First Signs of Recovery Reported at TCN Western Regional Conference

At TCN Worldwide’s Western Regional Conference held in San Diego March 14th, signs of a recovery in the commercial real estate market were reported. Ross Ford, President of TCN Worldwide, indicated that all market sectors in the United States were reporting that their markets have appeared to have bottomed out and that steady deal transactions are occurring.

In the Western Region, San Diego continues to see very strong sales numbers in investment sales and good activity in their office, retail and industrial sectors. Jay Diskin, President of IPC Commercial/TCN in San Diego, sees the tremendous revival of growth in San Diego’s downtown area. Development around the new ballpark, and continued success of the Gas Lamp district are some of the reasons for such interest in San Diego.

Robert Stutte, President of Norris Stevens/TCN in Portland, reported very steady leasing and sales transaction activity as businesses are starting to take advantage of excellent leasing rate opportunities.

In the Bay Area, all members reported that office vacancy rates have finally flattened. Stella Wong Florez, Principal of Starboard/TCN in San Francisco, reported that San Francisco’s office vacancy factor has remained at 18% for over a year but that the vacancy under 5,000 square feet in the core financial district has been reduced to under 6%.

TCN Worldwide is recognized as the 8th largest real estate organization based upon deal transactions in the United States and one of the largest organizations of independent commercial real estate firms in the world.