RealStake

The 2006 Grubb & Ellis commercial real estate forecast is out and they see growth in many North American markets. The Kansas City office market is expected to see positive net absorption, while right up I-70 the St. Louis market is expected to see lots of new space leased with old space vacated - lots of activity but low net absorption. The Wichita market is expected to see growth in medical office space. In Miami and Orlando job growth is expected to fuel the office market through 2006 and into 2007.

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Grubb & Ellis expect a healthy year in Chicago's commercial and industrial markets. Positive absorption is expected in the suburban office market, though the city will see office construction in an environment of negative absorption. The industrial market is expected to see absorption over 20 million square feet, compared to 15.8 million in 2005 with the fastest growth in the south suburbs.

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A strong economy combined with heavy residential development taking up the available vacant land translates to declining vacancy rates for commercial and industrial properties in the Boca Raton, Florida market according to CB Richard Ellis. Industrial space leasing at an average rate of $7.96 per square feet has only a 4.1 percent vacancy rate. Office space vacancy rate is 8.8 percent with lease rates of $16.90 per square foot. 47,500 square feet of office space is under construction with more planned, but little if any industrial development is occurring, so expect industrial vacancy rates to remain tight.

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Tristar Business Communities, the developer of St. Louis's 2,300 acre Gateway Commerce Center, has sold 450 acres to Trammel Crow for a reported $16 million. The park is located near I-255 and I-270 in Madison County, Illinois and has 17 buildings totalling almost 8 million square feet.

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The city of Mesa, Arizona is looking for businesses to fill 92-acres at Falcon Field Airport as a first step toward developing an additional 158-acres west of the airfield into a shopping complex or similar commercial enterprise. The city is interested in expediting business developoment of the airport and «making leases more equitable» to attract businesses.

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