There are 19 article(s) tagged Cushman & Wakefield | Commercial Advisors:
Forked River Commons in Millington gains two tenants, Crosstown Shoppes signs two leases, Great Escape Coaching moves into a Ridgeway Center office building, and The Daily Memphian looks for a new home.
Economic development has surged in the Memphis area following the COVID-19 pandemic-induced slowdown. That was the message at a seminar hosted by The Daily Memphian Thursday, Nov. 30.
This week’s Inked covers news on Cushman & Wakefield’s industrial estate report, the new Rumble Boxing location and Drapac Capital leaving Memphis.
Memphis office space rents have increased as availability has decreased since the fourth quarter of 2021.
According to Cushman & Wakefield/Commercial Advisors, total new direct leasing activity for 2021 topped 19 million square feet.
So far this year, a total of 10.1 million square feet of new or renewed leases of industrial space have been signed. That’s just 600,000 square feet short of the record-setting 2019, and it’s only July.
Laura Meanwell has worked as an engineer, led a successful campaign to change Germantown school hours, served on civic commissions, and even been a “director of euphoric events.” Now, she has a job that’s unusual for women in Memphis: Industrial real estate broker.
Last year was the second-strongest for for industrial real estate ever recorded by Cushman & Wakefield/Commercial Advisors. But in just the first three months of 2021, the net, new space absorbed by users has already reached 68% of last year’s total.
Eight transactions for Class A industrial space, totaling 2.4 million square feet, have either been completed or are pending during the first three weeks of January, reports Cushman & Wakefield/Commercial Advisors.
The Quebec-based Quint Group paid $8.75 million to Illinois-based Agracel Inc. for a 258,000-square-foot industrial building. Kemp Conrad, a principal with Cushman & Wakefield/Commercial Advisors, will represent Quint Group in leasing the building.
Completed in 2019 at 6200 Global as the city’s first spec warehouse in 11 years, the 421,000-square-foot, Class A facility quickly landed a tenant and has just sold for a second time. And, several other speculative logistics centers in Memphis are in the pipeline.
Despite COVID-19, companies have absorbed more than 3 million square feet than they have vacated in the Memphis area during 2020.
Strong industrial real estate activity happened in the Memphis market during April, May and June, in part because of the pandemic, not despite it.
The by-appointment-only bridal boutique shop started in Cooper-Young, moved to East Memphis, and now moves to the South Main District.
Despite the beginnings of what will likely be a pandemic-caused recession, the industrial vacancy rate for the first three months in the Memphis area was 6.5%. That is below the five-year average of 7.8%.
The hot industrial real estate market in the Memphis area just set two records, according to Cushman & Wakefield/Commercial Advisors’ latest quarterly report.
With Memphis continuing to attract commercial real estate investments, the city is poised to build on its successes for years to come, local experts say.
A prominent commercial real estate firm makes Greg Spillyards its chief executive, doubling down on helping under-served neighborhoods in Memphis.
The Memphis office market remains steady and the industrial market remains strong heading into the third quarter of 2019.
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