LoopNews: Your Commercial Real Estate Newsletter LoopNet, Inc.
LoopNews: Your Commercial Real Estate Newsletter
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In The Loop

Texas Land Drives Multiple Offers/Deal
David Gloria of Ebby Halliday Realtors in Allen, TX closed a multimillion dollar deal for 12 acres of land after sourcing the buyer via LoopNet. "My LoopNet listing generated multiple offers!" said Gloria. "Providing photos, demographics, PDF files, maps, and web links on LoopNet makes a powerful marketing tool for any listing. Anytime I get a prospect or inquiry, I send them an email from LoopNet because it is easy! And I use LoopNet to display my listings on my personal website and when I update my listings on LoopNet, the listings on my website are automatically updated as well. No more updating listings in multiple places! I subscribe to multiple listing services, but by far I get the most return from LoopNet!"

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Top Commercial Real Estate News
May 15, 2008 - May 21, 2008
Provided by Commercial Real Estate Direct

Office Market in Philly Outpaces Suburbs
Philadelphia's office market is stronger than local suburbs, according to Studley, Inc. The city's 11.7% vacancy rate bests its suburbs with an average of more than 25%. While rents in the city and the Main Line suburbs Radnor, King of Prussia and Bala Cynwyd are on the rise, portions of Montgomery County and southern New Jersey are seeing drops in those rates.

Boston's Retail Vacancy Rate Holds Steady
Boston's retail vacancy rate remained essentially flat at 8.1% for the past 17 months, according KeyPoint Partners. The report notes that the city's retail market withstood the loss of six Filene's Basement department stores, which have been either filled by Macy's and Bloomingdale's stores or demolished to make room for Nordstrom department stores. Meanwhile, the vacancy rate for eastern Massachusetts rose 6.9%.

Manhattan Retail Rents Rise 3%
Asking rents for Manhattan retail properties increased 3% over the past six months to an average of $111/sf, according to the Real Estate Board of New York. Midtown led with a 9% increase to $145/sf, while midtown south's rents rose by 8% to $96, and midtown east's rose 6% to $164/sf. Manhattan's highest-priced retail corridor, the ten blocks south from 59th Street on Fifth Avenue, has a $1,958/sf average. Rents for a Madison Avenue corridor fell 8% to $1,066/sf.

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