Market Data

Regional Outlook(16)


A 34-story, 1 million-sf office tower is planned for Chicago’s CBD, according to Trammell Crow Co., which will be the master developer along with Insite Real Estate. Although no groundbreaking or completion date was announced, the class A space will be among the first to open in Chicago after the downturn. Downtown office vacancy fell slightly to 16.5 percent in 3Q10, according to Cushman & Wakefield, which predicts a slow recovery for the next two years.


Land Locked by Limited Demand

Significant appreciation of Las Vegas land values likely will not return for several years, according to Applied Analysis’ 3Q10 report. Given Sin City’s 35 million sf of available commercial space and 16,000 homes for sale, demand for developable land will not materialize anytime soon. Appreciation is down 19.7 percent from last year, with the price per acre dropping from $264.40 to $212.01. Since the market peak in 2007, prices have dropped 77.4 percent.


Dallas Legal Eagles to Flee CBD?

Starting in 2012 as current leases expire, Dallas law firms may flee the inefficient 1980s class A space in the city’s CBD, moving to Uptown and other submarkets with newer, more expensive space, according to the Jones Lang LaSalle’s 2010 Law Firm Office Perspective. As a spate of leases come up for renewal in 2012–2016, most local law firms likely will require less square footage due to downsizing and a move to online record keeping. Law firms comprise almost 5 percent of Dallas’ office space, with 22 firms occupying spaces larger than 50,000 sf in the market.


The Outlet Shoppes at Oklahoma City is the largest retail construction project in the U.S., according to McGraw-Hill Construction’s 2011 Outlook. The 65-acre outlet center containing 348,000 sf of retail space is valued at $50 million, part of $6 billion in private and public capital investments that has occurred over the past decade, according to city leaders.


“Fort Lauderdale can burn off its excess [housing] inventory in about two years under forecasted job numbers. It’s a huge outlier in Florida. I really like its comeback prospects.”

-- Greg Willet, vice president, MPF Research


The country’s most volatile 24-hour market, San Francisco now offers investors excellent near-market-bottom buying opportunities, particularly in apartments and hotels, office, and retail, according to Emerging Trends in Real Estate 2011. Other top investment markets include Washington, D.C., New York, Boston, Seattle, Houston, Los Angeles, San Diego, Denver, and Dallas.


Philadelphia Prospects: Buy or Sell?


% of investors
who say buy

% of investors
who say sell
















Source: Emerging Trends in Real Estate 2011 survey


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