Archive for January, 2010
Almost 400 people attended the January 21, 2010 Awards of Excellence event at the Metropolitan Ballroom. Click “more” link below for the full gallery featuring pictures of chapter leaders, award winners, presenters and attendees.
By Andy Hunt, UGL Equis
After a long, hard 2009, real estate professionals were finally able to get together last night to celebrate the projects and people that were bright spots from the most challenging year in decades.
The 2009 NAIOP Minnesota Awards of Excellence banquet took place last night at the Metropolitan Ballroom in Golden Valley. Approximately 400 people were in attendance as awards were given out to buildings in 12 different categories, as well as Volunteer of the Year and a President’s Award. The night included a presentation honoring the 2009 NAIOP Minnesota President Lisa Dongoske, complete with a “phone call” with Joe Mauer. And finally, the 2010 president and new board members were sworn in to cap off the evening. The NAIOP band entertained guests all night, and even Matt Van Slooten of Carlson Real Estate Company got into the act with his phenomenal piano skills.
Below are the award winners and honorees:
President’s Award: Matt Van Slooten, Carlson Real Estate Company (click here for more information on Matt and a list of past winners)
Volunteer(s) of the Year: Andy Manthei & Mark Reiling (click here for more information on Andy & Mark and a list of past winners)
Office Build-to-Suit 100,000+ sq. ft. — Syngenta Seeds Regional Headquarters at Crest Ridge Corporate Center
Office Build-to-Suit less than 100,000 sq. ft. — Blattner Energy Inc.
Office Multi-Tenant 100,000+ sq. ft. — 8200 Tower at Normandale Lake Office Park
Office Multi-Tenant less than 100,000 sq. ft. — One Deephaven
Single Story Office / Office Flex — Lexington Preserve IV – Parametric Technology Corporation
Special Purpose — Park Nicollet Melrose Institute
Repositioned / Renovated 500,000+ sq. ft. — First National Bank Building
Repositioned / Renovated 80,000+ sq. ft. — Patterson Companies, Inc.
Repositioned / Renovated less than 80,000 sq. ft. — 500 Jackson Street
Industrial Build-to-Suit — Northwest EMC
Light Industrial, High Finish — Crystal Bay Business Center II
Light Industrial, Low Finish — Continental Commerce Center II
As NAIOP Minnesota looks to the year ahead, they will be led by 2010 President Doug Fulton of Cushman & Wakefield. Doug’s profile can be found by clicking here. Best of luck to Doug and NAIOP in the new year!
(Above: Moderator Jim Damiani, Welsh Companies)
By Andy Hunt, UGL Equis
With 2010 underway, now is a great time to look at the current commercial real estate landscape as we start the year ahead.
On Wednesday, November 18, NAIOP Minnesota members packed the ballroom at the Sheraton Bloomington hotel to get an update on the metro-wide office market. A panel of eight industry experts, including moderator Jim Damiani of Welsh Companies, gave recaps of activity over the last 12 months as well as predictions for 2010.
Overall, each panelist agreed that the current market is the toughest in decades. Market vacancy is currently at 18.5%, the highest since 1992, and it is expected to climb. An overall flight to class A properties is one highlight of the market, leaving vacancies for class A properties at 16% while Class B and C properties sit closer to 20%. Absorption has also reached its largest negative level since 2002, at (1,606,254) square feet. Finally, Damiani pointed out that the biggest obstacle we face today is our lack of capital and access to capital.
The news was not completely grim, however, as Damiani opined we are most likely closer to the end of this recession than to the beginning. In addition, some submarkets have shown more resiliency than others as the recession has dragged on. (more…)