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Colliers International Reports Office Rebound in Fairfield County, Incremental Improvement in Westch
Firm's Mid-Year Office Market Snapshots Show Improvement After Shaky Start to 2016
STAMFORD, Conn., July 29, 2016 - Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) today released its mid-year 2016 Office Market Snapshots for Fairfield County, Conn., and Westchester County, N.Y. The global commercial real estate services firm's research findings show that, after a shaky start to the year, Fairfield County has rebounded to historic norms while Westchester County fundamentals show incremental improvement.
FAIRFIELD COUNTY
"Office leasing in Fairfield County surged in the second quarter, to 958,572 square feet, which is nearly double the first-quarter total," noted Jeffrey Williams, executive managing director and market leader. "Activity was driven primarily by new leases, signifying a return of confidence."
Among the quarter's largest new leases, Charter Communications committed to 73,564 square feet at 400 Atlantic Street in Stamford, Wells Fargo took 71,272 square feet at 83 Wooster Heights in Danbury and Crius Energy leased 45,481 square feet at 535 Connecticut Avenue in Norwalk. Notable Fairfield County renewals involved Synapse Group (57,135 square feet) and Citibank (54,130 square feet).
As a result of this increased activity, the availability rate dipped 20 basis points to 23.1 percent, which is 150 basis points lower than at mid-year 2015. Asking lease rates have increased by more than $1.00 per square foot year-over-year.
Submarket highlights:
• Fairfield County's Eastern submarket continued to steadily improve. The availability rate has dipped 150 basis points year over year, to 19.8 percent - a level not seen since third quarter 2014. Leasing activity increased by almost 50.0 percent since last quarter.
• Despite a strong recovery in the Central submarket's leasing activity, the availability rate has ticked up by 160 basis points since the first quarter. This is largely due to space coming onto the market at a single office complex in Wilton.
• The Greenwich submarket continues to be one of the strongest performing in Fairfield County, particularly among Class A properties. Strong demand from the FIRE sector drove the availability rate down to 17.0 percent, the lowest rate in over five years.
• Although there was a slight uptick in Stamford CBD's total availability rate from last quarter, primarily due to an increase in new sublease space, it still has decreased 370 basis points year-over-year. Stamford Non-CBD's total availability rate dropped 100 basis points compared to last quarter.
• With an availability rate at 16.1 percent, a level not seen since first quarter 2009, the Northern submarket experienced an impressive quarter. Leasing activity topped 118,000 square feet, with more than half of the activity attributed to the Wells Fargo lease in Danbury.
WESTCHESTER COUNTY
In Westchester County, leasing activity held steady during the second quarter, totaling 617,174 square feet. The largest transaction involved Atlas Air Worldwide Holdings' 120,000-square-foot renewal at 2000 Westchester Avenue in Purchase. The largest new lease involved New York State Insurance Fund committing to 33,894 square feet at 44 South Broadway in White Plains. Other notable Westchester county deals included an expansion by REIS Reports (30,000 square feet), a renewal by Montefiore Medical Center (28,430 square feet) and a renewal by Cuddy & Feder LLP (26,365 square feet).
Tenant demand brought down the availability rate 20 basis points, to 21.7 percent. Asking rental rates rebounded somewhat after a first-quarter decline, reaching $27.39 per square foot by the end of June.
"This increase would have been more pronounced had it not been for the Northern and Southern submarkets, which experienced slight drops in asking prices," said Sean Cullen, director of research for Colliers' Stamford office. "The three remaining submarkets all experienced healthy asking rate increases during the past three months."
Submarket Highlights:
• After an unusually strong first quarter, the Northern Westchester submarket returned to its historical norms. Leasing activity amounted to 73,141 square feet, a 43.3 percent drop from last quarter, but a 59.4 percent increase year over year.
• In the Southern submarket, leasing activity jumped to 49,618 square feet from 2,314 square feet in the first quarter, which improved the availability rate 30 basis points. However, Montefiore's renewal in Yonkers accounted for 57 percent of this activity.
• East I-287 tenants in Class A buildings renewed at a heightened pace during the second quarter, accounting for 50 percent of all activity there. The largest of these renewals was the aforementioned Atlas Air Worldwide Holdings commitment.
• West I-287 tenants that signed leases sought value during the second quarter, with a majority committing at Class B properties. Net absorption was sufficiently positive to decrease the availability 50 basis points, to 22.3 percent, breaking the streak of five consecutive quarters of negative absorption.
• Leasing acti
Nulogy, a leading provider in supply chain collaboration solutions, and Kinaxis, a global leader in supply chain orchestration, have announced a partnership to develop cutting-edge solutions for brand manufacturing supply chain networks worldwide.
The new partnership aims to catalyze fast-moving consumer goods (FMCG) and life science brands and their supplier networks to work together more effectively through digital transformation solutions, thereby mutually improving costs, service and revenue. Combining the supply chain orchestration capabilities of Kinaxis with the collaborative external manufacturing specialization of Nulogy will enable customers to share forecasts and order information with suppliers and receive inventory capacity information faster.
Nulogy’s purpose-built multi-enterprise platform enables greater responsiveness in the supply networks of leading FMCG and life science brands, including L’Oréal, Colgate-Palmolive, and Church & Dwight, as well as their extended suppliers and hundreds of sites around the world.
“Given the speed and volatility of today’s global market, it is more important than ever for brand manufacturers to digitally synchronize with their supplier communities in order to respond with agility,” said Jason Tham, CEO at Nulogy. “Through our partnership with Kinaxis, we look forward to collaborations that will elevate the performance of supply chain networks around the world.”
Kinaxis Maestro is the AI-infused end-to-end supply chain orchestration platform for fast, intelligent decision-making. Trusted by renowned global brands to provide agility and predictability to help navigate volatility and disruptions, Kinaxis has been a leader in supply chain planning for over 40 years.
"Our partnership with Nulogy improves visibility, control and collaboration of the upstream network of critical suppliers, like contract manufacturers and co-packers, by integrating a variety of supplier data into Maestro,” said Bill Walker, Senior Director, Partner Solutions Extensions at Kinaxis. “Giving our customers the ability to better run simulations, digitize planning and connect in suppliers.”
Learn more about the partnership at ASCM Connect on September 9, 2024. Kevin Wong, Chief Operating Officer, Nulogy; Polly Mitchell-Guthrie, Supply Chain Thought Leader, Kinaxis; and German Vizcaya Leon, VP Global Planning, Colgate-Palmolive will discuss how Nulogy and Kinaxis’s solutions in Advanced Planning & Scheduling and Supplier Collaboration have played pivotal roles in interconnecting Colgate’s network.
FOR IMMEDIATE RELEASE
Contact: Sherri Bosslet
Title: Director of Customer Relations
Phone: 937.415.1715
Email: sbosslet@daytonfreight.com
Date: September 5, 2024
Web: daytonfreight.com
ULINE AWARDED DAYTON FREIGHT FOR EXCEPTIONAL PERFORMANCE
DAYTON, Ohio – Dayton Freight Lines, Inc., a leading provider of regional less-than-truckload (LTL) transportation services, was presented the 2023 Exceptional Performance Award and the Minnesota LTL Carrier of the Year award from Uline.
The 2023 Exceptional Performance Award and the Minnesota LTL Carrier of the Year award were presented to Dayton Freight’s Milwaukee and Hudson Service Centers, respectively. Both awards were given based on the following criteria: exemplary customer service, technological innovation and lastly, partnership and dedication.
Uline, a family-owned business, is the leading distributor of shipping, industrial and packaging materials to businesses throughout North America.
Dayton Freight’s Director of Customer Relations, Sherri Bosslet quoted, “We are incredibly proud of our Service Centers in Milwaukee and Hudson WI for receiving these awards. These accolades from Uline truly demonstrate the dedication and diligence of our Dayton Freight team. We look forward to a lasting partnership for years to come.”
Founded in 1981, Dayton Freight is a private, union-free, less-than truckload (LTL) freight carrier headquartered in Dayton, Ohio. Currently ranked as the country’s 12th largest LTL company, Dayton Freight has 70 Service Centers in 14 Midwest states, served by 6,000+ employees. Offering 1 or 2 day service to thousands of cities, Dayton Freight is known for its prudent growth, operational excellence, advanced technology and an unparalleled company culture known as The Dayton Difference.
Photo Caption: Jeremy Cutchens (Dayton Freight), Shelly Hofmeister (Dayton Freight), Ed VanGrouw (Dayton Freight), Eric Dreissig (Uline), LJ Groen (Uline)
Nulogy, a leading provider of supply chain collaboration solutions, is hosting a session during the Association of Supply Chain Management's ASCM Connect 2024. Nulogy, Kinaxis and Colgate-Palmolive executives will present “Orchestrating Digital Transformation: Nulogy & Kinaxis Empower Colgate-Palmolive’s External Network” on Monday, 9/9/2024, 3:45 - 4:45 p.m. CT in Ballroom E, Level 4.
In an era when digital transformation is paramount for sustainable growth, Colgate-Palmolive stands out as a leader in the consumer packaged goods space. With a strong digital transformation vision and strategic partners that tout the technical capabilities and expertise to bring it to life, Colgate and its extended supply network has been able to reap the benefits of digitally-infused agility, resilience and efficiency to outcompete in today’s marketplace.
The session will cover Colgate-Palmolive’s vision for transforming its supply chain planning and execution, highlighting the imperative to enhance supply chain synchronization and collaboration.
Nulogy and Kinaxis join Colgate-Palmolive in this talk to discuss how their best-of-breed solutions in advanced planning and scheduling and supplier collaboration have played pivotal roles in interconnecting Colgate’s network.
Speakers include:
Moderator: Christine Barnhart, CPIM Chief Marketing and Industry Officer, Nuology
Panelist: Kevin Wong Chief Operating Officer, Nulogy
Panelist: Polly Mitchell-Guthrie Supply Chain Thought Leader, Kinaxis
Panelist: German Vizcaya Leon VP Global Planning, Colgate-Palmolive
Check out the complete Colgate-Palmolive case study by visiting https://bit.ly/3z6xwPK.
Covington, KY — In a significant step toward redefining supply chain efficiency and boosting the local economy, Lakeshore Learning hired Zion Solutions Group, a trailblazer in advanced supply chain integration, to help implement a cutting-edge 1.2 million square foot distribution center in Garland, Utah. This collaboration is set to create over 500 jobs, showcasing an unparalleled commitment to innovation and community development.
“Our relationship with Lakeshore Learning, beginning in 2015, has been a testament to what visionary collaboration can achieve," stated Jim Shaw, President of Zion Solutions Group. “This is not just a collaboration; it’s a leap toward the future of supply chain management. By combining Lakeshore Learning’s vision with our technological expertise, we are set to introduce a distribution hub that exemplifies efficiency, sustainability, and economic growth for Garland."
Artin Ghazarian, Chief Supply Chain Officer at Lakeshore Learning, highlighted the project's ambition: "Our journey with Zion Solutions Group has been marked by a shared drive for excellence. This distribution center goes beyond expanding our logistical capabilities—it's a testament to our dedication to setting new industry standards for efficiency and environmental stewardship in supply chain management."
Jordan Frank, EVP & Co-Founder of Zion Solutions Group, emphasized the collaborative synergy: Our relationship with Lakeshore Learning is more than a partnership; it's a melding of minds aimed at redefining the future of our industry. We're not just optimizing logistics; we're crafting a model of innovation that leverages technology for smarter, more sustainable operations. Our goal is to inspire the sector by demonstrating how collaboration and technology together can create impactful solutions.”
The facility will harness the latest in automation and robotics to optimize both efficiency and scalability. Zion Solutions Group will play a crucial role in this evolution, meticulously shaping the project from its conceptual stages to its final form. This includes value-added engineering to support Lakeshore Learning’s specific needs, overseeing the procurement and engineering processes to ensure precision, and integrating advanced software solutions—including Zion Apex (WES)—for peak functionality. Beyond the project’s completion, Zion’s Customer Experience team will continue to support the operations team and provide optimization opportunities, ensuring the facility operates smoothly and evolves with technological advancements.
With an operational goal set for 2025, Lakeshore Learning’s Garland distribution center represents a major milestone in job creation and economic growth for the region. This initiative aligns with Zion's mission to drive sustainable innovation and cement its leadership in the market.
For more information about Zion Solutions Group and its groundbreaking projects, please visit https://thezsg.com/.
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About Zion Solutions Group
Zion Solutions Group, a leader in Supply Chain Integration, uses its 90+ years of knowledge to deliver memorable experiences and guide intelligent change. Specializing in material handling integration, Zion provides comprehensive services that include detailed data analytics, solution design, procurement, implementation, and post-implementation support. Our customer-centric approach and Project Lifecycle process ensure tailor-made solutions using cutting-edge technology, setting us apart in the industry. Zion, in support of its core purpose, “To Leave a Positive Impact on the Lives of Those We Touch,” is committed to driving success and sustainable growth for our partners and customers.
About Lakeshore—Products Designed with Learning in Mind®
Lakeshore Learning Materials is a leading developer and retailer of top-quality materials for early childhood education programs, elementary schools, and homes nationwide. Since 1954, Lakeshore Learning Materials has offered innovative learning materials distinguished by their quality, educational merit, and safety. To learn more, visit LakeshoreLearning.com.
Panel Built, Inc., a leading provider of modular offices, mezzanines, and custom-engineered structures, has announced plans to expand its primary facility, PB1. The expansion will include additional office and fabrication space, allowing the company to better accommodate its rapidly growing workforce and increasing demand for its innovative space solutions.
As Panel Built continues to experience significant growth in both personnel and market reach, this expansion marks a critical step in the company’s strategic development. The additional space will enable the company to enhance its operational efficiency and continue delivering high-quality products and services to its diverse client base. The expanded facility will also provide a more collaborative work environment for the Panel Built team, fostering innovation and reinforcing the company’s commitment to excellence.
"Panel Built has built a reputation for delivering modular solutions that meet the unique requirements of various industries, including commercial, military, government, and industrial sectors. The company's expertise in engineering, design, and installation has made it a trusted partner for organizations seeking efficient and customizable space solutions.
The Blairsville facility expansion is expected to be completed by early 2025. Panel Built is committed to maintaining uninterrupted service to its clients throughout the construction process, ensuring that all projects remain on schedule and meet the company’s high standards of quality."
- Mike Kiernan CEO
About Panel Built, Inc.
Founded with the mission "To Solve Our Customers' Space Needs With Excellence And Great Customer Service," Panel Built, Inc. specializes in modular construction, offering a range of solutions from modular offices and mezzanines to guardhouses and cleanrooms. With extensive experience in both public and private sectors, Panel Built is dedicated to delivering space solutions that meet the highest standards of quality, safety, and customer satisfaction.