SEATTLE, Feb. 10, 2011 /PRNewswire/ -- Coinciding with a noticeably improved United States office market, the national industrial property sector absorbed 28.6 million square feet of space during the fourth quarter of 2010, propelling what had been a net loss for the year into a solid gain, according to new quarterly research on the U.S. industrial market from Colliers International. This robust fourth quarter activity likely heralds the beginning of the next up cycle for the industrial sector as demand for warehouse space -- fueled by an increase in import and export activity and improving appetite for consumer goods -- is expected to rise. While the industrial property sector took a significant turn that will likely accelerate through the end of 2011, a handful of markets including Ch...
To: REAL ESTATE EDITORS Contact: CONTACTS: Richard Mulieri, Richard@themarino.org, or Parke Chapman, Parke@themarino.org, both of The Marino Organization, for Colliers International, +1-212-889-0808
Those of us in the commercial real estate community are glad that 2009 is behind us. It was a difficult year for the market: Investors sat on the sidelines, tenants hung on as well as they could, owners did everything in their power to keep and/or attract tenants, and banks acted like admissions counselors at Harvard by finding new ways to say no and accepting only the best of the best. With all of this turmoil, one would expect that property values decreased significantly, but that's not necessarily the case. A closer look at the numbers reflects, surprisingly, an increase in the value of industrial and flex properties sold during 2009 when compared to 2008 in the traditional Portland submarkets. According to CoStar, a commercial real estate research database, for buildings over 5,000 ...
The toughest workouts aren't limited to the gym. In today's constrained financial world, they're part of everyday life for commercial real estate investors and lenders -- with plenty of heavy lifting, agility exercise and super-human challenges awaiting retail, industrial, office and land property owners.
Several state leaders said the highlight of Gov. Joe Manchin's sixth State of the State speech for business was his call for a state constitutional amendment to lower the tax on commercial and industrial property. Manchin said, "I am recommending a constitutional amendment that will give us the flexibility we need to lower taxes on commercial and industrial property, while also considering the impact on local governments.
Prominent industrial and brownfields developer Krog Corp. has been selected by the Town of Hamburg to lead the redevelopment of a 145-acre former Bethlehem Steel property into a commercial or industrial park. The Hamburg New York Land Development Corp. and Hamburg Industrial Development Agency named Orchard Park-based Krog as the designated developer for the sprawling land that straddles Bayview Road at Route 5.
An industrial property on the north edge of Portland's Pearl District is for sale, but potential buyers should be prepared to play hardball. The former Benson Industries Block, at 1415 N.W. 12th Ave., is listed for $6.7 million, and the owners, Tom Connor Jr. and Don Wooley of Spring Capital Owners, won't settle for much less, if any.
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