REGIONAL
OUTLOOK
WEST
San Diego's
Big Deal
The aptly named
DiamondView Tower
— whose 15th-floor
skybox overlooks the
San Diego Padres field
— sold for $121 million,
the area's largest single
office building sale for
2012, according to
CBRE, which handled
the transaction. San
Diego developer Cruzan/Monroe and Cigna Investments purchased the 95 percent leased property
for $121 million from The Netherlands-based Wereldhave USA, which paid $161 million for it in
2008. The transaction was a bargain in more ways than one: Although not located in the city's
center, DiamondView pulls in the region's highest net operating income at $33.70 psf — $10.2
million annually, according to London Group Research.
Chicago Multifamily
Market Tight
Apartment hunters may not f nd Chicago their
kind of town, as city multifamily vacancy rates
have declined for the past 3.5 years to 4.3 percent,
with asking rents increasing 2.9 percent for 2012,
according to Marcus & Millichap. With only 200
rentals completed last year in the suburbs, those
vacancies fell to 3.9 percent as asking rents rose 2.4
percent. Investors are also moving to the suburbs,
as multifamily transactions outside of Chicago
increased 25 percent last year.
S O U T H
Á
Á
M I D W E S T
Atlanta Office Stats
45,000 net new jobs in 2012
3Q12 Net absorption
1.3 msf — highest since 4Q06
3Q12 Sales volume
$616.7 million — up 190% from 3Q11
Source: Cassidy Turley
42
January | February | 2013
Commercial Investment Real Estate