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HOUSTON-The city's office market hits its lowest point in nine years, with 12 of 19 submarkets posting negative absorption. Rents are falling and sublease space is rising. Enron accounts for 675,000 sf of 881,872 sf of empty CBD space.
CHICAGO-ATA's 200,000-sf training facility at 4700 W. 72nd St. began to look iffy in the wake of the Sept. 11 terrorist attacks, but the Indianapolis-based airline is not canceling plans. The city is providing a $24-million tax increment financing subsidy.
LONDON-The lowest number of properties available for two years--especially one and two-bedroom flats--and quicker-than-expected sales has pushed up some property prices dramatically.
PORTLAND-For not more than $2.45 million cash and responsibility for maintaining a chunk of Martin Luther King Boulevard, the city will purchase from the Oregon Department of Transportation several properties on the East bank of the Willamette River, including the 80,000-sf Holman Moving and Storage building.
STANTON, CA-The company, Autobacs Seven Co. Ltd., plans to open its first North American location in Stanton by the end of this summer. The new shop is rising at the site of a former movie theater, which is being revamped as part of a $4.5-million reconstruction project.
ORLANDO-Local brokerages are ignoring an almost-abandoned niche that could generate new business for them and the community, George D. Livingston, president, Central Florida chapter, National Association of Office and Industrial Properties, tells GlobeSt.com.
AUSTIN-Aus-Tex Printing says it's time to move on after spending 45 years in two locations in the CBD. The firm has acquired the former Celis Brewery, a 25,849-sf structure sitting on 8.7 acres. The intent is to retrofit and add 25,000 sf.
DALLAS-Grubb & Ellis' Dallas research team says vacancy is up another 1.6% to 23.9% from the 2001 close. The recorded 8.8 million sf of sublease space is the highest in a decade. And, it most likely will get worse before it gets better, says a key researcher.
SPOKANE, WA-A couple of key industries have been hit by recession here, but the president of Spokane's Economic Development Council can rattle off nearly $1 billion in recent development and says another $17 million worth is underway at Spokane International Airport to keep up with the new demand.
ATLANTA-Southfield, MI-based Ramco-Gershenson Properties Trust has sold the 178,000-sf Hickory Corners in Hickory Corners, NC to HD Hickory LC for $10.7 million or $60.11 per sf.