2019-07-10_DTZ戴德梁行_Office_Q4_2016_Binghamton,NY_2页_359kb
报告摘要
Binghamton, NY Office Market Summary Q4 2016
Core Content Overview
This document provides an analysis of the Binghamton, NY office market for Q4 2016, highlighting key economic indicators, market trends, and notable transactions. The focus is on the office sector, with data segmented by submarkets and classes.
Economic Indicators
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Binghamton Employment:
- Q4 2015: 105.1k
- Q4 2016: 103.9k
- 12-Month Forecast: Decline (▲)
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Binghamton Unemployment:
- Q4 2015: 5.6%
- Q4 2016: 5.1%
- 12-Month Forecast: Decline (▼)
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U.S. Unemployment:
- Q4 2015: 5.0%
- Q4 2016: 4.8%
- 12-Month Forecast: Decline (▼)
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Population Decline: Continued at a rate of 2% over the previous year.
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Housing Sales: Broome County saw less than 1% increase in volume year-to-date in November.
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Median Sales Prices: Declined by 15.3% in Broome County.
Market Overview
- Overall Vacancy Rate: 10.3% (up slightly from Q4 2015)
- Overall Net Absorption (SF): 104,700 (up significantly in Q4 2016)
- Average Asking Rent (All Classes): $13.30 per square foot (PSF)
- Class A Average Asking Rent: $13.30 PSF
- Under Construction (SF): 107,500 (up from Q4 2015)
Submarket Analysis
| Submarket | Inventory (SF) | Sublet Vacant (SF) | Direct Vacant (SF) | Overall Vacancy Rate | YTD Net Absorption (SF) | YTD Leasing Activity (SF) | Under CNSTR (SF) | Overall Average Asking Rent (PSF) |
|---|---|---|---|---|---|---|---|---|
| CBD | 1,725,142 | 0 | 154,835 | 8.9% | 15,966 | 24,591 | 0 | $12.56 |
| Northwest | 956,957 | 8,000 | 76,982 | 8.9% | 16,437 | 12,860 | 90,000 | $15.67 |
| Southwest | 776,277 | 0 | 66,757 | 8.6% | 88,224 | 23,392 | 0 | $17.00 |
| Southeast | 738,283 | 120,000 | 0 | 16.3% | 0 | 0 | 0 | N/A |
| Northeast | 93,420 | 0 | 13,200 | 14.1% | 0 | 1,800 | 17,500 | N/A |
| Binghamton Totals | 4,290,079 | 128,000 | 311,774 | 10.3% | 120,627 | 62,643 | 107,500 | $13.30 |
Key Lease Transactions Q4 2016
| Property | SF | Tenant | Transaction Type | Submarket |
|---|---|---|---|---|
| 49 Court Street | 20,472 | McFarland & Johnson | Lease | CBD |
| 49 Court Street | 9,419 | OIG Compliance | Lease | CBD |
| 24 South Washington | 8,831 | Lourdes | Lease | CBD |
| Columbia Drive | 5,200 | Wells Fargo | Lease | BNG-NW |
| 200 Plaza Drive | 3,300 | Liberty Mutual | Lease | BNG-SW |
Key Sales Transactions Q4 2016
| Property | SF | Seller/Buyer | Price / $PSF | Submarket |
|---|---|---|---|---|
| 1020 Vestal Pkwy | 16,332 | Shippers Rd Management / 1020 VPE LLC | $1,295,000 / $79 | BNG-SW |
| 98 Main Street | 9,000 | Laborers Union No. 7 / 100 Main St LLC | $125,000 / $14 | CBD |
| 204 Washington Ave | 7,500 | Hanafin / Marchuska | $142,000 / $19 | BNG-NW |
| 515 Main Street | 2,120 | Oogster LLC / Torto | $130,000 / $61 | BNG-NW |
Outlook
- Construction Momentum: Increasing across all sectors except single-family residential.
- Job Creation: Driven by both existing businesses and new startups.
- Major Projects:
- Crown Cork and Seal Plant: 525,000 SF, $132 million, nearing completion.
- Dick's Sporting Goods Distribution Center: 650,000 SF, $100 million, 465 jobs in 2018.
- Tioga Downs Casino: Opened in December 2016, hired over 200 workers.
- Binghamton University Pharmacy School: $60 million, slated for 2018.
- Decker School of Nursing: Adaptive redevelopment of a former shoe factory, funded by $100 million upstate revitalization funds.
- Mixed Income Housing Project: Two Endicott Johnson shoe factories to be redeveloped into a 104-unit project, funded by $30 million.
- SUNY Broome Culinary Arts Center: $11 million historic rehab underway.
- Market Rate Apartment Building: 122-unit project, $31 million, to break ground in spring.
- Southern Tier High Technology Incubator: $19 million, opening in 2017.
Summary
The Binghamton office market in Q4 2016 showed mixed signals. While vacancy rates remained flat or slightly increased in some submarkets, overall net absorption rose significantly, indicating strong demand. Average asking rents slightly declined, but Class A properties maintained stable rates. The market is facing economic challenges, including job losses and population decline, but there is a noticeable shift towards commercial and industrial construction, driven by public and private investments. This trend is expected to contribute to future job creation and economic growth. Notable developments include the opening of new medical office spaces and the redevelopment of industrial and educational properties.
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