Retail real estate in Birmingham continued to improve in 2015, with lowering vacancy rates and tenants looking for creative ways to expand their footprint in the market. A lack of available space has caused a serious demand for new developments. Although there was not much in the way of new development in 2015, we expect 2016 will bring more new construction. Continue reading “2015 Birmingham Retail Market Review with David Ashford, CCIM”
As Alabama’s economy continues to grow, Birmingham’s industrial real estate market is sustaining slow and steady occupancy growth. The automotive industry, as well as Alabama’s business friendly economic climate, continues to drive the industrial sector of the market.
The overall occupancy rate of the approximately 116 million square feet of tracked industrial space increased to approximately 90%. Similarly to the last two or three years, we experienced very few individually significant transactions, but actually had a good year due to the large number of small-to-medium-sized deals that occurred. Continue reading “2015 Birmingham Industrial Market Review with Rich Vanchina, CCIM, SIOR”
Unfortunately for the Birmingham office market, 2015 was not our year to break through with huge rebounds.
In fact, as of the end of the 3rd quarter of 2015, the market has posted a net absorption of -90,000 SF. In other words, we have lost approximately 90,000 SF in our multi-tenant inventory. Continue reading “2015 Birmingham Office Market Review with Blake Crowe, CCIM”
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.
The overall retail market saw a 204,000-square-foot positive absorption in the second quarter of 2012.
The vacancy rate is 11.1%, which is down from 11.8% in the first quarter. This can largely be attributed to Crestwood Festival Center, which saw about 50,000-square-feet of positive absorption. Continue reading “Positive Absorption and Lower Vacancy for Retail in Birmingham”
In the second quarter of 2012, the Birmingham office market saw only one significant swing in vacancy rates of our six submarkets.
The Oxmoor market had a 10% decline in it’s vacancy rate rising from approximately 33% in the first quarter to 43% in the second. Continue reading “Most Birmingham Office Markets Hold Strong”
While none of the deals that have happened this year are exciting by themselves, it’s a pretty fair amount of market activity when combined. Deals are getting done to take available space off the market.
During the second quarter of 2012, we continued to see slight improvement across the entire market bringing us to +/-240,000-square-feet of total absorption so far this year. Continue reading “Slight Improvement in the Second Quarter 2012 Industrial Market”