HOUSTON — Parkway Properties has sold the 162,909-square-foot One Park 10 Plaza to Beacon Investment Properties for an undisclosed amount. The Class A property is located at 16225 Park 10 Place in Houston. Tenants such as GGS Spectrum and J. Connor Consulting occupy 93.7 percent of the building. Dan Miller and Trent Agnew of Holliday Fenoglio Fowler represented the seller.
DEERBROOK MARKETPLACE PURCHASED
HOUSTON -- Investcorp Real Estate has purchased the 348,542-square-foot Deerbrook Marketplace shopping center from a private seller for an undisclosed price. The Houston property is 98.5 percent leased by tenants including Sports Authority, Best Buy, Bed Bath and Beyond, Marshalls, OfficeMax and PetsMart. Capital Trust provided financing for the acquisition. The asset will be managed by Global Fund Investments
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
Thursday, April 29, 2010
Wednesday, April 28, 2010
Potential Commercial Real Estate Armageddon Fading
First Quarter Bank Results: Potential for CRE Armageddon Fading
Weakness, Trouble Remain but Healthy Lenders Could Carry CRE Markets to Better Days
April 28, 2010
Although first quarter results of U.S. bank holding companies across the country are unmistakably downbeat about the short-term outlook for commercial real estate in general, and their portfolios in particular, they also hint at a growing sense that the problems are working themselves out. For starters, banks generally reported that troubled loan assets were systematically moving through their books. For example, older construction loans on commercial developments and owner-occupied properties were being shifted to term loans, giving borrowers a chance to work through slow cash flow periods. Banks were also widely reporting that the inflow of new nonperforming commercial real estate loans was beginning to slow down. At the same time, more of the loans already being labeled as nonperforming were being shifted to the real estate owned (REO) category. From there, it is likely only a matter of time before those assets would be sold back into the marketplace. In the performing section of their portfolios, banks reported that a substantial portion of those assets have also already been renewed or restructured. In its April 2010 Global Financial Stability Report, the International Monetary Fund contained a brighter outlook for bank losses in the near term, as expected write-downs on both the loan and securities books of U.S. banks decreased across the board compared to last fall, said Mark Fitzgerald, senior debt analyst for CoStar Group. "These improved short-term losses are due primarily to two factors. First, signs of an improving economic environment have decreased loss expectations," Fitzgerald said. "Second, some write-downs have simply been pushed forward, as external factors, including low interest rates, have enabled banks to push off distress into the future." In part because of that delay, the IMF report forecasts real estate loan charge-offs are still expected to increase in 2010 and may not peak until 2011. "What are the implications for commercial real estate investors?" Fitzgerald asked, then answered: "The banks supply approximately 50% of all debt capital to the sector, so lending capital could be constrained for some time. However, there is a bright side. If we continue to follow our current path, and distressed assets bleed slowly into the market over time, then healthy lenders may have enough capacity to meet low transaction volumes (especially with depressed pricing). The large banks that have recently reported healthy earnings (primarily due to their trading and fixed-income operations) are a potential source of capital, and these banks have historically been under allocated to commercial real estate compared to the overall banking sector." However, Fitzgerald added: "On the other hand, if an external factor pushed more distress into the marketplace (i.e. major interest rate increases, changes in regulator behavior), this could create significant opportunities for opportunistic investors." What follows are recent comments and reports from specific large and medium-sized bank and bankers regarding current commercial real estate portfolio and market conditions and market outlooks. The statements come from first quarter earnings reports, earnings conference calls and monthly banking condition filings with the U.S. Department of Treasury and are believed to be relatively indicative of what most banks reported. Better To Let a Project Work Out than Foreclose On the commercial side, CRE non-accrual loan inflows actually declined 27% in the first quarter, but it is typically in everyone's economic interest, including ours, to write the loan down to continue to have the developer work the project for us rather than foreclose. The process of structuring and executing these solutions can take several quarters to complete, and throughout this process, these loans are closely monitored, collaterals are re-evaluated and if necessary loss content is recognized. John Stumpf - Chairman, President and CEO of Wells Fargo & Company Heading in the Right Direction When you talk about the uptick in commercial real estate charge offs and nonperforming asset inflow, I think it's important to put it in proper context to remember our overall credit trends. We've seen improvement for three quarters now in charge offs, nonperforming asset inflows and past dues and we've seen improvement for two quarters now in overall nonperforming assets, provision and the watch list…. We saw that the commercial real estate watch list was down by $100 million in the first quarter and then we analyzed the commercial real estate migration for the last several quarters and all those items supported our belief that the negative migration is receding. That being said, there's still a lot of work to do on commercial real estate as you can see from the absolute numbers. While we think there may be variability as we certainly saw this quarter, and as we said in prior quarters, we think the overall trend is going in the right direction. John M. Killian, Chief Credit Officer, Comerica Inc. REITs Driving New Borrowing In February, new commercial real estate (CRE) loan commitments totaled $132.4 million, compared with $47.4 million in the previous month. The increase in new commitments was driven by substantial capital raising activities undertaken by some of Citi's REIT clients, which issued both new equity and longer-term debt to strengthen their balance sheets. Citigroup in the latest Monthly Treasury Intermediation Snapshot Short Hold Period for Foreclosed Assets Excluding $243 million of nonperforming assets (NPAs) in our held-for-sale portfolio, where the loans have already been fully marked, portfolio nonperforming assets totaled $3.1 billion. Portfolio non-performing loans were down over $200 million sequentially, a 7% decline, while other real estate owned (OREO) was up about $100 million largely commercial OREO. That was a really positive move for non-performing loans and as you would expect we are seeing some continued growth in OREO, which represents the combination of treatment strategies on problem loans, with those typically having moved into non-performing status in the year ago timeframe. I would note that only 10% of our OREO has been carried as OREO for more than 12 months. Mary Tuuk, Chief Risk Officer, Fifth Third Bancorp Fifth Third continues to monitor the CRE portfolios and continues to suspend lending on new non?owner occupied properties and on new homebuilder and developer projects in order to manage existing portfolio positions. We feel this is prudent given that we do not believe added exposure in those sectors is warranted given our expectation for continued elevated loss trends in the performance of those portfolios. Fifth Third in the latest Monthly Treasury Intermediation Snapshot Material Liquidity Coming Back into the Market I'm not sure that I would necessarily call it seasonality but clearly the quarter started more slowly in January and early February, and there was a real crescendo through March in terms of sales activity... We started seeing some material liquidity coming back into the market in the second half of the first quarter and that's not seasonal. That is real and it is I think reflective of a recognition that number one, there's a lot of money out there that's been looking for somewhat better trends in commercial real estate in particular and are beginning to see it. So we've seen a great improvement. Chuck Hyle, Chief Risk Officer, KeyCorp KeyCorp's lending strategies remain focused on serving the needs of existing and new relationship clients while being mindful of risk?reward and strategic capital allocation. There was no change in underwriting standards in February. There was no change in loan demand trends in the CRE segment during February. The CRE market outlook continues to be weak. All new commitments originated in February were attributable to the middle market portfolio. During February, KeyCorp continued to extend and modify existing credits given the lack of liquidity and refinancing options available in the CRE market. KeyCorp in the latest Monthly Treasury Intermediation Snapshot A Bifurcated Market Class A properties are doing well and probably are doing better than anybody might mark them, so actually we're not in the business of selling those even though we might have taken a mark on them when we took them in. Those properties tend to come back with the economy, and that's the right thing to do. The C properties, you just sell. C property rarely comes back so you take very strong marks on those right up front and you just sell them because they always have trouble recovering at all. So we've been actively doing that and we're comfortable with our marks. The B properties, obviously the majority of the portfolio, but those are the ones you mark down and you have to manage one by one… So that's a plus, and I think the commercial real estate business over time, if a property loses a tenant, clearly that property has less value as you know. But then they go resign somebody else at a lower lease rate, so the property is worth less, but it's not like it falls off the planet. There is some cash flow. So I think those B properties, I think will work their way through for the most part. James Rohr, Chairman & CEO, PNC Financial Services Group Inc. Ramping Up Owner-Occupied We continue to produce our concentration of nonowner-occupied commercial real estate. We currently have $1.4 billion in nonowner-occupied commercial real estate and $630 million in owner-occupied commercial real estate. At quarter end, nonowner-occupied commercial real estate is down to approximately 45% of our total loan portfolio. Based on where we ended the first quarter, we're now projecting loans to be down approximately 5% to 8% the full-year and are optimistic that we might see some additional lending opportunities in the second half of year that may help us offset some of these decrease. We have recently implemented an aggressive calling program for our bankers to actively pursue commercial industrial loans, owner-occupied commercial real estate consumer loans and residential mortgage loan opportunities. Despite low loan demands, we still manage the book over $209 million in new loan commitments during the first quarter. Anecdotally, we're hearing from some of our customers that business had begun to pick up. However, we have not yet seen evidence of that in increased line usage or loan demand. The sector within commercial real estate, which has experienced the most stress, has been hospitality… Over the last 15 months, the industry has experienced significant declines in occupancy of rates, average daily room rates and revenue per available room. As a result of this deterioration, we charged-off approximately $9 million against the allowance for credit losses associated with this loan portfolio during 2010… We're in the process of finishing up a thorough review of this entire portfolio. J. Downey Bridgwater, Chairman, President & CEO, Sterling Bancshares Inc. Growing Interest in Bank-Owned Properties While commercial real estate administration and problem loan disposition continue to be quite challenging… we are starting to see increased inquiries and activities in the movement of some troubled commercial real estate. We had a large OREO sale in the first quarter, it was good to see and really the focal point of my comments about being some movement and some activity in the OREO account. As you might imagine, there is a lot of multi-activity there. We have some properties coming in and some properties going out. We are continuing to value those properties each and every month to make sure that we have got an accurate balance based on the market value that we are carrying on our books. But during the first quarter I am very pleased, we saw a number of, besides that large sale, we saw a number of sales to small properties throughout the quarter both on some commercial properties, some residential properties, amounts that made us approach that comment there about the activity in the marketplace, and there continues to be some offers and some interest heading into the second quarter. Whereas six months ago, nine months ago, a year ago, there was not a whole lot of interest in bank owned properties, we are starting to see some activity and some movement there as I indicated. Bob Kaminski, Executive Vice President & Chief Operating Officer, Mercantile Bank Corp. Dealing with Construction Loans The increase in the term commercial real estate loans is only partially a result of the decrease in the construction loans. We do have some construction loans that are moving to term loan because the properties are leasing up and they are qualifying. We have fairly strict standards for moving a loan from construction to term. They basically need to qualify as though they were being originally underwritten as a term loan before we move them into that category.
By Mark Hamisher
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.
Weakness, Trouble Remain but Healthy Lenders Could Carry CRE Markets to Better Days
April 28, 2010
Although first quarter results of U.S. bank holding companies across the country are unmistakably downbeat about the short-term outlook for commercial real estate in general, and their portfolios in particular, they also hint at a growing sense that the problems are working themselves out. For starters, banks generally reported that troubled loan assets were systematically moving through their books. For example, older construction loans on commercial developments and owner-occupied properties were being shifted to term loans, giving borrowers a chance to work through slow cash flow periods. Banks were also widely reporting that the inflow of new nonperforming commercial real estate loans was beginning to slow down. At the same time, more of the loans already being labeled as nonperforming were being shifted to the real estate owned (REO) category. From there, it is likely only a matter of time before those assets would be sold back into the marketplace. In the performing section of their portfolios, banks reported that a substantial portion of those assets have also already been renewed or restructured. In its April 2010 Global Financial Stability Report, the International Monetary Fund contained a brighter outlook for bank losses in the near term, as expected write-downs on both the loan and securities books of U.S. banks decreased across the board compared to last fall, said Mark Fitzgerald, senior debt analyst for CoStar Group. "These improved short-term losses are due primarily to two factors. First, signs of an improving economic environment have decreased loss expectations," Fitzgerald said. "Second, some write-downs have simply been pushed forward, as external factors, including low interest rates, have enabled banks to push off distress into the future." In part because of that delay, the IMF report forecasts real estate loan charge-offs are still expected to increase in 2010 and may not peak until 2011. "What are the implications for commercial real estate investors?" Fitzgerald asked, then answered: "The banks supply approximately 50% of all debt capital to the sector, so lending capital could be constrained for some time. However, there is a bright side. If we continue to follow our current path, and distressed assets bleed slowly into the market over time, then healthy lenders may have enough capacity to meet low transaction volumes (especially with depressed pricing). The large banks that have recently reported healthy earnings (primarily due to their trading and fixed-income operations) are a potential source of capital, and these banks have historically been under allocated to commercial real estate compared to the overall banking sector." However, Fitzgerald added: "On the other hand, if an external factor pushed more distress into the marketplace (i.e. major interest rate increases, changes in regulator behavior), this could create significant opportunities for opportunistic investors." What follows are recent comments and reports from specific large and medium-sized bank and bankers regarding current commercial real estate portfolio and market conditions and market outlooks. The statements come from first quarter earnings reports, earnings conference calls and monthly banking condition filings with the U.S. Department of Treasury and are believed to be relatively indicative of what most banks reported. Better To Let a Project Work Out than Foreclose On the commercial side, CRE non-accrual loan inflows actually declined 27% in the first quarter, but it is typically in everyone's economic interest, including ours, to write the loan down to continue to have the developer work the project for us rather than foreclose. The process of structuring and executing these solutions can take several quarters to complete, and throughout this process, these loans are closely monitored, collaterals are re-evaluated and if necessary loss content is recognized. John Stumpf - Chairman, President and CEO of Wells Fargo & Company Heading in the Right Direction When you talk about the uptick in commercial real estate charge offs and nonperforming asset inflow, I think it's important to put it in proper context to remember our overall credit trends. We've seen improvement for three quarters now in charge offs, nonperforming asset inflows and past dues and we've seen improvement for two quarters now in overall nonperforming assets, provision and the watch list…. We saw that the commercial real estate watch list was down by $100 million in the first quarter and then we analyzed the commercial real estate migration for the last several quarters and all those items supported our belief that the negative migration is receding. That being said, there's still a lot of work to do on commercial real estate as you can see from the absolute numbers. While we think there may be variability as we certainly saw this quarter, and as we said in prior quarters, we think the overall trend is going in the right direction. John M. Killian, Chief Credit Officer, Comerica Inc. REITs Driving New Borrowing In February, new commercial real estate (CRE) loan commitments totaled $132.4 million, compared with $47.4 million in the previous month. The increase in new commitments was driven by substantial capital raising activities undertaken by some of Citi's REIT clients, which issued both new equity and longer-term debt to strengthen their balance sheets. Citigroup in the latest Monthly Treasury Intermediation Snapshot Short Hold Period for Foreclosed Assets Excluding $243 million of nonperforming assets (NPAs) in our held-for-sale portfolio, where the loans have already been fully marked, portfolio nonperforming assets totaled $3.1 billion. Portfolio non-performing loans were down over $200 million sequentially, a 7% decline, while other real estate owned (OREO) was up about $100 million largely commercial OREO. That was a really positive move for non-performing loans and as you would expect we are seeing some continued growth in OREO, which represents the combination of treatment strategies on problem loans, with those typically having moved into non-performing status in the year ago timeframe. I would note that only 10% of our OREO has been carried as OREO for more than 12 months. Mary Tuuk, Chief Risk Officer, Fifth Third Bancorp Fifth Third continues to monitor the CRE portfolios and continues to suspend lending on new non?owner occupied properties and on new homebuilder and developer projects in order to manage existing portfolio positions. We feel this is prudent given that we do not believe added exposure in those sectors is warranted given our expectation for continued elevated loss trends in the performance of those portfolios. Fifth Third in the latest Monthly Treasury Intermediation Snapshot Material Liquidity Coming Back into the Market I'm not sure that I would necessarily call it seasonality but clearly the quarter started more slowly in January and early February, and there was a real crescendo through March in terms of sales activity... We started seeing some material liquidity coming back into the market in the second half of the first quarter and that's not seasonal. That is real and it is I think reflective of a recognition that number one, there's a lot of money out there that's been looking for somewhat better trends in commercial real estate in particular and are beginning to see it. So we've seen a great improvement. Chuck Hyle, Chief Risk Officer, KeyCorp KeyCorp's lending strategies remain focused on serving the needs of existing and new relationship clients while being mindful of risk?reward and strategic capital allocation. There was no change in underwriting standards in February. There was no change in loan demand trends in the CRE segment during February. The CRE market outlook continues to be weak. All new commitments originated in February were attributable to the middle market portfolio. During February, KeyCorp continued to extend and modify existing credits given the lack of liquidity and refinancing options available in the CRE market. KeyCorp in the latest Monthly Treasury Intermediation Snapshot A Bifurcated Market Class A properties are doing well and probably are doing better than anybody might mark them, so actually we're not in the business of selling those even though we might have taken a mark on them when we took them in. Those properties tend to come back with the economy, and that's the right thing to do. The C properties, you just sell. C property rarely comes back so you take very strong marks on those right up front and you just sell them because they always have trouble recovering at all. So we've been actively doing that and we're comfortable with our marks. The B properties, obviously the majority of the portfolio, but those are the ones you mark down and you have to manage one by one… So that's a plus, and I think the commercial real estate business over time, if a property loses a tenant, clearly that property has less value as you know. But then they go resign somebody else at a lower lease rate, so the property is worth less, but it's not like it falls off the planet. There is some cash flow. So I think those B properties, I think will work their way through for the most part. James Rohr, Chairman & CEO, PNC Financial Services Group Inc. Ramping Up Owner-Occupied We continue to produce our concentration of nonowner-occupied commercial real estate. We currently have $1.4 billion in nonowner-occupied commercial real estate and $630 million in owner-occupied commercial real estate. At quarter end, nonowner-occupied commercial real estate is down to approximately 45% of our total loan portfolio. Based on where we ended the first quarter, we're now projecting loans to be down approximately 5% to 8% the full-year and are optimistic that we might see some additional lending opportunities in the second half of year that may help us offset some of these decrease. We have recently implemented an aggressive calling program for our bankers to actively pursue commercial industrial loans, owner-occupied commercial real estate consumer loans and residential mortgage loan opportunities. Despite low loan demands, we still manage the book over $209 million in new loan commitments during the first quarter. Anecdotally, we're hearing from some of our customers that business had begun to pick up. However, we have not yet seen evidence of that in increased line usage or loan demand. The sector within commercial real estate, which has experienced the most stress, has been hospitality… Over the last 15 months, the industry has experienced significant declines in occupancy of rates, average daily room rates and revenue per available room. As a result of this deterioration, we charged-off approximately $9 million against the allowance for credit losses associated with this loan portfolio during 2010… We're in the process of finishing up a thorough review of this entire portfolio. J. Downey Bridgwater, Chairman, President & CEO, Sterling Bancshares Inc. Growing Interest in Bank-Owned Properties While commercial real estate administration and problem loan disposition continue to be quite challenging… we are starting to see increased inquiries and activities in the movement of some troubled commercial real estate. We had a large OREO sale in the first quarter, it was good to see and really the focal point of my comments about being some movement and some activity in the OREO account. As you might imagine, there is a lot of multi-activity there. We have some properties coming in and some properties going out. We are continuing to value those properties each and every month to make sure that we have got an accurate balance based on the market value that we are carrying on our books. But during the first quarter I am very pleased, we saw a number of, besides that large sale, we saw a number of sales to small properties throughout the quarter both on some commercial properties, some residential properties, amounts that made us approach that comment there about the activity in the marketplace, and there continues to be some offers and some interest heading into the second quarter. Whereas six months ago, nine months ago, a year ago, there was not a whole lot of interest in bank owned properties, we are starting to see some activity and some movement there as I indicated. Bob Kaminski, Executive Vice President & Chief Operating Officer, Mercantile Bank Corp. Dealing with Construction Loans The increase in the term commercial real estate loans is only partially a result of the decrease in the construction loans. We do have some construction loans that are moving to term loan because the properties are leasing up and they are qualifying. We have fairly strict standards for moving a loan from construction to term. They basically need to qualify as though they were being originally underwritten as a term loan before we move them into that category.
By Mark Hamisher
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.
Thursday, March 4, 2010
Maxxam Sells Cooper Cameron Bldg. for $29.7M
Maxxam Property Co. sold the office building at 4646 W. Sam Houston Parkway in Houston to Potamkin Auto Group for $29.7 million, or about $142 per square foot. It is known as the Cooper Cameron building at Westway Park. The nine-story, 210,000-square-foot, Class A office building was constructed in 2001 in the Northwest Far submarket. Robert Williamson, Jeff Hollinden and Barbara Guffey of HFF represented the seller, while Carl Christensen of Net Lease Capital Advisors represented the buyer.
By : Lesile Kon COSTAR
February 25, 2010F
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/
By : Lesile Kon COSTAR
February 25, 2010F
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/
Tuesday, February 9, 2010
FORBES MAG Says: Houston & Fort Bend County, Texas BEST PLACE!
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,
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,
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/
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