2019-08-28_DTZ戴德梁行_Office_Q1_2018_Birmingham,AL_2页_273kb
报告摘要
Birmingham Office Market Summary Q1 2018
Core Content Overview
This document provides a detailed analysis of the Birmingham office market performance for the first quarter of 2018, including economic indicators, market statistics, key lease and sales transactions, and future outlook.
Economic Indicators
- Birmingham-Hoover Employment: Increased from 523,000 in Q1 17 to 534,000 in Q1 18, showing positive growth.
- Birmingham-Hoover Unemployment: Decreased from 5.9% in Q1 17 to 3.4% in Q1 18, indicating improved job market conditions.
- U.S. Unemployment: Declined from 4.7% to 4.1% over the same period, reflecting national economic strength.
Market Overview
- Overall Net Absorption: Negative 387,710 square feet (sf) in Q1 18, mainly due to two major corporate relocations:
- Regions Bank vacated 160,000 sf at Regions Harbert Plaza.
- Southern Company relocated 450,000 sf from Inverness Center 40, 42, and 44 to its new headquarters at Colonnade North and South.
- FIS Backfill: FIS will occupy 112,500 sf at Inverness Center 44 in Q4 2018.
- Average Asking Rent: Increased slightly to $19.35 psf, with Midtown leading at $21.93 psf, followed by CBD at $20.81 psf and 280/Southern at $19.32 psf.
- Construction Activity: Encompass Health completed its 200,000-sf headquarters in the 280/Southern submarket.
Market Statistics
| Submarket | Inventory (SF) | Sublet Vacant (SF) | Direct Vacant (SF) | Overall Vacancy Rate | Current Qtr Net Absorption (SF) | YTD Net Absorption (SF) | YTD Leasing Activity (SF) | Under Construction (SF) | Avg Asking Rent (All Classes) | Avg Asking Rent (Class A) |
|---|---|---|---|---|---|---|---|---|---|---|
| CBD | 5,938,217 | 98,462 | 714,101 | 13.7% | -208,391 | -208,391 | 56,032 | 0 | $20.81 | $25.25 |
| Midtown | 4,181,896 | 3,029 | 372,991 | 9.0% | -2,639 | -2,639 | 41,358 | 0 | $21.93 | $23.40 |
| 280/Southern | 5,469,320 | 164,047 | 599,292 | 14.0% | -151,838 | -151,838 | 71,618 | 200,000 | $19.32 | $19.39 |
| Hoover/Riverchase | 2,000,584 | 11,462 | 318,019 | 16.5% | 7,245 | 7,245 | 14,632 | 0 | $18.14 | $21.83 |
| Vulcan/Oxmoor | 1,964,563 | 81,392 | 740,245 | 41.8% | -32,087 | -32,087 | 10,407 | 0 | $17.25 | $21.50 |
| Birmingham Total | 19,554,580 | 358,392 | 2,744,648 | 15.9% | -387,710 | -387,710 | 194,047 | 200,000 | $19.35 | $21.15 |
Key Lease Transactions Q1 2018
| Property | SF | Tenant | Transaction Type | Submarket |
|---|---|---|---|---|
| 2700 Meadow Brook South | 27,600 | ESS | New | 280/Southern |
| Two North Twentieth | 20,000 | Small Business Administration | New | CBD |
| Renasant Place | 17,889 | Cabaniss Johnston | Renewal* | CBD |
| Inverness Center 104 | 15,864 | AQAF | New | 280/Southern |
| Two Perimeter Park South | 8,614 | Ebix | New | 280/Southern |
| Urban Center 1500 | 8,410 | Ameriprise | Renewal* | 280/Southern |
Renewals are not included in Leasing Activity Statistics.
Key Sales Transactions Q1 2018
| Property | SF | Seller/Buyer | Price / $PSF | Submarket |
|---|---|---|---|---|
| 600 19th Street North | 700,000 | BNY Mellon / 600 19th Street LLC | $29,300,000 / $42 | CBD |
| 720 Montclair Road | 50,845 | Baptist Health System Inc / Drummond Company | $2,900,000 / $56 | Midtown |
| 3620 8th Avenue South | 33,317 | Ram Tool Company / United Way Worldwide | $3,200,000 / $96 | Southside |
Outlook
- Market Stability: Despite a negative net absorption in Q1 2018, the overall market remains stable.
- Future Growth: As Alabama's economy strengthens, commercial leasing activity is expected to remain robust throughout the year.
- Development Momentum: Several mixed-use, hotel, and multi-family projects are in progress in Birmingham's CBD, which could boost office market demand.
About Cushman & Wakefield
- A leading global real estate services firm with 45,000 employees in over 70 countries.
- Provides services including agency leasing, asset services, capital markets, and tenant representation.
- Offers comprehensive real estate solutions for both occupiers and investors.
Contact Information
- Audra Willingham
- Director of Marketing
- Tel: +1 205 314 5556
- Email: awillingham@egsinc.com
Disclaimer
- The information in this report is gathered from multiple sources and presented without any warranty or guarantee of accuracy.
- The data may include omissions or updates.
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