ITRA Global | Minneapolis-St. Paul
Corporate Real Estate Advisory Services

Commercial Real Estate News

 

Read the latest in commercial real estate from our ITRA partners around the world.

n an awards ceremony at the ITRA Global conference in Santa Monica, California, Charles Tatham, SIOR, MRICS was presented with the esteemed Exemplary Service Award for his professional excellence and enduring commitment to ITRA Global. 

International Tenant Representative Alliance (“ITRA Global”) and Alliance of Tenant Representatives (“ATR”) are thrilled to announce their merger to form one of the world’s largest and most influential organizations providing conflict-free representation to tenants and occupiers of commercial real estate.

Mark Twentyman, President of Kingbridge Realty Advisors and ITRA Global's Northern New Jersey Member, has received the prestigious Ronald R. Pollina PhD Leadership Award at the 2024 ITRA Global Conference in Los Angeles, California.

ITRA Global Members recently met up in LA for our annual in-person conference. 

ITRA Global is pleased to announce that Titan York has been selected to be the exclusive member firm representing the Ontario and British Columbia provinces of Canada

Over the last few years corporate space downsizing and hybrid working trends have created a precarious ownership environment for some office building landlords worldwide. When office buildings don’t have enough tenants paying rent, there is a real possibility that a foreclosure could occur.

Even though the industrial markets remain tight there are more space options today for occupiers to consider as compared to a few years ago. The amount of new warehouse space being delivered to the market, coupled with sublease space options, has increased vacancy levels slightly

Overall office market vacancy levels will remain elevated in 2024 in most markets as corporate space occupiers continue to downsize their footprints as lease terms expire. Large cities such as New York, San Francisco, Chicago, Los Angeles, Seattle, and London experienced significant negative absorption in 2024 which increased office vacancy rates.

The retail markets remain quite healthy with positive absorption in most major cities during 2023. Overall vacancy rates, including single tenant properties, range from 2.5-5%. Asking rental rates increased throughout 2023 and that trend is expected to continue into 2024.