ccim president - the builders association · reno multifamily report prepared by: trevor richardson...
TRANSCRIPT
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2018 CCIM President
Carole Brill, CCIM
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2018 Commercial Real Estate Forecasts
Presented by Melissa Molyneaux
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Melissa Molyneaux, SIOR, CCIM
Senior Vice President | Executive Managing Director
Office Services
Colliers International, Reno
775-823-4674
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Colliers International
Key Takeaways
Owners improving their assets with lobby remodels
Improving statistics year over year
Positive absorption due to significant leases/sales
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Colliers International
Absorption
(20,000)
(10,000)
-
10,000
20,000
30,000
40,000
50,000
60,000
4Q2014
1Q2015
2Q2015
3Q2015
4Q2015
1Q2016
2Q2016
3Q2016
4Q2016
1Q2017
2Q2017
3Q2017
Net Absorption
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Colliers International
Vacancy Rate
16.1% 15.9%
15.2%
14.5% 14.7%
13.1%
12.3%11.8%
10.0%
11.0%
12.0%
13.0%
14.0%
15.0%
16.0%
17.0%
18.0%
19.0%
20.0%
4Q 2015 1Q 2016 2Q 2016 3Q 2016 4Q 2016 1Q 2017 2Q 2017 3Q 2017
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Colliers International
Significant Leases
Address SF Tenant Type
885 Trademark Drive, 1st & 2nd Floor
(partial)29,490 PODS Enterprises New
885 Trademark Drive, Suite 200 16,697 Elemental LED New
9480 Double Diamond Parkway 16,611 Spine Nevada New
50 South Virginia Street 14,000 SWITCH New
10345 Professional Circle, 2nd Floor 12,823 Guild Mortgage New
2195 S Virginia Street, 1st Floor 12,500 Park Lane Sales Office New
6160 Plumas Street, Suite 200 10,721 R&R Holdings New
9850 Double R Boulevard, Suite 100 10,719 Cisco Systems Renewal
604 W Moana Lane 10,484Nevada System of
Higher EducationNew
5390 Kietzke Lane, Suite 102 10,421Nevada State
Contractors BoardNew
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Colliers International
Rental Rates
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
$1.80
$2.00
Downtown South Meadows Meadowood Central/Airport Sparks West Reno
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Colliers International
2018 Planned & Potential Construction
Planned
McKenzie Properties is building a 40,000 sf spec building off Kietzke
and Neil @ Mountain View Corporate Center
Charles Schwab is breaking ground on a BTS/Spec building in
Rancharrah.
Two buildings are under construction: Urology Group on Kietzke and
an Oncology Group on Longley
Potential
Tanamera Construction may be constructing medical space in Reno
Corporate Center (Longley Lane)
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Colliers International
Significant Sales
Address SF Sale Price PSF
645 N Arlington Avenue 189,828 $66,200,000.00 $348.74
1 East Liberty Street 84,151 $18,300,000.00 $217.47
6005 Plumas Street 37,410 $6,900,000.00 $184.44
1 California Avenue 23,266 $3,075,000.00 $132.17
6140 Plumas Street 21,866 $2,906,000.00 $132.90
175 Salomon Circle 16,467 $2,900,000.00 $176.11
5595 Kietzke Lane 10,752 $3,194,000.00 $297.06
241 Ridge Street* 34,407 $5,781,247.00 $168.03
201 West Liberty Street* 28,557 $5,647,698.00 $197.77
100 & 140 Washington Street* 24,464 $4,564,935.00 $186.60
275 Hill Street* 23,441 $4,156,120.00 $177.30
1301 Cordone Avenue* 25,543 $2,200,000.00 $86.13
*Part of Portfolio Sale
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Colliers International
2018 Office Forecast
Rents
Vacancy
Absorption
Construction
CCIM 2018
Vacancy
Forecast =
8.8%
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Melissa Molyneaux, SIOR, CCIM
Senior Vice President | Executive Managing Director
Office Services
Colliers International, Reno
775-823-4674
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2018 Commercial Real Estate Forecasts
Presented byMatt Harris
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Presented by:Matthew Harris
Contributers:David Schuster
Ronald SheehanData Provided by Costar
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Percentage Leased 93%
Market Direct Vacancy Rate
7.0%
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Occupancy Rate
Current MarketVacancy Rate
8.1%
US VacancyRate5.1%
Boise Vacancy Rate3.5%
Sacramento VacancyRate6.1%
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FUN FACT!
In 2017, Northern Nevada's Industrial market had more sublet space available than any other market in the United States
Costar reported available sublet space to be 2.5 MSF.
Next closest market Dallas Ft Worth 2.2 MSF with a total market size 869 MSF, over 8 times larger than ours.
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Leasing Activity
9.2 MillionSquare Feet
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Net Absorption
3 Million Square Feet
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Average Asking Rental Rate$4.86 PSF
Warehouse Average
$4.36 PSF
Flex SpaceAverage
$9.25 PSF
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Average Sales Price $64.00PSF
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Total Sales Volume
121MillionIn
cre
ase
d
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Total Square Feet For Sale
1.7 Million Square Feet
FOR SALE
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Construction Starts
5 year low!
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Sub-Market MapsFernley Tahoe Reno Industrial Center
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2018 Expectations
Gross Absorption Sales Volume
Construction Deliveries
Rental Rate + Sales Price
Overall Market Vacancy6.8%
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2018 Commercial Real Estate Forecasts
Presented by Trevor Richardson
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Reno Multifamily
ReportPrepared By:
Trevor Richardson
Dickson Commercial Group
Prepared for CCIM 2018 Forcast Event DCG Multifamily 2018
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2017
Multifamily
Overview
Tenants
| Higher rents
| Less options
RentsDramatic Gains
Owners
| High income
| Sales prices
| Demand
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Reno 2017 Rent
Growth
14% rate increase
Reno 2016 Rent Growth
11.8% rate increase Re
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National Rental TrendsSecondary Markets
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Apartment
Rental Rate
Growth
01
Q316 Q416 Q117 Q217 Q317
$1,054$1,066
$1,111
$1,194
$1,202
$1,202Q3’17 Reno Multifamily
Average Rental Rate
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2017 RENT GROWTH
DCG Multifamily 2018
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Apartment Occupancy
2.24%Represents around 2 weeks of
market turn time
Apartment
Vacancy
01
Q316 Q416 Q117 Q217 Q317
2.24%
2.93%
2.30%
1.17%
2.24%
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$129KAverage $/Unit
2,020Units Sold
80+ Units
$87KAverage $/Unit
1,098Units Sold
2-79 Units
Large Multi Small Multi2017
Multifamily
Sales
02
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10%Average $/Unit
21%Percentage Decrease
80+ Units
12%Average $/Unit
64%Percentage Increase
2-79 Units
2016 to 2017 Sales Trends2017
Multifamily
Sales
02
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2017
Multifamily
Sales
02
1
2
2016 &2017 Large Multifamily
Sales Scatter Chart
1| Downtown
| Urban
| 5.5% Cap
2| South Reno
| Garden
| 5% Cap
1 | $198k/UNIT
2 | $158k/UNIT
3rd St Flats The Verge
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Reno/Sparks
Multifamily
Construction
03
Q416 Q117 Q217 Q317
8368
10071
11185 10599
Q315 Q316Q415 Q116 Q216
3729
65917360
87848466
10,599Q3’17 Reno multifamily
total units planned and
under construction
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Under
Construction
Reno/Sparks
Multifamily
Construction
03 3,762
Planned
Construction 6,837
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2.5%
$1,275Vacancy
Average Rent
2018
Multifamily
Forecast
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Thank you.
DCG Multifamily 2018
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2018 Commercial Real Estate Forecasts
Presented byIan Cochrane
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2018 Retail ForecastIan Cochran, CCIM
Retail Leasing, Sales, & Investment Specialist
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WWW.SVN.COM
2017… Where did it go!
The market velocity nearly doubled in 2017, creating what seemed like a mad dash to secure properties for investment and leasing alike.
SVN INTERNATIONAL CORP.
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WWW.SVN.COM
2017 was a great year for leasing and investment sales
SVN INTERNATIONAL CORP.
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WWW.SVN.COM
2017 Notable Investment Sales
SVN INTERNATIONAL CORP.
RCG Ventures $40 Million ($120/SF)
Tolles Development$16.5 Million ($221/SF)
Kimco Realty$24.1 Million ($291/SF)
Land Cap $18.6 Million ($125/SF)
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WWW.SVN.COM
2017 Notable Lease Transactions
23,500 SF at Del Monte Plaza
30,000 SF at South Meadows Promenade30,000 SF at Sparks Galleria
40,000 SF at Sparks Galleria
25,000 SF at Northtowne Marketplace
20,000 SF at Spanish Springs Center
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WWW.SVN.COM
Development in Reno-Sparks AreaSouth Meadows Promenade The Outlets at Legends
80,160 SF New Construction
40,000 SF Build to Suit
20,000 SF Spec Build
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WWW.SVN.COM
The Reno Market By The Numbers
Absorption
Vacancy Rate New Construction
Lease Rates & Sales Prices
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WWW.SVN.COM
Looking Ahead to 2018
Absorption
Vacancy Rate New Construction
Lease Rates & Sales Prices
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2018 Vacancy & Rent Prediction
Vacancy Rate
Lease Rate
8%
$1.55/SF
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2018 Commercial Real Estate Forecasts
Presented by CCIM