New
Commercial Real Estate Office Opening in Palm Springs
After years
of real estate recession in the Desert, a national real estate services company
is opening a new office.
Marcus
& Millichap, a national company that reports 1,400 investment professionals
across the country, will open a sales and brokerage office in The Courtyard, at
777 Tahquitz Road, Palm Springs. The
Company offers traditional brokerage and transaction services, plus access to
capital markets and intensive research resources to investors. In 2014, they
report closing 1,534 transactions, more than any other company.
The
Coachella Valley has lagged slightly behind the economic recovery in the Inland
Empire for the last few years. Vacancy rates in some sectors of commercial real
estate are high; office, shopping centers, and big-box retail space suffer from
over-supply and slow demand. There is little new construction. The Coachella
Valley Economic Partnership abruptly cut staff earlier this year after a
funding crisis. According to CoStar, a commercial property data service, the
current commercial real estate field is spread among a number of
smaller local companies, their numbers reduced by attrition between the years
2008 to 2012.
However,
the economic picture is changing for the Valley. The Inland Empire and the I-10 corridor are
creating population growth for multifamily properties and logistical facilities
for a growing business climate, according to Marcus & Millichap’s research. Some sectors, such as apartments and well-located
retail, are healthy and fully occupied. John Husing, a regional economics
expert, said in late 2014 that the area will soon be “all the way back in terms
of jobs”. A new entry by a strong,
national player demonstrates growing confidence in the local business economy
by outside investors, who buy 83% of local commercial properties for
investment.
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