Category: Commercial Real Estate
By Philip Newswanger
philip.newswanger@insidebiz.com
An expert on trends in commercial real estate said 2010 is the year of the user.
In real estate jargon, a user is anyone who rents or buys a property and moves in, taking over all of the space.
The industry also refers to users as owner-occupiers.
With property leasing lagging, property owners are willing to go a step further and hang a "For Lease" or "For Sale" sign on the side of the building.
By Philip Newswanger
philip.newswanger@insidebiz.com
Last summer, the top commercial real estate firms in the region dropped out of the Commercial Real Estate Council.
They said the $500 the council charged per real estate broker for each firm was too expensive and the membership generated little return for the money. Those firms include Thalhimer, CB Richard Ellis, Harvey Lindsay Commercial Real Estate, S.L. Nusbaum Realty Co. and Advantis Real Estate.
The membership fee excluded the cost of the annual awards banquet, which is $190 per person.
By Philip Newswanger
philip.newswanger@insidebiz.com
Tight credit is the new normal. But options do exist for commercial real estate to thrive.
Those options are the topic of discussion at the next Commercial Real Estate for Women luncheon, scheduled for Tuesday, Feb. 16, at the Norfolk Airport Hilton on North Military Highway at 11:30 a.m.
Victor Pickett, senior vice president and regional manager of Grandbridge Real Estate Capital LLC, and Laurie Arcand, senior vice president of the real estate group of TowneBank, will speak.
by philip newswanger
philip.newswanger@insidebiz.com
Not surprisingly, construction firms are pessimistic about this year.
According to a national survey conducted by the Associated General Contractors, nine in 10 contractors say there will be no recovery in 2010.
As a result, fewer contractors plan to purchase construction equipment or hire new staff, the survey found.
The outlook found that privately funded construction activity is likely to decline even further this year.
The outlook is based on a survey of 700 firms by the trade group.
by Philip Newswanger
philip.newswanger@insidebiz.com
In all likelihood, the recession is over, according to Wells Fargo senior economist Mark Vitner.
The economy grew by 2.2 percent and 5.6 percent in the last two quarters of 2009, Vitner told members of the Hampton Roads Association for Commercial Real Estate last Wednesday.
Provided the economy doesn't drop into a recession again, it will improve by 2011, Vitner said.
"We don't think the GDP will go negative again," Vitner said.
by philip newswanger
philip.newswanger@insidebiz.com
A survey of port business and an economist with Bank of America-Merrill Lynch point to a comeback of global trade this year and well into 2011.
That's good news for landlords who own big-box distribution space.
That's also good news for brokers who specialize in leasing big-box space.
Meanwhile, landlords are getting creative with tenants, just to get through the lean times.
by Philip Newswanger
philip.newswanger@insidebiz.com
By this time next year, the city of Virginia Beach should know whether light rail will be extended to the Oceanfront.
The city has commissioned a 12-month environmental impact study to look at four alternatives to a transit system in Virginia Beach, one of which is to do nothing.
The other alternatives include implementing a transportation management system, implementing a bus rapid transit system or extending light rail from Norfolk to Virginia Beach.
By Michael Schwartz
michael.schwartz@insidebiz.com
As the story goes, 10 years ago Isle of Wight County decided it was important to "get in the economic development game."
That's how the county's director of economic development, Lisa Perry, tells it.
So a plan was devised to get into the game by creating a giant commerce park, taking advantage of the wealth of land in the surrounding area. Using taxpayer dollars, the county went to work.
by Philip Newswanger
philip.newswanger@insidebiz.com
Commercial real estate markets are showing the strains of the straggling economy, despite claims by economists and policy-makers that the recession has officially ended.
National vacancy rates have risen while rents have dropped for all commercial real estate, according to the most recent quarterly report published by the Mortgage Bankers Association. The report is for the third quarter of 2009.
by philip newswanger
philip.newswanger@insidebiz.com
Virginia Beach is showering businesses with grants and tax credits.
The largesse is aimed at bringing firms, as well as residences, into compliance with the U.S. Navy's rules, the result of a BRAC hearing almost four years ago.
The program aims to eliminate or move residences and businesses that don't belong in the accident potential zone, known as APZ-1, around NAS Oceana.
The program is two-pronged.
