Premier Place To
Relocate, Open A Business
(Fort Bend County, TX) February 3, 2010 – Despite a national economic downturn, Fort Bend County, Texas
continues to provide a premier place to relocate or open a new business. Here are eight key reasons business
owners should consider Fort Bend County when moving their business.
• Favorable business climate. Qualified businesses and developments relocating to Fort Bend County can
take advantage of a number of incentives including: value-added tax abatement, Freeport tax exemption,
tax increment financing and industrial revenue bonds. Additionally, a Foreign Trade Zone designation is
currently pending on the area’s new intermodal facility and logistics park.
• Strong economy. Fort Bend County is the regional leader in household income.5 Ranked third in job growth
in the country by the U.S. Department of Labor in 2009, its unemployment rate remains consistently below
the national average.
• Low cost of living. Texas offers the fifth lowest cost of living in the U.S.1
• Low tax burden. Texas is seventh in the nation in lowest tax burden2 and consistently ranks well below the
national average. Plus, Texas is one of only seven states in the country that have no state income tax.
• Exceptional quality of life. Families make up 83 percent of the households in Fort Bend County3, most of
which reside in one of 70 master-planned communities, characterized by affordable upscale homes and
outstanding amenities. In addition, Fort Bend County maintains the lowest crime rate in Houston’s eightcounty
area.4 The Fort Bend County cities of Sugar Land and Missouri City both appeared on the safest
cities of America list published by CQ Press’ City Crime Rankings in November 2009.
• Educated workforce. Fort Bend County is the regional leader in high school graduation rate and educated
adult population. Nearly 40 percent of its workforce earned a college degree or higher.5
• Optimal distribution network. More than 100 Fortune 500 companies use the Sugar Land Regional Airport
annually. Plus, businesses in Fort Bend County are in close proximity to two major airports – George Bush
International Airport and Hobby Airport. The soon-to-be-completed Intermodal Rail Facility will offer
time-wise import/export shipping options via Mexico. And, the Port of Houston and Port Freeport are also
available to export/import shipments overseas.
• Right-to-work. Workers in Fort Bend County are not required to be members of a union. Therefore, business
owners have the right to hire whomever they choose.
Fort Bend County is located in the Houston metropolitan area of southeast Texas. For more information about
Fort Bend County, visit www.fortbendcounty.com.
1 The Council for Community and Economic Research, March 2009
2 Texas ranks seventh nationally in the Tax Foundation’s State Business Tax Climate Index. The index compares
the states in five areas of taxation that impacts business: corporate taxes, individual income taxes, sales taxes,
unemployment insurance taxes and taxes on property.
3 U.S. Census Bureau-American Community Survey
4 U.S. Census Bureau-American Community Survey
5 U.S. Census Bureau-American Community Survey
About Fort Bend County
Fort Bend County is located in the Houston metropolitan area of southeast Texas. Its population is among the fastest growing in the United
States and has been recognized among the most educated and diverse counties in the nation. According to the 2008 U.S. Census, Fort Bend
County has more than 530,000 residents and is projected to grow to one million by 2017. Fort Bend’s vibrant economy has also received
national recognition. Fort Bend County is among the top 10 counties in the nation in terms of economic strength, according to Woods & Poole
Economics, 2008. For more information about Fort Bend County, including a complete list of accolades, visit www.fortbendcounty.com or
follow us on Facebook and Twitter.
PRESENTED BY:
Media contact:
Natalie Rivera
Marion, Montgomery, Inc.
(713) 523-7900
nrivera@mmihouston.com
For more information on Houston office space, Houston retail space or Houston warehouse space and Houston industrial space, please call 713 782-0260 or see my web site at : www.houstonrealtyadvisors.com Offer opportunities for Houston office space. Thank you for your interest.
FACEBOOK at http://www.facebook.com/home.php#/profile.php?id=1223783810&ref=nf
Thanks,
Ed A. Ayres
Houston Realty Advisors, Inc.
Mitaquye oyasin
Please follow me on Twitter at http://twitter.com/edayres, my blog at http://houstonrealtyadvisors.blogspot.com,
Tuesday, February 9, 2010
Friday, February 5, 2010
Author Joel Kotkin Labels Houston as "City of Aspiration" in his new book The Next Hundred Million: America in 2050
BOXER PROPERTIES had a Cocktails and Conversation Broker party with Author Joel Kotkin @ Ouisie’s Table Restaurant on Monday night. Kotkin, an urban development scholar, puts Houston in the “city of aspiration” category along with several other fast-growing metropolitan centers in the South, such as Dallas-Fort Worth, Atlanta and Phoenix. In his latest book, “The Next Hundred Million: America in 2050,” Kotkin discuss the effects of a population climbing to 400 million midway through the century and what that will have on the country’s urban landscape, culture and competitive edge in a global context.
Can we keep up with all these up with city labels, from “Bayou City” to “Space City” to “Energy Capital of the World.”???? I KNOW SO!!!!!!!!!!!!! Build it and they will come.....
For more information on Houston office space, Houston retail space or Houston warehouse space and Houston industrial space, please call 713 782-0260 or see my web site at : www.houstonrealtyadvisors.com Offer opportunities for Houston office space. Thank you for your interest.
FACEBOOK at http://www.facebook.com/home.php#/profile.php?id=1223783810&ref=nf
Thanks,
Ed A. Ayres
Houston Realty Advisors, Inc.
Mitaquye oyasin
Please follow me on Twitter at http://twitter.com/edayres, my blog at http://houstonrealtyadvisors.blogspot.com,
INFORMATION ABOUT BROKERAGE SERVICES the Texas law requires that all real estate licensees present this information about brokerage services to prospective sellers, landlords, buyers, and tenants. We ask you to help us comply with this law by reviewing this statement to show the Texas Real Estate Commission that we are trying to stay in compliance with their regulations. It is a voluntary act on your part.
Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner’s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer’s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly.
IF THE BROKER REPRESENTS THE OWNER:
The broker becomes the owner’s agent by entering into an agreement with the owner, usually through a written listing agreement, or by agreeing to act as a subagent by
accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does
not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner’s agent anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any material information known to the agent.
IF THE BROKER REPRESENTS THE BUYER:
The broker becomes the buyer’s agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer’s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer’s agent anything the owner would not want the buyer to know because a buyer’s agent must disclose to the buyer any material information known to the agent.
IF THE BROKER ACTS AS AN INTERMEDIARY:
A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction:
(1) shall treat all parties honestly; (2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner; (3) may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and (4) may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property. With the parties’ consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party.
If you choose to have a broker represent you:
you should enter into a written agreement with the broker that clearly establishes the broker’s obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding. Texas Real Estate Brokers and Salespersons are licensed and regulated by the Texas Real Estate Commission (TREC). If you have a question or complaint regarding a real estate licensee, you should contact TREC at P.O. Box 12188, Austin, Texas 78711-2188 or 512-465-3960 512-465-3960. Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. Information About Brokerage Services Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records. Buyer, Seller, Landlord or Tenant Date 01A TREC No. OP-K
Information About Brokerage Services
Information About Brokerage Services Information About Brokerage Services read more...
Or go to the Texas Real Estate Commission web site below:
http://www.trec.state.tx.us/
Can we keep up with all these up with city labels, from “Bayou City” to “Space City” to “Energy Capital of the World.”???? I KNOW SO!!!!!!!!!!!!! Build it and they will come.....
For more information on Houston office space, Houston retail space or Houston warehouse space and Houston industrial space, please call 713 782-0260 or see my web site at : www.houstonrealtyadvisors.com Offer opportunities for Houston office space. Thank you for your interest.
FACEBOOK at http://www.facebook.com/home.php#/profile.php?id=1223783810&ref=nf
Thanks,
Ed A. Ayres
Houston Realty Advisors, Inc.
Mitaquye oyasin
Please follow me on Twitter at http://twitter.com/edayres, my blog at http://houstonrealtyadvisors.blogspot.com,
INFORMATION ABOUT BROKERAGE SERVICES the Texas law requires that all real estate licensees present this information about brokerage services to prospective sellers, landlords, buyers, and tenants. We ask you to help us comply with this law by reviewing this statement to show the Texas Real Estate Commission that we are trying to stay in compliance with their regulations. It is a voluntary act on your part.
Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner’s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer’s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly.
IF THE BROKER REPRESENTS THE OWNER:
The broker becomes the owner’s agent by entering into an agreement with the owner, usually through a written listing agreement, or by agreeing to act as a subagent by
accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does
not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner’s agent anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any material information known to the agent.
IF THE BROKER REPRESENTS THE BUYER:
The broker becomes the buyer’s agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer’s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer’s agent anything the owner would not want the buyer to know because a buyer’s agent must disclose to the buyer any material information known to the agent.
IF THE BROKER ACTS AS AN INTERMEDIARY:
A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction:
(1) shall treat all parties honestly; (2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner; (3) may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and (4) may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property. With the parties’ consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party.
If you choose to have a broker represent you:
you should enter into a written agreement with the broker that clearly establishes the broker’s obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding. Texas Real Estate Brokers and Salespersons are licensed and regulated by the Texas Real Estate Commission (TREC). If you have a question or complaint regarding a real estate licensee, you should contact TREC at P.O. Box 12188, Austin, Texas 78711-2188 or 512-465-3960 512-465-3960. Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. Information About Brokerage Services Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records. Buyer, Seller, Landlord or Tenant Date 01A TREC No. OP-K
Information About Brokerage Services
Information About Brokerage Services Information About Brokerage Services read more...
Or go to the Texas Real Estate Commission web site below:
http://www.trec.state.tx.us/
Thursday, February 4, 2010
HOUSTON leads : Battered Industrial Property Sector But its Now Poised to Resume Growth
Although Vacancies Remain Stubbornly High and Activity Is Hardly Stellar, Sales and Leasing of Warehouse and Flex Space Moving Into Positive Territory After Six Tough Quarters
The amount of empty warehouse, distribution and flex space hitting the market contracted again sharply in the fourth quarter, and CoStar analysts say industrial real estate appears poised to join office and some retail categories in returning to positive net absorption. While stubbornly high, industrial vacancies are flattening. Leasing activity is starting to pick up nationally and, unlike previous downturns, the market is not plagued by an overhang of new supply. Sale prices also appear to have hit bottom as buyers and sellers begin to come to terms with losses inflicted by the recession and the bursting of the real estate bubble, according to the Year-End 2009 Industrial Review, the third and final installment of CoStar Group, Inc.'s "State of the Commercial Real Estate Industry" webinar series.See related CoStar coverage: "In a Surprise, Office Market Posts Unexpectedly Good Results""Positive Outlook for Retail Real Estate Tempered by Ongoing Market Correction"Jay Spivey, Senior Director of Research and Analytics for Bethesda, MD-based CoStar, was joined on a panel by noted commercial real estate analysts and commentators Norm Miller, Vice President of Analytics for CoStar; and Hans Nordby, Global Strategist for Property & Portfolio Research, (PPR) Inc., CoStar's forecasting and analytics subsidiary. The market improvements are unfolding against a backdrop of an increase in general economic activity for the manufacturing and industrial sectors. Gross domestic product (GDP) grew a faster-than-expected 5.7% in the fourth quarter, eclipsing forecasts of 4%, in part due to the impact of government stimulus dollars and the need to replenish depleted inventories. Miller expects GDP growth of around 4% for the first two quarters of 2010. Boosts in industrial production and corporate profitability will eventually lead to jobs and renewed investment and expansion by companies, whetting the demand for space. The latest survey of manufacturing by the Institute for Supply Management released Tuesday offered some timely good news for the manufacturing and logistics industries. The Purchasing Managers Index (PMI) jumped 3.5 points to 58.4 in January. Such high PMI numbers typically point to sustained and solid GDP growth. "This kind of confidence is a really good signal for the economy," Miller said. One caveat, cautioned Nordby of PPR, is that inventories continue to fall. "If you're falling down a flight of stairs and your velocity decreases by the time you get to the bottom, you might not necessarily feel better," Nordby noted. "Inventories really haven't gotten better; they're just not falling as fast." Retail sales, which drive part of the demand for end-users of warehouse and distribution facilities, appear to be picking up after bottoming late last year. But consumer confidence won't fully return until housing prices fully reach bottom across the country, and foreclosures and REOs are expected to peak around midyear, Miller said. Despite signs of progress, the current recovery is clearly slow relative to those following past economic down cycles -- unsurprising given the depth of the most recent recession and financial crisis. "If you look at the year-one and year-two GDP levels, we're not nearly where we were at the same time in past recoveries," Spivey said. Jobs continue to lag and the U.S. could finally reach 2000's level of total employment later this year. However, industrial property, especially the automation-rich warehousing and distribution sector, isn't as exposed to job growth and loss, compared to, for example, more densely occupied office space. That said, temporary employment is rising across the board, and that should be followed by an increase in permanent jobs within a quarter or two. In reviewing a grid ranking the short- and long-term economic prospects of major U.S. markets based on employment growth, the three panelists noted the prevalence of strong long-term job markets crowded with cities in Texas, Florida and Georgia. Houston, in particular, is leading the charge, with its growing population and energy sector and low business costs, Nordby said. Cities such as Detroit and Cleveland will likely continue to struggle due to weakness in the domestic auto and manufacturing industries. Despite the visible signs of improving conditions in Texas and other sunbelt markets, the economy still faces a list of economic challenges. Distressed sales are increasing and will likely continue to tamp down rents, though industrial is faring better than other product types, Miller said. Credit remains tight even though banks are cautiously starting to lend again and many properties are saddled with very oppressive loan-to-value ratios. Fending off inflation and rising interest rates will be an increasingly difficult task for financial and monetary policy makers and regulators. However, year-end metrics show that industrial fundamentals may be ticking upward, or at least, in the words of CoStar's analysts, becoming "less bad."
Leasing and Absorption
Although leasing activity was soft in 2009, it's down less than 20% from the previous year -- not a dramatic drop -- and has risen for three consecutive quarters, Spivey said. "Leasing is starting to pick up and it's relatively stable compared to sales activity. Deals are happening and renewals are occurring." Industrial players will not so fondly remember last year and late 2008 mainly for the massive 200 million square feet of negative net absorption in warehouse, flex and other industrial space piled onto the market over the last five or six quarters. That compares to about 70 million square feet during the market downturn 10 years ago, which was accompanied by the collapse of tech and Internet commerce companies. Only one major market, Houston, posted positive absorption at an anemic 1.8 million for 2009. Markets that saw huge increases in negative absorption included Chicago (-19.2 million SF), the San Francisco Bay Area (-11.6 million SF), South Florida (-11.4 million) and Los Angeles (-9.4 million). But those numbers don't tell the whole story. The fourth quarter's 12 million of negative absorption is much lower than the minus-37 million square feet posted in the third quarter, negative-58 million square feet in the third quarter and -47 million in the second quarter. PPR forecasts that absorption will turn positive this quarter for the first time since third-quarter 2008 with a modest 13 million square feet. That should be followed by steady absorption growth, peaking at a projected 68 million square feet in mid-2012. A look at fourth-quarter absorption numbers for various individual markets shows the upward trend. Although quite modest, seven markets saw positive absorption, led by Philadelphia at 3.9 million square feet. The other six markets all posted essentially flat absorption of 600,000 square feet or less, including Cincinnati, Houston, Cleveland, the Inland Empire in inland Southern California, and Los Angeles. "But the tide does appear to be turning. The office and retail sectors saw positive absorption in fourth quarter and it appears industrial is headed in the same direction but with a little bit of a lag," Spivey said.
Construction/Development
Just 0.5% of new supply was added to the national industrial inventory in 2009, far lower than the 1.7% in new supply added to the market on average over the last 50 years. Extremely low deliveries and construction starts will persist through 2010, with only Houston, Dallas/Ft. Worth, Inland Empire, CA and Philadelphia delivering any appreciable new space. Detroit, Cleveland, Los Angeles, South Florida and Chicago will see very little new development. Bottom line is, "Supply won't be an issue in industrial until late 2011 or 2012 at the earliest," Nordby said. "This level of construction doesn't even come anywhere close to making up for routine functional obsolescence and demolitions. In fact, we're modeling negative supply in many markets."
Vacancy/Availability
Companies shedding space drove the national vacancy rate to 10.3% in the fourth quarter, up from 7.5% at the market peak two years ago. Availability, which includes space that may not yet be vacant but is on the market, rose to 14.6%, up from just over 10% two years ago. The widening gap between vacancy and availability rate bears some reason for caution, but "we believe we're at or near the peak on vacancy due to the lack of new supply and positive absorption" in supply constrained markets like Long Island and Los Angeles and past over-developed markets like Inland Empire and Dallas, Spivey said. The upside is that vacancies and reduced rents are driving stepped up leasing activity in markets like San Francisco.
Investment Sales
Although overall industrial investment sales volume is down 54% from the 2007 peak, prices are finally adjusting to the lower LTVs and tighter underwriting that have driven overall industrial cap rates up from 6.7% in 2007 to 8.9% in fourth-quarter 2009. Most of that cap rate expansion occurred during 2008 and was fairly flat in 2009. Industrial prices adjusted for inflation have plunged 33% since the market high of $90 per square foot in 2007, and have fallen past the historic average in 1995 of $63 per square foot. Fourteen of the top 20 industrial markets took double-digit losses in per-square-foot sales prices in 2009 compared with the previous year. CoStar's analysis of repeat industrial sales, meanwhile, found some price strengthening, with the trough reached late last year. "It looks like we're close to equilibrium now in terms of the prices investors are willing to pay relative to the rent," Miller said. "Sales prices are very likely near bottom for non-distressed industrial property, but we will likely see a scattering of distressed sales occur at a discount to the mortgage balance. It will be important to distinguish the type of sale when analyzing average prices for industrial, as well as all property types." Industrial owners appear to be somewhat more insulated from distress than holders of other property types, particularly apartments and office buildings. About 15% -16% of overall CRE sales are currently considered distressed, Nordby said. However, only about 8% of industrial sales are made under distress, the lowest among major property types. REITs such as industrial giants ProLogis and AMB, along with institutional investors were net sellers of property in 2009, while opportunity funds and other private equity trying to take advantage of distressed assets were buying. Falling prices and narrowing bid-ask spreads are also luring owner-users and other private parties to jump in, Miller added.
By Randyl Drummer
February 3, 2010 COSTAR
For more information on Houston office space, Houston retail space or Houston warehouse space and Houston industrial space, please call 713 782-0260 or see my web site at : www.houstonrealtyadvisors.com Offer opportunities for Houston office space. Thank you for your interest.
FACEBOOK at http://www.facebook.com/home.php#/profile.php?id=1223783810&ref=nf
Thanks,
Ed A. Ayres
Houston Realty Advisors, Inc.
Mitaquye oyasin
Please follow me on Twitter at http://twitter.com/edayres, my blog at http://houstonrealtyadvisors.blogspot.com,
The amount of empty warehouse, distribution and flex space hitting the market contracted again sharply in the fourth quarter, and CoStar analysts say industrial real estate appears poised to join office and some retail categories in returning to positive net absorption. While stubbornly high, industrial vacancies are flattening. Leasing activity is starting to pick up nationally and, unlike previous downturns, the market is not plagued by an overhang of new supply. Sale prices also appear to have hit bottom as buyers and sellers begin to come to terms with losses inflicted by the recession and the bursting of the real estate bubble, according to the Year-End 2009 Industrial Review, the third and final installment of CoStar Group, Inc.'s "State of the Commercial Real Estate Industry" webinar series.See related CoStar coverage: "In a Surprise, Office Market Posts Unexpectedly Good Results""Positive Outlook for Retail Real Estate Tempered by Ongoing Market Correction"Jay Spivey, Senior Director of Research and Analytics for Bethesda, MD-based CoStar, was joined on a panel by noted commercial real estate analysts and commentators Norm Miller, Vice President of Analytics for CoStar; and Hans Nordby, Global Strategist for Property & Portfolio Research, (PPR) Inc., CoStar's forecasting and analytics subsidiary. The market improvements are unfolding against a backdrop of an increase in general economic activity for the manufacturing and industrial sectors. Gross domestic product (GDP) grew a faster-than-expected 5.7% in the fourth quarter, eclipsing forecasts of 4%, in part due to the impact of government stimulus dollars and the need to replenish depleted inventories. Miller expects GDP growth of around 4% for the first two quarters of 2010. Boosts in industrial production and corporate profitability will eventually lead to jobs and renewed investment and expansion by companies, whetting the demand for space. The latest survey of manufacturing by the Institute for Supply Management released Tuesday offered some timely good news for the manufacturing and logistics industries. The Purchasing Managers Index (PMI) jumped 3.5 points to 58.4 in January. Such high PMI numbers typically point to sustained and solid GDP growth. "This kind of confidence is a really good signal for the economy," Miller said. One caveat, cautioned Nordby of PPR, is that inventories continue to fall. "If you're falling down a flight of stairs and your velocity decreases by the time you get to the bottom, you might not necessarily feel better," Nordby noted. "Inventories really haven't gotten better; they're just not falling as fast." Retail sales, which drive part of the demand for end-users of warehouse and distribution facilities, appear to be picking up after bottoming late last year. But consumer confidence won't fully return until housing prices fully reach bottom across the country, and foreclosures and REOs are expected to peak around midyear, Miller said. Despite signs of progress, the current recovery is clearly slow relative to those following past economic down cycles -- unsurprising given the depth of the most recent recession and financial crisis. "If you look at the year-one and year-two GDP levels, we're not nearly where we were at the same time in past recoveries," Spivey said. Jobs continue to lag and the U.S. could finally reach 2000's level of total employment later this year. However, industrial property, especially the automation-rich warehousing and distribution sector, isn't as exposed to job growth and loss, compared to, for example, more densely occupied office space. That said, temporary employment is rising across the board, and that should be followed by an increase in permanent jobs within a quarter or two. In reviewing a grid ranking the short- and long-term economic prospects of major U.S. markets based on employment growth, the three panelists noted the prevalence of strong long-term job markets crowded with cities in Texas, Florida and Georgia. Houston, in particular, is leading the charge, with its growing population and energy sector and low business costs, Nordby said. Cities such as Detroit and Cleveland will likely continue to struggle due to weakness in the domestic auto and manufacturing industries. Despite the visible signs of improving conditions in Texas and other sunbelt markets, the economy still faces a list of economic challenges. Distressed sales are increasing and will likely continue to tamp down rents, though industrial is faring better than other product types, Miller said. Credit remains tight even though banks are cautiously starting to lend again and many properties are saddled with very oppressive loan-to-value ratios. Fending off inflation and rising interest rates will be an increasingly difficult task for financial and monetary policy makers and regulators. However, year-end metrics show that industrial fundamentals may be ticking upward, or at least, in the words of CoStar's analysts, becoming "less bad."
Leasing and Absorption
Although leasing activity was soft in 2009, it's down less than 20% from the previous year -- not a dramatic drop -- and has risen for three consecutive quarters, Spivey said. "Leasing is starting to pick up and it's relatively stable compared to sales activity. Deals are happening and renewals are occurring." Industrial players will not so fondly remember last year and late 2008 mainly for the massive 200 million square feet of negative net absorption in warehouse, flex and other industrial space piled onto the market over the last five or six quarters. That compares to about 70 million square feet during the market downturn 10 years ago, which was accompanied by the collapse of tech and Internet commerce companies. Only one major market, Houston, posted positive absorption at an anemic 1.8 million for 2009. Markets that saw huge increases in negative absorption included Chicago (-19.2 million SF), the San Francisco Bay Area (-11.6 million SF), South Florida (-11.4 million) and Los Angeles (-9.4 million). But those numbers don't tell the whole story. The fourth quarter's 12 million of negative absorption is much lower than the minus-37 million square feet posted in the third quarter, negative-58 million square feet in the third quarter and -47 million in the second quarter. PPR forecasts that absorption will turn positive this quarter for the first time since third-quarter 2008 with a modest 13 million square feet. That should be followed by steady absorption growth, peaking at a projected 68 million square feet in mid-2012. A look at fourth-quarter absorption numbers for various individual markets shows the upward trend. Although quite modest, seven markets saw positive absorption, led by Philadelphia at 3.9 million square feet. The other six markets all posted essentially flat absorption of 600,000 square feet or less, including Cincinnati, Houston, Cleveland, the Inland Empire in inland Southern California, and Los Angeles. "But the tide does appear to be turning. The office and retail sectors saw positive absorption in fourth quarter and it appears industrial is headed in the same direction but with a little bit of a lag," Spivey said.
Construction/Development
Just 0.5% of new supply was added to the national industrial inventory in 2009, far lower than the 1.7% in new supply added to the market on average over the last 50 years. Extremely low deliveries and construction starts will persist through 2010, with only Houston, Dallas/Ft. Worth, Inland Empire, CA and Philadelphia delivering any appreciable new space. Detroit, Cleveland, Los Angeles, South Florida and Chicago will see very little new development. Bottom line is, "Supply won't be an issue in industrial until late 2011 or 2012 at the earliest," Nordby said. "This level of construction doesn't even come anywhere close to making up for routine functional obsolescence and demolitions. In fact, we're modeling negative supply in many markets."
Vacancy/Availability
Companies shedding space drove the national vacancy rate to 10.3% in the fourth quarter, up from 7.5% at the market peak two years ago. Availability, which includes space that may not yet be vacant but is on the market, rose to 14.6%, up from just over 10% two years ago. The widening gap between vacancy and availability rate bears some reason for caution, but "we believe we're at or near the peak on vacancy due to the lack of new supply and positive absorption" in supply constrained markets like Long Island and Los Angeles and past over-developed markets like Inland Empire and Dallas, Spivey said. The upside is that vacancies and reduced rents are driving stepped up leasing activity in markets like San Francisco.
Investment Sales
Although overall industrial investment sales volume is down 54% from the 2007 peak, prices are finally adjusting to the lower LTVs and tighter underwriting that have driven overall industrial cap rates up from 6.7% in 2007 to 8.9% in fourth-quarter 2009. Most of that cap rate expansion occurred during 2008 and was fairly flat in 2009. Industrial prices adjusted for inflation have plunged 33% since the market high of $90 per square foot in 2007, and have fallen past the historic average in 1995 of $63 per square foot. Fourteen of the top 20 industrial markets took double-digit losses in per-square-foot sales prices in 2009 compared with the previous year. CoStar's analysis of repeat industrial sales, meanwhile, found some price strengthening, with the trough reached late last year. "It looks like we're close to equilibrium now in terms of the prices investors are willing to pay relative to the rent," Miller said. "Sales prices are very likely near bottom for non-distressed industrial property, but we will likely see a scattering of distressed sales occur at a discount to the mortgage balance. It will be important to distinguish the type of sale when analyzing average prices for industrial, as well as all property types." Industrial owners appear to be somewhat more insulated from distress than holders of other property types, particularly apartments and office buildings. About 15% -16% of overall CRE sales are currently considered distressed, Nordby said. However, only about 8% of industrial sales are made under distress, the lowest among major property types. REITs such as industrial giants ProLogis and AMB, along with institutional investors were net sellers of property in 2009, while opportunity funds and other private equity trying to take advantage of distressed assets were buying. Falling prices and narrowing bid-ask spreads are also luring owner-users and other private parties to jump in, Miller added.
By Randyl Drummer
February 3, 2010 COSTAR
For more information on Houston office space, Houston retail space or Houston warehouse space and Houston industrial space, please call 713 782-0260 or see my web site at : www.houstonrealtyadvisors.com Offer opportunities for Houston office space. Thank you for your interest.
FACEBOOK at http://www.facebook.com/home.php#/profile.php?id=1223783810&ref=nf
Thanks,
Ed A. Ayres
Houston Realty Advisors, Inc.
Mitaquye oyasin
Please follow me on Twitter at http://twitter.com/edayres, my blog at http://houstonrealtyadvisors.blogspot.com,
Wednesday, January 20, 2010
New iPhone Application LoopNet Wins Apple Approval for Property Search
The commercial real estate listing service LoopNet (NASDAQ: LOOP), based in San Francisco, has taken its online marketplace to a new technology level by making a deal with computer giant Apple to offer an iPhone application for property searches.
Apple, based in Cupertino, Calif., approved the iPhone application little more than a week ago, and the online marketplace wasted no time in making it available to users of its service, says LoopNet vice president Mike Manning.
“The new LoopNet iPhone application benefits both property searchers, including investors and tenants, and real estate professionals marketing property,” says Manning. “Business gets done in real time on the fly from wherever the broker and the prospective investor or tenant happens to be.”
For the commercial real estate industry, the innovation is potentially a game-changer because it ratchets up the speed and ease with which investors, brokers, sellers and other professionals can find information on property that is for sale or lease.
The application provides fast access to the 745,000 commercial listings on LoopNet’s Web site without requiring users to sit at a computer terminal, haul a laptop or use other time-consuming mobile technology.
For example, if a business owner is looking for a new company site and spots an attractive commercial neighborhood while on the go, he or she can use the application to find every available LoopNet listing within a radius of five or 10 blocks.
In another scenario, if an investor wants to buy an office building on Wilshire Boulevard in Los Angeles and decides to check available properties on Wilshire from downtown to Santa Monica, that’s not a problem, says Manning. “Using the LoopNet iPhone application, the investor can start downtown, and standing on a street corner, use the iPhone's GPS capabilities combined with the LoopNet application to identify available properties nearby.”
The investor could then drive up Wilshire to Beverly Hills and eye more properties using the application before continuing west, without needing to refer to a laptop.
If a broker is showing a client office properties for lease in the Buckhead submarket of Atlanta and the tenant suddenly decides to look at space in the Perimeter area of North Atlanta instead, the broker can respond immediately, Manning explains. “The broker is well prepared to hop in the car and take the tenant to the other submarket.”
The broker can immediately take her clients to the new location without having to go back to the office to check the computer or run a report, says Manning. Using iPhone applications, the broker can pull up properties in the new area, review them with her client, and use Google’s mapping feature to get directions to the listings.
Property search results can be filtered by price, building size, lot size and property type, such as office, industrial, retail or multifamily. Directions provided through a Google map search can be emailed to a client or business associate.
Although the basic application is free, for full access to all available properties on the LoopNet system a user needs to be a premium member of LoopNet, says Manning. LoopNet has 3 million members and approximately 1 million visitors per month.
Apple offers more than 100,000 applications for its iPhone and iPod, and its users perform 10,000 downloads daily, according to the company. On January 5, Apple announced that more than 3 billion applications have been downloaded from its App Store by product users worldwide.
For more information on Houston office space, Houston retail space or Houston warehouse space and Houston industrial space, please call 713 782-0260 or see my web site at : www.houstonrealtyadvisors.com Offer opportunities for Houston office space. Thank you for your interest.
FACEBOOK at http://www.facebook.com/home.php#/profile.php?id=1223783810&ref=nf
Thanks,
Ed A. Ayres
Houston Realty Advisors, Inc.
Mitaquye oyasin
Please follow me on Twitter at http://twitter.com/edayres, my blog at http://houstonrealtyadvisors.blogspot.com,
INFORMATION ABOUT BROKERAGE SERVICES the Texas law requires that all real estate licensees present this information about brokerage services to prospective sellers, landlords, buyers, and tenants. We ask you to help us comply with this law by reviewing this statement to show the Texas Real Estate Commission that we are trying to stay in compliance with their regulations. It is a voluntary act on your part.
Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner’s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer’s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly.
IF THE BROKER REPRESENTS THE OWNER:
The broker becomes the owner’s agent by entering into an agreement with the owner, usually through a written listing agreement, or by agreeing to act as a subagent by
accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does
not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner’s agent anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any material information known to the agent.
IF THE BROKER REPRESENTS THE BUYER:
The broker becomes the buyer’s agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer’s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer’s agent anything the owner would not want the buyer to know because a buyer’s agent must disclose to the buyer any material information known to the agent.
IF THE BROKER ACTS AS AN INTERMEDIARY:
A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction:
(1) shall treat all parties honestly; (2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner; (3) may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and (4) may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property. With the parties’ consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party.
If you choose to have a broker represent you:
you should enter into a written agreement with the broker that clearly establishes the broker’s obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding. Texas Real Estate Brokers and Salespersons are licensed and regulated by the Texas Real Estate Commission (TREC). If you have a question or complaint regarding a real estate licensee, you should contact TREC at P.O. Box 12188, Austin, Texas 78711-2188 or 512-465-3960 512-465-3960. Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. Information About Brokerage Services Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records. Buyer, Seller, Landlord or Tenant Date 01A TREC No. OP-K
Information About Brokerage Services
Information About Brokerage Services Information About Brokerage Services read more...
Or go to the Texas Real Estate Commission web site below:
http://www.trec.state.tx.us/
Apple, based in Cupertino, Calif., approved the iPhone application little more than a week ago, and the online marketplace wasted no time in making it available to users of its service, says LoopNet vice president Mike Manning.
“The new LoopNet iPhone application benefits both property searchers, including investors and tenants, and real estate professionals marketing property,” says Manning. “Business gets done in real time on the fly from wherever the broker and the prospective investor or tenant happens to be.”
For the commercial real estate industry, the innovation is potentially a game-changer because it ratchets up the speed and ease with which investors, brokers, sellers and other professionals can find information on property that is for sale or lease.
The application provides fast access to the 745,000 commercial listings on LoopNet’s Web site without requiring users to sit at a computer terminal, haul a laptop or use other time-consuming mobile technology.
For example, if a business owner is looking for a new company site and spots an attractive commercial neighborhood while on the go, he or she can use the application to find every available LoopNet listing within a radius of five or 10 blocks.
In another scenario, if an investor wants to buy an office building on Wilshire Boulevard in Los Angeles and decides to check available properties on Wilshire from downtown to Santa Monica, that’s not a problem, says Manning. “Using the LoopNet iPhone application, the investor can start downtown, and standing on a street corner, use the iPhone's GPS capabilities combined with the LoopNet application to identify available properties nearby.”
The investor could then drive up Wilshire to Beverly Hills and eye more properties using the application before continuing west, without needing to refer to a laptop.
If a broker is showing a client office properties for lease in the Buckhead submarket of Atlanta and the tenant suddenly decides to look at space in the Perimeter area of North Atlanta instead, the broker can respond immediately, Manning explains. “The broker is well prepared to hop in the car and take the tenant to the other submarket.”
The broker can immediately take her clients to the new location without having to go back to the office to check the computer or run a report, says Manning. Using iPhone applications, the broker can pull up properties in the new area, review them with her client, and use Google’s mapping feature to get directions to the listings.
Property search results can be filtered by price, building size, lot size and property type, such as office, industrial, retail or multifamily. Directions provided through a Google map search can be emailed to a client or business associate.
Although the basic application is free, for full access to all available properties on the LoopNet system a user needs to be a premium member of LoopNet, says Manning. LoopNet has 3 million members and approximately 1 million visitors per month.
Apple offers more than 100,000 applications for its iPhone and iPod, and its users perform 10,000 downloads daily, according to the company. On January 5, Apple announced that more than 3 billion applications have been downloaded from its App Store by product users worldwide.
For more information on Houston office space, Houston retail space or Houston warehouse space and Houston industrial space, please call 713 782-0260 or see my web site at : www.houstonrealtyadvisors.com Offer opportunities for Houston office space. Thank you for your interest.
FACEBOOK at http://www.facebook.com/home.php#/profile.php?id=1223783810&ref=nf
Thanks,
Ed A. Ayres
Houston Realty Advisors, Inc.
Mitaquye oyasin
Please follow me on Twitter at http://twitter.com/edayres, my blog at http://houstonrealtyadvisors.blogspot.com,
INFORMATION ABOUT BROKERAGE SERVICES the Texas law requires that all real estate licensees present this information about brokerage services to prospective sellers, landlords, buyers, and tenants. We ask you to help us comply with this law by reviewing this statement to show the Texas Real Estate Commission that we are trying to stay in compliance with their regulations. It is a voluntary act on your part.
Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner’s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer’s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly.
IF THE BROKER REPRESENTS THE OWNER:
The broker becomes the owner’s agent by entering into an agreement with the owner, usually through a written listing agreement, or by agreeing to act as a subagent by
accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does
not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner’s agent anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any material information known to the agent.
IF THE BROKER REPRESENTS THE BUYER:
The broker becomes the buyer’s agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer’s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer’s agent anything the owner would not want the buyer to know because a buyer’s agent must disclose to the buyer any material information known to the agent.
IF THE BROKER ACTS AS AN INTERMEDIARY:
A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction:
(1) shall treat all parties honestly; (2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner; (3) may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and (4) may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property. With the parties’ consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party.
If you choose to have a broker represent you:
you should enter into a written agreement with the broker that clearly establishes the broker’s obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding. Texas Real Estate Brokers and Salespersons are licensed and regulated by the Texas Real Estate Commission (TREC). If you have a question or complaint regarding a real estate licensee, you should contact TREC at P.O. Box 12188, Austin, Texas 78711-2188 or 512-465-3960 512-465-3960. Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. Information About Brokerage Services Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records. Buyer, Seller, Landlord or Tenant Date 01A TREC No. OP-K
Information About Brokerage Services
Information About Brokerage Services Information About Brokerage Services read more...
Or go to the Texas Real Estate Commission web site below:
http://www.trec.state.tx.us/
Thursday, January 14, 2010
Office Absorption Comparison (Red State v. Blue State)
One of the common complaints to hear about California is that it is becoming so business-unfriendly, that it is driving new business creation out of the state. Office space absorptions should tell us whether or not California is holding ground relative to what the competition might be. Office space is a proxy for the kind of white collar jobs that everyone wants for their children.
John Reeder of Spree Van Ness in Cali. compared the net absorption as a percentage of total available office space for the Los Angeles and San Francisco office markets against the same statistics for the Dallas and Houston office markets.
The Dallas and Houston markets have cumulatively outperformed LA and San Francisco for 15 of the last 20 years. Consider that in 1990, Los Angeles and San Francisco had a combined 215 million square feet of occupied office space to 195 million feet in Houston in Dallas. However, Dallas and Houston (252 million feet) now lead Los Angeles and San Francisco (247 million feet).
Of course not all economic growth in California is going to take place in Los Angeles and San Francisco. Orange County and San Diego are also the locations of significant commerce. But I think it is telling that if you are looking at the performance of two of the major hubs of commerce in the Golden State, they are being passed in terms of economic growth by two cities in a red state. I could have made this analysis more exhaustive, but I don’t need to because the point I am proving is that California’s attitude is all wrong. The collective response of those responsible for California’s business climate, when confronted with pleas for mercy from business groups, is to say basically “We’re California, we’re the champ, we don’t need to accommodate business because people will always want to locate here.” But the data in the graph shows this not to be the case. The Texas cities are absorbing more of their office space, and are building more to accommodate future growth.
This is an oversimplified analysis of a point that I think everybody probably takes for granted anyway. You could find more people that agree with the accusation that California is business-unfriendly, than you could find people who think Lee Harvey Oswald acted alone.
California could do more to foster growth, though there is no indication that any such plans are on the table.For more information on Houston office space, Houston retail space or Houston warehouse space and Houston industrial space, please call 713 782-0260 or see my web site at : www.houstonrealtyadvisors.com Offer opportunities for Houston office space. Thank you for your interest.
FACEBOOK at http://www.facebook.com/home.php#/profile.php?id=1223783810&ref=nf
Thanks,
Ed A. Ayres
Houston Realty Advisors, Inc.
Mitaquye oyasin
Please follow me on Twitter at http://twitter.com/edayres, my blog at http://houstonrealtyadvisors.blogspot.com,
INFORMATION ABOUT BROKERAGE SERVICES the Texas law requires that all real estate licensees present this information about brokerage services to prospective sellers, landlords, buyers, and tenants. We ask you to help us comply with this law by reviewing this statement to show the Texas Real Estate Commission that we are trying to stay in compliance with their regulations. It is a voluntary act on your part.
Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner’s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer’s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly.
IF THE BROKER REPRESENTS THE OWNER:
The broker becomes the owner’s agent by entering into an agreement with the owner, usually through a written listing agreement, or by agreeing to act as a subagent by
accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does
not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner’s agent anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any material information known to the agent.
IF THE BROKER REPRESENTS THE BUYER:
The broker becomes the buyer’s agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer’s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer’s agent anything the owner would not want the buyer to know because a buyer’s agent must disclose to the buyer any material information known to the agent.
IF THE BROKER ACTS AS AN INTERMEDIARY:
A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction:
(1) shall treat all parties honestly; (2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner; (3) may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and (4) may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property. With the parties’ consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party.
If you choose to have a broker represent you:
you should enter into a written agreement with the broker that clearly establishes the broker’s obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding. Texas Real Estate Brokers and Salespersons are licensed and regulated by the Texas Real Estate Commission (TREC). If you have a question or complaint regarding a real estate licensee, you should contact TREC at P.O. Box 12188, Austin, Texas 78711-2188 or 512-465-3960 512-465-3960. Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. Information About Brokerage Services Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records. Buyer, Seller, Landlord or Tenant Date 01A TREC No. OP-K
Information About Brokerage Services
Information About Brokerage Services Information About Brokerage Services read more...
Or go to the Texas Real Estate Commission web site below: http://www.trec.state.tx.us/
John Reeder of Spree Van Ness in Cali. compared the net absorption as a percentage of total available office space for the Los Angeles and San Francisco office markets against the same statistics for the Dallas and Houston office markets.
The Dallas and Houston markets have cumulatively outperformed LA and San Francisco for 15 of the last 20 years. Consider that in 1990, Los Angeles and San Francisco had a combined 215 million square feet of occupied office space to 195 million feet in Houston in Dallas. However, Dallas and Houston (252 million feet) now lead Los Angeles and San Francisco (247 million feet).
Of course not all economic growth in California is going to take place in Los Angeles and San Francisco. Orange County and San Diego are also the locations of significant commerce. But I think it is telling that if you are looking at the performance of two of the major hubs of commerce in the Golden State, they are being passed in terms of economic growth by two cities in a red state. I could have made this analysis more exhaustive, but I don’t need to because the point I am proving is that California’s attitude is all wrong. The collective response of those responsible for California’s business climate, when confronted with pleas for mercy from business groups, is to say basically “We’re California, we’re the champ, we don’t need to accommodate business because people will always want to locate here.” But the data in the graph shows this not to be the case. The Texas cities are absorbing more of their office space, and are building more to accommodate future growth.
This is an oversimplified analysis of a point that I think everybody probably takes for granted anyway. You could find more people that agree with the accusation that California is business-unfriendly, than you could find people who think Lee Harvey Oswald acted alone.
California could do more to foster growth, though there is no indication that any such plans are on the table.For more information on Houston office space, Houston retail space or Houston warehouse space and Houston industrial space, please call 713 782-0260 or see my web site at : www.houstonrealtyadvisors.com Offer opportunities for Houston office space. Thank you for your interest.
FACEBOOK at http://www.facebook.com/home.php#/profile.php?id=1223783810&ref=nf
Thanks,
Ed A. Ayres
Houston Realty Advisors, Inc.
Mitaquye oyasin
Please follow me on Twitter at http://twitter.com/edayres, my blog at http://houstonrealtyadvisors.blogspot.com,
INFORMATION ABOUT BROKERAGE SERVICES the Texas law requires that all real estate licensees present this information about brokerage services to prospective sellers, landlords, buyers, and tenants. We ask you to help us comply with this law by reviewing this statement to show the Texas Real Estate Commission that we are trying to stay in compliance with their regulations. It is a voluntary act on your part.
Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner’s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer’s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly.
IF THE BROKER REPRESENTS THE OWNER:
The broker becomes the owner’s agent by entering into an agreement with the owner, usually through a written listing agreement, or by agreeing to act as a subagent by
accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does
not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner’s agent anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any material information known to the agent.
IF THE BROKER REPRESENTS THE BUYER:
The broker becomes the buyer’s agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer’s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer’s agent anything the owner would not want the buyer to know because a buyer’s agent must disclose to the buyer any material information known to the agent.
IF THE BROKER ACTS AS AN INTERMEDIARY:
A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction:
(1) shall treat all parties honestly; (2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner; (3) may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and (4) may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property. With the parties’ consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party.
If you choose to have a broker represent you:
you should enter into a written agreement with the broker that clearly establishes the broker’s obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding. Texas Real Estate Brokers and Salespersons are licensed and regulated by the Texas Real Estate Commission (TREC). If you have a question or complaint regarding a real estate licensee, you should contact TREC at P.O. Box 12188, Austin, Texas 78711-2188 or 512-465-3960 512-465-3960. Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. Information About Brokerage Services Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records. Buyer, Seller, Landlord or Tenant Date 01A TREC No. OP-K
Information About Brokerage Services
Information About Brokerage Services Information About Brokerage Services read more...
Or go to the Texas Real Estate Commission web site below: http://www.trec.state.tx.us/
Monday, January 11, 2010
Medical Space User
Medical users and physician practices don’t typically relocate to new buildings as often as general office tenants. However, the competition for new patients is increasingly steering physician practices to non-hospital campus properties as they seek more conveniently accessible locations for their patient base.
This trend is evident in the increased development of smaller suburban medical office projects and urgent care clinics you see in any significant metropolitan community. Furthermore it is increasingly common to see healthcare providers take space in smaller community retail centers near hospital campuses.
Medical users also tend to sign leases with longer terms than your typical office tenant, which puts them in the marketplace for office space less often. While many of the same sound principles required to lease general office space apply to healthcare, there are many nuances and issues that are unique to medical users that should be considered.
One of the first decisions they should make is to retain a broker with medical leasing experience. Hiring a tenant representative is prudent for any tenant. However, brokers who have experience in medical office leasing can be particularly helpful because they may be aware of available buildings and space that have not come to the attention of the practice and they understand how to structure terms and covenants of the lease agreement to fit the unique needs of the healthcare provider. For more information on Houston office space, Houston retail space or Houston warehouse space and Houston industrial space, please call 713 782-0260 or see my web site at : www.houstonrealtyadvisors.com Offer opportunities for Houston office space. Thank you for your interest.
FACEBOOK at http://www.facebook.com/home.php#/profile.php?id=1223783810&ref=nf
Thanks,
Ed A. Ayres
Houston Realty Advisors, Inc.
Mitaquye oyasin
Please follow me on Twitter at http://twitter.com/edayres, my blog at http://houstonrealtyadvisors.blogspot.com,
INFORMATION ABOUT BROKERAGE SERVICES the Texas law requires that all real estate licensees present this information about brokerage services to prospective sellers, landlords, buyers, and tenants. We ask you to help us comply with this law by reviewing this statement to show the Texas Real Estate Commission that we are trying to stay in compliance with their regulations. It is a voluntary act on your part.
Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner’s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer’s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly.
IF THE BROKER REPRESENTS THE OWNER:
The broker becomes the owner’s agent by entering into an agreement with the owner, usually through a written listing agreement, or by agreeing to act as a subagent by
accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does
not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner’s agent anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any material information known to the agent.
IF THE BROKER REPRESENTS THE BUYER:
The broker becomes the buyer’s agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer’s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer’s agent anything the owner would not want the buyer to know because a buyer’s agent must disclose to the buyer any material information known to the agent.
IF THE BROKER ACTS AS AN INTERMEDIARY:
A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction:
(1) shall treat all parties honestly; (2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner; (3) may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and (4) may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property. With the parties’ consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party.
If you choose to have a broker represent you:
you should enter into a written agreement with the broker that clearly establishes the broker’s obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding. Texas Real Estate Brokers and Salespersons are licensed and regulated by the Texas Real Estate Commission (TREC). If you have a question or complaint regarding a real estate licensee, you should contact TREC at P.O. Box 12188, Austin, Texas 78711-2188 or 512-465-3960 512-465-3960. Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. Information About Brokerage Services Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records. Buyer, Seller, Landlord or Tenant Date 01A TREC No. OP-K
Information About Brokerage Services
Information About Brokerage Services Information About Brokerage Services read more...
Or go to the Texas Real Estate Commission web site below:
http://www.trec.state.tx.us/
This trend is evident in the increased development of smaller suburban medical office projects and urgent care clinics you see in any significant metropolitan community. Furthermore it is increasingly common to see healthcare providers take space in smaller community retail centers near hospital campuses.
Medical users also tend to sign leases with longer terms than your typical office tenant, which puts them in the marketplace for office space less often. While many of the same sound principles required to lease general office space apply to healthcare, there are many nuances and issues that are unique to medical users that should be considered.
One of the first decisions they should make is to retain a broker with medical leasing experience. Hiring a tenant representative is prudent for any tenant. However, brokers who have experience in medical office leasing can be particularly helpful because they may be aware of available buildings and space that have not come to the attention of the practice and they understand how to structure terms and covenants of the lease agreement to fit the unique needs of the healthcare provider. For more information on Houston office space, Houston retail space or Houston warehouse space and Houston industrial space, please call 713 782-0260 or see my web site at : www.houstonrealtyadvisors.com Offer opportunities for Houston office space. Thank you for your interest.
FACEBOOK at http://www.facebook.com/home.php#/profile.php?id=1223783810&ref=nf
Thanks,
Ed A. Ayres
Houston Realty Advisors, Inc.
Mitaquye oyasin
Please follow me on Twitter at http://twitter.com/edayres, my blog at http://houstonrealtyadvisors.blogspot.com,
INFORMATION ABOUT BROKERAGE SERVICES the Texas law requires that all real estate licensees present this information about brokerage services to prospective sellers, landlords, buyers, and tenants. We ask you to help us comply with this law by reviewing this statement to show the Texas Real Estate Commission that we are trying to stay in compliance with their regulations. It is a voluntary act on your part.
Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner’s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer’s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly.
IF THE BROKER REPRESENTS THE OWNER:
The broker becomes the owner’s agent by entering into an agreement with the owner, usually through a written listing agreement, or by agreeing to act as a subagent by
accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does
not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner’s agent anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any material information known to the agent.
IF THE BROKER REPRESENTS THE BUYER:
The broker becomes the buyer’s agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer’s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer’s agent anything the owner would not want the buyer to know because a buyer’s agent must disclose to the buyer any material information known to the agent.
IF THE BROKER ACTS AS AN INTERMEDIARY:
A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction:
(1) shall treat all parties honestly; (2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner; (3) may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and (4) may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property. With the parties’ consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party.
If you choose to have a broker represent you:
you should enter into a written agreement with the broker that clearly establishes the broker’s obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding. Texas Real Estate Brokers and Salespersons are licensed and regulated by the Texas Real Estate Commission (TREC). If you have a question or complaint regarding a real estate licensee, you should contact TREC at P.O. Box 12188, Austin, Texas 78711-2188 or 512-465-3960 512-465-3960. Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. Information About Brokerage Services Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records. Buyer, Seller, Landlord or Tenant Date 01A TREC No. OP-K
Information About Brokerage Services
Information About Brokerage Services Information About Brokerage Services read more...
Or go to the Texas Real Estate Commission web site below:
http://www.trec.state.tx.us/
Thursday, January 7, 2010
Colliers International merges with FirstService R.E.
The big news this week that Colliers International and FirstService Real Estate Advisors will join their U.S. and global operations together under a single platform, doing business as Colliers International in 61 countries, was followed almost immediately by word that five local and regional Colliers affiliates would also end their relationship with Colliers and launch Cassidy Turley, a new national company to be based in St. Louis effective March 1. Three other companies -- NAI affiliate BT Commercial in San Francisco, and Grubb & Ellis BRE Commercial affiliates in San Diego and Phoenix -- also announced plans to shed their network affiliations to join Cassidy Turley. The combining of Colliers and FirstService under the Colliers brand culminates a gradual move away from the global network brokerage model that began when Toronto-based FirstService Corp. (NASDAQ: FSRV) entered commercial real estate in 2004, buying a 70% stake in the largest Colliers International affiliate. The real estate arm, FirstService REA, continued its aggressive expansion by acquiring controlling interests in various brokerages and CRE-related service firms such as FirstService PGP Property Valuation, PKF Hotel and Hospitality Consulting, MHPM Project Leaders and FirstService Williams, formerly known as GVA Williams, which is now the company's New York Tri-State area brokerage hub. FirstService REA has also expanded globally, acquiring significant stakes in Colliers International operations in the United Kingdom, Ireland, Spain, Russia and several other Western and Eastern Europe and Asian Pacific countries. Douglas P. Frye, global chairman and CEO of Seattle-based Colliers International, described the company's transition from a group of independent affiliates to a centrally owned and operated entity with local partners owning significant stakes in their own operations as part of a fundamental shift in the industry. "We don't think the independent network model is effective. Independently owned businesses operated across the board is not the best way to service a client," Frye said in an interview with CoStar Advisor. "And we haven't been in that [line of] work for a long time -- although many of our clients and competitors still think of us as a network. We look like a network because of where we came from, but 70% of our organization is now controlled by one entity." Colliers has been more successful than other networks largely because of growth fueled by FirstService's platform and hefty capital investment over the last five or six years, Frye said. "We're evolving that investment and infrastructure into this new model, with equity for the partners in the local offices," Frye said. Integrating the various businesses and brands under the Colliers and FirstService umbrella has "involved a lot of moving parts," Frye said. "We joked it was a little like playing three-dimensional chess. Even though they've been different brands, we've been working closely together for some time, integrating major pieces of the business. But now, it's something the client and the market will be able to see more clearly." Not included under that umbrella are four soon-to-be-former Colliers affiliates, including Washington, D.C.-based Cassidy & Pinkard Colliers, New York-based Colliers ABR, Colliers Turley Martin Tucker based in St. Louis, and Colliers Pinkard in Baltimore, which of which merged rather than join Colliers International under FirstService in August 2008. They will be joined by Colliers Houston & Co., one of the oldest CRE firms in greater New Jersey, and the Grubb & Ellis and NAI affiliates in California and Arizona to form Cassidy Turley. The rebranding of the eight local and regional companies under Cassidy Turley will be complete by March 1, Mark Burkhart, CEO of the new company, told CoStar. Local and regional CRE brokerage firms have been consolidating for several years as smaller companies join forces to compete with the industry's largest players, with their global platforms and one-stop service offerings. Burkhart, however, disagrees with the notion that affiliated local or regional real estate companies are in danger of extinction in an era of national and global full-service players. "In St. Louis, where I grew up, there are national competitors that are not doing well. And there are strong local competitors that are winning more than their fair share of the business. I know those CEOs and they're doing OK during this downturn. If you're a quality, class operation that provides high service to clients -- whether a single firm in one city or a national, international company -- everyone can survive. That's been proven over and over." Like previous restructurings in which businesses go their separate ways, the combining of FirstService and Colliers and the exodus of the Colliers, Grubb & Ellis and NAI affiliates has provoked competing claims about how the moves will boost the various players' size and share of the national and global CRE brokerage market. Of course, each firm uses somewhat different math in staking those claims. Burkhart cited the property management and national corporate services capabilities of the firms that are merging into Cassidy Turley, which he said will have 900 brokers and 420 million square feet under management at startup. "We're much more than a brokerage; in fact 60% of our business is non-brokerage." “By expanding the company’s service offerings, we broaden our business, increase our geographic footprint, and enhance the company’s infrastructure," Burkhart said. The combined FirstService and Colliers International says it has more than 15,000 employees in 480 offices worldwide and generates more than $1.9 billion annually, boasting that it now ranks as the third-largest real estate services firm in the world behind CB Richard Ellis and Jones Lang LaSalle. In its own announcement Wednesday, Cassidy Turley said it will rank among the nation's largest firms, with 57 locations and $15 billion in completed transactions for 2008, including 21 new locations and 449 new brokers coming from the new California and Arizona operations.. “Branding our companies as Cassidy Turley not only reinforces our unity as a singular company, and connects us together with a legacy we are proud of, but it also reflects our expanding capabilities,” said Wally Pinkard, chairman of Cassidy Turley, who served as global chairman for Colliers International several years ago and twice served as chairman of Colliers USA. Turley Martin Tucker has long been a regional force in the Midwest, while Cassidy and Pinkard have enjoyed strong brand recognition in East Coast markets. Adding BT Commercial and the two BRE Commercial companies in Arizona and California will immediately give Cassidy Turley a coast-to-coast presence, noted Joe Stettinius Jr., CEO of Washington, D.C.-based Cassidy & Pinkard, who will serve as president of Cassidy Turley. Both Colliers International and Cassidy Turley vowed to expand and compete vigorously for broker talent and business in each other's markets - though neither would discuss specifics due to multiple layers of confidentiality agreements signed between the parties. "We wish them the best luck in the world," said Frye. "Sometimes, businesses go different directions, and hopefully it will be good for everybody."
From COSTAR...
For more information on Houston office space, Houston retail space or Houston warehouse space and Houston industrial space, please call 713 782-0260 or see my web site at : www.houstonrealtyadvisors.com Offer opportunities for Houston office space. Thank you for your interest.
FACEBOOK at http://www.facebook.com/home.php#/profile.php?id=1223783810&ref=nf
Thanks,
Ed A. Ayres
Houston Realty Advisors, Inc.
Mitaquye oyasin
Please follow me on Twitter at http://twitter.com/edayres, my blog at http://houstonrealtyadvisors.blogspot.com,
INFORMATION ABOUT BROKERAGE SERVICES the Texas law requires that all real estate licensees present this information about brokerage services to prospective sellers, landlords, buyers, and tenants. We ask you to help us comply with this law by reviewing this statement to show the Texas Real Estate Commission that we are trying to stay in compliance with their regulations. It is a voluntary act on your part.
Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner’s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer’s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly.
IF THE BROKER REPRESENTS THE OWNER:
The broker becomes the owner’s agent by entering into an agreement with the owner, usually through a written listing agreement, or by agreeing to act as a subagent by
accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does
not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner’s agent anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any material information known to the agent.
IF THE BROKER REPRESENTS THE BUYER:
The broker becomes the buyer’s agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer’s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer’s agent anything the owner would not want the buyer to know because a buyer’s agent must disclose to the buyer any material information known to the agent.
IF THE BROKER ACTS AS AN INTERMEDIARY:
A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction:
(1) shall treat all parties honestly; (2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner; (3) may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and (4) may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property. With the parties’ consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party.
If you choose to have a broker represent you:
you should enter into a written agreement with the broker that clearly establishes the broker’s obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding. Texas Real Estate Brokers and Salespersons are licensed and regulated by the Texas Real Estate Commission (TREC). If you have a question or complaint regarding a real estate licensee, you should contact TREC at P.O. Box 12188, Austin, Texas 78711-2188 or 512-465-3960 512-465-3960. Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. Information About Brokerage Services Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records. Buyer, Seller, Landlord or Tenant Date 01A TREC No. OP-K
Information About Brokerage Services
Information About Brokerage Services Information About Brokerage Services read more...
Or go to the Texas Real Estate Commission web site below:
http://www.trec.state.tx.us/
From COSTAR...
For more information on Houston office space, Houston retail space or Houston warehouse space and Houston industrial space, please call 713 782-0260 or see my web site at : www.houstonrealtyadvisors.com Offer opportunities for Houston office space. Thank you for your interest.
FACEBOOK at http://www.facebook.com/home.php#/profile.php?id=1223783810&ref=nf
Thanks,
Ed A. Ayres
Houston Realty Advisors, Inc.
Mitaquye oyasin
Please follow me on Twitter at http://twitter.com/edayres, my blog at http://houstonrealtyadvisors.blogspot.com,
INFORMATION ABOUT BROKERAGE SERVICES the Texas law requires that all real estate licensees present this information about brokerage services to prospective sellers, landlords, buyers, and tenants. We ask you to help us comply with this law by reviewing this statement to show the Texas Real Estate Commission that we are trying to stay in compliance with their regulations. It is a voluntary act on your part.
Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner’s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer’s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly.
IF THE BROKER REPRESENTS THE OWNER:
The broker becomes the owner’s agent by entering into an agreement with the owner, usually through a written listing agreement, or by agreeing to act as a subagent by
accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does
not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner’s agent anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any material information known to the agent.
IF THE BROKER REPRESENTS THE BUYER:
The broker becomes the buyer’s agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer’s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer’s agent anything the owner would not want the buyer to know because a buyer’s agent must disclose to the buyer any material information known to the agent.
IF THE BROKER ACTS AS AN INTERMEDIARY:
A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction:
(1) shall treat all parties honestly; (2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner; (3) may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and (4) may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property. With the parties’ consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party.
If you choose to have a broker represent you:
you should enter into a written agreement with the broker that clearly establishes the broker’s obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding. Texas Real Estate Brokers and Salespersons are licensed and regulated by the Texas Real Estate Commission (TREC). If you have a question or complaint regarding a real estate licensee, you should contact TREC at P.O. Box 12188, Austin, Texas 78711-2188 or 512-465-3960 512-465-3960. Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. Information About Brokerage Services Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records. Buyer, Seller, Landlord or Tenant Date 01A TREC No. OP-K
Information About Brokerage Services
Information About Brokerage Services Information About Brokerage Services read more...
Or go to the Texas Real Estate Commission web site below:
http://www.trec.state.tx.us/
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