Real Estate Journal — Brokerage Directory — July 29 - August 11, 2016 — 15C
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By Chris Flammer, The Blau & Berg Company It’s a tenant’s market in the office world
T
he office segment of commercial real es- tate is continuing to
20,000 square feet are finding that through new floor plans, smaller cubicles, and employ-
driven by amenities such as quality food service, updated fitness facilities and access to
have begun to offer shuttle service to local train stations. They are also starting to offer campus amenities like outdoor meeting areas and bicycle paths. These amenities are all about attracting and retaining employees. A trend that we are begin- ning to see is the ticking up of rental rates. We have seen reports that have put this increase as much as 3%. The recent increased absorption and activity in the market is driving this trend; and, we should see rents increasing for the foreseeable future, as
the office market continues to correct itself. With all of this said, it is still a tenant’s market. There is still an abundance of qual- ity inventory in the market. Landlords are still offering generous work letters. But, the question is, “for how much longer?” Chris Flammer is a sales associate at The Blau & Berg Company. He has eleven years of experience in office, retail, and indus- trial markets, and now concentrates in the office sector. n
see growth. While there was a small increase in vacancy (less than 1%) at the end of the f i rst quar- ter of 2016, the vacancy
There is still an abundance of quality inventory in the market. Landlords are still offering generous work letters. But, the question is, “for how much longer?”
ees working remotely, they can occupy two thirds of their current footprint and remain effective. With that said, ab- sorption is still on the rise. One ongoing trend we are seeing is a flight to quality space. Tenants are looking for improved spaces. They are
public transportation. Many tenants are still looking in central business districts for space. The lack of space and the higher rents are pushing some tenants back to subur- ban office markets. To offset the lack of direct access to transportation, some buildings
Chris Flammer
rate is at a promising 14% overall. An issue that con- tinues to affect vacancy is company footprints shrink- ing. Tenants that were in The Hampshire Companies inks sale of three adjoined parcels MECHANICSVILLE, VA — The Hampshire Com- panies announced it has completed the sale of its Me- chanicsville portfolio, which consists of three parcels total- ing 6.25-acres. The parcels, two of which were previously developed and leased, were sold separately to maximize profit over a three-year period. The first parcel, a 1.23-acre site located at 7991 Compass Point Lane, was sold in 2013 to a private buyer. The property boasted a 7,609 s/f retail center on a corner location with excel- lent visibility. The building is leased long-term to Bridges- tone Retail Operations, LLC. The second parcel which totals 3.97-acres and is lo- cated at 8001 Compass Point Lane was sold to The Kroger Company in January 2016. Hampshire was able to attain conducive pricing as Kroger was engaged in assembling several lots for the proposed development of a new super- market and needed the land. The third parcel, a 1.04-acre property located at 6450 Me- chanicsville Turnpike, was re- cently sold to a private buyer. The property has a 7,382 s/f retail building which Hamp- shire was able to enter into a long-term ground lease agree- ment with AutoZone prior to the disposition. Chris Bosworth and Brian Pfohl of CBRE represented Hampshire for the sale of 7991 Compass Point and 6450 Me- chanicsville Turnpike. Mike Carroll of General Land Commercial Real Estate represented Hampshire for the sale of 8001 Compass Point. n
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