Lancaster PA Commercial Real Estate

• 22Jun

  U.S.A. is #1 for Data Center Locations

  Industrial, Office, Universal No Comments

  NREI reports:  Data centers support business-critical information technology systems, and any downtime can cost millions in lost revenue and even threaten the viability of a business.

  Against that backdrop, the United States ranks as the top choice for companies seeking low-risk data center locations, reflecting the country’s relatively low cost of energy and favorable business environment, according to a new study.

  Cushman & Wakefield and engineering consulting firm hurleypalmerflatt released details of the Data Center Risk Index on June 15.

  The index, which evaluated risk in 20 leading and emerging markets and across key regional centers, scored India the least favorable with China also near the bottom of the rankings (see table).

  “Despite their status as engines of global growth, China and India score poorly as a result of strict foreign ownership regulations and other barriers to investment,” says Stephen Whatling, global services director at London-based hurleypalmerflatt.

  U.S. Ranks As Top Choice for Companies Seeking Low-Risk Data Center Locations.

  
• 13Jun

  Mid-Atlantic commercial construction on the rise

  Universal 4 Comments

  CPBJ reports:  Commercial construction in the Mid-Atlantic region is trending back up to 2008 levels, according to a new report from Harrisburg-based Mid Atlantic BX.
  There were a total of 1,356 commercial projects in May, the trade association said, which was down from 1,430 last May.
  
  Mid Atlantic BX tracks projects in central and eastern Pennsylvania, southern New Jersey, northern Maryland and Delaware.
  
  However, 2011 is on pace to exceed the year-end total in 2010, said Nate Pigott, an association spokesman.
  
  Through the first five months of the year, there have been 6,365 commercial projects, which is up from 6,202 at this point last year, he said.
  
  “We are slightly ahead of our 2010 numbers, which is a good indication that the industry is slowly starting to stabilize,” Pigott said.
  
  In 2008, there were 6,423 projects through May. In 2009, that number dropped to 5,876, Pigott said.
  
  “It’s sputtering upward,” he said. “We do see a little more activity.”
  
  There are currently 5,739 commercial projects in various stages that are worth nearly $32 billion in estimated value, he added. Pennsylvania accounts for about 65 percent of the association’s listings.

  Central Penn Business Journal.

  
• 09Jun

  CoStar and NAI Sign Innovative Incentive Agreement

  Uncategorized, Universal No Comments

  CoStar reports:  CoStar and NAI Global, the premier network of independent commercial real estate firms and one of the world’s largest commercial real estate service providers, signed a multi-year agreement that provides incentives for NAI’s U.S. brokerage member firms to increase their use of CoStar services.

  Headquartered in Princeton, New Jersey, NAI Global manages a network of 5,000 professionals and 350 offices in 55 countries. NAI firms complete over $45 billion in transactions annually and manage more than 300 million square feet of space. NAI firms currently subscribe to at least one CoStar service in more than 58 markets.

  CoStar and NAI Sign Innovative Incentive Agreement – CoStar Group.

  
• 07Jun

  Lancaster, PA – Not just a great place for business

  Multifamily, Universal No Comments

  Lancaster, PA Makes Forbes’ Top 10 Best Places to Buy a Home
  The List:

  1. Rochester, New York
  2. Pittsburgh, Pennsylvania
  3. Utica, New York
  4. Oklahoma City, Oklahoma
  5. Tulsa, Oklahoma
  6. Lincoln, Nebraska
  7. Raleigh, North Carolina
  8. Lancaster, Pennsylvania

  PA’s Amish tourism spot is also a good place to invest in a home.
  Midpoint price: $169,500
  Foreclosure rate: 0.44%
  Price appreciation quarter-to-quarter and year-to-year: -2.6% / -4.4%
  Year-over-year change in unemployment: -1.5%

  9. Little Rock, Arkansas
  10. Green Bay, Wisconsin

  The list above appeared on Forbes.com on May 9, 2011.
  The recent data was put together by real estate website
  Zillow.com. In order to figure out the best places to purchase a
  home in the country, Zillow.com looked at four statistical
  measures in 125 metro areas as of the end of February. These
  factors included affordability, as measured by home price to
  income ratios; the unemployment picture (both the absolute
  figure and how it’s trending over time); the foreclosure
  situation; and year-over-year housing price trends.
  “The list is populated by markets that did not participate in
  the housing run up from 2000 to 2006 and therefore their
  housing recession has been milder,” says Stan Humphries,
  chief economist at Zillow.com. “These markets are very
  affordable, where people are typically spending under 2.5
  times their income on a house so it’s pretty affordable, and
  they are now spending what they were paying in the 15 years
  between 1985 and 2000.”
  Source: “The Best Places to Buy a Home Right Now”,
  Forbes.com (05/09/11)

  
• 02Jun

  No. 13 ranked Grubb & Ellis Looking for Suitors

  Universal No Comments

  NREI reports:  One of the most well recognized brand names in commercial real estate brokerage — Grubb & Ellis Co. — has been working on several fronts to regain profitability and improve its balance sheet. Now the embattled firm says it is free to consider new strategies while it pursues deals already on the table.

  In March, Santa Ana, Calif.-based Grubb & Ellis (NYSE: GBE) hired JMP Securities to explore the potential sale or merger of the company. That same month, it announced receipt of an $18 million loan from private investment firm Colony Capital.

  Grubb & Ellis Is Open to Sale, Merger Offers.

  
• 24May

  Surprise to the Upside April Jobs Report Is Good News for CRE

  Universal No Comments

  National Real Estate Investor reports:

  Better-than-expected hiring by U.S. private employers in April could blunt some of the negative sentiment that had been building, a good sign for the commercial real estate markets, says Bob Bach, chief economist for Grubb & Ellis.

  The U.S. Labor Department reported Friday that the number of nonfarm payroll jobs rose by 244,000 in April, the largest increase in 11 months. Economists had expected a gain of approximately 185,000.

  

  Led by gains in the retail sector, the private sector generated 268,000 new jobs, the best showing since February 2006. Government payrolls shrank by 24,000.

   

  April Jobs Report Is Good Sign for Commercial Real Estate, Says Bach.

  
• 28Apr

  CoStar to Buy LoopNet

  Universal No Comments

  CoStar reports:

  Industry’s Leading Information Service To Combine With Leading Online CRE Marketplace To Serve $11 Trillion Commercial Real Estate Industry

  CoStar Group, Inc. NASDAQ:CSGP announced Wednesday that it has entered into an agreement to acquire LoopNet, Inc. NASDAQ: LOOP, the leading online commercial real estate marketplace, in a transaction valued at approximately $860 million.  CoStar said it believes the combined company will be the premier online resource for researching, analyzing, and marketing commercial real estate properties, and the combination of the two companies’ complementary services will position the combined firm to provide even more comprehensive market coverage, deliver enhanced research, analysis and marketing options, and offer greater efficiencies for customers throughout the $11 trillion commercial real estate industry, ranging from large, national brokerage and institutional market players to small, local brokers and owners.  The boards of directors of both companies have unanimously approved the transaction, which is expected to close by the end of 2011.

  via CoStar and LoopNet To Join Forces – CoStar Group.

  
• 13Apr

  Local Bank Sells Lancaster, PA Property for $10.9M

  Office, Universal No Comments

  CoStar reports:  Union National Community Bank Sells Lancaster Property for $10.9M.  Dept. of General Services Acquires 63,000-SF Bldg.  Union National Community Bank sold the 360 seat acoustical auditorium building in Lancaster, PA to The Pennsylvania State Department of General Services for $10.9 million, or approximately $173 per square foot.The 63,000-square-foot building was built in 2008 in Lancaster County submarket, and was 94 percent occupied at the time of sale.  The seller closed this location after the company went bankrupt.  The buyer chose this property so they could have a downtown presence.  The property will be used for additional classrooms and community events.

  via Union National Community Bank Sells Lancaster Property for $10.9M – CoStar Group.

  
• 18Feb

  Fed predicts accelerating GDP growth

  Universal No Comments

  The Federal Reserve has raised its forecast for expansion of the economy this year to 3.4% to 3.9%, compared with its November prediction of 3% to 3.6% growth. Its unemployment forecast remains bleak, at 8.8% to 9%.

  
• 18Feb

  Positive Job Market Expected for Lancaster, PA MSA

  Office, Universal No Comments

  Lancaster, PA MSA employers expect to hire at a steady pace during Quarter 1 2011, according to the Manpower Employment Outlook Survey.

  From January to March, 18% of the companies interviewed plan to hire more employees, while 8% expect to reduce their payrolls. Another 72% expect to maintain their current staff levels and 2% are not certain of their hiring plans. This yields a Net Employment Outlook* of 10%.

  “Employers are slightly more optimistic about hiring plans for the first three months of 2011 compared to Quarter 4 2010 when the Net Employment Outlook was 7%,” said Manpower spokesperson Ernie Schaefer. “Employers expect a much faster pace compared with one year ago, when the Net Employment Outlook was -5%.”

  via Positive Job Market Expected for Lancaster, PA MSA | Manpower U.S. Pressroom.

  

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