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MIAMI-Although overall vacancy rates are at 16%, up 4.6% from this time last year, Cushman & Wakefield executive Peter Harrison tells GlobeSt.com he thinks Miami will recover by next summer.
BELLEVUE, WA-Woe is the Eastside, where negative absorption has nearly tripled and some landlords have dropped class A rents by nearly 15%. Grubb & Ellis says this area sustained the brunt of the third-quarter storm that ripped through the Puget Sound.
SUGAR LAND, TX-The City of Sugar Land and developer Sugarland Properties watch the fruits of their labors pay off later this month when ground breaks on a convention center and abutting hotel. The center has been on the city's wish list for 10 years.
LONDON-The Merseyside Pension Fund has sold the freehold of the Arun Retail Park in Bognor Regis, West Sussex, to the BBC Pension Trust to show a net initial yield of 7.45%.
BOSTON, MA-With Condominium sales dropping dramatically from October 2000 to October 2001, some developers have put large projects on hold, as they are unsure of continued financing.
WEST PALM BEACH, FL-In the largest block of space in Boynton Beach, FL, the Schaumburg, ILL-based electronics manufacturer has four years left on a 10-year, 100,000-sf lease at Quantum Corporate Park. The company is eliminating 800 jobs in South Florida but still occupies a total 1.7 million sf in Broward and Palm Beach counties.
IRVINE, CA-The Ontario, CA property, which is owned by developer Wilson Income Properties, includes a 143,520-sf warehouse and distribution center, a 9,600-sf maintenance building, a 1,800-sf truck wash and 9,900 sf of office space.
HOUSTON-The brisk northwest Houston submarket attracts two more tenants. The industrial signers head to different buildings, but both situated between Hempstead Highway and US Highway 290.
NEW YORK CITY-A short-term cash crunch in Lower Manhattan won't result a dramatic spike in CMBS bond defaults, according to the rating agency's latest report.