Victor Harris Commercial’s Post

Cushman & Wakefield | CRESCO Real Estate recently updated its Downtown Cleveland Parking Lot Survey, first published in 2016 and updated in 2018. The 2024 report now tracks 123 lots (45 parking garages and 78 open lots) and 33,485 spaces across seven districts: Warehouse, Civic Center, Erieview, Gateway, Theater, Lakefront, and Campus.   Since 2018, we’ve seen major changes in parking patterns, largely influenced by the shift in work-from-home policies post-pandemic.   Key Findings (2018 vs. 2024): -Parking lots in the core of Downtown remain Mostly Full to Very Full, but tertiary areas have been hit hardest, with 25 lots now “Mostly Empty” (up from just 3 in 2018). -Average hourly rate increased from $7.25 to $9.72 (29% increase). -Monthly rates rose from $118.30 to $154.98 (27% increase). -Significant shift from manned facilities to electronic payments and mobile apps.   For a deeper dive into the latest parking trends and how they're impacting Downtown Cleveland, click here for the full report! https://lnkd.in/e6ZkfYXg

Great insights here from our Research Analyst. This report highlights key shifts in parking demand, driven by the rise of remote work and increased reliance on digital payment options. These insights are crucial for businesses and developers navigating Downtown’s changing landscape.

Bloomberg Stays Put in 🗽 NYC with Nearly 1M SF Lease 💸 Renewal! Exciting news for the commercial real estate market in New York City! Bloomberg has just renewed its nearly 1 million square foot lease at 731 Lexington Avenue. In a time when many companies are rethinking their office space needs due to the pandemic, Bloomberg's decision to stay put is a 🥊 testament to the enduring appeal of prime office space in the city. Gotta love ❤️ Mike! The building, owned by SL Green Realty Corp., is a Class A property located in the heart of Midtown Manhattan. It boasts state-of-the-art amenities, including a fitness center, conference facilities, and a rooftop terrace. This renewal is also a win for SL Green, which has faced challenges in the commercial real estate market due to the pandemic. The deal is a sign that demand for prime office space in New York City is still strong, despite the uncertainty caused by the pandemic. Overall, Bloomberg's renewal at 731 Lexington Avenue is a positive sign for the commercial real estate market in New York City. It's a reminder that even in uncertain times, prime office space remains a valuable asset for businesses looking to attract and retain top talent. What do you think about Bloomberg's decision to renew its lease at 731 Lexington Avenue? Huge win for Midtown East which is like a desert waste land. Share your thoughts in the comments below. #CommercialRealEstate #Bloomberg #NewYorkCity #OfficeSpace #PrimeLocation

I recently attended a #Commercial Market Update hosted by Toronto Real Estate Board (TREB) and gained some valuable insights. Here are a few key takeaways: GTA Commercial Real Estate: Impacted by traffic congestion, affordability , and transit delays. Growth in Residential Real Estate: Driving demand for more retail spaces in commercial sectors. Industrial Market: Experienced an upward trend during the pandemic, but now relatively steady. More industrial units are becoming available, leading to an increase in vacancy rates. As the economy grows, demand for industrial space will rise. Office Market: Growing demand in downtown Toronto, fueled by corporations pushing for a return to office. However, there's still a long way to go before reaching pre-pandemic levels. #CommercialRealEstate #IndustrialMarket #OfficeMarket #GTARealEstate #TRREB

5 Key Strategies for Maximizing Occupancy Rates in the East & West Sussex Commercial Property Market #marketknowledge #leasingtips Investing in East & and West Sussex commercial property comes with exciting potential, but maximizing occupancy rates remains crucial for success. In this competitive market, standing out isn't just about location – it's about strategic marketing and proactive management. Here are 5 key strategies that can help you boost tenant attraction and secure those coveted leases: 1. Know Your Market: Deeply understand the specific needs and preferences of tenants in your area. Analyze current market trends, competitor offerings, and rental pricing dynamics. This intel will inform your marketing and attract the right tenants for your property. 2. Tailor Your Property: Not every property is a one-size-fits-all. Consider offering flexible office configurations, coworking spaces, or even short-term leases to cater to a wider range of tenants. Consider amenities that add value, like high-speed internet, on-site parking, or green spaces. 3. Embrace Technology: Leverage online marketing platforms and social media to showcase your property's unique features and reach a broader audience. Virtual tours and interactive floor plans can enhance accessibility and provide potential tenants with a realistic experience. 4. Cultivate Strong Relationships: Building positive relationships with local businesses, brokers, and industry professionals can open doors to new tenant leads and referrals. Networking actively within the community can be your ticket to filling those empty units. 5. Offer Competitive Incentives: While rent remains a key factor, attractive incentives can tip the scales in your favour. Consider temporary rent reductions, free fit-out packages, or extended lease renewal options to entice potential tenants. Bonus Tip: Stay agile and responsive. Be prepared to adapt your strategies and offerings based on market feedback and tenant preferences. A dynamic approach will keep you ahead of the curve in the ever-evolving East & and West Sussex commercial property landscape. Ready to unlock the full potential of your x commercial property? Let's talk! Vikki is passionate about helping property owners maximize their returns and would be happy to answer any questions you may have about implementing these strategies or navigating the East & and West Sussex market. Give her a call at 01903 958770 today!

Very interesting Article from our parent company, Sotheby’s International Realty discussing the affects of working from home on the real estate market. I can see a change in my hometown of Rockville Centre, which largely was developed because of our excellent train line. Not only does this article discuss how working from home affects our commercial space in our US cities but the use of retail space & housing on a suburban level.

Massive parking shortages, and limited parking spaces are caused by poor planning and design. It is a major mistake to maximizing useable internal square footage with consideration of how the users will get to the property. The car and traffic flows were also ignored. Properties designed and built in the 1970’s , 1980’s, 1990’s and even those developed recently never considered the population explosion that South Florida have experienced. Mid-rise office buildings, office complexes, flex space warehouses, and retail under estimated the need for parking. Entire area were developed with a minimal consideration for parking. Employees of the different businesses and institutions house in these properties consume the majority of available spaces. Customers, clients, and patients are often led to figure out how to get in. I think the assumption was that public street parking would be enough to accommodate future parking needs. That assumption has terribly failed. Currently some businesses have resorted to using valet parking and renting out parking spaces at churches to manage the poor parking situation. More importantly, poor parking reduces revenue potential of many offices, stores, warehouses, and flex-space units. That revenue reduction is reflected in lower rents, higher vacancies, and lower valuations of obsolete properties. Many new building projects still use this antiquated logic in their planning of limited parking. The logic being that now society has mass transportation and Uber to help to the flow of people. Currently entire neighborhoods have been developed without consideration for parking, the flow of employees, customers, and users of the area. Structured parking is very expensive to build, and multiple dedicated parking lots have been built to attempt to help alleviate the situation. Parking and traffic flows, in my opinion, will be a major determining for the success of many future projects. The success of malls and large venues depend greatly on generous parking. It is counter productive to maximize the square footage of a bRaymar Rodriguez consider the number of people needed to make the facility run optimally. Those properties designed with ample parking tend to be more coveted by better tenants, and posses higher property valuation. Something to consider for your next real estate investment. I am always just a call away, and with interesting options. Carpe Diem, Raymar Rodriguez Realtor Land Specialist Berkshire Hathaway HomeServices Florida Realty 3056064636 #land #parking #investment #investmentproperty #realestate #design #architecture

Thanks to Cindy for sharing this article I wrote on Pinnacle Financial Partners 's new lease in Century Plaza in downtown Winston-Salem — read below for the details!

In 2024, Bellevue's Central Business District (CBD) shines as a bright spot in the real estate market, despite challenges elsewhere. After a slow start in 2023, the area has seen a resurgence in tenant demand, with about 1 million square feet of pending leases, indicating a potential "soft landing." This stands in contrast to the broader Eastside region, which continues to struggle, according to a Q4 2023 report by Broderick Group. Bellevue CBD's appeal lies in its high-end Class A office spaces with stunning views, attracting a range of tenants, including renewals, expansions, relocations, and new out-of-state entrants. The last quarter of 2023 was pivotal, with 1.4 million square feet of new construction fully leased by Amazon and Meta, offsetting potential negative absorption due to Microsoft's exit. While some significant vacancies occurred, major ones are not expected soon. In contrast, the Eastside market faces challenges, with 25 percent of space available or vacant and a concerning 44.4 percent availability along the I-90 Corridor. Class A property owners have fared better, but recovery depends on sustained demand, a shift to hybrid work models, and broader appeal across submarkets. Key Eastside Market Stats: Vacancy Rate: 17.5 percent Total Square Feet: 41,703,176 Vacant Square Feet: 7,280,497 Asking Rates: $40.62 (Gross) Q4 2023 Absorption: Negative 70,555 square feet Despite challenges, there's a positive sign of decreased availability from 24.6 percent in Q3 2023 to 23.9 percent in Q4. However, vacancy increased to 17.5 percent in Q4 from 14.4 percent in Q3. The market saw modest-sized lease signings, primarily in downtown Bellevue, aligning with the preference for Class A spaces. Around 20 tenants are negotiating for substantial spaces in Bellevue, indicating a brisk market. Notable leases include GoDaddy, Kestra Medical Technologies, Astronics, Robinhood, Lumen, and Zymeworks Biopharmaceuticals. While Bellevue CBD looks promising with its focus on quality and amenities, full recovery will take time and depend on sustained tenant demand across all submarkets. #smartcap #redmond #kirkland #bellevue #cbd #bellevuecbd #classa #office #vacancy #leasing #activity #amazon #meta #eastside #commercialrealestate

In the third quarter, tenant demand remained strong, particularly for large tech tenants in the Bellevue CBD. However, supply is outstripping demand across the Eastside market, leading to a vacancy rate of 20.2%, the highest in two decades. Despite these numbers, a sense of optimism remains in downtown Bellevue. 🏢 Market Takeaways: - Trophy assets in Bellevue CBD are likely to stabilize first - Suburban submarkets and mid-tier buildings will face longer recovery timelines - Large tech tenants continue to see Bellevue as a stable regional HQ 👇 Check out key takeaways from our Q3 2024 Eastside Office Market Report 🔗 Get more details: https://lnkd.in/g-Q_5NqE