Travis Ackerman Dissects Second-quarter North Colorado Office Space Market
Leading North Colorado real estate professional Travis Ackerman pours over latest office market figures.
One of the top commercial brokers in the region, Travis Ackerman is a director for Cushman & Wakefield Commercial Real Estate based in the northern Colorado city of Fort Collins. Recently ranked as the top industrial broker in the area, Ackerman delves into figures from the Fort Collins area’s office space market as robust sales activity hits close to a 100 percent quarter-over-quarter increase.
“The North Colorado office market continued to provide strong fundamentals throughout the second quarter of 2019,” reveals Ackerman. “Economic indicators for the office space market in and around Fort Collins are promising,” he adds, “with unemployment down compared to the same period last year, much in line with wider U.S. employment figures.”
Overall market indicators also look promising, according to the expert. “Overall vacancy is down from 5.3 percent in the second quarter of 2018 to just 3.9 percent today,” Ackerman reveals. This represents a decrease in the overall vacancy of 110 basis points year-on-year, he explains. “Even with a slight increase in direct versus overall, a vacancy has decreased significantly compared to figures from one year ago,” further adds the expert.
Other positives include an increase in direct average gross rental rates and modest year-over-year growth, supported by continued demand for office space in and around Fort Collins and across much of North Colorado, according to Ackerman.
“A 27 percent quarter-over-quarter bump in leasing activity coupled with robust sales figures, equivalent to an almost 100 percent quarter-over-quarter increase, also made for good news here in Fort Collins during the last three months,” Ackerman remarks.
Touching briefly on construction, Ackerman reveals that two new buildings delivered during the second quarter of 2019, with more than half of the near-60,000 square feet of new space pre-leased at delivery. A further four buildings remain under construction with completion expected before the end of the year.
Overall, North Colorado office fundamentals remain strong according to Travis Ackerman, despite increasing construction costs across much of the state. Rental rate growth, he suggests, will continue, largely due to rising—although modest, compared to previous years—real estate taxes.
“Additionally, with limited new developments in the pipeline owing to rising construction costs in Colorado, high demand will continue,” says Ackerman, “heavily concentrated, in particular, on the medical sector.”
“With fierce competition in a tight market,” he adds, wrapping up, “landlords will need to provide significant tenant finish allowances to expedite leasing.”
Travis Ackerman is a director for Cushman & Wakefield Commercial Real Estate specializing in the sale and lease of land and industrial, retail, and office space in North Colorado. Since 2007, Colorado State University graduate Ackerman has been involved in a total of more than 500 transactions worth in excess of $350 million. Known in the North Colorado real estate community for his integrity and work ethic, realtor and Colorado native Travis Ackerman is now recognized as one of the top commercial brokers in the region.
Travis Ackerman Delves Into Latest Real Estate Market Figures for Fort Collins
Cushman & Wakefield director Travis Ackerman provides professional insight into local industrial real estate market.
From key statistics and under-construction properties to submarkets and supply and demand trends, Travis Ackerman, a director for Cushman & Wakefield Commercial Real Estate, offers a closer look at the latest industrial real estate market figures from in and around the northern Colorado city of Fort Collins.
“Developers in and around Fort Collins have finally responded to years of exceptionally tight conditions,” reveals Ackerman having carefully considered key industrial market statistics from the region.
The amount of recently available under-construction space has eclipsed an earlier cyclical peak by a factor of two, according to the expert. “Currently, the vast majority of ongoing speculative development is in logistics space,” adds Ackerman.
Travis Ackerman has recently been named as the Weld County area’s top industrial sector broker with an impressive 8.8 percent market share. His share of the market puts Ackerman well ahead of the competition, with the second and third best-performing brokers in the area commanding less than 8.5 percent of the market combined.
Looking more closely at industrial sector construction, the Cushman & Wakefield director goes on to highlight that while the volume of under-construction space remains below the peak, the amount of speculative development has recently been as high as it has been throughout the current cycle. Of under-construction industrial properties in the region, 14 projects are currently underway accounting for more than 200,000 square feet of new space. “Over 28 percent of this space is already preleased,” reveals Ackerman.
At a total of 204,971 square feet, newly constructed industrial space will account for 1.3 percent of Cushman & Wakefield Commercial Real Estate’s industrial sector inventory in the region.
Submarket growth primarily in outlying Larimer County looks promising, Ackerman suggests. “Across inventory, rent, and submarket vacancy and net absorption, the figures are mostly positive,” he explains, “although annualized quarterly rent in Fort Collins is currently trending down by around 1.4 percent.”
Supply and demand trends, says Ackerman, look promising too. “Overall, specialized, logistics, and flex supply and demand are all currently trending in a favorable direction,” he adds, wrapping up, “which looks set to continue into 2020 and for at least the next three years based on current projections.”
Travis Ackerman is a director for Cushman & Wakefield Commercial Real Estate specializing in the sale and lease of land and industrial, retail, and office space in North Colorado. Since 2007, Colorado State University graduate Ackerman has been involved in a total of more than 500 transactions worth in excess of $350 million. Known in the North Colorado real estate community for his integrity and work ethic, realtor and Colorado native Travis Ackerman is now recognized as one of the top commercial brokers in the region.
Travis Ackerman Ranked Top Among Local Real Estate Brokers
Colorado native Travis Ackerman named top industrial real estate broker in the Weld County area.
Based at Cushman & Wakefield in Fort Collins, Colorado, local real estate professional Travis Ackerman has been named as the Weld County area’s top industrial sector broker with an impressive 8.8 percent market share. Ackerman’s share of the market puts him well ahead of the competition, with the second and third highest-rated brokers currently commanding just 4.9 and 3.4 percent of the market apiece.
“It’s great to be recognized as the top industrial broker in the area,” says Travis Ackerman, “and it’s also a fantastic testament to the excellent work which we do at Cushman & Wakefield.”
Specializing in industrial, retail, and office space, Ackerman’s outstanding performance also puts Cushman & Wakefield at the top of the overall industrial sector charts, collectively responsible for 9.7 percent of the total industrial real estate market in the region.
A director for the business, Travis Ackerman himself also holds a similarly impressive total of more than five percent of the overall, mixed property market locally.
The combined firm, carrying the iconic Cushman & Wakefield brand, is now one of the largest commercial real estate services companies in the world. With offices in more than 60 countries and over 43,000 employees, Cushman & Wakefield is responsible for managing 4.3 billion square feet of space, $5 billion in annual revenue, and a $191 billion total transaction value.
Within Colorado, the organization employs more than 300 people, in charge of managing 14 million square feet of space worth approximately $2.7 billion, and representing annual revenue of more than $50 million, according to Ackerman. “We believe in deep local knowledge which creates significant value for our clients,” he explains, “and allows us to deliver an exceptional experience.”
Ackerman is based in the northern Colorado city of Fort Collins, famed for its historic 1800s properties, vintage trollies, and specialty shops and restaurants. Weld County, meanwhile, is the state’s leading producer of cattle, grain, and sugar beets, and is the fourth richest agricultural county in the United States. “Weld County is also an important area of natural gas and oil production,” adds Ackerman, wrapping up.
A director for Cushman & Wakefield Commercial Real Estate, Travis Ackerman specializes in the sale and lease of land and industrial, retail, and office space in North Colorado. Since 2007, Colorado State University graduate Ackerman has been involved in a total of more than 500 transactions worth in excess of $200 million. Known in the North Colorado real estate community for his integrity and work ethic, realtor and Colorado native Travis Ackerman has elevated himself to a position whereby which he now represents one of the top commercial brokers in the region.
Travis Ackerman Shares a Closer Look at Marketing Strategy
Cushman & Wakefield director Travis Ackerman discusses marketing strategy at the North Colorado commercial real estate firm.
From brochures, email campaigns, postcards, signage, and press releases, to design, research, and legal services, Travis Ackerman offers a closer look at marketing strategy at Cushman & Wakefield Commercial Real Estate.
“It’s about saturating the market and creating a buzz,” suggests Colorado native Ackerman, “whether a client is looking to reach a smaller, targeted, local audience, or go big with a wide, national reach.”
Thanks to comprehensive marketing and research departments, Travis Ackerman and Cushman & Wakefield Commercial Real Estate are able to offer in-house professional standard graphic design services for all marketing materials, including brochures, postcards, email campaigns, and websites.
The firm also boasts that clients and their listings receive ‘unparalleled visibility,’ according to Ackerman. “Clients and their listings receive unparalleled visibility, and working with 12 brokers in the North Colorado market, they’re seen by as many potential users and investors as possible,” he explains.
Each broker is supported by an administrative assistant, who fields client calls, schedules showings, performs research, coordinates targeted marketing, and tracks marketing efforts across the board. In-house legal and contract support is also provided, overseeing contract preparations and the closing division.
The combined firm, carrying the iconic Cushman & Wakefield brand, is now one of the largest commercial real estate services companies in the world. With offices in more than 60 countries and over 43,000 employees, Cushman & Wakefield is responsible for managing 4.3 billion square feet of space, $5 billion in annual revenue, and a $191 billion total transaction value.
In Colorado alone, Cushman & Wakefield employs 316 individuals, managing 14 million square feet of space, responsible for $2.7 billion in transactions, and more than $50 million in revenue annually.
“We believe in deep local knowledge which creates significant value for our clients,” explains Ackerman. “Relentless curiosity delivers unseen opportunities, while every touchpoint offers a chance to deliver an exceptional experience,” he adds.
Cushman & Wakefield are, Ackerman suggests, the envy of the industry thanks to a diverse range of backgrounds, cultures, and expertise inspiring breakthrough innovation. “Alone we are good,” he adds, wrapping up, “but together, we are great.”
Travis Ackerman is a director for Cushman & Wakefield Commercial Real Estate specializing in the sale and lease of land and industrial, retail, and office space in North Colorado. Since 2007, Colorado State University graduate Ackerman has been involved in a total of more than 500 transactions worth in excess of $200 million. Known in the North Colorado real estate community for his integrity and work ethic, realtor and Colorado native Travis Ackerman has elevated himself to a position whereby which he now represents one of the top commercial brokers in the region.
Travis Ackerman looks back on first quarter North Colorado land market reporting
Cushman & Wakefield Commercial Real Estate’s Travis Ackerman reflects on first quarter reporting from North Colorado’s land market.
Encompassing Larimer and Weld Counties, North Colorado’s land market recorded a record low of just upwards of 600 acres of transactions during the first quarter of this year, according to Travis Ackerman. A director for Cushman & Wakefield Commercial Real Estate, Ackerman takes a closer look back on first quarter figures for the region’s land market.
“With just 606 acres of transactions recorded during the first quarter of 2019, North Colorado’s land market witnessed disappointing performance on an acreage basis,” suggests Ackerman, “down from a particularly impressive 7,500 acres in the fourth quarter of 2018.”
“However,” he continues, “at approximately $89,000 per acre, the same period saw a historical high, price-wise, up by more than 700 percent.”
Indeed, at the equivalent of $2.04 per square foot, when compared to the previous quarter’s price of just $0.24, the price per square foot increase was equal to some 750 percent, according to Travis Ackerman. “Total sales volume still remained down,” he adds, “at just shy of $45 million, around half of the dollar value transacted in the fourth quarter of 2018, and flat compared to the same period last year.”
For the period ending in March 2019, the largest transaction recorded in terms of sales price was the 28-acre residential land deal completed at Clarence Drive & Bell View Drive, reports show, worth approximately $11 million.
In terms of acreage, a 240-acre residential land sale worth $1.1 million was the region’s biggest, meanwhile. “From a purely commercial perspective, a land sale of 1.85 acres on Lady Moon Drive, worth over $4 million, was the period’s most notable,” points out Ackerman.
Despite a fluctuating market, demand for land in North Colorado remains strong, according to the expert.
So-called master planned developments, including RainDance in Windsor, set to cover more than 1,500 acres, and Huron Lakes, which has already experienced strong presale activity, together demonstrate high demand for luxury housing in North Colorado, Ackerman suggests.
“As the national economy grows at pace, on target to meet the longest expansion period in history, expect the land market here in North Colorado to continue to thrive as we move forward,” he adds, wrapping up.
Travis Ackerman is a director for Cushman & Wakefield Commercial Real Estate specializing in the sale and lease of land and industrial, retail, and office space in North Colorado. Since 2007, Colorado State University graduate Ackerman has been involved in a total of more than 500 transactions worth in excess of $200 million. Known in the North Colorado real estate community for his integrity and work ethic, realtor and Colorado native Travis Ackerman has elevated himself to a position whereby which he now represents one of the top commercial brokers in the region.
Travis Ackerman Reflects on First Quarter North Colorado Office Space Market
Realtor Travis Ackerman shares North Colorado office market real estate update for this year’s first quarter.
Following a strong year in 2018, North Colorado’s office space market has enjoyed a promising start to 2019, something which looks set to continue for the foreseeable future. That’s according to realtor Travis Ackerman, a director for Cushman & Wakefield Commercial Real Estate, as he shares an office market real estate update for the year so far.
“We’re pleased to report that both overall and direct average gross rental rates have increased from the close of 2018 to the close of the first quarter of 2019,” reveals Ackerman, “increasing by 1.4 percent to $23.38 per square foot, and by precisely one percent to $23.22 per square foot, respectively.”
Rental rates, he adds, continue to rise across all building classes as demand continues to outstrip supply across much of North Colorado.
According to Ackerman, office space leasing activity recorded a modest uptick in the first quarter of 2019 with approximately 85,000 square feet of space leased, up by around 3.5 percent from the fourth quarter of 2018. “Despite an increase over the previous quarter, the figure is somewhat dwarfed by the more than 200,000 square feet leased during the first quarter of last year, however,” adds the expert.
This, says Ackerman, is mirrored by first quarter sales activity during the same two periods, although the outlook remains highly promising for the rest of the year.
Sales activity, in particular, during the first quarter of 2019 has been affected by a slow down in rates of new construction. “While no new office buildings were delivered in North Colorado during the first quarter of this year, several have reached their final stages of construction and are expected to deliver by the end of the current quarter,” Ackerman adds.
Accordingly, off to a broadly strong start in 2019, the North Colorado office market looks set to continue its momentum for the remainder of the year, particularly as new construction projects approach completion. “Still, office space purchase options will remain scarce for both owners and users, especially in the short term,” suggests Ackerman.
“Overall, however,” adds the Cushman & Wakefield Commercial Real Estate director, wrapping up, “the North Colorado office market is expected to remain strong for the foreseeable future.”
Travis Ackerman is a director for Cushman & Wakefield Commercial Real Estate specializing in the sale and lease of land and industrial, retail, and office space in North Colorado. Since 2007, Colorado State University graduate Ackerman has been involved in a total of more than 500 transactions worth in excess of $200 million. Known in the North Colorado real estate community for his integrity and work ethic, realtor and Colorado native Travis Ackerman has elevated himself to a position whereby which he now represents one of the top commercial brokers in the region.
Travis Ackerman shares North Colorado industrial real estate market update
Realtor Travis Ackerman examines latest North Colorado industrial real estate market figures.
Well known across the northernmost Colorado real estate sector for his integrity and work ethic, experienced realtor Travis Ackerman is a director for Cushman & Wakefield Commercial Real Estate. Here, Ackerman offers a closer, professional insight into this year’s first quarter industrial real estate market.
“Overall vacancy remains extremely tight in the North Colorado industrial market,” reveals Ackerman, “closing the first quarter of 2019 at just 2.4 percent.”
This figure, he goes on to reveal, represents a 20 basis point decrease, quarter-over-quarter, and a 30 basis point increase year-on-year. “Accordingly,” says Ackerman, “the first three months of 2019 mark our 23rd quarter of overall vacancy at or below four percent.”
Rental rates, the realtor further points out, have also increased thanks to consistently low vacancy. “The first quarter of 2019 in North Colorado,” he says, “closed with a record overall rental rate equivalent to $10.24 per square foot on a triple net basis.”
According to Ackerman, reflecting an increase of 1.9 percent, quarter-on-quarter, and 9.9 percent year-on-year, this also marks the tenth consecutive quarter of rate growth in the industrial market. “Leasing activity, however, was somewhat slow to start the year, with the first quarter recording approximately 150,000 square feet of activity here in northern Colorado,” he adds.
Of new construction, Ackerman further explains how five recent projects delivered more than 100,000 square feet of new industrial sector real estate to the market during the same period. “Representing close to half of this space was the 50,000 square foot Ronald Reagan Boulevard which delivered 50 percent preleased to Lohmiller & Company,” he adds. A further 760,700 square feet of industrial product remains under construction in the region, according to the expert.
Touching briefly on sales, Ackerman points out that Cushman & Wakefield Commercial Real Estate handled first quarter North Colorado industrial sector investment property sales worth more than $18 million. “Of some eleven properties sold,” he adds, “the largest changed hands for $7.8 million.”
So-called ‘owner/user’ sales also saw a solid start to the year, according to the realtor, with a further eleven industrial sites changing hands for an additional total of more than $13.5 million.
“Fundamentals in the North Colorado industrial submarket remain strong,” explains Ackerman, “and vacancy can be expected to remain low, driving continued rental rate growth as a result.”
“Also expect new projects to continue to break ground throughout the year,” he adds, wrapping up, “as investors remain attracted to the current red hot Colorado industrial market.”
Travis Ackerman is a director for Cushman & Wakefield Commercial Real Estate specializing in the sale and lease of land and industrial, retail, and office space in North Colorado. Since 2007, Colorado State University graduate Ackerman has been involved in a total of more than 500 transactions worth in excess of $200 million. Known in the North Colorado real estate community for his integrity and work ethic, realtor and Colorado native Travis Ackerman has elevated himself to a position whereby which he now represents one of the top commercial brokers in the region.
Travis Ackerman examines latest North Colorado retail real estate market figures
Realtor Travis Ackerman outlines the latest movements in North Colorado’s retail real estate sector.
An experienced and highly respected realtor, Travis Ackerman is well known throughout the northernmost Colorado real estate industry for his integrity and work ethic. A director for Cushman & Wakefield Commercial Real Estate, Ackerman provides a closer, professional look at this year’s first quarter retail real estate market.
“Vacancy among retail real estate space in North Colorado grew in early 2019,” explains Ackerman, “seeing the first quarter close with an overall vacancy of 4.6 percent.”
This figure, he goes on to reveal, represents a 20 basis point increase, quarter-over-quarter, and a 30 basis point increase year-on-year. “Despite marginal increases, however,” says Ackerman, “the first quarter of 2019 does indeed mark the 21st consecutive quarter of overall vacancy at or below five percent.”
Rental rates, the realtor further points out, have also increased. “The first quarter of 2019 in North Colorado closed with an overall rental rate equivalent to $17.21 per square foot on a triple net basis.”
According to Ackerman, this constitutes the highest figure to close a quarter on record. “Leasing activity, meanwhile, was slow to start the year, and absorption, too, was similarly low,” he adds.
Of new construction in the region, Ackerman further explains how more than 600,000 square feet of retail projects remain under development. “These projects are headlined,” he reveals, “by the massive ‘Brands at the Ranch’ development, expected to be completed by the end of the second quarter of 2020, and set to deliver 425,000 square feet of world-class retail space to North Colorado.”
Touching briefly on sales, Ackerman points out that Cushman & Wakefield Commercial Real Estate handled first quarter North Colorado investment property sales worth almost $14 million. “Retail fundamentals in the region should remain strong throughout 2019 based on first quarter figures,” he suggests.
Vacancy, Ackerman claims, can be expected to remain tight, yet rental rates will continue to grow, albeit at a slower pace than exhibited during the previous twelve months.
“Leasing activity and absorption should pick up over the course of the year,” he adds, wrapping up, “but may continue to be subdued due to minimal available space.”
Travis Ackerman is a director for Cushman & Wakefield Commercial Real Estate specializing in the sale and lease of land and retail, industrial, and office space in North Colorado. Since 2007, Ackerman has been involved in a total of more than 500 transactions worth in excess of $500 million. Known in the North Colorado real estate community for his integrity and work ethic, realtor Travis Ackerman has elevated himself to a position whereby which he now represents one of the top commercial brokers in the region. A graduate of Colorado State University in Fort Collins, Ackerman is a Colorado native, growing up on a family farm in the eastern Colorado.