System.Data.SqlClient.SqlException (0x80131904): Incorrect syntax near '09'. SELECT a.RCAReportWeekContent_ID, a.RCAReportArticle_ID, Month(a.Publication_dt) AS Month_nb, Year(a.Publication_dt) AS Year_nb, a.Article_ID, a.Article_headline_tx, a.Article_subheadline_tx, a.Article_body_tx, af.Family_tx AS Report_family_tx, apt.PropertyType_tx AS Property_type_tx, COALESCE(a.Published_fg,0) AS Published_fg, a.Free_fg, a.Iscurrentissue_fg, a.Views_nb, a.FileName_tx, a.Author_tx, a.Create_dt, a.Modified_dt, a.UpdatedByAccountUser_ID, a.Path_tx, a.publication_dt, a.blurb_tx, a.Spotlight_fg, COALESCE(at.ArticleType_tx,'') AS ArticleType_tx, a.IncludeXLHeader_fg, a.PathToUseForWeb_tx, a.RCAReport_ID, a.CurrentContent_fg, a.Locked_fg, a.LockedByAccountUser_ID, a.ShowInList_fg, COALESCE(a.SubArticle_nb,0) AS SubArticle_nb, CONVERT(VARCHAR(10), a.publication_dt, 101) AS ShortPub_dt, COALESCE(a.PropertySubType_ID,0) AS PropertySubType_ID, COALESCE(ast.PropertySubType_tx,'') AS PropertySubType_tx, COALESCE(atemp.ArticleTemplate_ID,0) AS ArticleTemplate_ID, CASE WHEN COALESCE(apt.PropertyType_tx,'')='Office' then 5 WHEN COALESCE(apt.PropertyType_tx,'')='Apartment' then 4 WHEN COALESCE(apt.PropertyType_tx,'')='Retail' then 3 WHEN COALESCE(apt.PropertyType_tx,'')='Industrial' then 2 WHEN COALESCE(apt.PropertyType_tx,'')='Office' then 1 WHEN COALESCE(apt.PropertyType_tx,'')='Hotel' then 0 WHEN COALESCE(apt.PropertyType_tx,'')='Overview' then 6 END AS SortOrder_nb, COALESCE(a.ArticleTag_ID,0) AS ArticleTag_ID FROM PublishedArticles a LEFT JOIN ArticleType at on at.ArticleType_ID = a.ArticleType_ID LEFT JOIN ArticlePropertyType apt ON apt.PropertyType_ID = a.PropertyType_ID LEFT JOIN ArticleFamily af ON af.Family_ID = a.Family_ID LEFT JOIN ArticlePropertySubType ast ON ast.PropertySubType_ID = a.PropertySubType_ID LEFT JOIN ArticleTemplate atemp ON atemp.ArticleTemplate_ID = a.ArticleTemplate_ID LEFT JOIN ArticleTags atag on atag.ArticleTag_ID = a.ArticleTag_ID WHERE 1=1 AND Published_fg = 1 AND a.Article_ID = 12 AND a.Article_headline_tx LIKE '%Single Tenant Office Cap Rates, Volume, and Pricing%' AND a.Article_body_tx LIKE '%

Over the 12 months ended March 31, single-tenant office sales volume totaled $4.1B (billion), a staggering 71% decrease versus the same period one year earlier. On a quarterly basis, single-tenant office sales are down almost 27% from the year ago quarter. Despite a 39% jump in single tenant office sales to almost $1.0B during Q1'09 from Q4'08, niche activity is still far below peak levels. On a PSF basis, single tenant properties are trading lower than multi tenant offices, as investors are concerned by the bankruptcy of a tenant impairing their ability to service debt. Consequently, single tenant office cap rates have increased to 6.5% from year-earlier levels, while multi-tenant caps have climbed to just 5.9%.

The single tenant assets that are selling tend to be occupied by tenants perceived to be in secure sectors, such as government, healthcare or pharmaceuticals. In that vein, premium single tenant office assets continue to trade at high levels, with the top quartile garnering prices of nearly $300 PSF.

Both the buyer group and the seller group within this niche are diverse. Three types of buyers each account for more than 20% of the traded dollar volume – users, syndicators, and private buyers. Private sellers, foreign sellers, and users each account for more than 20% of the dollar volume of sellers. The largest net sellers were foreign sellers and users, followed by public companies and REITs. REITs like Rubicon America Trust have been selling assets to meet obligations, but other REITs with stronger balance sheets have been buying assets.

%' AND af.Family_tx = 'Single Tenant Office' AND a.Views_nb = 32 AND a.Author_tx LIKE '%2009-07-08 10:37:08.000%' AND a.blurb_tx LIKE '%Special%' ORDER BY a.publication_dt DESC at System.Data.SqlClient.SqlConnection.OnError(SqlException exception, Boolean breakConnection) at System.Data.SqlClient.SqlInternalConnection.OnError(SqlException exception, Boolean breakConnection) at System.Data.SqlClient.TdsParser.ThrowExceptionAndWarning() at System.Data.SqlClient.TdsParser.Run(RunBehavior runBehavior, SqlCommand cmdHandler, SqlDataReader dataStream, BulkCopySimpleResultSet bulkCopyHandler, TdsParserStateObject stateObj) at System.Data.SqlClient.SqlCommand.FinishExecuteReader(SqlDataReader ds, RunBehavior runBehavior, String resetOptionsString) at System.Data.SqlClient.SqlCommand.RunExecuteReaderTds(CommandBehavior cmdBehavior, RunBehavior runBehavior, Boolean returnStream, Boolean async) at System.Data.SqlClient.SqlCommand.RunExecuteReader(CommandBehavior cmdBehavior, RunBehavior runBehavior, Boolean returnStream, String method, DbAsyncResult result) at System.Data.SqlClient.SqlCommand.InternalExecuteNonQuery(DbAsyncResult result, String methodName, Boolean sendToPipe) at System.Data.SqlClient.SqlCommand.ExecuteNonQuery() at dbRCAAccess.dbConnection.ExecuteNonQuerySPwithParameters(String strQry, Collection collParams, CommandType lngobjcommandType) at AnalyticsAccess.Article.UpdateArticleViewCount() at ReturnArticleContent.ReturnArticleData() Single Tenant Office Cap Rates, Volume, and Pricing | Real Capital Analytics


 

Single Tenant Office Cap Rates, Volume, and Pricing


Originally Published:
Wednesday, July 08, 2009


Over the 12 months ended March 31, single-tenant office sales volume totaled $4.1B (billion), a staggering 71% decrease versus the same period one year earlier. On a quarterly basis, single-tenant office sales are down almost 27% from the year ago quarter. Despite a 39% jump in single tenant office sales to almost $1.0B during Q1'09 from Q4'08, niche activity is still far below peak levels. On a PSF basis, single tenant properties are trading lower than multi tenant offices, as investors are concerned by the bankruptcy of a tenant impairing their ability to service debt. Consequently, single tenant office cap rates have increased to 6.5% from year-earlier levels, while multi-tenant caps have climbed to just 5.9%.

The single tenant assets that are selling tend to be occupied by tenants perceived to be in secure sectors, such as government, healthcare or pharmaceuticals. In that vein, premium single tenant office assets continue to trade at high levels, with the top quartile garnering prices of nearly $300 PSF.

Both the buyer group and the seller group within this niche are diverse. Three types of buyers each account for more than 20% of the traded dollar volume – users, syndicators, and private buyers. Private sellers, foreign sellers, and users each account for more than 20% of the dollar volume of sellers. The largest net sellers were foreign sellers and users, followed by public companies and REITs. REITs like Rubicon America Trust have been selling assets to meet obligations, but other REITs with stronger balance sheets have been buying assets.
Based on independent reports of properties and portfolios $5 million and greater. Data believed to be accurate but not guaranteed.
 
 

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