Over the course of a year, we complete a lot of transactions here at Southpace. However, there are always a few deals that stand above the rest. Below are the top 10 transactions our brokers facilitated in 2013. Continue reading “Our Top 10 Deals in 2013”
The first and most significant change in 2013 was the hiring of Thomas C. Joyce, Jr., CCIM, CPM as Senior Vice President and Director of Property Management. Tommy has more than 20 years of real estate property management and brokerage experience and actually started his real estate career at Southpace in the early 90s. He’s responsible for overseeing the day-to-day operations and strategic growth of the property management division. He’s also directly involved with the management for our institutional clients. Since returning in February, Tommy has been implementing changes within the division to position the company for growth while maintaining the high standards that our clients have come to expect.
After experiencing a relatively flat 2012, occupancy rates of industrial real estate increased slightly in Birmingham during the first three quarters of 2013. The overall occupancy rate of the 14.5 million SF of multi-tenant industrial space increased to approximately 84%. As expected, this modest increase in absorption has finally resulted in a slight increase in rental rates.
Things seem better; rents seem to be growing, concessions are waning, the phone seems to be ringing more often and vacancy rates are dropping. But really, “Are we there yet?” Have the economy and real estate market really improved in the last twelve months or is this simply a mirage? Let’s look through the activity of this last year and you can be the judge.
The 3rd quarter vacancy rate in 2011 was 17.5%. In 2012, the vacancy rate in the same period was 19.6%. Currently, the vacancy rate for Birmingham is approximately 14.1%. To have a positive swing of this magnitude is great for our market. In the 3rd quarter, we’ve had a positive absorption of approximately 112,000 SF. Year-to-date, we’ve had a positive absorption of approximately 122,000 SF. For a market that has approximately 18,500,000 SF of office space, that’s another sign of improvement.
Las Vegas, Los Angeles, Phoenix, Atlanta, Denver, Chicago….We went all over the country this past year—not for real estate deals in these cities, but to LEARN, CONNECT and LEAD. Our business is largely built on referrals from relationships we build both here in Birmingham and around the country in the organizations that serve our industry. Every year we spend a good deal of time and effort on learning, connecting and leading, but 2013 was exceptional on all three fronts.