Washington, D.C.'s Big Deal
Less than three years after its $84 million purchase of One Dulles Tower, a 403,600-sf property in Herndon, Va., Federal Capital Partners sold the property for $226 million to Harbor Group International LLC. The 17-year-old building has been fully occupied by Amazon Web Services since 2017. FCP invested about $11 million in renovating and respositioning the 13-story building and was assisted in the sale by Cushman & Wakefield.
Industrial Demand Strong in East Bay
Demand for industrial properties in California's East Bay area was strong during the first quarter of 2018, according to Kidder Mathews. Rents for state-of-the-art spaces have jumped 20 percent over the last 12 months and have attracted investors from around the country, particularly along I-880. Rents for bulk industrial spaces larger than 100,000 sf continue to rise above $1 psf; average rents for flex spaces range from $1.65 to $1.75 psf.
Puget Sound Office Vacancies Reach New Low
Vacancy rates in the Puget Sound (Washington) regional office market reached a 10-year low in 1Q2018, with the exception of 3Q2016.
Regional Availability Rate
January 2017: 1,510 jobs added
January 2018: 6,800 new jobs added
2017: $3.1 billion (record dollar amount)
1Q2018: $629 million
Source: Kidder Mathews