CRYSTAL BALL; THE DEAL SHEET
|Grubb & Ellis gurus gazed into the 2010 crystal ball at its annual forecast in NYC last week. Aha! We knew it’d pay off to have a bureau in the Big Apple. Our Amanda Marsh took it all in. Verdict: buy a 24 month calendar—2011 is the earliest the good times return.|
Corporate finance leader Jeffrey Shell, cap markets prez Glen Esnard, and chief economist Bob Bach. We're light years ahead of '08, Bob says, with a stabilized financial market, but there's a ways to go before equilibrium. Expect employment to bottom out in the second half of '10, sustained creation in '11, and recuperation by '14.Bounce-back order: apartments, industrial, retail, and office. Glen says to expect Q4 transaction velocity to exceed the three prior quarters and more predictable pricing—we've hit the fifth stage of grief, acceptance, and the bottom will follow.
Our regional authorities: NY prez David Arena, Chicago EVP Shawn Mobley, and Texas EVP Moody Younger (who all read theirhometown Bisnow). Moody says Dallas continues to be a very stable office market, and '08 was an anomaly. Rental rates have remained relatively flat, and consistent job growth will return. On the industrial side, we've actually seen increases in rental rates and prices PSF. Houston, on the other hand, is seeing some uncertainty with no energy company growth. Landlords will be offering aggressive concessions to remain competitive, and future spec development has been postponed.
Construction & Development
Arlington-based Ascension Group Architects saw its design-and-build project to replace Portneuf Medical Center in Pocatello,Idaho, named one of Intermountain Contractor’s Top Projects of 2009. Intermountain, a regional trade journal covering the construction industry in Utah and Idaho, ranked the Portneuf project 18 out of 85. The list included more than $8.5 billion in projects. Ground was broken June 24 and plans call for the construction of a new addition on the east campus of the medical center along with interior renovation throughout Portneuf’s existing facility. It will make room for 187 beds; construction is slated for completion in mid-2011. Portneuf is owned by a JV between Portneuf Health Care Foundation in Pocatello and Plano-based LHP Hospital Group.
Global Knowledge Training renewed its 18,329 SF lease at 122 West Carpenter Freeway in Irving. JLL managing director Kelley Kackley and VP Andy Leatherman represented Global Knowledge Training. Cousins Properties VP Matt Schendle represented the landlord, TIC Properties.
Acision renewed its 13,448 SF lease at International Business Park at 6404 International Parkway in Plano. JLL managing director Steve Thelen and VP Chelby Sanders represented Acision. Peloton Real Estate Partners principal Trevor Franke represented the landlord, Billingsley Company.
PBS&J leased 11,072 SF of office space at 3301 Airport Freeway in Bedford. JLL EVP David Walters and associate Will James represented PBS&J. Cliff Bogart with Keller Williams Commercial represented the landlord, Yim Chow Revocable Trust.
Several leases were inked at Hall Office Park in Frisco with director of leasing Jean C. Farris handling negotiations on behalf of owner and landlord, Hall Financial Group.
SRS Real Estate Partners SVP Dawn Greiner earned the firm’s FY09 No. 1 Top Producer award, making history as the first female in SRS’ history to win the award. It's presented to the SRS employee who brings in the most revenue for the year. Dawn also won SRS’MVP award and the company’s Top Achievers award.