Catching up to the medical mart race
Posted on November 17, 2009 at 10:55 amMedCity News pulls together the various threads shaping the efforts in Nashville, Cleveland and the Big Apple to open massive medical convention spaces. The synopsis: New York has the tenants, Cleveland thought it had the land and Nashville thinks it’s going to get state incentives.
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Another wave of CRE handwringing
Posted on at 8:00 amIf you’re looking for even the slightest bit of optimism on the commercial real estate sector, you’re very much in the wrong spot. Fitch Ratings says the delinquency rate on office-building loans rose by a fifth in October.
“Though longer leases on office properties have historically mitigated sharp changes in performance, continued job losses are expected to increase pressure on the office sector,” said Managing Director and U.S. CMBS group head, Susan Merrick. “With the looming possibility of leases expiring on space under-utilized by companies that have downsized, office performance may not reach a trough for a few years.”
A page from First Horizon’s recently updated investor presentation provides a microcosmic view of how the property market is getting sicker. (Go to page 19.)
Worryingly, regional banks as a whole have a lot more CRE loans on their books as a percentage of their capital — although many bankers contend that this statistic is skewed by the inclusion of owner-occupied property loans, which they treat as more conventional C&I holdings.
SEE ALSO: Clusterstock’s concise, but detailed account of how we got here. For all the doom and gloom, it ends on a hopeful note (that I think isn’t meant to be ironic.)
Fortunately, this time around we have an advantage. We know how a contained credit problem can morph into a monster that destroys financial institutions and cripples the economy. Living through the housing bust may make us better able to cope with the commercial real estate bust. At least, it’s pretty to think so.
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It’s a bird, it’s a plane …
Posted on November 16, 2009 at 2:51 pm
Not to beat the superhero thing to death, but there will be something flying through the Nashville skyline Sunday.
The sign for The Pinnacle, SoBro’s 29-story, 417-foot skyscraper, will be airlifted into place Sunday morning. Guidelines from the Federal Aviation Administration will force brief evacuations from portions of a handful of downtown buildings during the operation, which is scheduled for 7:30 to 9 a.m. There will be limited street access in the area as well.
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Medical trade center site ‘kind of finalized’
Posted on at 7:51 am
David Osborn, who’s helping Crow Holdings and Market Center Management Co. develop their plans for a Nashville medical trade center, tells Milt Capps the location and basic design of the massive facility is a month away.
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Think Halloween is scary? Try getting a bunch of lawyers to move by December 15
Posted on October 30, 2009 at 2:08 pm
That’s what the Bass Berry team needs to do.
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Locals form relo advisory group
Posted on October 22, 2009 at 11:06 am
A number of local companies have banded together to form Smart Moves, a coalition that will aim to help businesses relocating to Nashville find their feet here. Among the group’s members are R.J. Young, Lee Co. and Facility Planners.
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Permobil’s big move
Posted on October 21, 2009 at 7:39 am
Wheelchair maker Permobil is building a $12M operations center on 17 acres in Park 840 in Lebanon. At 120,000 square feet, it’s double the company’s footprint at the Eastgate Business Park. The company plans to double its 85-person local workforce, too.
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Auto supplier updates HQ relo status
Posted on October 15, 2009 at 2:44 pm
Vista-Pro Automotive, the car parts maker created by a Chicago private-equity investor this summer, says it plans to relocate at least 60 more people to its new Century City home in the coming year.
SEE ALSO: Auto supplier shakeout nets Nashville HQ
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The signs they are a’changin
Posted on October 8, 2009 at 7:53 am
Baker Donelson is moving quickly with putting its name on the downtown building where it recently signed on to expand. Workers will have all the required red letters on the side of the Baker Donelson Center well before NBC’s cameras switch on to transmit the Titans taking on the Colts this Sunday night.
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‘If there is not a motion, the request fails’
Posted on September 25, 2009 at 2:06 pm
Straight talk from Metro Planning Director Rick Bernhardt, who has written a letter to Tony Giarratana saying that another hearing on the proposed May Town Center project requires one of the planning commissioners who voted against it to change their minds.
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iPayment getting new digs out West
Posted on September 14, 2009 at 8:28 amThe Los Angeles-area offices of Nashville-based payment processor iPayment will soon move to space in Westlake Village, a little west from their current location. The company has signed a lease for more than 30,000 square feet.
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Giarratana asks for another hearing on smaller May Town
Posted on August 24, 2009 at 10:01 pm
Nate Rau reports that the developer working with the May family to bring a corporate headquarters magnet to Bells Bend wants to have another shot at passing muster with the Planning Commission.
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Ala. court reporting firm expands here
Posted on August 6, 2009 at 7:43 amFreedom Court Reporting has set up shop on West End and in Cool Springs.
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CRE still in sorry shape
Posted on at 7:21 amThe Real Estate Roundtable’s quarterly barometer of industry sentiment is showing signs of stabilizing, but no one’s close to calling the start of the next up market. There can be only one solution: Call in the feds.
“Continued comprehensive policy action is called for to bring liquidity back to the market and avoid a cascade of negative repercussions for the economy,” said Roundtable President and CEO Jeffrey DeBoer. “A sick commercial real estate sector means less revenue for local governments; layoffs and cutbacks for construction, hotel and retail workers; and an even smaller retirement nest egg for millions of investors.”
Check out the full report, which also contains quotes like “The property market stinks and it continues to get worse. We were in the same place in 1990.”
Making room for entrepreneurs
Posted on August 4, 2009 at 1:56 pmOffice Suites Plus, which operates local buildings in Brentwood and Cool Springs, is giving free space to professionals recently laid off and looking for work.
“It is a tough time to be in business and even tougher to be without a job. This is one small way we can use our resources to help some get back on their feet.”
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