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This is a office market report for Downtown Reading Pennsylvania. Information was obtained and compiled by Bryan E. Cole of NAI Keystone Commercial and Industrial, LLC.
Downtown Office Market Report - Team Cole www.Bryan- www.Bryan-Cole.com 2010 Year - End Report Reading, Berks County Pennsylvania Downtown Office Market Report Suburban Office Market Report - Team Cole From the Author’s Desk January 2011 This report provides an overview of the current office market conditions in Suburban Berks County Pennsylvania. NAI Keystone maintains a comprehensive list of all available properties within the Berks County marketplace, including but not limited to; available space, number of facilities in mar- ket, asking rents, incentives, extra costs, etc… The information that NAI Keystone has assembled is separated by Class A and Class B facilities and consists of market data such as, absorption rates, vacancy rates, asking rents, etc... Bryan E. Cole The report will be available on a quarterly basis by emailing us at firstname.lastname@example.org and Broker asking to subscribe to our mailing list. Bcole@naikeystone.com 610.370.8502 (direct) Bryan E. Cole Resume 610.370.8503 (e-fax) Bryan joined NAI Keystone in July of 2004, but before joining NAI, Bryan Cole spent 4 year’s active duty in the U.S. Marine Corp, including a 6 month deployment in Afghanistan, a 4 month deploy- ment in Kuwait/Iraq, and a 7 month deployment in Japan. Prior to joining the military Bryan was involved in the construction of commercial and multi-unit properties in the Philadelphia sub- urbs. Bryan has experience working with a diverse group of individuals in numerous countries throughout the world. During Bryan’s time at NAI, he has sold in the excess of $130 Million Dollars worth of Commercial Real Estate, and leased hundreds of thousands of square feet of industrial and office space. Because of this, Bryan earned NAI gold club status his first year in the business which is presented to approximately 75 - 100 brokers within the NAI Global network, which is com- prised of over 8,000 Brokers. Bryan is currently working on earning both his CCIM designation and SIOR designation. Bryan has been NAI Keystone's Top Performer from 2006 - 2010. Personal Memberships: NAI (New America International) Veterans of Foreign Wars Berks Chamber of Commerce PA Assoc. of Realtors NAI Gold Club NAI Office Council ICSC Member CoreNet Global NAI Corporate Services Council National Assoc. of Realtors CCIM Candidate NAI Retail Council SIOR Candidate Young Professionals Network WERC Commercial Industrial Council of Berks TriState Board or Realtors CIC Board Member (2007) Council of Supply Chain Management Chapter President of National Marine Corp NAIOP Member Business Network NAI Keystone - Team Cole Downtown Office Market Report– End of 2010 TRENDS OVERVIEW: Vacancy Rates Downtown City of Reading, although has seen some new deals con- Class A Class B summated, like the Greater Reading Chamber of Commerce, Great- er Berks Development Fund and Berks Economic Partnership leasing space at 201 Penn Street, the market remains flat due to these companies coming from existing space within the City. Buildings Net Absorption that have seen vacancy for some time, including 645 Penn Street Class A Class B and 501 Washington Street are starting to show some signs of hope due to new management and ownership changes taking effect. Owners and tenants are continuing to struggle with high parking costs and security concerns, which are continuing to be addressed by a committed City Administration. Asking Rents Class A Class B Downtown City of Reading vacancy rates continue to increase in late 2010 with rates rising 15.6% to 20.7% in Class “B” Product with much of the vacancy continuing to surround large blocks of contigu- ous space. Construction The City of Reading and economic development groups have been Class A Class B working hard to improve and revitalize Downtown which shows in the number of projects underway. The new IMAX Theater and the nearly completed addition to the Reading Eagle Headquarters in the CBD are welcome entrants to the market and kick off a multi-million dollar main street corridor project that includes a new $67 million Doubletree hotel and garage project across from the Sovereign En- tertainment and Expo Center. For Full Article visit http://bryan-cole.com/MarketIntel.html Major Lease Transactions: - for detailed information contact Bryan Cole Tenant: Building: Size (SF): City Reading Area Community 201 Penn Street Greater than 10,000 sf Reading College BEP, GBDF, Chamber 201 Penn Street Greater than 10,000 sf Reading Kadent 645 Penn Street Greater than 15,000 sf Reading Berks Counseling 645 Penn Street Greater than 15,000 sf Reading Latino Chamber of 501 Washington Street Greater than 10,000 sf Reading Commerce NAI Keystone - Team Cole Competitive Set - Contiguous Blocks of Space Status Property Name City Zip Gross Bldg. SF Vacant SF Lease Price Existing 515 Canal Street Reading 19602 175,000 150,000 $20.00 Gross Existing 525 Lancaster Avenue Reading 19601 110,000 110,000 $11.00 NNN Existing 520 Willow Street Reading 19601 84,000 84,000 Existing 437 Penn Street Reading 19601 120,000 72,600 $9.00 + E Existing 645 Penn Street Reading 19601 106,302 40,000 (NV) $11.50 Gross Existing 35 North 6th Street Reading 19601 90,000 80,000 $12.00 MG Existing 230 North 5th Street Reading 19601 42,000 30,000 $10.00 MG Existing 501 Washington Street Reading 19601 108,000 28,154 $9.50 Gross Existing 201 Penn Street Reading 19601 95,000 25,000 (SL) $15.50 Gross Existing 126 North 5th Street Reading 19501 20,000 20,000 Existing 505 Penn Street Reading 19601 33.000 16,500 $12.00 MG Existing 400 Washington Street Reading 19601 75,000 15,000 $12.50 MG Existing 50 North 4th Street Reading 19601 20,000 15,000 $7.00 NNN Existing 147 North 5th Street Reading 19601 15,000 15,000 $9.50 Gross Existing 1215 North 11th Street Reading 19604 15,000 15,000 Existing 62 S. 6th Street Reading 19602 10,000 10,000 Existing 525 Penn Street Reading 19601 9,292 9,292 Existing 500 Penn Street Reading 19602 17,200 8,600 $9.00 Gross Existing 108 S. 5th Street Reading 19601 8,000 5,000 $12.00 Gross Existing 811 William Lane Reading 19603 25,000 7,400 $7.50 NNN Reading Pennsylvania Maps Maps were obtained from www.GreaterReading.com - which is powered by Berks Economic Partnership NAI Keystone - Team Cole Methodology/Definitions/Sub Market Map Absorption (Net) The change in occupied space in a given time period. Available Square Footage Net rentable area considered available for lease; excludes sublease space. Average Asking Rental Rate Rental rate as quoted from each building’s owner/ management company, For office space, a full service rate was requested; for retail, a triple net rate requested; for industrial, a NN basis. Building Class Class A Product is office Space of steel and concrete construction, built after 1980, quality tenants, excel- lent amenities & premium rates. Class B product is SF/PSF office Space built after 1980, fair to good finishes & Square foot/per square foot, used as a unit of measurement. wide range of tenants. Direct Vacancy Sublease Space currently available for lease directly with the Arrangement in which a tenant leases rental property to another, landlord or building owner. and the tenant becomes the landlord to the subtenant. Market Size Sublease Space Includes all existing and under construction office Total square footage being marketed for lease by the tenant. buildings (office, office condo, office loft, office med- Sublease space is not considered in the overall occupancy or ab- ical, all classes and all sizes, both multi-tenant and sorption numbers single-tenant, including owner-occupied build- - only direct leases are included. ings) within each market. Sublease Vacancy Overall Vacancy Space currently available in the market for sublease with an All unoccupied lease space, either direct or sublease. existing tenant within a building acting as the landlord.
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