(2Q13) Downtown Report

7/28/2019 (2Q13) Downtown Report

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Downtown O ce Market Report - by Bryan Cole

2013 - 2nd Qtr. Update Reading, Berks County Pennsylvania

Downtown O ce Market Report

www.Bryan -Cole.com

Committed to Greater Reading.

Connected to the W orld.


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Downtown O ce Market Report - by Bryan Cole

Check Bryan Out on: Bryan E. Cole | O ce & Medical Specialist

610.370.8502 (d) | www.Bryan -Cole.com | [email protected]

From the Authors Desk

This report provides an overview of the current o ce market condi ons in Downtown Berks CountyPennsylvania. Bryan Cole of NAI Keystone maintains a comprehensive list of all available proper eswithin the Berks County marketplace, including but not limited to; available space, number of facili es in the market, asking rents, incen ves, extra costs, etc The informa on that NAI Keystonehas assembled is separated by Class A and Class B facili es and consists of market data such as,absorp on rates, vacancy rates, asking rents, etc

This market report and data is assembled in house by Bryan Cole. All rights are reserved as thisinforma on has not been obtained by Public Sources.

The report will be available on a quarterly basis by emailing marke [email protected] andsubscribing to our mailing list.

Bryan E. Cole

[email protected]

610.370.8502 (direct)

610.370.8503 (e-fax)

www.Bryan -Cole.com

Bryan E. Cole Resume

2nd Quarter 2013

Bryan joined NAI Keystone in July of 2004, but before joining NAI, Bryan Cole spent 4 years ac veduty in the U.S. Marine Corp, including a 6 month deployment in Afghanistan, a 4 monthdeployment in Kuwait/Iraq, and a 7 month deployment in Japan. Prior to joining the military Bryanwas involved in the construc on of commercial and mul -unit proper es in the Philadelphiasuburbs. Bryan has experience working with a diverse group of individuals in numerous countriesthroughout the world. During Bryans me at NAI, he has sold in the excess of $315 Million Dollarsworth of Commercial Real Estate, and leased hundreds of thousands of square feet of industrial ando ce/medical space. Because of this, Bryan earned NAI gold club status his rst year in thebusiness which is presented to approximately 75 - 100 brokers within the NAI Global network, whichis comprised of over 3,500 Brokers. Bryan is currently working on earning both his CCIMdesigna on and SIOR designa on. Bryan has been NAI Keystone's Top Performer from 2006 - 2012.

Dont forget to check:

www.Bryan -Cole.com


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NAI Keystone - Bryan Cole Downtown O ce Market Report 2nd Qtr. 2013

Current Rental Rates Year Class A Class B

EO 2011 $13.00 - $15.00 MG (1) $10.00 - $13.00 MG (1)

1st Qtr. 2012 $13.00 - $15.00 MG (1) $9.00 - $13.00 MG (1)

EO 2012 $12.00 - $15.00 MG (1) $8.00 - $12.00 MG (1)

1st Qtr. 2013 $11.00 - $15.00 MG (1) $7.50 - $11.00 MG (1)

EO 2nd Qtr. 2013 $11.00 - $15.00 MG (1) $7.50 - $11.00 MG (1)

Local Resources

Greater Reading Economic Partnership

www.GreaterReading.com

Greater Reading Chamber of Commerce

www.GreaterReadingChamber.org

Greater Berks Development Fund

www.ReadingPA.com

Reading Redevelopment Authority

www.ReadingRedevelopmentauthority.com

NAI Keystone Commercial & Industrial, LLC

www.Bryan -Cole.com

City of Reading Tax Rates

Earned Income Tax (Resident) 3.6%

Earned Income Tax (Non -City Resident) 1.3% Max

Local Services Tax $52.00 annually

City Real Estate Tax 15.689 Mills

Per Capita Tax $15.00 Annually

Business Privilege Tax Service 2.25 Mills

Commission 2.25 Mills

Rental 2.25 Mills

Retail 1.5 Mills

Wholesale 1.0 Mills

Real Estate Transfer Tax 5%



(1) MG - Modi ed Gross is a form of Lease Rate. This typicallyincludes CAM, Taxes, and Insurance.

Largest Blocks of Space Vacant SF Building Class

401 Penn Street 180,000 Class A

201 Penn Street 40,690 Class A

400 Washington Street 18,765 Class A

35 N. 6th Street 75,000 Class B

501 Washington Street 39,918 Class B

443 Penn Street 37,740 Class B

230 N. 5th Street 33,600 Class B

645 Penn Street 25,697 Class B


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NAI Keystone - Bryan Cole Compe ve Set - Con guous Blocks of Space

Parking for the City of Reading



Number of Buildings Tracked

Loca on Downtown Total 229 Buildings

Class A 8 Buildings

Class B 41 Buildings

Class C 180 Buildings


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Absorp on (Net)

The change in occupied space in a given meperiod.

Available SquareFootage

Net rentable area considered available for lease;excludessubleasespace.

Average Asking RentalRate

Rental rate as quoted from each buildingsowner/managementcompany, For o ce space, a full servicerate wasrequested; for retail, a triple net rate requested; for

industrial,a NNbasis. Building Class

Class A Product is o ce Spaceof steel and concreteconstruc on, built a er 1980, quality tenants, excel-lentameni es & premium rates. Class B product iso ce Space built a er 1980, fair to good nishes &wide range of tenants.

DirectVacancy

Space currently available for lease directly withthelandlord or buildingowner.

Market Size

Includesall exis ng and under construc on o cebuildings(o ce, o ce condo, o ce lo , o ce med-ical, all classes and all sizes, both mul-tenant andsingle-tenant, including owner-occupied build-ings) within eachmarket.

OverallVacancy

All unoccupied lease space, either direct or sublease.

SF/PSF

Square foot/per square foot, used as aunit of measurement.

Sublease

Arrangement in which a tenant leases rental property to anoth,and the tenant becomes the landlord to the subtenant.

Sublease Space

Total square footage being marketed for lease by the tenant.Sublease space is not considered in the overall occupancy or asorp on numbers - only direct leases areincluded.

SubleaseVacancy

Space currently available in the market for sublease withanexis ng tenant within a building ac ng as the landlord.

NAI Keystone - Bryan Cole Methodology/De ni ons/Sub Market Map




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Contact info: Bryan Cole

O ce & Medical Specialist

610.370.8502 (direct)

[email protected]

www.Bryan -Cole.com

Check Us Out on:

Look for our marketing material

Bryan Cole NAI Keystone Commercial & Industrial,LLC

Exeter Ridge Corporate Center

3970 Perkiomen Avenue

Suite 200

Reading, PA 19606

www.Bryan -Cole.com

www.NAIKeystone.com

Quarterly Monthly Weekly Newsle ers

Speci c Industry

Emails Brochures & Market Reports

E-Brochures E-News Flyers O ce Report

One of the many ways we Market Real Estate

(2Q13) Downtown Report

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