|| 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.”
Tuesday, March 04, 2014
BY DEBRA RINGOLD | GUEST CONTRIBUTOR
How can we strengthen the performance of institutions charged with teaching what Francis Fukuyama calls the social virtues (reciprocity, moral obligation, duty toward community, and trust) necessary for successful markets and democracy itself?
Tuesday, February 25, 2014
BY BRANDON SAWYER
A conversation about the event-planning industry with sales directors from McMenamins and the Portland Art Museum.
Tuesday, February 25, 2014
BY SOPHIA BENNETT
The coastal town of Coos Bay appears poised to land every economic development director’s dream: a single employer that will bring hundreds of family-wage jobs and millions in tax revenue.
Tuesday, March 11, 2014
BY MARK BLAINE | OB BLOGGER
The publisher of the Emerald Media Group moves on, leaving a cutting edge media group that depends on business acumen for its survival.
Thursday, April 10, 2014
BY JESSICA RIDGWAY | OB WEB EDITOR
SEMpdx hosted a workshop this week for entrepreneurs, website developers and others interested in search engine optimization (SEO). Here are a few tips and tricks aimed at bumping up your search engine rankings.
Tuesday, April 01, 2014
BY APRIL STREETER | OB CONTRIBUTOR
Three years ago, PPS set out to begin to convert the 1930s-era boilers from diesel/bunker fuel to cleaner-burning natural gas. Oregon’s largest school district has realized impressive carbon dioxide emissions reductions, setting an example for public and private institutions.
Tuesday, February 25, 2014
Health care and vacations rule. That’s the consensus from our reader poll on workplace benefits that help retain and recruit employees.
|How Doug Badger spends his downtime|
|Port at a crossroads|
|Our man in Congress|
|100 Best awards 2014|
|First lady announces jobs website for veterans|
|Amazon signs deal with HBO|
|McDonald's U.S. Q1 profits decline|
|Americans question Big Bang theory |
|Skin cancer rates 'surge' since 1970s|
|Teen survives 5-hour flight in jet wheel well|
|NASA discovers first potentially habitable planet|
Marketing the state brings new business, new jobs and a better quality of life for everyone.
Living in the beautiful Pacific Northwest means enjoying our wonderful surroundings, while remaining aware of the multiple types of natural disaster threats that we face: winter storms, windstorms, floods, landslides, earthquakes, volcanoes and tsunamis.“
Oregon State University's hospitality degree program invests in next-generation leaders.
On Saturday, April 26, more than 1,900 local Comcast employees and their families, friends and community partners will “make change happen” as they volunteer to improve schools and nonprofits in Oregon and Southwest Washington as part of Comcast’s 13th Comcast Cares Day.
NAI Norris, Beggs & Simpson just completed their newly rebranded First Quarter Market Reports. Not only does it feature a brand new format, but the report ensures accuracy due to the annual truing up of their database.
Samuel Hernandez, an Associate at Barran Liebman, is the recipient of a 2014 Oregon State Bar Litigation Section Rising Litigator Award.