely is a niche industry that hasn't completely moved on to the internet (we're working on it!) much less discovered blogging. Nevertheless, there are some blogs that specialize in the topic or discuss it from time to time.
Most of the CRE chatter you find online comes in the form of news which is great for the supposed unbiased accounting of events but in this post we're looking for that extra layer of opinion or authenticity that can only be found on blogs.
Here's a list of CRE-related blogs we find interesting (in no particular order):
Most of the CRE chatter you find online comes in the form of news which is great for the supposed unbiased accounting of events but in this post we're looking for that extra layer of opinion or authenticity that can only be found on blogs.
Here's a list of CRE-related blogs we find interesting (in no particular order):
- Square Feet Commercial Real Estate Blog
- Calculated Risk
- Dirt Lawyer's Blog
- Deal Junkie
- Traffic Court
- PropertyProf Blog
- Richard's Real Estate and Urban Economics Blog
- Jordan Crouch's Adventures in Mortgage Banking
- Real Property Alpha
- Realty Bytes
- Counter Culture
- Corporate Real Estate
- The CRE Review
- Grocerteria.com Did You Bring Bottles?
- Brokered
- 1031 Vigilante
- Mish's Global EconomicTrend Analysis (specific posts about CRE)
- The Big Picture (specific posts about CRE)
- Paul Kedrosky's Infectious Greed (specific posts about CRE)
- Marginal Revolution (specific posts about CRE)
This is by no means a comprehensive list that covers all aspects of the business, which is why we need your input. What blogs do you read to get your daily dose of all things commercial real estate related? Who are your CRE experts? Post a comment below to be included in our next round up.
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