.
Tim Leigh’s Weekend Market Report
Hoff & Leigh, Inc.
Leasing; Sales; Management; Buyer or Tenant Representation
4445 Northpark Drive, Suite 200
Colorado Springs, CO 80907
July 19, 2009
Attached is our complete listing of all properties for sale in Colorado Springs, based on property type - office, industrial and condo. This is the most complete listing that we are aware of. It’s our goal to provide this information, updated weekly. We develop these lists by basic research and cross-checking data points from the PPCIE, local broker's individual web sites, The Turner Book and any other public information domain we can find.
You are receiving this information because, at some point, you asked or a friend referred your name to be included in our e-mail Insider’s List. If you no longer wish to receive this information, send an e-mail reply to me (tim@hoffleigh.com) and ask to be removed. Alternatively, if you know someone who could benefit from the receipt of this information, forward this e-mail to them, and suggest they contact us, so we can consider adding them to our exclusive list.
All Market Average Office Building Sale Price PSF = $112.97 (DOWN from $113.76 last week.)
We are currently tracking 150 office buildings for sale.
This is 1,538,303 square feet, which represents a total market value of $173,781,132.
All Market Average Industrial Building Sale Price PSF = $83.24 (DOWN from $83.94 last week.)
We are currently tracking 129 industrial buildings for sale.
This is 1,633,646 square feet, which represents a total market value of $135,986,656.
To view our most recent Colorado Springs Business Journal Ad please click below
http://hoffleigh.com/Doc/7.17.09..pdf
Tim’s Market Notes
Mort comes home to find his wife and his best friend, Lou in bed together. Just as Mort’s about to open his mouth, Lou jumps out of bed and says, “Before you say anything, old pal, what are you going to believe, me or your eyes?”
People keep saying we’re in a recession, but my eyes say otherwise. I was in Breckenridge over the weekend and I’ve never seen so many people lined-up to throw money at such useless stuff. (Realize, I’m not a big believer in accumulating stuff.) Making the drive home; Woodland Park’s Wal-Mart looked the same. If we’re so hard-up, how could this be?
Turner’s book says, more tenants, (YEAR-TO-DATE), have moved-out of more buildings than have moved-into them. They’ve moved-out of 631,435 square feet of industrial-building space; 282,370 square feet of office-building space and 95,220 of shopping-center space. (Tenant’s have moved-out-of over 1,000,000 square feet which now must compete with each other for replacement tenants.) If you use simple math, 1,000,000 square feet X (each market segment’s average market rate for space) = $8,682,706 in lost annual rental income. That equates to a diminution in market-value (at a 9% cap rate) of nearly $97,000,000! And a physician friend of mine called last week to complain that her sales are down 40%. How can we afford to travel, spend foolishly and yet, we can’t afford a doctor? Does your tooth ache yet?
And according to Turner, “Layoffs continue to exceed new hiring and estimates indicate that 10,500 jobs have been lost during the past 12 months.” According to Fred Crowley, we’ve lost over 17,000 manufacturing & telecommunications industry jobs since 2001. (Those jobs normally produce salaries in the range of $75,000.) Don’t go out and cut your throat, yet; we’ve replaced them with less desirable jobs – but at least we’ve replaced them, with something like 23,000 service-sector-jobs whose annual salaries range $25,000 less.
And then there’s PERA. I was pretty sure that my wife’s retirement plan would keep us afloat for the rest of our lives. Lise works hard. She is an RN at Memorial Hospital. She’s been making contributions to her plan for nearly 30 years. Now, Meredith Williams, the CEO of PERA says “without sweeping legislative changes, PERA can’t meet its obligations.” He says increasing employee contribution and reducing benefits are in the recipient’s future. Nice. Real nice.
Of course we’re not as bad-off as California, where they are still trying to flog IOU’s to their employees, or Pennsylvania, where they have withheld state employee’s pay (that’s 69,000 state employees who now have more-month at the end of their money!). Oh, they did pay the employees, but only 70% of what they were expecting. I wonder if those state employees were able to work a deal with their mortgage lenders – to only pay them based on what they were paid!
And what about watering our parks? Last time I checked, I thought the citizens owned the “city-owned utility”. Why can’t our elected officials, (who work for us), just tell the city-owned utilities department workers, (who work for us), “Look - figure out how to water the parks! Charge a higher rate if you have to; just like you do when people don’t buy water!” And what about the kid that reported to his college professor about his new job? He was hired by the county to change street signs. “I’m only supposed to change 1 per hour – even if I could change more; I was told not to work fast. It would make the old guys look bad.” Here’s another idea. Put all city & county contracts out-for-competitive bid. Heck, let’s be reckless – have all city & county agencies bid against the private sector for their own contracts. Wow! That’d be accountability.
Is there any good news out there? Doesn’t seem like much; but EDC-assisted companies have announced 795 new primary jobs since January 1st; Hewlett-Packard announced they’ll build a $260,000,000 data center at their Rockrimmon campus; FEX-EX announced they plan to expand their Northgate facility; FirstSource Solutions plans to add 150 new jobs; and to confound you greatly, (and to be contrarian to the above figures), (refer back several columns to Virgil McCormack), EDC says we’ve gained 10,526 primary jobs with average annual salaries of $50,019.
Who you going to believe, Morty?
It’s lonely being alone.
You’ve been together for years. It started innocently enough, but she was a seductress. A drive-by glance; flirtatious thoughts. A quick visit. A longer visit. Lingering visits. And it grew; and it grew; and it grew and over time and with attention to the relationship, it turned to love and you became permanently attached at the hip. And over the years, you spent an inordinate amount of time worrying about her and caring for her. And she was good to you, too.
Then without planning or realization, something happened. Something changed. You were traveling down the “road of life” minding your business. You came to a fork in the road and you took it. You traveled some more and took another fork; and another; and another. Now you are where you are and she is where she is. And you’re not together. She’s not able to satisfy your needs. It’s not that you’re greedy, but she needs to put-out, dang-it! And now, she’s become too needy. It’s a sad & tragic story and I see it every day.
She needs new paint, shingles and carpet. She’s empty and shallow & can’t seem to hold-onto friends. And she’s become self centered. It’s always about her. You’ve spent many years together and they were good years, but you know in your heart-of-hearts that it’s time for a change. She has to go. Just the thought of her makes your stomach turn. You lose sleep thinking about her. Ugh! She was good while she lasted, but the old gray mare just ain’t what she used to be, ain’t what she used to be, ain’t what she used to be. . .
And, by the way, my tale’s about your building, not your mistress. Whew! (I know, I had myself scared there, too.) She’s running down; she constantly needs tenants; she needs capital improvements. She’s a nag & a drag. She is an energy consumer - yours. Needy, needy, needy. She’s like a cow that’s running out of milk. (Cows who produce scant, nasty, skim-milk have a low value; cows who produce high grade chocolate milk have a high value! And it taste good, too!)
Point is; real estate’s not about real estate, it’s about life. Real estate’s merely a conduit that allows you to travel through life from point A to point B. Life changes and so do the points and so does your need for her.
So we’re in bumping along this rough real estate road that some have called a recession and some have called a depression. What should you do? What should you do? Well, let me tell you; nay, let me assure you that, while you may feel alone right now, you’re not. And while most guys would like to “dump the old-lady,” and while in many cases, they might be better-off if they did, they realize that menopause is a temporary insanity cured with hormonal meds and at one time the love was real and time actually does heal many wounds.
Traveling solo down life’s road sounds good right now, (less baggage; more mobility, yada, yada, yada), the truth is, that in the long-run, it’s likely a grand-mistake. Our ladies have a funny way of losing pounds when they’re dumped. They miraculously clean-up and start looking-good again! Over time, ships right themselves and all will becomes right with the world. The best advice ever given to me by my father-in-law was, “Never sell any real estate.” Just buy it & own it. Don’t dump her - and she will return the love over & over & over! You can fall in love again.
So unless she has the worst morning breath you can think of, keep her around. Massage her feet; buy her candy; take any deal & bank your way to a healthy relationship. You loved her once and I guarantee that you can love her again. And I predict that that will happen sooner (18 – 24 months) rather than later!
Have a profitable week!
Hoff & Leigh, Inc.
Leasing; Sales; Management; Buyer or Tenant Representation
4445 Northpark Drive, Suite 200
Colorado Springs, CO 80907
July 19, 2009
Attached is our complete listing of all properties for sale in Colorado Springs, based on property type - office, industrial and condo. This is the most complete listing that we are aware of. It’s our goal to provide this information, updated weekly. We develop these lists by basic research and cross-checking data points from the PPCIE, local broker's individual web sites, The Turner Book and any other public information domain we can find.
You are receiving this information because, at some point, you asked or a friend referred your name to be included in our e-mail Insider’s List. If you no longer wish to receive this information, send an e-mail reply to me (tim@hoffleigh.com) and ask to be removed. Alternatively, if you know someone who could benefit from the receipt of this information, forward this e-mail to them, and suggest they contact us, so we can consider adding them to our exclusive list.
All Market Average Office Building Sale Price PSF = $112.97 (DOWN from $113.76 last week.)
We are currently tracking 150 office buildings for sale.
This is 1,538,303 square feet, which represents a total market value of $173,781,132.
All Market Average Industrial Building Sale Price PSF = $83.24 (DOWN from $83.94 last week.)
We are currently tracking 129 industrial buildings for sale.
This is 1,633,646 square feet, which represents a total market value of $135,986,656.
To view our most recent Colorado Springs Business Journal Ad please click below
http://hoffleigh.com/Doc/7.17.09..pdf
Tim’s Market Notes
Mort comes home to find his wife and his best friend, Lou in bed together. Just as Mort’s about to open his mouth, Lou jumps out of bed and says, “Before you say anything, old pal, what are you going to believe, me or your eyes?”
People keep saying we’re in a recession, but my eyes say otherwise. I was in Breckenridge over the weekend and I’ve never seen so many people lined-up to throw money at such useless stuff. (Realize, I’m not a big believer in accumulating stuff.) Making the drive home; Woodland Park’s Wal-Mart looked the same. If we’re so hard-up, how could this be?
Turner’s book says, more tenants, (YEAR-TO-DATE), have moved-out of more buildings than have moved-into them. They’ve moved-out of 631,435 square feet of industrial-building space; 282,370 square feet of office-building space and 95,220 of shopping-center space. (Tenant’s have moved-out-of over 1,000,000 square feet which now must compete with each other for replacement tenants.) If you use simple math, 1,000,000 square feet X (each market segment’s average market rate for space) = $8,682,706 in lost annual rental income. That equates to a diminution in market-value (at a 9% cap rate) of nearly $97,000,000! And a physician friend of mine called last week to complain that her sales are down 40%. How can we afford to travel, spend foolishly and yet, we can’t afford a doctor? Does your tooth ache yet?
And according to Turner, “Layoffs continue to exceed new hiring and estimates indicate that 10,500 jobs have been lost during the past 12 months.” According to Fred Crowley, we’ve lost over 17,000 manufacturing & telecommunications industry jobs since 2001. (Those jobs normally produce salaries in the range of $75,000.) Don’t go out and cut your throat, yet; we’ve replaced them with less desirable jobs – but at least we’ve replaced them, with something like 23,000 service-sector-jobs whose annual salaries range $25,000 less.
And then there’s PERA. I was pretty sure that my wife’s retirement plan would keep us afloat for the rest of our lives. Lise works hard. She is an RN at Memorial Hospital. She’s been making contributions to her plan for nearly 30 years. Now, Meredith Williams, the CEO of PERA says “without sweeping legislative changes, PERA can’t meet its obligations.” He says increasing employee contribution and reducing benefits are in the recipient’s future. Nice. Real nice.
Of course we’re not as bad-off as California, where they are still trying to flog IOU’s to their employees, or Pennsylvania, where they have withheld state employee’s pay (that’s 69,000 state employees who now have more-month at the end of their money!). Oh, they did pay the employees, but only 70% of what they were expecting. I wonder if those state employees were able to work a deal with their mortgage lenders – to only pay them based on what they were paid!
And what about watering our parks? Last time I checked, I thought the citizens owned the “city-owned utility”. Why can’t our elected officials, (who work for us), just tell the city-owned utilities department workers, (who work for us), “Look - figure out how to water the parks! Charge a higher rate if you have to; just like you do when people don’t buy water!” And what about the kid that reported to his college professor about his new job? He was hired by the county to change street signs. “I’m only supposed to change 1 per hour – even if I could change more; I was told not to work fast. It would make the old guys look bad.” Here’s another idea. Put all city & county contracts out-for-competitive bid. Heck, let’s be reckless – have all city & county agencies bid against the private sector for their own contracts. Wow! That’d be accountability.
Is there any good news out there? Doesn’t seem like much; but EDC-assisted companies have announced 795 new primary jobs since January 1st; Hewlett-Packard announced they’ll build a $260,000,000 data center at their Rockrimmon campus; FEX-EX announced they plan to expand their Northgate facility; FirstSource Solutions plans to add 150 new jobs; and to confound you greatly, (and to be contrarian to the above figures), (refer back several columns to Virgil McCormack), EDC says we’ve gained 10,526 primary jobs with average annual salaries of $50,019.
Who you going to believe, Morty?
It’s lonely being alone.
You’ve been together for years. It started innocently enough, but she was a seductress. A drive-by glance; flirtatious thoughts. A quick visit. A longer visit. Lingering visits. And it grew; and it grew; and it grew and over time and with attention to the relationship, it turned to love and you became permanently attached at the hip. And over the years, you spent an inordinate amount of time worrying about her and caring for her. And she was good to you, too.
Then without planning or realization, something happened. Something changed. You were traveling down the “road of life” minding your business. You came to a fork in the road and you took it. You traveled some more and took another fork; and another; and another. Now you are where you are and she is where she is. And you’re not together. She’s not able to satisfy your needs. It’s not that you’re greedy, but she needs to put-out, dang-it! And now, she’s become too needy. It’s a sad & tragic story and I see it every day.
She needs new paint, shingles and carpet. She’s empty and shallow & can’t seem to hold-onto friends. And she’s become self centered. It’s always about her. You’ve spent many years together and they were good years, but you know in your heart-of-hearts that it’s time for a change. She has to go. Just the thought of her makes your stomach turn. You lose sleep thinking about her. Ugh! She was good while she lasted, but the old gray mare just ain’t what she used to be, ain’t what she used to be, ain’t what she used to be. . .
And, by the way, my tale’s about your building, not your mistress. Whew! (I know, I had myself scared there, too.) She’s running down; she constantly needs tenants; she needs capital improvements. She’s a nag & a drag. She is an energy consumer - yours. Needy, needy, needy. She’s like a cow that’s running out of milk. (Cows who produce scant, nasty, skim-milk have a low value; cows who produce high grade chocolate milk have a high value! And it taste good, too!)
Point is; real estate’s not about real estate, it’s about life. Real estate’s merely a conduit that allows you to travel through life from point A to point B. Life changes and so do the points and so does your need for her.
So we’re in bumping along this rough real estate road that some have called a recession and some have called a depression. What should you do? What should you do? Well, let me tell you; nay, let me assure you that, while you may feel alone right now, you’re not. And while most guys would like to “dump the old-lady,” and while in many cases, they might be better-off if they did, they realize that menopause is a temporary insanity cured with hormonal meds and at one time the love was real and time actually does heal many wounds.
Traveling solo down life’s road sounds good right now, (less baggage; more mobility, yada, yada, yada), the truth is, that in the long-run, it’s likely a grand-mistake. Our ladies have a funny way of losing pounds when they’re dumped. They miraculously clean-up and start looking-good again! Over time, ships right themselves and all will becomes right with the world. The best advice ever given to me by my father-in-law was, “Never sell any real estate.” Just buy it & own it. Don’t dump her - and she will return the love over & over & over! You can fall in love again.
So unless she has the worst morning breath you can think of, keep her around. Massage her feet; buy her candy; take any deal & bank your way to a healthy relationship. You loved her once and I guarantee that you can love her again. And I predict that that will happen sooner (18 – 24 months) rather than later!
Have a profitable week!
Sincerely,
TJL
Tim Leigh
719-337-9551
Tim@HoffLeigh.com
To view our Office Matrix List please click below
http://hoffleigh.com/OfficeInsider.aspx
To view our Industrial Matrix List please click below
http://hoffleigh.com/IndustrialInsider.aspx
