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2012 BANN Commercial Real Estate Forecast

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					2012 BANN Commercial Real Estate Forecast




              Tim Ruffin, SIOR, CCIM
                  Sr. Vice President
                  Managing Partner     2012 Commercial Real Estate Forecast
Vacancy Rates


              Q 4 2010     Q 4 2011
Office:       20.4%             19.7%


Retail:       15.8%             15.91%


Industrial:   15.8%             14.6%
                         2012 Commercial Real Estate Forecast
Time to Balanced Market


          Vacancy Rate                Years

Office:       10%                         12 years


Retail:       9%                            7 years


Industrial:   8%                          6.7 years
                         2012 Commercial Real Estate Forecast
2011 Delivered Construction - Office




          9710 S. McCarran Blvd.
                4,000 SF
                          2012 Commercial Real Estate Forecast
2011 Delivered Construction- Industrial




 Urban Outfitters       Now Foods
 468,000 SF             130,000 SF
 12055 Moya Blvd.       575 Vista Blvd.
 Dermody Properties     Dermody Properties



                          2012 Commercial Real Estate Forecast
2011 Delivered Construction - Retail


           Discount Tires – Legends at Sparks Marina




           Squeeze In, Los Compadres – South Creek




                Burger King – Golden Valley


                             2012 Commercial Real Estate Forecast
2011 Delivered Construction - Retail


• Maverick Convenience Stores (Robb/Sharlands) & N. Virginia

  and Parr)

• Taco Bell- Lemmon Valley

• Auto Zone- S. Virginia Street


  Total Retail: 38,787 SF

                                  2012 Commercial Real Estate Forecast
2012 Planned/Under Construction

                 Office:
                 6,000 SF, South Meadows




Industrial:
No Space, Maybe Build to Suit


                         2012 Commercial Real Estate Forecast
2012 Planned/Under Construction - Retail


• Walmart (opening Q 1 2012 – Lemmon Valley)                  155,000 SF

• Lowe’s (opening February 2012- Legends)                     124,000 SF

• IMAX Theater (opening late 2012 – Legends)                  50,000 SF

• Midtown Project                                             25,000 SF

• TJ Maxx (opening late 2012 – Legends)                       25,000 SF

• Old Navy Factory Store (opening late 2012- Legends)         13,000 SF

• Buffalo Wild Wings (opening late 2012 – Legends)            7,500 SF

• O’Reilly Auto Parts (Spanish Springs)                       6,000 SF



                                            2012 Commercial Real Estate Forecast
Major Transaction - Office

            Park Center East Building- 9850 Double R Blvd.
                       HP 11,641 Square Feet




           Jones Vargas Center Building- 300 E. Second Street
                   Fusion Contact Center- 14,084 SF




                   Bank of America Building
              Noble Studios: 8,652 Square Feet
            Reality Engineering: 5,453 Square Feet

                                2012 Commercial Real Estate Forecast
Major Transactions - Industrial
Tahoe Reno Industrial Center - TRIC


                 Toys R Us            American Red Cross
               700 Milan Dr.            700 Milan Dr.
                303,820 SF               125,875 SF




                 Zulily.com             gsi commerce
               700 Milan Dr.           2777 USA Pkwy.
                328,000 SF               282,500 SF
Major Transactions - Retail

                   Sierra Trading Post-
             Whole Foods Center (relocation)
                       31,527 SF

                 Fallas Discount Store
                  Silver State Plaza
                       25,105 SF

                     Planet Fitness
                   Silver State Plaza
                       18,559 SF
Major Transactions - Retail

                       Ross
                Silver State Plaza
                    27,695 SF

             America’s Furniture for Less
              Former Long’s on Plumb
                     30,000 SF

                      TJ Maxx
               Legends at Sparks Marina
                     24,837 SF
Expanding Tenants - Office


          Museum Tower Building
          100 W. Liberty
          McDonald, Carano & Wilson: 34,924 SF
          Whittier Trust: 8,941 SF




                                  Magnolia Double R
                                730 and 750 Sandhill Rd.
                             Prospect Education: 17,544 SF



                                 2012 Commercial Real Estate Forecast
Expanding Tenants - Office




  6225 Neil Road     Magnolia South Meadows
 Ormat: 18,079 SF      9785 Gateway Drive
                      EP Minerals: 18,438 SF




                       2012 Commercial Real Estate Forecast
Contractions or Closings

 Office:

 •Alere Medical        Reduced 14,613 SF
 •TriNet               Reduced 12,667 SF
 •Oracle               Vacated 19,995 SF
 •Schneider National   Vacated 16,000 SF



 Industrial:

 •Arch Brooke Laguna   Vacated 292,500 SF


                        2012 Commercial Real Estate Forecast
Retail Closings


•Borders Books

•Safeway (Carson City)

•Walgreen’s (S. Virginia Street)

•Reno Gallery of Furniture

•Payless Shoes (Damonte Ranch and Sierra Town Center)



                                   2012 Commercial Real Estate Forecast
Retail Restaurant Closings


Cheeseburger Island   L&L Hawaiian BBQ

Marie Callender’s     Francis Asian Bistro

Scruples              Cadillac Ranch

Brewhouse             Porky’s

Bajio’s               Chevy’s



                        2012 Commercial Real Estate Forecast
Trends – Office


•Flight to Quality

•Less SF per Employee

•Green Buildings

•Fewer Private Offices

•Pre recession leases expiring



                                 2012 Commercial Real Estate Forecast
Trends – Industrial


•Growth of Internet Fulfillment

•On-Shoring

•Spec- to - Suit

•E-Commerce Tax

•Investment in Tertiary Markets



                                  2012 Commercial Real Estate Forecast
Trends – Retail


•Discount Retailers

•Strong Independent Restaurants

•Online Retailing

•Fewer Closings

•No Middle Market



                                  2012 Commercial Real Estate Forecast
Commercial Real Estate




         Tim Ruffin, SIOR, CCIM
             Sr. Vice President
             Managing Partner


                                  2012 Commercial Real Estate Forecast

				
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