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AUSTIN-Rising office vacancy has hit the pocketbook of building owners, with rent dipping 42 cents per sf between first quarter and Q2 closings. The average now rests at $27.15 per sf, with the CBD being hardest hit as rates plummet $4.20 per sf.
LOS ANGELES-Owners DivcoWest and Westbrook Partners have tentatively agreed to sell their 1901 Avenue of the Stars tower to Douglas Emmett Realty, brokers familiar with the deal tell GlobeSt.com. A formal announcement could come this week, if last-minute details and glitches are worked out.
ORLANDO-The U.S. Occupational Safety and Health Administration opened a formal investigation today in the death of a 36-year-old construction worker whose harness broke as he was working on a rooftop scaffold, 60 feet above the Orange County Convention Center's floor.
SOUTHFIELD, MI-A portion of Roseville Plaza is demolished for a new 136,000-sf Wal-Mart store and relocation of CVS Drugs. Michael's Crafts, Linens 'N Things, Payless Shoes and Shoe Carnival open at Crossroads Centre.
DENVER-Commercial real estate brokers and lawyers who were against last year's Constitutional Amendment to control growth say they might vote for it if legislators don't compromise.
LONDON-Cheapside, the prime retail pitch in the City of London, could be set for a surge in rental values according to a new survey from agent Churston Heard and economic analysts Business Strategies.
MOLINE, IL-The manufacturing firm has hired M. B. Kahn Construction Co. as general contractor for a headquarters and manufacturing plant for its new transaxle joint venture. Construction will begin this fall.
CHICAGO-Buyers are acquiring multifamily rental property in this market at capitalization rates under 8% as the market begins to emulate hot markets on the East and West Coasts. Purchases are made with the expectation of rent increases.
BRIDGEWATER, NJ-National Business Park has the assignment to move the space in the Lawrence Zirinsky Associates property, which will be renovated as part of the effort.
AUSTIN-Rising office vacancy has hit the pocketbook of building owners, with rent dipping 42 cents per sf between first quarter and Q2 closings. The average now rests at $27.15 per sf, with the CBD being hardest hit as rates plummet $4.20 per sf.