Commercial Investment Real Estate March/April 2013 - Page 45

E A S T New Jersey’s 2013 Outlook Home to the nation’s fourth largest of ce market and third largest industrial inventory market, New Jersey is count- ing on location and a pro-business climate to help turn around a sluggish real estate investment market, according to a Cushman & Wakef eld webinar forecast. “If the Garden State economy were a novel, it would be Dickens’ ‘Great Expectations,’” said Gualberto Medina, C&W executive managing director, New Jersey. Industrial sales were f at last year, with little class A product on the market. In the of ce market, $1.2 million traded last year, but “the market is choppy in terms of what investors are seeking,” said Gary Gabriel, C&W executive vice president, Metropolitan Area Capital Markets Group. “A core transaction may trade at a cap rate in the sevens for $208 psf, where a value-add asset may trade in the nines for $48 psf.” But he added: “New Jersey is the ultimate contrarian play. We are coming back.” W E S T Á OC Industrial Stats Orange County, Calif., investment sales, 4Q12 M I D W E S T Going to a Happy Place Happiest Places to Work Dayton, Ohio Knoxville, Tenn. Honolulu Memphis, Tenn. Pittsburgh Source: Voit Co. T at would be Dayton, Ohio, named the happiest place to work by CareerBliss, which surveyed 36,000 independent employee reviews last year to determine the happiest and unhappiest U.S. cities in which to work. Dayton added almost 5,000 new jobs in the f rst half of 2012, due to expansion by local industries. Outside of Honolulu, the top f ve happiest places to work were all midsize, noncoastal cities. 3.0% — For-sale inventory $148.99 4Q12 average asking psf 11.7% average quarterly price increase M I D W E S T Regional Offi ce Vacancies, 2012 CITY Source: CareerBliss CLASS A (%) CLASS B CLASS C (%) (%) TOTAL INVENTORY (MSF) Des Moines, Iowa 12.1 14.0 8.9 14.7 Milwaukee 15.4 25.8 19.9 27.7 Omaha, Neb. 5.3 15.2 23.1 20.5 Source: Investors Realty, Omaha, Neb. W E S T Á Dunkin’ Goes Hollywood CCIM.com Dunkin’ Donuts is recruiting multistore franchisees to open locations in Los Angeles, Riverside, San Diego, San Bernardino, Ventura, and Orange counties for its long-awaited return to the California market, accord- ing to Chain Store Age. Af er exiting the state in 2002, Dunkin’ Donuts will open its f rst stores in 2015, with plans for 150 to 200 stores by 2020. While drive-thru locations are a given, the company is also looking into nontraditional venues such as colleges, casinos, military bases, supermarkets, and airports. Nationwide the chain plans to open 330 to 360 stores in 2013, af er opening 291 locations in 32 markets in 2012. March Ma Mar M a ar c ch h | A April p ri pr pri r i l | 20 2 2013 013 1 4 43 3