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  • SG Research Report Off 3Q09

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    siegelgallagher
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    In an effort to better inform our clients regarding the market, Siegel-Gallagher has compiled quarterly market reports on some of the key topics in this industry. The reports, with data extrapolated from our own research, from the research of Reis, and from the market reports from Xceligent, is broken into three categories: Office, Retail, and Apartment. You can view these all on our website at www.sg-re.com.

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    In an effort to better inform our clients regarding the market, Siegel-Gallagher has compiled quarterly market reports on some of the key topics in this industry. The reports, with data extrapolated from our own research, from the research of Reis, and from the market reports from Xceligent, is broken into three categories: Office, Retail, and Apartment. You can view these all on our website at www.sg-re.com.

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    Téléchargez comme PDF, TXT ou lisez en ligne sur Scribd
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    27 vues1 page

    SG Research Report Off 3Q09

    Transféré par

    siegelgallagher
    In an effort to better inform our clients regarding the market, Siegel-Gallagher has compiled quarterly market reports on some of the key topics in this industry. The reports, with data extrapolated from our own research, from the research of Reis, and from the market reports from Xceligent, is broken into three categories: Office, Retail, and Apartment. You can view these all on our website at www.sg-re.com.

    Droits d'auteur :

    Attribution Non-Commercial (BY-NC)
    Téléchargez comme PDF, TXT ou lisez en ligne sur Scribd
    Signaler comme contenu inapproprié
    sur 1

    Siegel-Gallagher | 700 North Water Street | Milwaukee, WI 53202 | 414.225.9700 | www.sg-re.

    com

    2009 Milwaukee Office Investor


    Q3 RESEARCH REPORT
    Milwaukee Office Vacancy Rate Trends and Forecasts (source REIS) Inventory Growth Rates Comparison (source REIS)

    % CHANGE IN GROWTH RATE


    22.00% 0.60%
    21.00%
    % CHANGE IN VACANCY

    0.50%
    20.00%

    19.00%
    0.40%
    18.00% 2Q09
    Milwaukee
    17.00% Midwest 0.30% 3Q09
    US YTD Avg
    16.00%
    0.20%
    15.00%

    14.00% 0.10%
    13.00%
    0.00%
    12.00%
    Milwaukee Midwest US
    2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

    YEAR GEOGRAPHY

    Milwaukee Asking Rent (source REIS) Milwaukee Office Inventory (source REIS)

    $19.20
    30000000

    $19.10
    TOTAL SQUARE FEET

    25000000
    $19.00
    QUARTER

    $18.90 20000000 Milwaukee Inventory Vacant Stock


    Milwaukee Inventory Completions
    $18.80
    Milwaukee Inventory Occupied Stock
    15000000
    $18.70

    $18.60 10000000

    $18.50
    5000000
    1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09
    1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09

    ASKING RENT QUARTER

    Points of Interest From Reis Milwaukee Net Office Absorption (source REIS)
    • Net absorption fell over 93,000 square foot in the 3rd quarter alone.
    50000
    • 375,000 square feet of new space will complete in 2009.
    • With net absorption expected to remain negative in 2010, 0
    1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09
    the vacancy rate is forecast to peak at nearly 20.0%, and to
    SQUARE FEET

    -50000
    remain above 18.0% through 2013.
    • 2nd quarter average asking rent inched up 0.2% to $18.82 per square -100000

    foot, but the average effective rent decreased 0.9% to $14.45 per square -150000
    foot. The year-over-year losses are 1.4% and 5.6% respectively.
    • The rolling 12-month cap rate of 5.8% is now based on two transactions -200000

    for just $15.4 million, neither of which took place in 2009. -250000
    • No reported major office portfolio sales occurred in the 2nd quarter.
    -300000

    QUARTER

    YOUR OFFICE GROUP

    Marianne Burish, MBA John Dulmes Daniel Walsh, JD


    mburish@sg-re.com jdulmes@sg-re.com dwalsh@sg-re.com
    414.270.4109 414.270.4132 414.270.4112
    All information gathered in this report was accumulated through research agencies including Reis and Xceligent. Although we feel all of this information is accurate, please make no assumptions to its completeness.
    We do not guarantee this data and any errors or incompleteness will not hold us liable. Many thanks to Reis, Xceligent, and other agencies for their research.

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