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|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.”
Friday, March 27, 2015
BY AMY MILSHTEIN
Damian Smith bets on changing himself — and Portland — through consulting.
Tuesday, March 31, 2015
BY JACOB PALMER | DIGITAL NEWS EDITOR
inDinero, a business that manages back-office accounting for startups and smaller companies, recently announced it would relocate its headquarters from San Francisco to Portland. We talked to CEO Jessica Mah about what drew her to Portland and how she plans to disrupt the traditional CPA model.
Monday, April 27, 2015
BY AMY MILSHTEIN
Companies can benefit when they use software to meet staffing requirements and address employees' family and life commitments.
Thursday, March 26, 2015
BY JACOB PALMER
Power lunching at the Court Street Dairy Lunch in Salem.
Monday, April 27, 2015
BY KIM MOORE
A conversation with Martha Richards, executive director of the James F. & Marion L. Miller Foundation.
Friday, April 24, 2015
BY BEN DEJARNETTE | INVESTIGATEWEST
Timber companies and environmental groups take a stab at collaboration to boost logging and restoration in Oregon fires.
Thursday, April 30, 2015
BY LINDA BAKER | EDITOR
Earlier this week we posted an article from our May issue: It’s a Man's Man’s Man’s World. The story covered the gender divide in tech from the perspective of male workers. Twitter didn’t like it.
|The Good Hacker|
|It's a Man's Man's Man's World|
|Short Shrift:The threat of just-in-time scheduling|
|Downtime with the director of Barley's Angels|
|Fighting Fire With Fire|
|Shades of Gray|
|Man for All Seasons|
|How to court millennials|
|Wal-Mart wants meat suppliers to improve treatment of animals|
|Scandal negatively impacts Tom Brady's endorsement value|
|John Kerry pushes TPP in Seattle speech|
|Big banks hit with $2.5B fine|
|Six Chinese nationals allegedly stole trade secrets|
|Lane Bryant owner to buy Ann Taylor, Loft|
New conference aims to solve challenges, quell fears amid regulatory changes.
Tourism marketing supports entrepreneurship by attracting visitors to all corners of the state.
Beaverton firm's business intelligence platform rivals that of industry heavyweights.
The Oregon Entrepreneurs Network (OEN) will be presenting its third annual Entrepreneurial Summit on Friday, June 5 at Castaway in Portland, Oregon.
On June 13th Mayor Charlie Hales will attend nonprofit organization Dream Change’s inaugural Love Summit and will introduce one of its keynote speakers, Dan Wieden of Wieden+Kennedy advertising agency.
34 spots for food, 17 places to sip, and 7 sites to choose a brew beckon visitors.