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PHOENIX-The Phoenix region's retail market is holding its own in tough times. Vacancy is up just a shade, says CB Richard Ellis in a Q3 analysis. Two regional malls opened with occupancies above 90%. Even 60 shuttered store were quickly snatched up.
DALLAS-Four corporate real estate departments form a consortium to unload surplus space. A trophy list of 30 more is being wooed. It's a must-keep commitment to post all renewals and excess space and review all matches before going to the open market.
SUNRISE, FL-Lennar Florida Land III Ltd., an affiliate of Miami-based LNR Property Corp., was asking $11 million or $268,293 per acre ($6.16 per sf) for the 41-acre tract just south of Sunrise Boulevard and NW 136th Avenue, across from the 1.3 million-sf Sawgrass Mills Mall, one of the largest in the Southeast. The closing price wasn't disclosed.
HOUSTON-CSC Credit Services signs a renewal and expansion at Bridgewood II near the Bush Intercontinental Airport. The proximity to the airport and an abundance of hotel rooms for traveling account execs are part of the reason for staying put.
ORLANDO-Deal volume is down for the first nine months of the year as lenders tighten underwriting; sellers stay firm on price; and buyers, most of them private groups now, continue to hunt for bargains.
BELLEVUE, WA-Eastside vacancies have climbed to an average rate of 12.66%. However, the direct rate is 5.99%. While the overall number is high, the key is the difference between direct and subleases.
AUSTIN-A highway project, sure to draw more commercial development, gets a green light from Austin City Council. The governing body will kick in $27.5 million to extend MoPac Expressway to the new Texas 45, a $500-million undertaking.
LONDON-Investor interest is on the increase in the central European markets of Poland, Hungary and the Czech Republic. At a recent Jones Lang LaSalle conference a majority said they would now consider investing in the region.
CHICAGO-The success of the "war against evil" will dictate the severity of the recession and best-case scenarios are failing to pan out, two economists tell the National Association of Industrial and Office Properties conference.
DALLAS-After 15 years, Cliff R. Fischer steps down as president of his prominent Dallas firm, naming Ted D. Uzelac to the post. Fischer remains chairman and CEO while making other upper-level changes and plotting an expansion in key markets.