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Review of Commercial Real Estate in the 21st Century

Review of Commercial Real Estate in the 21st Century

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Coldwell Banker Commercial's Review of Commercial Real Estate in the first decade of the 2000s, complete PDF of all the parts: Dot-com Bubble, 9/11, Prosperous Times (2005-2007), Credit Crunch, Technology, individual property sectors, what the future holds.
Coldwell Banker Commercial's Review of Commercial Real Estate in the first decade of the 2000s, complete PDF of all the parts: Dot-com Bubble, 9/11, Prosperous Times (2005-2007), Credit Crunch, Technology, individual property sectors, what the future holds.

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Published by: Coldwell Banker Commercial on Oct 11, 2010
Copyright:Attribution Non-commercial

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1View other sections:
www.crereview.com
 
 
 A Review of Commercial Real EstateIn the 21st Century 
By: John Boyer
 
2View other sections:
www.crereview.com
 
 
© 2010 Coldwell Banker Commercial Affiliates. A Realogy Company. All Rights Reserved. Coldwell Banker Commer-cial Affiliates fully supports the principles of the Equal Opportunity Act. Each Office is Independently Owned andOperated. Coldwell Banker Commercial,
 
the
 
Coldwell Banker Commercial
 
Logo are registered (or unregistered)service marks licensed to Coldwell Banker Commercial Affiliates. Information was provided by sources deemedreliable. The views express herein this document do not represent the views of the Coldwell Banker Commercialorganization.
Over the first decade in the 21st century, there were several key events / factors thathad a major impact on the commercial real estate business. This document examinesthe following topics:
General Commercial Real Estate…..3
 Dot-
Com Bubble…..4
 
September 11, 2001…..5
 
Base Realignment and Closure 2005….6
 
The ―Prosperous Times‖…..7
 
Credit Crunch & Housing Market…..8
 
Technology’s Effect…..9
 
Individual Property Types…..10
 -17
 
Vacancies
 
Transactions
 
Cap Rates
 
Volume
 
Price / SF
 
Absorption
 
What has Changed…..18
 
What the Future Holds?.....19
 
About Coldwell Banker Commercial..20
 
Table of Contents
 
3View other sections:
www.crereview.com
 
Commercial Real Estate in the 2000s
About this Document
To say the least, the first decade of the 2000s was a very interesting era in commercial real estate. It was unlike any precedingdecade and will go down in history as a benchmark. The industry has drastically changed over the last 10 years and this documentwill examine some of the major challenges the industry faced. There is a subsequentPDF timelineavailable for visual reference.By no means does this cover everything that happened during this time period, but it will look at the major events and the impact oncommercial real estate.
 
Change in Prices over the Decade
1
 
The chart below highlights the change in price of some common items over the decade. Interesting to note the significant increasein prices related to a declining household income.
As for commercial real estate, as the charts in the later part of the document indicate, across all sectors, sales and prices rose foreight straight years, followed by two very down years. To say the least, this decade was a very intriguing time for commercial realestate.
Industry Happenings
 
During the early part of the 21st century, mergers and acquisitionsare the key words that come to mind. Several firms either mergedor were acquired by others, causing the commercial real estatemarket share to shift dramatically.
 
CBRE acquired InsigniaCBRE acquired Trammel CrowSpaulding & Slye merged with Jones Lang LaSalle (JLL)Staubach merged with Jones Lang LaSalle (JLL)Oncor International was purchased by Realogy CorporationEquity Office Property Trust (the largest owner of officebuildings in the US) was acquired by Blackstone GroupColliers International and First Services Real Estate Advisors join to become known as Colliers International.Colliers Turley Martin Tucker, Cassidy & Pinkard Colliers, Colliers Pinkard, Colliers ABR, BT Commercial, BRE Commercial, andColliers Houston rebrand as Cassidy Turley.Now, lets take a look at the first major event that effected Commercial real estate in the 2000s:
the Dot-Com bubble
.
Item
2000
 
2009
 
% Change
 Car (Toyota Corolla base) $17,518 $19,395 11%Average Income per year $40,343 $39,423(-1%) Average Monthly Rent $675 $780 13%Average Cost of a gallon of Gas $1.26 $2.56
49%
 US Postage Stamp
33
cents
44
cents 2
5%
 Loaf of Bread $1.72 $2.49 31%Dozen Eggs
89
cents $1.37 3
5%
 

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