Commercial Real estate News Summer 2013 Quote for the quarter : True humility is not thinking less of yourself; it is thinking of yourself less. -CS Lewis ocp welcomes Joseph belsito A Tragic Loss- A Family Man, Solar Innovator & Broker At 30 years old Dylan Connelly of Harvard, Massachusetts passed away peacefully in his home in Still River on July 19, 2013. Dylan suffered for seven months with a malignant brain tumor. Among others, Dylan is survived by his wife Nadine and their three small children. Dylan was a friend and neighbor of mine. Dylan came to O’Brien Commercial Properties right out of The Isenberg School of Management at UMASS Amherst in 2005. He quickly became very successful in the commercial real estate business, selling industrial land and buildings. He made many lasting friendships along the way. Dylan moved on to a very successful career in the solar industry and is well known for some landmark deals. Dylan was very intense with extreme sports, passionate in his work and genuine in his relationships. We are deeply saddened by the loss of Dylan and our hearts go out to his parents, siblings, wife and his children. Though he only lived 30 years, he accomplished much and he lived completely. If you knew Dylan or would like to support his family then please visit www.youcaring.com/medical-fundraising/braveheart/45495 Eric O’Brien, President, [email protected] SELECTED VACANCY RATES The accompanying graph shows the vacancy rate for industrial properties in The Boroughs, Lowell/Chelmsford, and Fitchburg/ Leominster Industrial submarkets over the past three years. As you can see, the total industrial vacancy rate for these combined submarkets has come down from around 12% in Q1 2011 to just under 8% in the current quarter, with a current average asking rent of $5.13 per square footage triple net. These submarVacancy Rates - Industrial Space Vacancy Rates occupancy Existing Bldgs: # Spaces: 813 243 Existing RBA: 37,796,403 Vacant: <2,911,608> Occupied: 34,884,795 Leased: 35,119,686 availability Vacant Avail: 2,676,717 Total Avail: 5,903,856 Direct Avail: 5,724,716 Sublet Avail: 179,140 Average Time: 8% 92% 93% 7% 16% 15% 0% 36.1 Months leasing activity Leasing YTD: 1,058,843 Net Absorp YTD: 906,481 Direct Triple Rent kets have also seen combined positive net absorption of 906,481 square feet for this property type in the past year to date. The Boroughs Industrial submarket saw the sharpest decline in vacancy rates starting in Q1 of 2011 as it went from around 13% to under 7%. Although the combined industrial vacancy rates have declined for these submarkets since Q1 2011, the combined office segment has actually seen a rise in vacancy rate over this same time period going from under 14% to currently sitting around 17%, with a current average asking rent of $17.25 per square foot. The vacancy for flex properties, which is a product type that offers space that has higher finishes/ features and possibly a higher office component than typical warehouse space, has remained relatively flat and is currently 16.33%, with a current average asking rent of $8.76 per square foot triple net. Joel Aho, Vice President, [email protected] 3% 2% Whse range: $2.50-$14.67/yr Whse Avg: $5.13/yr Data for this article provided by Costar Group This copyrighted report contains research licensed to O'Brien Commercial Properties, Inc. - 138502. Sales professional Joe is a licensed real estate sales person with over 17 years of entrepreneurial experience as a business owner. He has extensive sales experience and most recently he enjoyed a successful career in insurance where he was recognized for many milestones. Joe works as a team professional with Eric O’Brien, President of O’Brien Commercial Properties. Joe lives in West Boylston with his wife and their two teenage sons. nicole cormier Marketing coordinator Nicole brings over 4 years of design and marketing experience to O’Brien Commercial Properties. She attended American International College and graduated in 2009 with a certificate in Graphic and Web Design. She continues to utilize her talents and creativity to create a new and improved look for all of OCP’s marketing efforts. 8/27/2013 on The lighter side Whether you are buying, selling, or leasing commercial real estate it can be a stressful process. From finding the right building, to locating the right buyer, tenant, lender, and so on, it can be exhausting. Sometimes you just have to step back and look at the lighter side of real estate. Paul Mulroy, Vice President, [email protected] O'brien Commercial Properties, Inc. 5 Mount Royal Ave. MArlborough, Ma 508-481-8200 www.obriencommerical.com O’Brien Commercial Properties, Inc. 5 Mount Royal Ave. Marlboro, MA 01752 508.481.8200 www.obriencommercial.com Providing Commercial & Industrial Real Estate Solutions in Eastern Massachusetts since 1998 FEATURED NEW EXCLUSIVE LISTINGS 508.481.8200 10 Granite Rd, Acton 124 South Rd, Bedford 170 Ayer Rd, Littleton 452 Great Rd, Acton 46,772 SF For Lease - High Bay 6,000 SF FOR SALE & LEASE 13,000 SF For Sale 5,029 SF Retail FOR LEASE 42 Nagog Park, Acton 1000 Main St, Acton 257 Simarano Dr, Marlborough 49-57 Main St, Hudson Clean Room/Lab/Office/Whse 8,562 SF Flex Space for Lease 6,881 SF Office/Lab Space Lease 14,040 SF Retail For Sale 1 Industrial Way, Tyngsboro 9 Beaver Brook Rd, Littleton 239 South St, Hopkinton 295 Littleton Rd, Chelmsford Wet Lab Space Available 20,000 SF For Lease FOR SALE or LEASE - Divisible 13,440 SF For Sale or Lease FEATURED OCP SALES & LEASING ACTIVITY 136 Main St, Hudson ENT REEM DER AG UN 100 Park St. Ayer 95-107 Main St, Maynard ENT GREEM A R E D N U EEMENT AGR UNDER 37 Ayer Rd, Littleton EEMENT AGR UNDER 37,550 Square Feet 4,400 Square Feet 4,866 SF Building 44,000 Square Feet 2 Sterling Rd, Billerica 336-358 Baker Ave, Concord 35 Scales Lane, Townsend 801 Main St, Concord SOLD SOLD SOLD SOLD 20,000 SF Building - $825,000 24,800 SF Building - $1,525,000 39,000 SF Building - $650,000 3 Office Condos - $390,000 10-16 Craig Rd, Acton 166 Middlesex St, Chelmsford 63 Great Rd, Maynard 275 Billerica Rd, Chelmsford LEASED 9,600 SF of Flex Space LEASED 5,000 SF of Flex Space LEASED 7,701 SF of Office/Flex Space LEASED 7,500 SF of Office Space