Real Estate Journal — January 16 - 29, 2015 — 15A
www.marejournal.com
M id A tlantic
2015 F orecast
leasing and sales activity has increased across most market segments. Some recent activity includes: • Of f i c e : AI Emory Hill Bro- kerage recently had the opportunity to By Neil Kilian, CCIM, SIOR and Dr. Peter Linneman Signs of economic recovery on the horizon: Local real estate market upturn reflects global outlook N • Retail: Several new proj- ects have been built or are in the development process: in the “Metroform” area,
office market include: 1201 Market St., the I.M. Pei build- ing at 1105 Market St., 500 Delaware Ave. (Ws/fS), the Renaissance Center down- town and the Applied Bank Center (former Rollins Build- ing) on Concord Pike; also, the Nemours Foundation moving to the Applied Bank Center, Navient moving its headquar- ters to the Wilmington River- front, JP Morgan’s acquisition of AstraZeneca’s South Campus on Concord Pike, and the recent sale of 1001 Jefferson St. in downtown Wilmington.
in the aging population, Dela- ware is seeing a renewed in- terest in medical space, and related fields including home health care, independent liv- ing, assisted living and skilled nursing facilities. Bayhealth, the health care system that also operates Kent General Hospital, recently announced plans for a new campus in Milford; Christiana Care re- cently opened an Emergency Room facility near Rte. 1 & Rte. 299, and the healthcare organization plans to continue development of additional continued on page 22A
h e a r f r om NAI Glob- a l ’ s c h i e f e c o n o m i s t a n d wo r l d r e n o w n e d s p e a k e r Dr . Pe t e r Linneman , who shared
Kimco is developing a 400,000 s/f Promenade at Christiana, Allied Properties is developing a 600,000 s/f Christiana Fash- ion Center, Cabela’s opened their first Delaware location and Cinemark recently opened, both at the Christiana Mall; CVS is under construction for a new pharmacy, and West- town Movies recently opened a multi-screen movie theater in Middletown. • Medical: With the increase
A t i gh t en - i n g a v a i l - ability due to the lack of construc- tion, a grow- ing demand and tenants
Neil Kilian Peter Linneman
moving from class B to class A office space shows signs that the commercial office market is picking up. Transactions reflecting absorption in the
his outlook on the national and global economy and its an- ticipated impact on the future of the commercial real estate industry. Dr. Linneman’s global out- look translates to the local level because trends in the larger economy have tremen- dous bearing on the health of the economy here in Delaware and the entire Tri-state region. Based upon Dr. Linneman’s presentation and the fact that we are seeing an overall in- crease in the number of com- mercial real estate transactions at the local level, Neil Kilian, CCIM, SIOR and NAI Emory Hill’s director of brokerage, states that “while we are still rebounding from the great re- cession, we feel good that the local economy will continue to recover yielding an uptick in commercial real estate related activity through 2015 and be- yond.” Taking a closer look at Dr. Linneman’s presentation, the following points were high- lighted as signs that the econ- omy will continue its march toward a legitimate and steady recovery: • Housing prices are on the rise. (This is due to lower housing supply and increasing demand.) • Consumer spending has increased, returning to levels from seven years ago. • Banks are beginning to lend out money, and there is still potential for huge in- creases. • Consumer confidence is slowly coming back. People are starting to feel better being in ‘new territory’ and now that the elections are over, feel a higher degree of certainty and stabil- ity - and that positive psychol- ogy will feed the economy. LOCAL TRENDS: Delaware is “faring well” compared to the rest of the nation, Kilian said, with its unemployment rate of 6.1% in line with the nation’s average. And commercial real estate
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