|| Print ||
|Articles - June 2011|
|Wednesday, May 18, 2011|
Page 4 of 4If Sturgeon and Moyer can convince their family, tenants and lenders to support Park Avenue West, there are some broader trends working in the company’s favor.
Market researchers and local economists note that Portland, like cities all over the country, is substantially under building commercial space as a result of the credit crunch, following a few years of below-average commercial construction during the last period of growth. All of that will lead to heavy demand for new space in the coming years and a “mini-boom” in construction, Portland economist Bill Conerly wrote recently in his blog.
By the end of this year, the office vacancy rate in downtown Portland is projected to be 9.3%, the lowest of any major U.S. business district besides Manhattan’s midtown south, according to commercial real estate brokers Cushman & Wakefield. Some market reports for the first quarter of 2011 listed the luxury Class A vacancy rate in Portland as low as 6.3%. Just a handful of multi-floor spaces are left in existing high-end towers in Portland’s core. When the next big client, such as Iberdrola Renewables or a city department, decides to move, “They basically require a new building,” says Tom Usher, Cushman-Wakefield’s senior director in Portland.
The pent-up demand for Class A space meant gold for Shorenstein Properties, which recently sold its building at First and Main for $129 million or $350 per square foot.
And that now means lenders are opening up to new commercial construction deals in Portland.
“I know a number of lenders are open to a deal. They are just looking for the right deal,” says John Petersen, a mortgage banker who heads Melvin Mark Capital. But Petersen also says that potential creditors and tenants have to overcome lingering doubts about the overall state of the economy before a new building becomes a reality. “It takes a turn of psychology,” he says.
In the meantime, Vanessa Sturgeon and TMT wait, and she tries to look at the moment through Tom Moyer’s 92-year-old eyes.
“He’s seen the economy go through cycles like this many times, including the Depression, so two or three years don’t make a big difference to him.” she says. “This is just one more cycle.”
Saturday, December 13, 2014
The president of LaPorte & Associates lets us in on his day-to-day life.
Thursday, December 18, 2014
BY MEGHAN NOLT
VIDEO: Under the radar — complete with a soda counter, the traditional Paulsen's Pharmacy looks to compete with big box retailers.
Friday, December 12, 2014
BY LINDA BAKER
A conversation with Oregon state economist Josh Lehner.
Monday, January 26, 2015
BY AMY MILSHTEIN
Thinking about starting an internship program? Be careful. Navigating unpaid internships can be tricky.
Thursday, December 11, 2014
There’s a fascinating article in the December issue of the Harvard Business Review about a profound power shift taking place in business and society. It’s a long read, but the gist revolves around the tension between “old power” and “new power” as a driver of transformation.
Wednesday, January 07, 2015
BY LINDA BAKER | OB EDITOR
The Oregon Business Plan Leadership Summit drew more than 1,000 people to the Oregon Convention Center yesterday.
Tuesday, January 27, 2015
BY KIM MOORE
Robin Anderson, dean of the Pamplin School of Business, University of Portland: "You need people who are comfortable leading in ambiguity."
Real Time - Oregon Business
Tweets by @OregonBusiness
|Will Medford Ever Be Cool?|
|The Carbon Calculus|
|The Human Factor|
|Raising the Stakes|
|Which Way to Chinatown?|
|GDP grows 2.6 percent in 4Q|
|Email scammers target younger demographic|
|McDonalds' head man steps down|
|Washington company recalls tainted beef|
|Commercial jet demand bolsters Boeing |
|Apple augments record quarter by shorting memory|
|Microsoft, Caterpillar woes lead Dow decrease|
Is your business ready to join us in the call for action? This opening panel includes Oregon businesses who will discuss why they signed the Oregon Climate Declaration, the investments they are making to reduce carbon emissions, and how their actions are affecting their companies.
Get ready for two days of special events produced with the EPA, Portland Timbers and ISOS before and after the GoGreen Conference on October 16.
hubbub health uses behavior change science to rethink wellness programs.
In Ashland, a public-private partnership results in online resources to help diversify the local economy.
How sports tourism is driving economic growth and making cities across Oregon a better place to live.
Sussman Shank LLP is pleased to announce that Matt Mertens has joined the firm. Matt will practice in the firm's Business, Litigation, and Business & Restructuring practice groups.
If you have given a former employee access to your company’s electronic information by virtue of assigning a desktop or laptop computer and you suspect he or she of having taken electronically stored data, there are several steps to follow to preserve electronic forensic evidence from spoliation.
The official launch will be Jan. 14.