Commercial Investment Real Estate September/October 2019 | Page 42

REGIONAL
OUTLOOK
{SOUTHEAST}
Atlanta’s
Big Deal
Columbia Property Trust has sold One and Three
Glenlake — two Class A office towers in Atlanta’s
Central Perimeter — to Starwood Property Trust
for $227.5 million. The 706,000-sf campus was
renovated in 2016 and fully occupied. Tenants
include the headquarters of Inspire Brands, as
well as offices for Oracle and Comcast. The
campus also includes an on-site conference
center, fitness center, and cafe.
{ N ATION A L}
{SOUTHWEST}
Source: Commercial Property Executive
{SOUTHWEST}
Premium Prices for
Downtown Living
Retail Thriving
in Fast-Growing
Phoenix
Apartment dwellers in downtown Austin, Texas, paid the highest
premium for their urban core location — 92 percent over its market
average rent. The highest U.S. markets for downtown premiums:
Austin, Texas
Philadelphia
Houston
Chicago
Cleveland
Market
Average Urban Core
Average Urban Core
Premium
$1,257
$1,331
$1,105
$1,501
$900 $2,416
$2,121
$1,737
$2,357
$1,376 92.2%
59.4%
57.2%
57.0%
52.9%
Source: RealPage Inc.
40
September | October 2019
The Phoenix-Mesa-Scottsdale metro area has the top population
growth in the nation; between 1Q2018 and 1Q2019, the area gained
96,268 people. See the effects of this growth on retail as of 1Q2019:
Rental Rates
$16.09 psf (up from $15.85 in 4Q2018)
YOY Rent Increase
5.5%
Square Feet of Retail Space Under Construction
875,000
Total Sales Volume
$370 million
Source: Avison Young
COMMERCIAL INVESTMENT REAL ESTATE