Commercial Investment Real Estate

JAN-FEB 2015

Commercial Investment Real Estate is the magazine of the CCIM Institute, the leading provider of commercial real estate education. CIRE covers market trends, current developments, and business strategies within the commercial real estate field.

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43 January | February | 2015 CCIM.com Ä Istimages/Thinkstock E A S T New York Retail Highest in the World Asking retail rents of $3,550 psf per year on Fif h Avenue in New York are the highest in the world, according to Colliers Interna- tional. Madison Avenue in New York posts the second-highest U.S. rent on the list at $1,643 psf per year, up 24 percent from last year. While the dollar f gures are astronomical compared with other U.S. cities — the third highest is Honolulu at $420 psf per year — double digit YOY rent increases are found in many markets, signaling a strong comeback for retail in 2015. Of 27 markets tracked, 17 saw retail rent increases between 10 percent and 30 percent. W E S T Offi ce Still Struggles Direct vacancy rates, 3Q14 Colorado Springs, Colo. 22.0% Dallas ........................... 17.8% Las Vegas ..................... 27.4% Los Angeles CBD .......... 20.0% Phoenix ........................ 21.3% Source: Cushman & Wakefi eld Ä N A T I O N A L "The average warehouse/ distribution facility in the U.S. is 42 percent larger than it was in 2000. When it comes to supply chain advantages, these giant facilities allow companies to experiment with different fulfi llment strategies and respond to the demands of high- turnover online retailing." — John Morris, leader, Cushman & Wakef eld Industrial Services for the Americas W E S T San Diego Multifamily Strong Ä 5% 4% 3% 2% 1% 0% 0 500 1000 1500 September 2014 September 2013 3.59% $1,515 $1,475 4.44% Asking Rent Vacancy S O U T H W E S T Houston Offi ce Snapshot, 3Q14 Total vacancy 12.2% YTD absorption 3,069,106 sf 12-month rent growth 9.5% Under construction 15,635,602 sf Preleased 58% Source: JLL Á

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