2015 spokane office/ medical office · 2015 spokane office/ medical office presented by jon...
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2015 Spokane Office/Medical Office Presented by Jon Jeffreys, SIOR Office and Medical Office Sales and Leasing NAI Black Commercial Real Estate
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• Op#mism spurs increased Office occupancy.
• High demand, low supply -‐ Office sales • Medical Office at all #me highs in vacancy.
• 2015 will be a break out year for new companies to Spokane.
Market Summary
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• Office-‐using employment expands by 3%, or 868,000 jobs
• Job growth vs space efficiencies
• Hoteling-‐genera#onal shiH
• Cubicle square footage decreases
Office
Office Leasing
• Seattle Vacancy: 15.1% to 13.7%
• Portland Vacancy: 13.3% to 11.7%
• San Francisco: 8.6% to 7.5%
• Salt Lake City: 13.1% to 10.5%
Office Leasing
Vacancy -‐ 2013 vs 2014
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Office Leasing
• Spokane County office vacancy improves
• New job growth flat • Spokane unemployment rate decreases
7.9% to 6.7% (misleading)
• Rents flat / concessions decreasing
• Development is minimal
Office
Office
Medical Office
Notable New Leases • 64,000 sq. ft. Safeco Insurance - 24001 E.
Mission, Liberty Lake • 20,000 sq. ft. Spokane Eye Clinic - 16201 E.
Indiana, Spokane Valley • 15,913 sq. ft. Walgreen’s Billing Center -
10220 N. Nevada Street, Spokane • 44,000 sq. ft. Next IT - 12310 N. Mirabeau
Pkwy, Spokane Valley • 11,753 sq. ft. Regus – 601 W. 1st Ave., Spokane • 25,000 sq. ft. Pemco Insurance - 16201 E.
Indiana, Spokane Valley
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Office Sales
• 29 Sales in 2013 vs 25 Sales in 2014
• Average Price/SF ≈ $72/SF ±
• Actual Sales vs REO Sales / Distressed Properties
Office Office
2014 -‐2015 Office Building Sales
Ambassador’s Group Building -‐ 2001 S. Flint Road Sales Price -‐ $9,010,000
Purchaser -‐ Northwest Farm Credit Services
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133,459 SF ±
Sales Price -‐ $3,350,000 Digi Deal Building -‐ 5123 E. Third Avenue
Purchaser -‐ School Employees Credit Union of Spokane
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20,250 SF ±
Sales Price -‐ $4,250,000 Premier Professional Building -‐ 15812 E. Indiana Avenue
Purchaser -‐ CHAS
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25,124 SF ±
Sales Price: $4,000,000
Holly Mason Building: 157 S. Howard Street
Purchaser: Holly Mason-‐20, LLC
Office
127,960 SF ±
Sales Price -‐ $2,300,000 Valley Doctors Building -‐ 1512 N. Vercler
Purchaser -‐ CHAS
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19,837 SF ±
2015 Outlook
• New tenants to the market
• Build-‐to-‐suit opCons become viable contenders
• Rents stay flat as vacancy conCnues to decrease
• Large blocks of space become less available
• Spec development will remain non-‐existent
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Credit and Thanks
§ Bureau of Labor and Sta#s#cs; hdp://data.bls.gov/#meseries/LNS14000000 § CBRE Na#onal Office Overview § CBRE Econometric Advisors, Q4 2014/CBRE Marketview Snapshot § Karen Meek -‐ Valbridge Property Advisors § Marc Mower, Craig Soehren, and Mike Livingston -‐ Kiemle & Hagood § Jaime Traeger -‐ PinecroH § Joe Frank -‐ Greenstone § Wayne Frost -‐ Frost Consul#ng § Jack Marr -‐ Worthy Enterprises § Ron White -‐ Unico Proper#es § Ryan Nipp -‐ Parkwood Proper#es § Wendy Smith – Greater Spokane Incorporated (GSI) § Tom Hix – NAI Black -‐ Property Management § Jeff Johnson -‐ NAI Black – Commercial Real Estate
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Thank You
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