Tejon Ranch Proposes 12,000-unit Residential Project at Foot of Grapevine
Written by John Cox. Posted Tuesday, November 5, 2013 on BakersfieldCalifornian.com.
Tejon Ranch Co. has launched plans to build 12,000 homes, condos and apartment units at the foot of the Grapevine as part of a phased, master-planned community that would house what the company expects will be a large influx of industrial and retail workers in coming years.
Executives with the Lebec agribusiness and real estate development company said this week the proposal fits into its long-term development plan, laid out in a landmark 2008 agreement with five environmental groups, to conserve 90 percent of Tejon Ranch's 270,000 acres in southwestern Kern County.
Separate, but related to the company's existing commerce center and outlet mall proposed nearby, the new 8,000-acre project was the subject of an August application by the company to amend Kern County's General Plan and change the area's zoning, much of which calls for exclusively agricultural uses. The application is pending.
Construction Forecast: Commercial Property Activity Projected to Rise 17% in 2014
Architecture Billings Index Posts Strong Monthly Showing in September
Written by Randyl Drummer. Posted Wednesday, October 30, 2013 on Costar.com.
A leading indicator of future nonresidential construction spending hit a seven-month high in September, lending weight to construction forecasts calling for a greater-than-expected 17% boost in commercial construction next year.
The Architecture Billings Index (ABI) produced by the American Institue of Architects continued to accelerate in September, reaching its highest level since February and second-highest mark of the year.
Meanwhile, McGraw Hill Construction's 2014 Dodge Construction Outlook projects that warehouse and hotel construction will again lead commercial building activity in 2014 as improving market fundamentals and more readily available construction and development lending should fund more commercial development activity next year.
Types of Commercial Real Estate that Will Be on the Wave in 2013/2014
Written by Diane Moore. Posted Thursday, October 31, 2013 on Elenavlasyuk.com.
Commercial real estate provides a very good investment opportunity that gives you the chance to get the most out of the service resources and available trade. Additionally, it enables investors to create new and exciting networks and resources.
With accurate information and proper infrastructure, various commercial real estate investment options form a highly profitable portfolio that is likely to achieve maximal productivity and profitability. Commercial real estate that will be in highest demand in 2013/2014 mainly comprise of investments that will provide products and services of the highest quality to both customers and clients.
In the modern world, business and technology are developing and growing at a very high rate. As new forms of networks, social media and up-and-coming innovative business ideas develop the so-called client bases and business markets. Therefore, business owners and entrepreneurs are constantly faced with a wide range of new challenges especially in this era of harsh economic curveballs. However, several areas of the commercial real estate niche provide investors and businesses with the opportunity to expand and grow their marketability.
Kern 3rd Best Performing Metro In California
Written by David Lyman. Posted Tuesday, December 10, 2013 on VisitBakersfield.com.
Kern County is the third best performing metro in California, and the 19th best in the nation, according to a report released December 5 by the Milken Institute.
The Institute’s annual index of Best-Performing Cities shows that technology and energy are the biggest forces behind America’s booming metros.
According to the report, the Bakersfield-Delano metro area (which includes all of Kern County), “. . . held steady at 19th due to a good performance in job and wage growth. Despite lagging the state and the nation in educational attainment, the metro had the seventh-highest growth in five-year high-tech output, but the one-year indicator is less competitive. At 13.3 percent in 2012, unemployment remains well above the national average.”
Details of the report’s findings about Kern County are below. To read more about this report: http://www.best-cities.org/best-performing-cities.html
New Office Project Will Test Local Market
Written by John Cox. Posted Wednesday, September 18, 2013 in The Bakersfield Californian.
Southwest Bakersfield, with its booming energy industry and health-care cluster, has gained a reputation as the city's premiere business hub.
But just how attractive the area is as a place to set up shop is being put to a multimillion-dollar test.
A local group recently began soliciting tenant interest in Stockdale Centre, a six-building, 270,000-square-foot office development proposed across Coffee Road from the Town & Country Village shopping center along Stockdale Highway.
Owner GC Investments, which includes members of the Giumarra farming family, has hired an architectural firm to put together designs and a commercial real estate brokerage to market the 15-acre property to potential office space users.
How quickly brokers at Bakersfield's Pacific Commercial Realty Advisors are able to arrange pre-construction lease agreements is expected to determine how quickly the site gets built.
Area Commercial Real Estate Out-Performing Rest of Valley
Written by Wayne Kress. Published October 2013 in Kern Business Journal.
Bakersfield is the energy capital of the West, while also being a top ag producer. We've been a leading economic performer in both California and the nation.
We've recently seen these headlines: "Kern No. 1 in California for 10-Year Total Personal Income Growth," "Kern No. 1 in California 1-Year Job Growth," "Kern No. 2 in California on Milken's Best Performing Cities List," "Kern No. 2 California Metro Economic Recovery" and "Building Fuels Inland Boom-Bakersfield is Helping Lead California's Construction Sector Out of Slump."
It is no surprise that our commercial real estate market is quite active.
Commercial real esate includes industrial, office and retail. The most active of these is industrial. Since the beginning of 2011, "occupiers" have bought or leased 3.8 million square feet of building space, and vacancy declined from 11.2 percent to 3.8 percent.
Kern No. 9 Among Engineering Capitals
Kern County ranks 9th among "America's Engineering Capitals," according to Forbes.
In an article released Wednesday titled "America's Engineering Hubs: The Cities With The Greatest Capacity For Innovation," writer Joel Kotkin wrote,
When thinking of energy, we might think of wildcats covered with crude (like James Dean in Giant), but this is becoming an industry very dependent on highly trained geophysicists, petroleum engineers, chemical engineers and other specialists. This explains the ninth-place ranking for Bakersfield, "the oil capital of California," a city better known for country music and cruising than technology. Over 15,000 people work in this generally high-wage industry in the onetime Okie capital.
Kotkin found that in Kern County, there were 4,680 engineers. That translated to 17.1 engineers per 1,000 employees.
Forbes' Top Ten engineering capitals, and each one's number of engineers per 1,000 employees, are listed below; the Bakersfield/Delano metro area includes all of Kern County:
1) Silicon Valley/San Jose, Calif. (45.0)
2) Houston/Sugar Land/Baytown, Texas (22.4)
3) Wichita, Kan. (20.9)
4) Dayton, Ohio (20.8)
5) San Diego/Carlsbad/San Marcos, Calif. (20.2)
6) Greenville/Mauldin/Easley, S. C. (19.1)
7) Albuquerque (18.7)
8) Greater Boston area (17.5)
9) Bakersfield/Delano, Calif. (17.1)
10) Denver (17.0)
For the complete article: http://www.forbes.com/sites/joelkotkin/2013/07/31/americas-engineering-centers/
Kern 7th Most Improved Metro Economy
Kern County ranked as the seventh most improved metro economy over the past six months, according to the business blog On Numbers. The On Numbers Economic Index provides a monthly snapshot of the economic vitality of 102 major metropolitan areas with populations of more than 500,000.
Here are the markets that improved the most during the six-month span from January to July 2013 (the Bakersfield metro area includes all of Kern County):
• Tampa-St. Petersburg, up 71 places (from 94 in January to 23 in July)
• Jacksonville, up 56 places (from 98 in January to 42 in July)
• Detroit, up 42 places (from 86 in January to 44 in July)
• Oxnard-Thousand Oaks, Calif., up 37 places (from 83 in January to 46 in July)
• Baltimore, up 36 places (from 65 in January to 29 in July)
• Indianapolis, up 36 places (from 52 in January to 16 in July)
• Bakersfield, Calif., up 31 places (from 81 in January to 50 in July)
• Grand Rapids, Mich., up 31 places (from 45 in January to 14 in July)
• Orlando, up 30 places (from 70 in January to 40 in July)
• Palm Bay-Melbourne, Fla., up 30 places (from 93 in January to 63 in July)
The On Numbers Economic Index is generated by an 18-part formula that assesses private-sector employment growth, unemployment, earnings, home values, and construction and retail activity.
For the complete data base: http://www.bizjournals.com/bizjournals/on-numbers/scott-thomas/2013/07/database-for-on-numbers-economic.html
Kern No. 4 for Technical Jobs
Kern No. 4 for Technical Jobs
June 10, 2013
Excerpted from Sacramento Business Journal
A new study released today ranks the Bakersfield metro area fourth nationwide in the prevalence technical jobs: science, computer technology, engineering and math.
The Brookings Institution studied jobs requiring science, technology or mathematics --- or STEM – education among the nation's largest 100 metro areas. The authors found that they accounted for about 20 percent of jobs nationally in 2011, or 26 million positions. About half of those technical jobs do not require a college degree.
Some metro areas on the top-25 list are predictable, like San Jose, San Francisco and Boston. Others are not — such as Bakersfield, where the oil industry plays a central role. The number of blue-collar technical jobs put Bakersfield ahead of Seattle on the Brookings list.
The top ten metro areas for STEM jobs were,
1. San Jose
2. Washington, DC
3. Melbourne, Florida
7. Madison, Wisconsin
10. San Diego
Metro areas that ranked in the top 25 had higher median incomes, lower unemployment rates and better employment growth rates than other large cities, the Brookings study found.
The Bakersfield metro area includes all of Kern County.
For the complete report: http://www.brookings.edu/research/reports/2013/06/10-stem-economy-rothwell
Kern Among Fastest Growing Finance Economies
Kern Among Fastest Growing Finance Economies
June 4, 2013
excerpted from New Geography
Kern County ranked third among the nation's medium-sized metro areas for financial activities jobs, according to an analysis released last week. In a May 31 article in New Geography, authors Joel Kotkin and Michael Shires identified what they called "The Best Cities for Jobs in Finance Industries." Among medium-sized metros, only Ann Arbor, Michigan and Green Bay, Wisconsin ranked higher than Kern.
According to the authors,
"The top of the financial services rankings for midsized and small cities is also liberally sprinkled with places where hot energy economies are driving employment in all sectors. The midsized list features Bakersfield-Delano, Calif., in third place, the Texas towns of El Paso and McAllen-Edinburg-Mission in fifth and ninth place, respectively, and No. 10 Lafayette, La."
The Bakersfield-Delano metro area includes all of Kern County.
For the complete article: http://www.newgeography.com/content/003753-the-cities-that-are-stealing-finance-jobs-from-wall-street