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Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
Office Parks Sprout Along Loop 101
Posted on 07/11/2007 07:42:06 | Link | Post Comment
Office parks sprout along Loop 101
from the Arizona Republic, reports that the Loop 101 corridor between Tempe and Scottsdale is filling up fast with business parks and office complexes, much of it on tribal land. As much as 10 million square feet of development is now under construction, according to the economic development director of the Salt River Pima-Maricopa Indian Community. Near Pima Road and Via de Ventura, Opus West Corp. and MainSpring Capital Group are developing Pima Center, a $700 million project that will be one of the largest on tribal land. It will offer 3.5 million square feet of office, hotel and retail. Other projects along the freeway corridor include Riverwalk Arizona, Calendar Stick, and Windstone.
Builder shrinks houses
KB Home is leading the way in a relatively new tactic to draw home buyers in a sluggish housing market -- constructing smaller homes, according to an article by the Orlando Sentinel. This strategy is being used by other major builders as well, the newspaper reports. "Smaller homes generate lower revenues, but they sell faster, therefore the cash returns are better," the newspaper quotes Jeffrey Mezger, KB Home's chief executive, as saying. Within the past two months or so, the builder has sold 48 units in one Las Vegas community where homes range from 1,267 square feet to 1,608 square feet, with prices beginning at $195,590. But the move may be too little, too late: It may take builders as many as four years to unload excess inventory, the Sentinel says, and "what you really need is a much sharper rampdown in production," a real-estate analyst quoted by the paper says.
O.C. office lease rates hit record high in spring
Remember the days of the real estate frenzy? Remember when buyers lined up to purchase properties and paid top dollar to do it? Remember the market of ... 2007?
The residential real estate market may be in a sales slump, but these are the glory days for O.C. commercial real estate, and the latest data provide further evidence. Lease rates are up amid low vacancies, according to second-quarter reports by Voit Commercial Brokerage and CB Richard Ellis.
Here's what Voit Commercial had to say about the O.C. office market in its second quarterly report:
from the Arizona Republic, reports that the Loop 101 corridor between Tempe and Scottsdale is filling up fast with business parks and office complexes, much of it on tribal land. As much as 10 million square feet of development is now under construction, according to the economic development director of the Salt River Pima-Maricopa Indian Community. Near Pima Road and Via de Ventura, Opus West Corp. and MainSpring Capital Group are developing Pima Center, a $700 million project that will be one of the largest on tribal land. It will offer 3.5 million square feet of office, hotel and retail. Other projects along the freeway corridor include Riverwalk Arizona, Calendar Stick, and Windstone.
Builder shrinks houses
KB Home is leading the way in a relatively new tactic to draw home buyers in a sluggish housing market -- constructing smaller homes, according to an article by the Orlando Sentinel. This strategy is being used by other major builders as well, the newspaper reports. "Smaller homes generate lower revenues, but they sell faster, therefore the cash returns are better," the newspaper quotes Jeffrey Mezger, KB Home's chief executive, as saying. Within the past two months or so, the builder has sold 48 units in one Las Vegas community where homes range from 1,267 square feet to 1,608 square feet, with prices beginning at $195,590. But the move may be too little, too late: It may take builders as many as four years to unload excess inventory, the Sentinel says, and "what you really need is a much sharper rampdown in production," a real-estate analyst quoted by the paper says.
O.C. office lease rates hit record high in spring
Remember the days of the real estate frenzy? Remember when buyers lined up to purchase properties and paid top dollar to do it? Remember the market of ... 2007?
The residential real estate market may be in a sales slump, but these are the glory days for O.C. commercial real estate, and the latest data provide further evidence. Lease rates are up amid low vacancies, according to second-quarter reports by Voit Commercial Brokerage and CB Richard Ellis.
Here's what Voit Commercial had to say about the O.C. office market in its second quarterly report:
- "The average asking Full Service Gross lease rate per month per foot in Orange County is currently $2.76, which is an 11.74% increase over last year’s second quarter rate of $2.47. This is the fourteenth consecutive quarter of positive lease rate growth, which represents a new record high. ... The office vacancy rate recorded a sub 10% level of 8.95% this quarter. ... This sub 10% level is driving the construction activity and the upward pressure on the average asking lease rate."
The increase in office lease rates comes despite the additional space caused by new construction and the collapse of the subprime mortgage lending industry, the brokerages reported.
Demand for industrial and retail space is even stronger with even lower vacancy rates, CB Richard Ellis reported.
To see Voit's market reports for S.D., O.C. and Las Vegas , CLICK HERE.
NAR: Home Prices Expected to Recover in 2008 As Inventories Decline
An even slower than previously expected recovery from the current housing and home building slump was forecast Wednesday by the National Association of Realtors.
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