2020 was a year for the ages. Election years are always uncertain, but this was the most contentious in recent history. Add to this a once in a century style global pandemic, a stock market crash, a recession, record job losses, civil unrest, and negative oil prices. It was a year that will be recalled for many decades to come. 2021 is welcomed with renewed optimism, some sense of clarity and stability, as well a light at the end of the Covid-19 pandemic in the form of a vaccine. In spite of all of the distractions, Texas continued to plod along, albeit at a slower pace than the previous year.
2020 was a year for the ages. Election years are always uncertain, but this was the most contentious in recent history. Add to this a once in a century style global pandemic, a stock market crash, a recession, record job losses, civil unrest, and negative oil prices. It was a year that will be recalled for many decades to come. 2021 is welcomed with renewed optimism, some sense of clarity and stability, as well a light at the end of the Covid-19 pandemic in the form of a vaccine. In spite of all of the distractions, Texas continued to plod along, albeit at a slower pace than the previous year.
The tri-county area commercial market posted strong market fundamentals during the fourth quarter of 2020 for all property types. Looking back at the year and similar to 2018 and 2019, the largest commercial sales in the market involved multifamily properties. Although office tenants are evaluating what their mid- to long-term office footprint will look like in the future, overall office rents increased throughout the year. With the growth of consumer online shopping, industrial/flex tenants are continuing to increase their warehouse/distribution space. The retail market will continue to be supported by residential development. As we move into 2021, the continued expansion of the area driven by the steady population growth will see an influx of commercial real estate activity. Read on for more of the latest in the region’s commercial real estate market.
"2021 will be the year of retail recovery, but it will be a very uneven, choppy recovery."
"2020 is a year that will long be remembered as one of significant upheaval and uncertainty and the Oklahoma City office market was certainly not immune to that."
Over the second quarter of 2016, the vacancy rate in Calgary’s Downtown market reached 21.2%. This represents a record high, comprising 8.8 million square feet of space available for lease within a 41 million square foot (msf) inventory.
THE OVERALL VACANCY RATE IN SUBURBAN CALGARY INCREASED DURING THE SECOND QUARTER TO 21.2%.
At the mid-point of 2016, Calgary’s overall retail market showed initial signs of strain against the pressures exerted by the economic downturn. Retail vacancy sat at 3.4%; slightly above the previous high water mark of 3.1% which was set in the third quarter of 2008. To place these statistics in perspective, Calgary’s retail inventory at that time was approximately 25 million square feet (msf); 63% of current volume.
A Canadian Retail Market White Paper by Barclay Street Real Estate & Primecorp Commercial Realty- National Outlook - Retail Trends in Calgary - Retail Trends in the National Capital Region
As can be expected, the effects of low priced oil, combined with a dramatically changed political landscape in Alberta, affected investor sentiment and caused the investment market in Edmonton to quiet significantly in 2015.
This East Plano Sub-Market covers the area east of US-75, south of 14th Street, west of Northstar/Los Rios Boulevard and north of President George Bush Turnpike, until it turns south, at which point the southern border of the sub-market becomes Lookout Drive. The included statistics cover industrial and flex buildings that have more than 30,000 square feet of space. The East Plano Sub-Market is experiencing a gradual change making it a more mature and technology focused area.
TCN Worldwide's State of the Market: Central Edition, 4th Quarter 2016 Prepared by Hugh F. Kelly, PhD, CRE, Consulting Economist to TCN Worldwide In this edition: –National and Macroeconomic Overview –Regional Conditions in the Central States –Commercial Property Investment Trends
Net absorption for the year was at negative 1.9 million square feet. • Vacancy grew to 19.2%. • These dropping statistics were aided by Zurich moving into its new build to suit as well as Jim Beam and ConAgra moving from the suburbs downtown.
Net absorption for the year dropped to 833,000 square feet. • The vacancy rate reached 11.0%. • The first of Chicago’s two new office towers opened its doors, 444 West Lake had tenants move into around 140,000 square feet of the one million square-foot building.
As the third quarter for 2016 ends, the Texas economy gained momentum as recent data from the Federal Reserve Bank of Dallas shows. All indications are that Dallas has moved past the economic slump attributable to oil prices. Fort Worth has been slower to rebound, as they were deeply impacted by the dramatically lower oil prices. The Metroplex continues to experience job growth as reported by The Dallas Business Journal in November, and our in migration of residential remains strong. It appears that the Dallas/Fort Worth Metroplex has moved to a diversified economy and a lessening dependence upon the energy sector.