2019-08-28_DTZ戴德梁行_Office_Q3_2017_Birmingham,AL_2页_288kb
报告摘要
Birmingham Office Market Q3 2017 Summary
Core Content
The Birmingham office market in Q3 2017 showed positive trends in net absorption and vacancy rates, reflecting continued economic growth and confidence in the region. Key data points and insights from the report are summarized below.
Main Economic Indicators
- Birmingham-Hoover Employment: Increased slightly from 522,000 in Q3 2016 to 528,000 in Q3 2017.
- Birmingham-Hoover Unemployment: Declined from 5.6% to 3.9%, marking the first time it has been below the national average of 4.4% in nearly four years.
- U.S. Unemployment: Continued to decline from 4.9% to 4.4%.
Market Overview
- Overall Net Absorption: 78,656 sf in Q3 2017, up from 44,206 sf in Q3 2016.
- Overall Vacancy Rate: Improved to 11.9% in Q3 2017, down from 12.3% in Q3 2016.
- Leasing Activity: 246,132 sf leased during Q3 2017, a 67% increase from Q3 2016.
- Average Asking Rent: $18.58 psf for all classes, $20.70 psf for Class A space.
- Under Construction: 300,000 sf in Q3 2017, with no new speculative construction expected.
Submarket Performance
| 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 | 75,469 | 536,698 | 10.3% | 64,662 | 64,730 | 147,402 | 0 | $19.66 | $20.81 |
| Midtown | 4,081,896 | 10,652 | 390,009 | 9.8% | -71,565 | -58,126 | 95,965 | 100,000 | $21.39 | $22.51 |
| 280/Southern | 5,428,880 | 59,579 | 569,538 | 11.6% | 43,337 | 153,844 | 208,102 | 200,000 | $19.62 | $19.73 |
| Hoover/Riverchase | 2,000,584 | 10,599 | 306,439 | 15.9% | 30,658 | -6,416 | 41,812 | 0 | $18.14 | $21.37 |
| Vulcan/Oxmoor | 1,136,591 | 43,000 | 210,647 | 22.3% | 11,564 | -6,870 | 21,426 | 0 | $9.48 | n/a |
Key Lease Transactions
- 3700 Colonnade Parkway (55,124 sf): RxBenefits leased space in the 280/Southern submarket.
- The Plaza (36,027 sf): IRS leased space in the CBD.
- 400 Chase Park South (21,704 sf): Plantation Patterns leased space in Hoover/Riverchase.
- The Plaza (13,927 sf): Viva Health expanded in the CBD.
- 33 Inverness Center (12,630 sf): Altec leased space in the 280/Southern submarket.
- 651 Beacon Center (11,110 sf): NHS Management leased space in the Vulcan/Oxmoor submarket.
- Riverhills Business Park (9,920 sf): Safeway Insurance leased space in the 280/Southern submarket.
- Regions Harbert Plaza (7,360 sf): Insight leased space in the CBD.
Key Sales Transactions
- 200, 210, and 220 Wildwood Parkway (590,791 sf): Sold by Wells Fargo & Company to Patriot Equities, L.P. for $34,400,000, or $58 psf.
- 600 Luckie Drive (74,814 sf): Sold by 280 Associates, LLC to National Bank of Commerce for $13,750,000, or $204 psf.
Outlook
- Job Growth: Continued job growth in Alabama is expected to drive demand for office space in the remainder of 2017.
- Leasing Activity: Steady leasing activity is anticipated in Q4 2017 as businesses expand and lease new space.
- New Construction: New construction is likely to be driven by build-to-suit projects or significant pre-leasing.
- Speculative Construction: No new speculative construction is expected, which may lead to increased competition for quality office space.
- Vacancy Rates: Vacancy levels are expected to improve due to increased demand and reduced supply.
- Rental Rates: Asking rents are expected to see upward pressure as competition for quality space increases.
Conclusion
The Birmingham office market in Q3 2017 demonstrated resilience and growth, driven by a strong local economy and steady leasing activity. While vacancy rates remain a concern in certain submarkets, the overall trend is positive, with increased net absorption and improved employment figures. The market is expected to continue this trajectory in the coming months, supported by ongoing job growth and business expansion.
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