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May 14, 2021 by Peter Maclennan 1 Comment

NAR Commercial Market Insights

The National Association of Realtors has released its March 2021 edition of its Commercial Market Insights. Here is a brief summary of some relevant highlights.

Commercial Transaction Volume

Commercial Sales Transaction Volume in March of 2021 was down 28% from the prior year on transactions in excess of $2.5 million. The only sector that saw an increase in transaction volume year-over-year was hotels. This is likely due to opportunistic investors moving into the space.

National Commercial Real Estate

Commercial Cap Rates

As the commercial market stabilizes, commercial cap rates will continue to decline. Lower cap rates contribute to higher prices. National cap rates for properties above $2.5 million, apartments averaged lowest cap rate at 4.9% with industrial properties averaging 5.9%.

For properties below $2.5 million Class A apartments had the lowest cap rate of 5.7%, Class B Apartments at 6.4%, and industrial averaged 6.8%

Leasing Activity

Office leasing continues its negative trend of absorption. Since Q2 of 2020 the cumulative total negative net absorption of 138.4 million square feet. This trend is not surprising as many companies are adjusting to Work From Home (WFH) and adapting their office use accordingly.

Industrial absorption rose 82.7 millions square feet in 2021 Q1 and was net positive 309.7 million square feet for the past 4 quarters. This trend is not surprising either as we have seen an increase in online shopping, which is dependent on warehouse and “last mile” storage.

Bay Area Commercial Real Estate

The commercial real estate market in the Bay Area contributes to national trends, but varies from national trends at many times. The old adage in real estate is “Location, location, location.” Trends in the San Francisco Bay Area very from area to area as well.

It is imperative that you work with a real estate professional that knows what is happening in your region and with your property type. For advice on how to navigate your specific commercial real estate question, please call Peter Maclennan at 925.385.8798.

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Filed Under: Bay Area Real Estate News, Commercial Leasing, Contra Costa Real Estate, Real Estate Investing Tagged With: Commercial Real Estate, Commercial Real Estate Broker

April 28, 2020 by Peter Maclennan Leave a Comment

Price Reduction on 1780 Monument Blvd

New Price – $1,500,000!

Price Reduction on 1780 Monument Blvd.

The owners of 1780 Monument Blvd have asked us to do a significant price reduction. We are lowering the asking price by $150,000 to $1,500,000.

Exterior of Automotive Building in Concord

This exceptional property boasted a traffic count of close to 30,000 cars per day (prior to Covid-19). It is a unique opportunity to own an automotive property in primarily a retail area.

Left Turn Lane

Left turn lane into property
Left turn lane into 1780 Monument Blvd. Major Grocery Store across the street.

It also allows for access from both directions on Monument Blvd with a left turn lane in front of it.

Interior Shop Photos
Lifts and other equipment can be included

Call Peter today to discuss at 925-385-8798.

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Filed Under: CA Real Estate, Concord Real Estate, Contra Costa Real Estate, Investment Property, Listing, Real Estate Investing Tagged With: Automotive, Commercial Real Estate, Concord, concord ca

April 16, 2020 by Peter Maclennan Leave a Comment

Video Tour of 729 Fulton Shipyard Rd.

Video Tour of 729 Fulton Shipyard Rd, Antioch, CA

Here is a video tour of our listing at 729 Fulton Shipyard Rd in Antioch, CA.

Tour of 729 Fulton Shipyard Rd.

The light industrial space boasts ±2,500 sf of warehouse & office space. We are asking $2,200/mo.

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Filed Under: Real Estate Investing

April 10, 2020 by Peter Maclennan Leave a Comment

Reasons for Optimism on April 10

Happy Easter!

Link to video from Peter Maclennan

Wishing that you and your loved ones have a blessed and healthy weekend. Hopefully you will find a way to be physically distant but socially engaged over the holiday weekend.

I have included a few items below to brighten your day or week. My current real estate listings and some art from my daughter.

Resurrection Art by my daughter - The Empty Tomb
My wildly creative daughter drew this in anticipation of Resurrection Sunday.

Reasons for Optimism

These days there seems to be a shortage of good news in the world today. But here is why I am cautiously optimistic these days.

Social Distancing Physical Distancing Working? – Coronavirus Model Revised Down

CNN and other news sources are reporting that one of the influential models tracking the coronavirus pandemic has revised the total deaths number down.

The numbers for California have improved with peak utilization of hospital resources occurring on April 13 and without an overload of hospital resources.

This doesn’t mean that we can stop being vigilant with our handwashing and stop following CDC guidelines.

 Auto Insurers Offering Rebates

I received notice that I will be getting a discount on my auto insurance due to the reduced driving. The EastBayTimes.com is reporting this is occurring with a number of carriers and lists some of the programs offered.

Some Good News by John Krasinski

John Krasinski (of The Office and Jack Ryan) has uploaded two episodes of Some Good News. In the videos he highlights good news from around the web. In the first episode he interviews The Office costar Steve Carell. In the latest installment he surprises a young girl with a Zoom call.

Zoom Surprise: Some Good News with John Krasinski Ep. 2

Maria Told Her Mother Gladly – Humor

Maria came home from Sunday School on Palm Sunday and told her mother that she had learned a new song about a cross-eyed bear named Gladly.

It took her mother a while before she realized that the hymn Maria had been singing was really: “Gladly The Cross I’d Bear.”

Holiday Reading

On Good Friday

Why We Call the Worst Friday ‘Good’

“It was the single most horrible day in the history of the world.

No incident has ever been more tragic, and no future event will ever match it.” 

On Sunday

And as they were frightened and bowed their faces to the ground, the men said to them, “Why do you seek the living among the dead? He is not here, but has risen.”

Luke 24:5-6

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Commercial Real Estate Listings

For Sale – Concord, CA

For Sale Building by Maclennan Investment Group

This high visibility location along Monument Boulevard in Concord, CA is zoned Commercial Mixed-Use (CMX) by the City of Concord allowing a variety of retail and service uses. Learn More…

For Lease – Antioch Warehouse

This open and bright space is ideal for the cabinet maker, the contractor, the plumber, the carpet installer, or other trade. The space contains a small office, a private restroom, and mezzanine space. Keep Reading

For Lease – Martinez R&D Space

2880 Howe Rd Arial Photo
2880 Howe Rd, Martinez, CA

±16,885 Sq. Ft. of beautiful, bright R&D space. Warehouse and office space. Two roll up doors. Find Out More

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Filed Under: Bay Area Real Estate News, Real Estate Investing Tagged With: Commercial Real Estate, Commercial Real Estate Broker, Commercial Real Estate Investing

July 10, 2019 by Peter Maclennan 2 Comments

How Real Estate Technology Is Changing the Game

Innovators, disruptors, and productivity enhancers: technology is persistently creeping into the real estate market. In the last 20 years, technology has transformed our nation’s economy, providing innumerable opportunities as well as some threats to real estate brokers.

For this reason, brokers must adapt with the emerging technology if they want to stay in business. The commercial market is perhaps slower than the residential market to adopt new tech, but nonetheless, successful brokers don’t waste time on outdated strategies.

Real estate technology is changing the game

CREtech identifies the four major areas where technology has affected real estate: mobile search, automation, chatbots, and big data.

Mobile Search – Across all markets, 58% of property buyers start their search on a mobile device. This carries huge implications for online marketing, as it demands simplicity and mobile-responsive web designs. This may also affect the agent-facing documents (i.e. MLS and other information resources), as virtually all real estate agents rely on their smartphone for quick access to property data.

Automation – With familiar software such as DocuSign, brokers, agents, and property managers are able to streamline workflow by automating many processes. New websites and applications are emerging every year, each offering a solution to one of the many time-consuming tasks Realtors face.

CBInsights mapped over 100 of these new rising companies in real estate tech, shown by the graphic below.

https://www.cbinsights.com/research/real-estate-tech-startup-market-map-early-stage/

Chatbots – Responsive AI technology designed to answer user’s questions via direct message are becoming increasingly useful for large brokerages. Applications of chatbot technology could include answering frequently asked questions or providing clients with property information while you’re out of the office. This may not seem like a game-changing technology, but the application of AI to database searches has huge potential.

Big Data – Real estate companies have access to large amounts of information, and data aggregate technology could use historical data to make market predictions and save companies from making costly decisions, according to the CREtech article. This tech is particularly valuable to large brokerages with high turnover, and may be of use to economists studying the market at large.

Threats

Disruptors have also taken hold in the real estate market, with companies such as Redfin and Zillow luring sellers into listing without an agent or with a partial-service agent. These companies have been around for nearly 15 years, and although they boast a combined 42 million unique users every month, neither company has shown they are a true disruptor to the industry.

Redfin continues to occupy less than 1% of the market share (0.83% as of 2019Q1), while Zillow appears to be providing more leads than threats to both lenders and real estate agents. Both giants are still major national players, but most clients still opt to trust full-service brokers to sell their homes.

Julian Hebron from Housingwire.com puts it this way: “The only threat to lenders and Realtors is ignoring Zillow.”

How we can respond

Whether you’re up on the latest property management app or just now using e-signatures for the first time, technology integration is inevitable if you’re to remain competitive in the real estate market.

As of now, it looks like the leading disruptors have yet to become major threats, as long as real estate brokers continue to provide quality, personalized service to their clients.

Take another look at the market map above, or keep an eye on these 20 up-and-coming PropTech companies to stay informed–and possibly leverage these technologies for your business.

Wondering how you could enhance your business or transaction process? Unsure about what’s next for your investment? Reach out to Peter Maclennan by phone at 925-385-8798 or email at peter@maclennaninvestments.com for a consultation.

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Filed Under: Real Estate Investing Tagged With: Commercial Real Estate, Real Estate News, Technology

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Welcome to Maclennan Investment Group, Inc., your East Bay Area real estate investment advisors. Maclennan Investment Group assists buyers and sellers of real estate maximize the investment potential of their real estate assets.

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Offering real estate services in the communities of: Walnut Creek, Concord, Pleasant Hill, Martinez, Alamo, Lafayette, and surrounding cities.

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Maclennan Investment Group, Inc.
3380 Vincent Rd, Ste HUB
Pleasant Hill, CA 94523
p. (925) 385-8798
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