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market: Newmark Knight Frank - Detroit Industrial Market Report - 1Q10 - 06/22/10 02:15 PM
Conditions in the Detroit industrial market continued to weaken during the first quarter of 2010. Total net absorption was negative for the sixth consecutive quarter as nearly 1.7 million square feet were put back on the market. The vacancy rate increased to 20.0%, the Detroit industrial market high on record since 2000. The average asking rent fell to its lowest point on record to $4.02/sf from $4.04/sf reported during the fourth quarter of 2009. Average asking rents in the Detroit industrial market have remained in the $4/sf to $5/sf range for the past eight years.
The Groesbeck submarket was one … (0 comments)
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market: Newmark Knight Frank - Detroit Office Market Report - 1Q10 - 06/22/10 02:00 PM
Weakening conditions prevailed in the Detroit office market during the first quarter as the vacancy rate rose to 24.7% from 24.2% in the fourth quarter of 2009. The vacancy rate has remained above 20.0% for over three years. Total net absorption was negative for the ninth consecutive quarter as 418,407 square feet were returned to the market.
Average asking rents declined slightly in the first quarter to $19.63/sf from $19.67/sf in the fourth quarter and were down 1.7% from $19.97/sf reported one year ago. Rents have declined 15.3% from $22.63/sf, the peak during the fourth quarter of 2000.
In the … (0 comments)
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market: Metro Detroit - Southern Oakland County Area - Client Requirement - 1,500 to 2,500 SQ FT Office Space - 10/09/09 05:44 PM
Hi everybody!
I am representing a client looking to lease office/flex/industrial space:
Size: 1,500 to 2,500 SQ FT Type: Office Space Timeframe: Immediate Location: Beverly Hills, Lathrup Village, Berkley Areas Please forward any opportunities that you may have available to:
Jason Tucker | Associate Director
Newmark Knight Frank, Inc.34975 W. Twelve Mile Road | Farmington Hills, MI 48331Phone: 248-848-4084 | Fax: 248-848-9041 | Cell: 248-431-8138e-mail: jtucker@newmarkkf.com | Website: www.newmarkkf.com
… (0 comments)
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market: Newmark Knight Frank - Detroit INDUSTRIAL Market Report - 2Q09 - 10/01/09 01:55 PM
During the second quarter of 2009, the Detroit industrial market continued to weaken. The third consecutive quarter of negative net absorption has added 7.3 million square feet of space to the market, 5.1 million square feet of which have been added in 2009. The vacancy rate increased to 18.0%, its highest level on record, from 17.1% in the previous quarter. The average asking rental rate fell in the second quarter to $4.25/sf from $4.37/sf reported during the first quarter, and is down 4.0% from $4.43/sf over the last year. Rents have declined 23.9% from $5.59/sf, the peak during the third … (0 comments)
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market: Newmark Knight Frank - Detroit OFFICE Market Report - 2Q09 - 10/01/09 01:41 PM
A slight reprieve was seen in the Detroit office market in the second quarter of 2009. After six consecutive quarters of negative absorption, 69,244 square feet of space was removed from the market as the vacancy rate held at 22.5% from the first quarter. The vacancy rate is up from 21.5% one year ago and has remained above 20.0% for the past three years. The average asking rental rate fell in the second quarter to $19.75/sf from $19.90/sf at the end of the first quarter, and is down 2.4% from $20.24/sf over the last year. Rents have declined 12.6% from … (0 comments)
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market: Not Another Office Lease Nightmare Story!? - 07/16/09 10:41 AM
Yet again, we met with another company and the story is the same!
So many of these companies signed leases in a "different" market, and the lease that they had agreed upon included an annual increase, or a rent escalation, usually of $.50 cents per square foot per year. The problem is, they are in their 3rd or 4th year of a long term lease and they are now paying an exorbitantly high price per square foot. In some cases, they are paying close to DOUBLE what the market rate is.
What is Rent Escalation? Fixed rent over a longer-term lease … (0 comments)
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market: Tucker's 2 Cents - What industries to focus on for 2009: - 04/07/09 01:09 PM
Hey everyone! While revising my annual commercial real estate business and marketing plan, it seemed beneficial for me to gather opinions of other people from my professional industry. This post is focused on my target customers for 2009 and I would be very interested to hear your thoughts and comments on the same topic.
For 2009 I will be focusing much of my efforts on the following industries:
Alternative Energies - There have been accounts of numerous new companies, projects and ventures in the alternative energy field. All of which may need facilities, land and/or office space. Emerging Technologies - There … (1 comments)
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market: CASH IS KING!!! - Unlimited Foreclosure Opportunities in Michigan! - 12/17/08 09:29 AM
This may be a slightly different approach, but it makes sense.
There are so many unbelievable opportunities in the Detroit metro, commercial real estate market, it is simply staggering. The problem is, no one, has any money.
Here's what I'm looking for:
Out-of-state commercial property buyers Companies looking to expand facilities Investors looking for opportunities at pennies on the dollar Financial institutes looking for solid assets For the time being, the opportunity areas far out weigh the many areas of the Detroit market that are on an upswing. I'm not sure how long these favorable circumstances will last, so I recommend … (4 comments)
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market: U.S. Office Property Sector – Market Outlook - 2009 - 12/09/08 06:50 PM
Commercial Real Estate Outlook for 2009: Negative Impact of National Recession Mitigated by Moderate Increase in New Supply
In a report on the outlook for the US office property market next year, global real estate firm Newmark Knight Frank reports that most US regional markets may be better positioned to weather the coming downturn than they were in past recessions because development activity has been restrained.
There are exceptions, however, including Washington DC, Phoenix, Houston and some parts of California, which have all grown rapidly in the past several years the report says. Newmark Knight Frank's outlook for New York City … (1 comments)
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market: What is a Lease Restructure? - 10/17/08 01:35 PM
The idea of a lease restructure is fairly simple:
Assume that you have 4 years remaining on your original 10-year term lease. Your original lease was most likely structured with an annual increase based on yesterday's lease rates. If you were to sign a lease today in most cases it would be lower than what you are currently paying. We would build leverage by placing your existing space on the market for sublease, examining less expensive options and approaching your landlord to restructure your lease. During this lengthy negotiating process with your landlord we would also approach several outside landlords to … (0 comments)
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Jason Tucker
Richmond,
VA
More about me…
Address: Richmond, VA, 23294
Office Phone: (248) 431-8138
Cell Phone: (248) 431-8138
Email Me
Jason is personally committed to a holistic approach for assisting local and international companies with their strategic real estate needs. He provides his clients with targeted real estate market research, industry trend analysis, and logistics solutions that enable them to make well-informed, cost-effective decisions about their businesses.
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