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Appraisal Institute’s Year-in-Review Symposium Daniel J. Jessup, CCIM President

Appraisal Institute’s Year-in-Review Symposium Daniel J. Jessup, CCIM President. 2010 Sale Comparables. www.apexcommercial.com. 2010 Sale Comparables. www.apexcommercial.com. 2010 Lease Comparables. www.apexcommercial.com. 2010 Lease Comparables. 2010 Lease Comparables.

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Appraisal Institute’s Year-in-Review Symposium Daniel J. Jessup, CCIM President

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  1. Appraisal Institute’s Year-in-Review SymposiumDaniel J. Jessup, CCIM President

  2. 2010 Sale Comparables www.apexcommercial.com

  3. 2010 Sale Comparables www.apexcommercial.com

  4. 2010 Lease Comparables www.apexcommercial.com

  5. 2010 Lease Comparables 2010 Lease Comparables www.apexcommercial.com

  6. Current Lease Concessions • Rent abatement • Above market tenant improvements • Moving allowance • Blend and extend • Motorcycles, automobiles, etc… • Nothing is off the table www.apexcommercial.com

  7. Tenantsin the Market • Astronautics – 176,000 sq. ft. • Focused on The Brewery • Von Briesen & Roper Law Firm – 75,000 sq. ft. • Godfrey & Kahn Law Firm – 90,000 sq. ft. • Baker Tilly – 70,000 sq. ft. • Eaton Corp. – 90,000 sq. ft. • Focused on a build-to-suit opportunities at I-45 and Good Hope Road • Harmony Initiative – 70,000 sq.ft. www.apexcommercial.com

  8. Prospective Developments • Irgens/Lee Office Project • Across from the Pfister Hotel • 20 – 25 Stories • Ranier Mixed Use Project • Park East Corridor • 15 stories – 280,000 sq. ft. • Weas Development Office Project • Southeast corner of N. Broadway and Michigan Avenue – Just north of I-794 • 15 stories - 200,000 sq. ft. • Note: The Manpower Headquarters project and Cathedral Square both received a $25 million subsidy from the City for parking structures. www.apexcommercial.com

  9. Deal Obstacles • Financing – C.R.E. – four letter word • Bank underwriting standards • Slow to no employment growth • Tenants carrying excess space • Financially distressed building ownership • Financially distressed tenants • Analysis paralysis • Continued economic uncertainty www.apexcommercial.com

  10. What Can We Expect in 2011? • Slight, very gradual improvement • Concessions may lessen in second half of 2011? • No increase in lease rates • Maybe – just maybe – a downtown office building will break ground? • Financially stable tenants continue to blend and extend www.apexcommercial.com

  11. What Can We Expect in 2011? • More adaptive reuse of existing commercial properties • Low cost of acquisition • More urban opportunities versus vacant land parcels • Superior construction • Unique character • Government incentives available www.apexcommercial.com

  12. THANK YOU Grubb & Ellis I Apex Commercial, Inc. Daniel J. Jessup, CCIM, President www.apexcommercial.com Phone: 262-784-7500 www.apexcommercial.com

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