Kitchen Reno Finished at Last
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RWS Homes Building Remodeling -- Nanuet, NY
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Kitchen Cabinets Scarsdale NY (914)-363-6440
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Kitchen Designers Scarsdale NY (914)-363-6440
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A significant increase in medical office building construction means landlords might be willing to make the extra effort to sweeten the deal to ensure that physician practices will fill the space. And it might not be a bad time for a practice to sell an existing property, either.

Buildings are going up left and right, and there are lots of opportunities in the marketplace, said Paul D. Heiserman, senior vice president of health care real estate with Equity, a services firm based in Columbus, Ohio.

No organization issues an official report on medical office building activity, but major real estate companies say they believe new buildings are going up faster than ever. Sales of existing buildings are highly active as well.

According to a Jan. 11 report from Colliers International, a global real estate company, 33.7 million square feet of medical office building space was under construction across the country in the third quarter of 2012. A survey of 156 health care real estate developers released in December 2012 by Newmark Grubb Knight Frank, a brokerage based in New York, found that 65% said development would be higher in 2013 than in 2012.

Medical office building industry experts say the numbers indicate that future construction will be much greater for the foreseeable future than the 7 million square feet built in 2010, as reported April 21, 2011, by the Urban Land Institute, a nonprofit research organization.

A previous pre-recession high was the 13.7 million square feet added in 2005, according to data from Marcus & Millichap, a national real estate brokerage firm based in Calabasas, Calif.

The recent burst in construction is believed to be a result of several factors. One is demand that built up during the 2007-09 recession, when some projects stalled or never got started, said K.C. Conway, Colliers executive managing director of real estate analytics, who wrote his company's report.

Also playing a role was the 2012 U.S. Supreme Court ruling upholding the Affordable Care Act and the certainty that millions more people will be added to insurance rolls in the next few years. Investors, including many real estate investment trusts, developed a keen interest in medical office buildings. Duke Realty, a real estate developer and manager based in Indianapolis, reported in January that it expects more building as high-acuity and emergency services increasingly move off of hospital campuses.

Hospitals are staking their claim in their geographic areas by creating new buildings and putting their brand name on the sign, said Philip J. Camp, a principal with Hammond Hanlon Camp, a health care investment banking firm based in New York.

In a turbulent real estate market, medical office buildings, a historically stable investment, became extremely attractive to investors looking for safe places to stash their cash. The delinquency rate for commercial mortgage-backed securities was 9.2% for the general office market in 2012, according to Marcus & Millichap, but only 3.3% for medical offices. Landlords of empty retail properties, especially those ravaged by the closings of big-box chains such as Circuit City and Borders, are making deals to have those spaces retrofitted into medical office space, Duke Realty reported.

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A downtown office building with six off-street parking spaces could go on the auction block in April as part of Yellowstone Countys courthouse remodeling plan.

Commissioners on Tuesday adopted a resolution of intent to sell its two-story brick building at 214 N. 24th St. to the highest bidder and to set the minimum price at $320,000.

We believe the property would be a hot property, said Dan Schwarz, chief deputy county attorney. The county already has received some interest in the property, which is near the new federal courthouse, the county courthouse and city hall, he said.

The commission will hold a public hearing March 11 on the proposed sale. If the commission decides to proceed, it will sell the property during an auction April 1 at its board meeting.

An appraisal of the property by Charlie Hamwey, of Real Estate by Hamwey, estimated the fair market value at $293,000.

The 1915 building has 2,603 square feet of usable space on a 7,000-square-foot lot in the Central Business District. Hamwey said the building needs some updating, including improvements for meeting requirements of the Americans with Disabilities Act.

Sale proceeds, commissioners said, would go toward construction of a new building at MetraPark for the countys Extension Service. The county had considered relocating Extension from the courthouse to the brick building but decided MetraPark would be a better location for the agency.

Remodeling costs for Extension to move into the brick building would be between $300,000 and $400,000, said Commissioner Bill Kennedy.

Selling the brick building would be the first step in the countys plan to renovate some of the courthouse to make more room for the County Attorneys Office.

Also on Tuesday, the commission approved holding an election on whether voters want to establish and fund a Yellowstone County Government Study Commission. The issue will be on the June 3 primary ballot. No one spoke at a public hearing on the matter.

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Sun Life Financial Inc. is going to move out of the Toronto tower that has been its head office for 30 years, a sign of what many real estate experts say is the slow migration of the countrys biggest financial district.

The insurer told employees Monday that it plans to move its downtown work force of roughly 1,400 people to One York Street, a new building that will open in 2016 near the citys waterfront, south of the bustle of the traditional financial district.

Sun Life will take a 30-per-cent stake in the building, which is expected to cost about $375-million to build. The other partners are Menkes Developments Ltd. and the Healthcare of Ontario Pension Plan (HOOPP).

The move comes as a boom in office construction across Canada slowly reshapes the downtown cores of major cities.

Calgary and Vancouver are also seeing high amounts of construction in and around their business districts, posing a new challenge to older towers.

The building frenzy is occurring despite a demand for office space that softened in 2013. Vacancies are forecast to rise notably this year on a national level.

Nationally, there is a 22-million-square-foot development pipeline of new buildings under construction, representing about 4.5 per cent of existing inventory, Royal Bank of Canada analysts say, adding that they are almost certain that supply will exceed absorption over the next one or two years.

In Toronto, the traditional bank towers have long been considered the safest investment for commercial real estate owners because of their low vacancies and high rents. But thats starting to change as a number of splashy new office towers are built. Rental growth is likely to stall and some of the older Class A towers will likely have to make significant investments in building improvements, along with a reduction in their rents and significant increases in their leasing incentives, RBC real estate analysts wrote.

Royal Bank itself is moving more than 4,000 employees to a new building by the waterfront, which will become the headquarters for its Canadian banking business, starting later this year.

Torontos downtown office sector, which pulled through the financial crisis in decent shape, had its poorest results since 2003 in the fourth quarter of last year, according to brokerage Avison Young. The average availability rate downtown is 10.1 per cent, while King Street and Bay Street, traditionally the two most prestigious addresses for business in Toronto and arguably all of Canada have availability rates of around 11 and 12 per cent, it says.

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Sun Life moving away from Bay Street, leading a shift from Toronto's financial district

Elite Construction and Remodeling, General Contractor Sacramento, CA
we are a construction company in the Sacramento CA area specializing in New Construction, Large Scale Additions, New Homes, Gourmet Kitchen Remodels, Large S...

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By DAVID JOHNSTONFeb. 25, 2014, midnight

NEWSREADER replaced amid fallout of national one-hour bulletin.

Daniel Gibson, who has hosted the Albury bulletin since 2011, has been replaced as Prime7s local newsreader by Natalie Forrest

Daniel Gibson, who has hosted the Albury bulletin since 2011, has been replaced as Prime7s local newsreader by Natalie Forrest.

Daniel Gibson, who has hosted the Albury bulletin since 2011, has been replaced as Prime7s local newsreader by Natalie Forrest

PRIME7 has been forced to replace Daniel Gibson as its local newsreader amid the fallout of Channel Seven blind-siding the regional affiliate with the creation of a one-hour national bulletin.

Gibson is heading up a 30-minute national news service at 6.30pm for Wagga and Orange viewers.

He has been replaced as the Albury newsreader by Natalie Forrest with the switch made last night.

Albury viewers will continue to watch a re-packaged national news service from Channel Seven in Melbourne, which doesnt include a weather report.

Prime Media Group chief executive Ian Audsley said Forrest was a logical replacement for Gibson, who has hosted the Albury bulletin since 2011.

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Forrest set to replace Gibson