Archive for April 2010

Top 5 Growth Factors For Spokane, Washington in 2010

WESTERN SNAPSHOT, APRIL 2010

TOP 5 GROWTH FACTORS FOR SPOKANE, WASHINGTON, IN 2010

With Spokane's reputation as a steady commercial real estate market, it's little wonder that Seattle investors have said they invest in Seattle for appreciation and invest in Spokane for stable income. Growth percentages have increased slightly during the years as the city's economy has changed from relying on the area's agriculture, timber and mining interests. Today some of the main economic drivers are government, healthcare, visitor and convention business, technology and biotechnology. The largest metropolitan area between Seattle and Minneapolis, Spokane has been affected by the national economic downturn, but has not seen the high level of residential and commercial foreclosures common in some other markets its size. Here are five key areas to watch in Spokane in 2010:

1. Spokane's apartment market has always been a draw to California investors and those from western Washington. In 2008, approximately $70 million in multifamily investment real estate changed ownership in Spokane County, but only $10 million did last year. With relatively low vacancy rates and cap rates higher than many other West Coast markets, Spokane's multifamily investment sector will see renewed interest from outside investors that have been waiting on the sidelines.

2. Spokane's quality healthcare providers serve a huge four-state region. This large regional draw for medical services has contributed to a very stable medical office space market. At the end of 2009, the medical office vacancy in Spokane ended the year at 7.06 percent. Medical office development, including specialty medical and dental practices, will continue at a steady pace for the foreseeable future.

3. The majority of the challenging loans made by Spokane area banks were for residential and commercial development projects outside of the Spokane market. To date, this has resulted in relatively few REO bank properties coming on the market in the area. Those that have are mostly the result of local office or retail businesses closing their doors. In the last month, significant interest in these properties from buyers, both users and investors, has become apparent. Overall, property valuations seem to be stabilizing as these properties work their way through the system to new ownership.

4. Spokane is fortunate to have a growing number of technology companies like Itron, which is the world's leading provider of solid-state water, electric and gas meters with $1.69 billion in sales in 2008, that provide consistent job growth to the area. Higher-education research and related private-sector investment in emerging technologies are strong as well. Spokane's higher-education institutions of Gonzaga University, Eastern Washington University, Whitworth University and Washington State University at Spokane have all contributed promising new technology, which along with advances by Spokane start-up companies has been fostered and funded by organizations such as the Hogan Entrepreneurial Institute at Gonzaga University and the Spokane Alliance of Angels. As a result, many new and exiting companies have been turning their ideas and technologies into growing, profitable business ventures.

5. Another growth factor is the steady in-migration of people from mostly California and western Washington, who are attracted to the affordable housing, quality of living and outdoor recreational opportunities. The in-migration to Spokane will only increase as the national economy turns around.

2010 looks to be a prosperous year of growth for Spokane's commercial real estate market, which should move ahead on its usual stable and steady track to a promising future.

Jeff Johnson is President of Black Commercial, Inc., an NAI Black company, in Spokane, Washington.

Promotion of Jessica Jarosz to Associate

NAI PITTSBURGH COMMERCIAL IS PLEASED TO ANNOUNCE THE PROMOTION OF JESSICA L. JAROSZ TO ASSOCIATE

Pittsburgh, PA - (April 20, 2010) -

NAI Pittsburgh Commercial is pleased to announce that Jessica L. Jarosz has been promoted to Associate and will now be concentrating her efforts solely on real estate brokerage business. Ms. Jarosz has been with the company since its inception in 2005 and was responsible for office management in addition to her brokerage role. Prior to joining NAI Pittsburgh Commercial, she was part of the brokerage team at Oxford Development Company.

Ms. Jarosz specializes in tenant representation, office, industrial and corporate services. She is responsible for assisting clients with site selection, proposals, financial analyses and lease negotiations, as well as securing tenants and/or buyers. She has over ten (10) years of related experience and is dedicated to providing clients with exceptional service, commitment and professionalism.

Her partial client list includes: Allied Barton Security Services, AMC Settlement Services,
BMC/Parente Beard, Papermart, Inc., and Waynesburg University.

Bill Leone, Managing Principal of NAI Pittsburgh Commercial said “Jessica has made an enormous contribution to both NAI Pittsburgh Commercial and our valued clients. She displays the highest level of integrity and selflessness, while providing incomparable results-oriented real estate services to the business community.”

NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE.

Promotion of Jeffrey Adams to Vice President of Office & Industrial Brokerage

NAI PITTSBURGH COMMERCIAL IS PLEASED TO ANNOUNCE THE PROMOTION OF JEFFREY ADAMS TO VICE PRESIDENT-OFFICE & INDUSTRIAL BROKERAGE


NAI Pittsburgh Commercial is pleased to announce that Jeffrey Adams has been promoted to Vice President-Office and Industrial Brokerage.

Mr. Adams a 1998 graduate of the Pennsylvania State University has been active in the Western Pennsylvania real estate market since January of 1999. He has been responsible for procuring tenant and buyer representation assignments, leasing and subleasing agency assignments as well as assisting with sale dispositions of office, industrial and investment properties.

His client list includes Fortune 500, technology, medical, law and law-related, financial and banking companies and many service related companies. He has been engaged by UPMC, HRPT Properties Trust, IMPAQT, DeLallo’s, RMS Lifeline, Inmedius, Jackson Holdings, Raphael Ramsden & Behers, KForce, Inc., Pepsi North America and Circuits, LLC for their various real estate requirements.

Bill Leone, Managing Principal of NAI Pittsburgh Commercial said Mr. Adams personifies the firm’s commitment to its clients and to its business philosophy. “Over the past 10 years, Jeff has made an outstanding contribution to his clients, his colleagues, and the firm, while also demonstrating the values embodied in our founding principles,”

NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE.

Lisa Mikolay has been named Office Manager

NAI Pittsburgh Commercial is pleased to announce that Lisa Mikolay has been named as Office Manager.

Prior to joining NAI Pittsburgh Commercial, Ms. Mikolay was the Executive Assistant at a local real estate company and the Office Manager at a local architecture firm. Ms. Mikolay brings many years of management experience and proven marketing skills to one of Pittsburgh’s most successful commercial real estate firms.

“We are very excited to have Lisa as part of our team. Her presence makes us an even stronger company as we move forward as one of Pittsburgh’s premier commercial real estate providers”, according to William Leone, Managing Partner.

NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE