I think a certain amount of real estate liquidity is a good thing. It's when musical chairs are funded by tax credits that I get worried.Mark Groth wrote:http://www.bizjournals.com/stlouis/morn ... quare.html
In a zero growth region, musical chairs is the parlance of our time.The Bi-State Development Agency is moving its headquarters from Laclede's Landing, where it has been for more than three decades, to the Metropolitan Square Building downtown
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A CBRE rep provided his optimistic outlook on the regional and downtown office market at a recent event:
Net absorption in Downtown last year was 237,000 square feet. “I'm more encouraged about Downtown than at any other time in my 30-year career,” he said.
http://www.stlouiscnr.com/features/arti ... n_returns/
He noted that Class A vacancy has been dropping throughout the region, including downtown (and may move some office seekers to Class B space) but that the upcoming availability in 2016 of the one million square foot AT&T One Center could be a game-changer...
Whether the outcome of that is a creative redevelopment or a vacant white elephant is yet to be seen, he said.
Net absorption in Downtown last year was 237,000 square feet. “I'm more encouraged about Downtown than at any other time in my 30-year career,” he said.
http://www.stlouiscnr.com/features/arti ... n_returns/
He noted that Class A vacancy has been dropping throughout the region, including downtown (and may move some office seekers to Class B space) but that the upcoming availability in 2016 of the one million square foot AT&T One Center could be a game-changer...
Whether the outcome of that is a creative redevelopment or a vacant white elephant is yet to be seen, he said.
Spirit of St. Louis Corporate Center in Chesterfield
Source: Duke Realty
In my opinion, the more they continue to build speculative office facilities in the Chesterfield Valley or Clayton, downtown St. Louis is less likely to see new speculative or build-to-suit projects.
I think the local economy really has to get growing SIGNIFICANTLY before downtown St. Louis will see new speculative or build-to-suit office projects.
It looks like Vertical Realty Advisors, http://www.verticalra.com has a hand in it or is running the site. Either way I think it is great. and moveyour.co and Hasan are a good follow on Twitter as well.True_dope wrote:Dose any one know who is behind this site http://moveyour.co/
The TopOpps promotional video is very well done.
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I swear this Dumb Klumb was out to screw us....
GSA completes move of 1,000 employees to downtown
http://www.bizjournals.com/kansascity/n ... l?page=all
This KC clown said they had to move VA's 900 employees out of our downtown because of a preference to move to US govt. owned buildings but in his own downtown he moves GSA to leased space. SMH
I haven't heard any updates, but I assume the move out of downtown for the wonders of Overland has already happened of things were on schedule.
GSA completes move of 1,000 employees to downtown
http://www.bizjournals.com/kansascity/n ... l?page=all
This KC clown said they had to move VA's 900 employees out of our downtown because of a preference to move to US govt. owned buildings but in his own downtown he moves GSA to leased space. SMH
I haven't heard any updates, but I assume the move out of downtown for the wonders of Overland has already happened of things were on schedule.
DTZ Cassidy Turley has the 1Q off to a slow start with negative absorption downtown due to ConAgra vacating 77,000 sq. ft. and putting it up for sublease.
http://dtz.cassidyturley.com/DesktopMod ... apshot.pdf
But it notes again the solidification of office around the 4th and Broadway Streets area with several businesses expanding or relocating (Nestle-Purina, Metro, Stewart Title, etc.) and predicts an upturn for the rest of the year. It notes the Fed Reserve will be expanding this quarter and taking up 57,000 sq. ft. in 500 N. Broadway.
http://dtz.cassidyturley.com/DesktopMod ... apshot.pdf
But it notes again the solidification of office around the 4th and Broadway Streets area with several businesses expanding or relocating (Nestle-Purina, Metro, Stewart Title, etc.) and predicts an upturn for the rest of the year. It notes the Fed Reserve will be expanding this quarter and taking up 57,000 sq. ft. in 500 N. Broadway.
Rawlings recently renewed their 50,000 sq ft space in West county.
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^ That's a good reminder that it really is the West County office market that is a major drag on downtown and not Clayton.... according to the DTZ report above, the two largest lease deals for the 1Q were in West County, with the Rawlings renewal lease of 52,000 sq. ft. and the Energizer new lease of 44,000 sq. ft..
If those kinds of companies would split some of their activity with Clayton and Downtown the results for the Central Corridor would be huge and we'd have a much saner region. In fact the West County market could cede 2 million square feet of occupied space to Downtown and 1.5 million square feet to Clayton and it still would have the largest occupied inventory in the region. The difference is downtown would have about 10,000 more workers and Clayton 7,500. Both would be much more vibrant on the streets and have more new construction while West County would continue to be a nice suburban place to live.
If those kinds of companies would split some of their activity with Clayton and Downtown the results for the Central Corridor would be huge and we'd have a much saner region. In fact the West County market could cede 2 million square feet of occupied space to Downtown and 1.5 million square feet to Clayton and it still would have the largest occupied inventory in the region. The difference is downtown would have about 10,000 more workers and Clayton 7,500. Both would be much more vibrant on the streets and have more new construction while West County would continue to be a nice suburban place to live.
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that new RGA HQ in chestefield is really nice...another missed chance for BPV.
same deisgn would have worked for BPV, just stand the buildings up.
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same deisgn would have worked for BPV, just stand the buildings up.
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With the Union Trust Building at 705 Olive apparently going off the office rolls due to a planned hotel conversion we'll have another 150,000 sq. ft. or so of space off the market and nudging vacancy numbers down a bit.... I think downtown Class B & C vacancy is upwards of 25% and its good to see these kind of conversions.
Hopefully the remaining tenants will relocate to nearby buildings like the Frisco.... it'll be good to have the Olive strip a nice, dense mix of residential, office, hotel and retail.
Hopefully the remaining tenants will relocate to nearby buildings like the Frisco.... it'll be good to have the Olive strip a nice, dense mix of residential, office, hotel and retail.
Looks like the Terra Cotta Lofts is landing the fred sparks design firm, which is currently on S. Kingshighway...
http://www.kingrealtyadvisors.com/media ... fredsparks
it appears neither of the three principals is named fred, btw ("Which one is Pink?") And with a lobbying/consultant group also in the building and Blood & Sand, apparently all the commercial spots are now taken. Downtown West certainly can use all the foot soldiers it can muster.
http://www.kingrealtyadvisors.com/media ... fredsparks
it appears neither of the three principals is named fred, btw ("Which one is Pink?") And with a lobbying/consultant group also in the building and Blood & Sand, apparently all the commercial spots are now taken. Downtown West certainly can use all the foot soldiers it can muster.
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I read the profile on Gateway Media in the Post on Sunday. It boggles my mind that a firm like that would locate in Clayton and not downtown.
That's great news. Brad and the King group are fighting hard for downtown west. Now I would love to see the apartments above the Y across the street reactivated. They've been vacant for 8 or so years now.roger wyoming II wrote:Looks like the Terra Cotta Lofts is landing the fred sparks design firm, which is currently on S. Kingshighway...
http://www.kingrealtyadvisors.com/media ... fredsparks
it appears neither of the three principals is named fred, btw ("Which one is Pink?") And with a lobbying/consultant group also in the building and Blood & Sand, apparently all the commercial spots are now taken. Downtown West certainly can use all the foot soldiers it can muster.
I also applaud the design firm for putting its headquarters down a block from the NLEC. They will love this area and their access to everything it has to offer. Perception is not always reality....
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^ Agreed and believe that our rather low density makes visible our homeless issues. etc. a bit more than in more bustling downtowns.
I'd like to think if we can boost downtown daytime population by 10,000 we'd see some great progress.... 3,000 more residents and 2,000 more employees in DW & 3,000 more employees and 2,000 more residents in Downtown would be fantastic but at the present rate that is years off... we need to hustle if we want to bustle.
I'd like to think if we can boost downtown daytime population by 10,000 we'd see some great progress.... 3,000 more residents and 2,000 more employees in DW & 3,000 more employees and 2,000 more residents in Downtown would be fantastic but at the present rate that is years off... we need to hustle if we want to bustle.
Hardees, which occupies about 50,000 square feet in the 100 N Broadway Building, may relocate out of the region.
http://www.stltoday.com/business/local/ ... c3bb3.html
The article says the building currently is about 2/3 occupied.
http://www.stltoday.com/business/local/ ... c3bb3.html
The article says the building currently is about 2/3 occupied.
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Sounds like it's just the beginning of a ploy for tax money to stay. Interesting comments about the state income tax.
In 2013 the CEO told the Wall Street Journal: “Who cares where our corporate offices are?” he told the Journal. “Quite honestly, what difference does that make? ... The important point is where are you building?”
What a great corporate citizen.
What a great corporate citizen.
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^ No doubt about it. Wherever they wind up they'll be getting some dough.
btw, one thing I did like about the Peabody Coal subsidies for their office is that they turned down the city's offer to use New Markets Tax Credits as they felt they weren't needed and those scarce, valuable $$ were able to go to another project (maybe the Arcade?).
btw, one thing I did like about the Peabody Coal subsidies for their office is that they turned down the city's offer to use New Markets Tax Credits as they felt they weren't needed and those scarce, valuable $$ were able to go to another project (maybe the Arcade?).
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The view from Nashville.....
http://www.tennessean.com/story/money/2 ... /26219127/Why wouldn't Hardees want to leave a dormant city for a vibrant city?
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We have a Mayor wanting to erase history from Forest Park by removing a Civil War statue and whilst a company HQ is plotting their departure from downtown. Slay has to go. Can we get a conservative businessman in office as Mayor before this city is completely f-ed.
I'm so tired of his liberal BS..
I'm so tired of his liberal BS..
DogtownBnR wrote:The view from Nashville.....
http://www.tennessean.com/story/money/2 ... /26219127/Why wouldn't Hardees want to leave a dormant city for a vibrant city?
When are we going to decide we want to be vibrant instead of worrying about statues in Forest Park....Maggie Crane admits that the city was caught off-guard about Hardees? Are you f-ing kidding me? we should treat the remaining company HQ's in downtown like babies...
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^Agree... Slay needs a 'task force' to keep corporations happy. He needs to have a person in his regime that will visit each and every one, on a regular basis. He needs to address issues quickly and let the CEOs of these companies know that he means business and is there to make sure they are happy. He also needs to get a firm grip on crime throughout the City. Keeping and attracting new business, as well as solving the crime issue, has to be priorities 1 and 1A. It is time to be proactive, not reactive!