Volume 5 - 1st Quarter 2012

Brinkman Quarterly
MARKET UPDATE
What This Means for the Year Ahead
OFFICE MARKET: Q4 2011
*Source: N. Colorado Broker Panel/Xceligent
# of Bldgs.
Inventory
Total
Available
Total
Vacant
Loveland
124
3,079,609 SF
222,223 SF
262,043 SF
8.5%
Greeley
147
3,179,971 SF
419,288 SF
405,830 SF
12.8%
Fort Collins
308
5,556,560 SF
610,131 SF
542,768 SF
9.8%
Total
579
11,816,140 SF
1,251,642 SF
1,210,641 SF
10.2%
INDUSTRIAL MARKET: Q4 2011
Total
Vacancy
*Source: N. Colorado Broker Panel/Xceligent
# of Bldgs.
Inventory
Total
Available
Total
Vacant
Total
Vacancy
Loveland
155
5,360,322 SF
296,652 SF
184,397 SF
3.4%
Greeley
108
5,552,079 SF
918,660 SF
437,206 SF
7.9%
Fort Collins
220
9,575,552 SF
1,140,297 SF
513,715 SF
5.4%
Total
483
20,487,953 SF
2,355,609 SF
1,135,318 SF
5.5%
RETAIL MARKET: Q4 2011
*Source: CSU Everitt Center
Total
Stock
New
Supply
Occupied
Stock
Net
Absorption
Vacancy
Rate
Average
Rent
Fort Collins/Loveland
10,858,192 SF
178,266 SF
9,927,006 SF
235,427 SF
8.58%
$11.88
Greeley
9,675,766 SF
492,049 SF
8,686,850 SF
434,942 SF
10.22%
$10.83
SUMMARY
●
●
●
●
●
Northern Colorado Vacancy rate is stabilizing at 10%
Projected decreasing vacancy for 2012
Fort Collins Office Market is outperforming Greeley and Loveland
Trend towards quality
Positive absorption for Q4 relied heavily on significant activity from
smaller new leases and expansions
● Rents stabilizing SUMMARY
● Positive absorption (36,837 SF)
● Overall vacancy rate at 5.5%
● Large vacancies (i.e Boomerang Corp. Center) have large impact
on data
● Rent rates bottoming – bouncing back in some submarkets
● Low vacancy rates/inventory (i.e. 3.1% Loveland) = upward rent
pressure ● Industrial market was hardest hit - activity will improve
particularly as construction industry recovers.
● Optimism – Niobrara, New Leprino Facility, Rocky Mountain
Center for Innovation and Technology (Agilent Campus), Broe
Development (Kodak Facility/Haliburton)
MULTI-FAMILY MARKET: Q4 2011
SUMMARY
●
●
●
●
●
Tight supply creating high demand in the market
Combined Fort Collins-Loveland vacancy rate was 2.3% for Q3
Fort Collins vacancy rate was 3.11% for Q4
Loveland vacancy rate was 4.07% for Q4
Median rent has soared from $856.53 a year ago to $932.58, a
$76 jump (8.87%)
THE REAL ESTATE CYCLE
WHAT TRADED IN 2011?
There are four phases
in the Real Estate Cycle:
Recovery
Expansion
Hyper Supply
Recession
l / Storefront Office Available
Retail
$59,822,907
20%
As indicated by the market
data contained herein,
Recovery is underway. The
graph to the left depicts
where we believe each
property type is in the real
estate cycle in Northern
Colorado.
Office
$34,524,405
11%
Flex/Industrial
$74,598,125
25%
Hospitality
$25,733,000
8%
Multi-Family
$68,855,100
23%
Land
$38,295,278
13%
BRINKMAN PARTNERS NEW OPPORTUNITIES
& sewer)
e heart of
retailers,
shopping
cess from
on
Ave)
y for
29th Street Plaza Shopping Center
Retail/Office Units Available
For Lease
Loveland, CO
3003 East
216Harmony
- 288 E 29thRoad,
Street Suite 300
Loveland, CO 80538
Gunbarrel Gateway
3 Retail/Office Pad Sites
For Sale/Lease
Boulder, CO
Fort Collins, CO 5042 Technology Parkway
50,000 SF Flex Building
25,000 SF Available for Lease
Available Q1 2013
970.206.4500
www.brinkmanpartners.com
BRINKMAN PARTNERS NAMED
ENTREPRENEUR OF THE YEAR
Brinkman Partners has been awarded the Colorado State University Everitt Real
Estate Center’s Entrepreneur of the Year award. Established in 2007, this award
recognizes innovation and leadership in real estate construction and development
in the Northern Colorado marketplace.
Brothers and co-founders of Brinkman Partners, Kevin Brinkman and Paul
Brinkman, were presented with this honor at the Center’s annual real estate
conference. The company was recognized because of their continued work and
dedication to the positive development of Northern Colorado even throughout the
current economic conditions. Since its founding, Brinkman has grown to provide
integrated real estate solutions through commercial brokerage, development,
construction, capital markets and real estate management services.
Brinkman Partners has also received such awards as 2005 Best Start-Up Company
of the Year (Fort Collins Coloradoan), 2006 Bravo Emerging Entrepreneur Award
(Northern Colorado Business Report), 2008 #1 Mercury Award for Fastest Growing
Company (Northern Colorado Business Report), 2010 First Green Globes Building
Initiative Award for Northern Colorado (Green Globes) and 2011 #6 Largest LEED
Organization in Northern Colorado (Northern Colorado Business Report).
BRINKMAN PARTNERS
COMMERCIAL LEASING TRANSACTIONS - Q4 2011
2720 Council Tree Ave
• Fort Collins, CO
• Loopy Ewe
2721 Council Tree Ave
• Fort Collins, CO
• CA, Inc. Expansion
2733 Council Tree Ave
• Fort Collins, CO
• Charles Schwab
375 E. Horsetooth, Bldg 2, #202
• Fort Collins, CO
• Aqua Engineering
2733 Council Tree Ave
• Fort Collins, CO
• Mindstream Yoga
115 Harmony Rd
• Fort Collins, CO
• Nerd Fit
2720 Council Tree Ave
• Fort Collins, CO
• LunarG
5924 S. College Ave
• Fort Collins, CO
5731 Bueno Drive, #B
• Fort Collins, CO
• Summit Cabinet
2733 Council Tree Ave
• Fort Collins, CO
• Wax Factory
•
Antique Clocks & Repair Expansion
375 E. Horsetooth, Bldg 2, #201 8010 S CR 5, #105
• Fort Collins, CO
• Fort Collins, CO
• Pisacka Baker & Associates • Wayne Roys
2028 Blue Mesa
• Loveland, CO
• Northern Communications
4025 St. Cloud, #200
• Loveland, CO
• Tattoo Must Go
BRINKMAN CONSTRUCTION PROJECT UPDATES
Hampton Inn & Suites
“We are honored to receive such a coveted distinction from the Everitt Real Estate Construction Underway
Center. Our Fort Collins’ roots have always driven our passion to be active and work
within this community to bring about progressive growth. We feel fortunate to do
business here and to have the continued opportunity to partner with the many
other great companies committed to the advancement of Northern Colorado,”
said Paul Brinkman.
BRINKMAN WELCOMES ITS NEWEST TEAM MEMBERS
Construction has begun on this
Hampton Inn & Suites located just
outside of Boulder. The hotel will
offer 100 guest rooms a conference
room, board room, pool and hot tub
area, workout facility and breakfast
area. Construction is scheduled to
be complete Spring 2013.
Arrowhead Residences
These Fort Collins custom luxury
condominiums are now complete.
The 4-story building consists of
over 35,000 SF of 10 tailored
residences, common areas and
an underground parking garage
beneath the units.
Brinkman Partners is proud to announce Greg Roeder as its newest retail and
owner, tenant and investor strategic planning broker. He began his career
as a real estate agent in Fort Collins in 2007 and since then has completed
over 80 transactions in Northern Colorado comprising over $20 million in
sales volume. For the past two years, he worked for CBRE in Los Angeles.
Construction Complete
Brinkman Construction is excited for the addition of two new members to its
team. Steve Rewerts and Mike Tonniges have been hired as Project Managers.
Ram’s Crossing @ Campus, located at 914 West Lake Street, underwent
extensive exterior renovations. These three-story, 90 unit student apartments
were given a complete exterior facelift to modernize the overall appearance.
Steve has 7 years of construction experience throughout Northern Colorado.
He has a diverse project background and is a graduate of Colorado State
University with a degree in Construction Management.
Mike is a graduate of the University of Nebraska with a degree in Construction
Management and a Business minor. He has over 12 years of experience in the
construction industry. His portfolio includes work throughout Nebraska, Iowa,
Wyoming and Colorado.
Brinkman Partners
Setting the standard for integrated real estate solutions.
3003 East Harmony Road, Suite 300
Fort Collins, CO
970.206.4500
www.brinkmanpartners.com
Construction Complete
Brinkman Construction has just completed two projects in Fort Collins, Ram’s
Crossing @ Campus and the Tap n Handle.
A former downtown office building has been renovated into Old Town’s
newest tap house, Tap n Handle. Located at 307 South College Street, the
pub will feature 74 specialty beers on draft and a variety of casual dining
options.
Ongoing Construction
Construction on the Mason Street Flats apartment project in Old Town is
back on track and set for completion in September 2012. The 30-unit, forrent residences are now available for pre-lease. For more information, visit
www.masonstreetflats.com or call 970.367.4880.
Commercial Brokerage
Development
Construction
Asset Management
Sustainability
Contact Brinkman Partners today for real estate opportunities.