S O U T H
Ä
Florida
Industrial
Stats 3Q12
1,2000,000
8.3%
Vacancy (%)
SF Under Construction
"Increased competition amongst
net-leased investors has triggered
the 3Q12 national bid-ask spread
to compress by 6 basis points on
average when compared to last
quarter."
National Bid/Ask Cap Rate
Spread
Broward County
Palm Beach 0
Miami-Dade County
9.5%
351,000
10.5%
N AT I O N A L
2Q12
3Q12
BASIS POINT
CHANGE
Retail
26
17
-9
Office
53
50
-3
Industrial
63
58
-5
SECTOR
Source: Jones Lang LaSalle
Source: The Boulder Group
W E S T
Denver Offers Total Package
Ä
No longer just a winter destination, Denver has morphed into
a "year-round, four-sport, convention-oriented, leisure city all
connected through a new bus and light rail system," says Greg
Hartmann, executive vice president and national director of
valuations of Jones Lang LaSalle Hotels. "It's a model for noncoastal urban centers such as Houston, Dallas, Salt Lake City,
Kansas City, Sacramento, San Jose, Omaha, and Cincinnati."
Hotel investors have discovered Denver as well, Hartmann adds,
as upper-scale properties attract around $350,000 per room, with
select-service hotels priced at more than $250,000 per room.
E A S T
Office Sales Volume
Jan.–Aug. 2012
MARKET
(IN MILLIONS)
AVERAGE PSF
$244
$109
$1,952
$255
Philadelphia
$367
$117
Washington,
D.C.
$3,428
$350
Baltimore
Boston
Á
Á
M I D W E S T
CCIM Restores
Local Asset
Brent Sears, CCIM, SIOR, of NAI/Bergman in
Cincinnati was instrumental in helping revitalize a retail asset in the tertiary market of
Hillsboro, Ohio. Afer purchasing and renovating the 58,127-sf Hillsboro Plaza, property
owner Buckeye State Investors retenanted,
leasing a portion of the space to retail tenants. HealthSource of Ohio also signed a
10-year lease for 14,000 sf, which it occupies
with another medical group. Buckeye then
created a deed split and sold the portion of
the center occupied by the medical groups to
HealthSource for $1.4 million. Te remainder
of the center, 100 percent occupied, mostly by
national tenants, is on the market for $3.5 million. "Tis revitalization efort created many
jobs in a community with 11 percent unemployment," says Sears. "When these stores
opened up, there were hundreds of people in
line for a position. CCIMs get things done in
small cities as well as large ones."
Source: Cassidy-Turley
CCIM.com
January | February | 2013
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