NAIOP Report Says Warehouse, Manufacturing Absorption Will Flirt With Record Levels in 2014 as E-Commerce, Housing Construction Expand

The NAIOP study, authored by Drs. Hany Guirguis of Manhattan College and Joshua Harris of the University of Central Florida, projects that quarterly readings will fall between 60 and 65 million square feet of positive absorption through 2014.

Assuming GDP holds close to forecasts of above 3 percent growth in 2014, they expect industrial space to post approximately 250 million square feet of net absorption in 2015. More specifically, they forecast quarterly net absorption figures will range between 58 and 65 million square feet, with a mean forecast of 68.8 million square feet, for all of 2015. Also 2014 may actually produce a larger net absorption figure than 2015 due to pent-up demand for space left over from the recession which should normalize by 2015.

"Demand for all types of industrial space -- warehouse, fulfillment-distribution centers, manufacturing and flex -- is robust," noted Thomas J. Bisacquino, president/CEO of NAIOP. "An intense increase in e-commerce has steepened the demand for distribution and fulfillment centers, and companies are gobbling up space as a result."

Heightened demand big box space is already resulting in a burst of new speculative warehouse projects, with nearly 100 million square feet of new construction tracked by CoStar in the opening weeks of 2014.

Within the last week, KTR Capital Partners and Sponsor Properties acquire the 30-acre Pinole Point business park in Richmond, CA, from Sares-Regis. Pinole Point, a master-planned industrial park with a development site allowing for over 515,000 square feet of warehouse/distribution and manufacturing space, is fully entitled and ground-breaking is scheduled for this summer on three freestanding buildings ranging from about 40,000 square feet to 250,000 square feet.

"With the scarcity of Class A industrial product in this corridor, we plan to begin construction on a speculative basis," said Brian Gagne, senior vice president of Investments for KTR Capital Partners.

In the Greenville, SC, market, TDI-Southchase, a partnership led by principals from Atlanta-based TPA Group, plans to begin construction this spring on a new 250,000-square-foot spec building on 40 acres in Southchase Business Park in Fountain Inn.

As of early last month, CoStars PPR forecasting and analytics company was tracking 160 new leases of more than 100,000 square feet for a total of 35 million square feet across the U.S.

New housing starts were up 18% in 2013, and construction growth will likely continue as household formation rises and existing inventory is absorbed.

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Demand for Industrial Space Projected to Top 250 Million Sq. Ft. in 2014

On Mar 7, 2014, we issued an updated research report on Apogee Enterprises, Inc. ( APOG ). The leader in technologies for design and development of value added glass products, services and systems reported an 18% increase in its third-quarter 2013 earnings to 33 cents per share. The improvement was particularly driven by improved mix and productivity in the Architectural Glass segment as well as increasing margins and good project execution.

For fiscal 2014, Apogee raised the lower end of its earnings guidance on the back of strong backlog at improving margins and project pipeline. Apogee now expects earnings in the band of 95 cents per share to $1.00 per share compared with the previous guidance of 93 cents per share to $1.00 per share. The company guides annual sales growth in the range of 10-11%.

Consolidated backlog at the end of the third quarter was $300 million. The company has maintained this level for six straight quarters. Approximately 45% of the backlog, or $136 million, is expected to be delivered in fiscal 2014, and the balance 55% or $164 million, in fiscal 2015. Apogee's backlog remains strong, which bodes well for its future performance.

Apogee targets $1 billion in revenues and 10% operating margins by fiscal 2016. Its focus on operational improvements, expansion in new geographies and markets, and new product launches will fuel revenue growth going forward.

Apogee remains focused on its strategy to expand its architectural framing systems segment through geographic expansion, new products and domestic acquisition. The company's acquisition of Custom Window Company, Inc., which makes aluminum window products, will enable it to better serve its customers in the Western U.S. and the historical renovation market nationwide.

Furthermore, the acquisition of Alumicor Limited, which finishes and fabricates aluminum frames for window, storefront, entrance and curtainwall products for the Canadian commercial construction industry, will help Apogee expand its presence in the Canadian non-residential market, and will also contribute to growth through new product introductions.

On the flipside, in the first three quarters of fiscal 2014, operating margins in the Architectural Framing Systems segment declined due to the lower sales in the window business because of an anticipated gap in the schedule for more complex projects, resulting in lower capacity utilization. Third-quarter capacity utilization across all architectural manufacturing businesses was 68% in the third quarter.

Low capacity utilization might continue to adversely impact the company's margins. If the company fails to achieve near-to-intermediate market share gains, it will be left with a large amount of idle capacity. This would negatively impact profitability and the return on invested capital (ROIC) for Architectural businesses.

Furthermore, macroeconomic conditions might be a headwind for Apogee's performance in fiscal 2014. Moderating global economic growth can limit Apogee's near-term revenue visibility.

Apogee currently carries a Zacks Rank #3 (Hold).

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Balanced Risk-Reward for Apogee - Analyst Blog

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The kitchen installers begin by using a level to mark the locations of the wall and base cabinets (Image 1). They also remove the cabinet doors to make the individual cabinet units easier to work with and install. The doors will be replaced once the cabinets are mounted in place. Additionally, the installers use a spade bit to drill a hole in the back of the upper corner cabinet to accommodate the electrical wiring for the under-cabinet lights that will be installed later.

The upper corner cabinet is installed first. It is lifted into place, and the preinstalled electrical wire is fed through the hole at the back of the cabinet. Next, the cabinet is attached to the wall (Image 2) using wood screws.

With the second cabinet lifted and held in place, the installers clamp it to the first cabinet using quick-release bar clamps (Image 3). This will hold it stable while it is being fastened to the wall and corner cabinet.

After making certain that the edges of the two cabinets line up perfectly, the installers drill a pilot hole through the framework, then secure the two cabinets together (Image 1) with stainless steel wood screws.

Once the second cabinet is adjusted so that it is perfectly level, the installers attach it to the wall (Image 2) using specialized 2-1/2" wood screws.

These steps are repeated for all of the cabinet units: placing the cabinet, leveling, pre-drilling and then securing to the adjoining cabinet with wood screws.

Before installing the last upper cabinet, the installers measure and cut filler strip for the gap between the side of the cabinet and the wall. The filler strip is glued to the cabinet using wood glue. A pilot hole is then drilled so that the filler strip can be further secured to the cabinet using wood screws (Image 1).

The installers hold the open-shelf unit against the corner cabinet (Image 2) and attach it using a nail gun.

They then re-hang two of the cabinet doors and make a few minor adjustments on the hinges to ensure that the doors hang and open properly.

For attaching crown molding at the top of the cabinets, measurements are taken and a width is decided on for the molding's overhang at the top of the cabinets. Strips of molding are cut precisely to length for each section of cabinet using a power miter saw. Installing the molding is a time-consuming process since each section must be carefully fitted and clamped before it is attached using both wood glue and nails.

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How to Replace Kitchen Cabinets : How-To : DIY Network

By Scott Murfey, Murfey Construction

Your home has been good to you. Its provided you with a place to sleep, eat, and entertain friends. Maybe its even given you a place to raise a family. But you have to ask yourself: has my home really given me everything it can? Most likely it hasnt. Chances are theres still a lot of untapped potential in those walls, that ceiling, and underneath that staircase. Here are some creative remodeling techniques that can do everything from increasing storage space to decreasing cleaning time to really upping your homes coolness factor.

Most likely theres an avid reader, a wine connoisseur, or someone with a shoe fetish in your householdor maybe theres all three. In other words, you could really use more storage space! If you have a two-story home, the solution might be right under your feet. Why not turn the space underneath your staircase into a bookshelf or a wine rack? Or if you are a dog lover, why not build Fido his own little dog house under therethat way you wont wake up your household with a squeak when you trip over his toy on the way to your midnight snack. Other creative ways to maximize storage space are building a platform into your guestroom where you can store your things while keeping it usable and installing baseboard drawers in the bathroom and kitchen. And speaking of kitchens, a kitchen island with drawers or an extra refrigerator can also create a lot of storage opportunities.

Weve made room to store everything; now wouldnt it be nice to also cut down on cleaning time? Lets start with the kitchen. If you have a big family, most likely you feel like youre constantly loading and unloading the dishwasher and taking out the trash. Now that you have the space, why not think about installing another dishwasher? And how about installing chutes in your kitchen for trash and recycling that funnel straight into the garage? On to the bathroom: One of the hardest things to do is remove that soap residue from the glass wall of your shower. Well, its not hard at all if you build a walk-in shower without a glass wall. And I want to leave you with two words: baseboard vacuum.

Now that all the practical stuff is taken care of, here are some remodels that will do more than help you keep up with the Joneses; they will help you run laps around them. First of all, do you have an attic? Why not turn it into a pillow room where your kids can have the best slumber parties ever, and you can use as a refuge to meditate, watch a movie, or curl up with one of the books from your stairway bookshelf. Speaking of bookshelves, if you install bookshelves on the door to one of your rooms, it will look like you have a hidden room. And if you have a really tall ceiling, you can stretch a hammock across it and swap out the ceiling above for a star-gazing sunroof.

Murfey Construction would love to help make your house more spacious, easier to maintain, and more enjoyable. For years we have built lifestyles. For more information on how we can help you with creative remodeling ideas to enhance yours, log onto http://MurfeyConstruction.com.

*These and more creative remodeling ideas can be found here.

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Creative Remodeling Ideas: Untap Your Homes Full Potential

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Photos by Katherine Frey/Washington Post Slava Lazebnikov, shown with his wife, Margarita, bought and installed the latest high-tech bathroom products in the couples home himself. Illustrates DESIGN-BATHS (category l), by Audrey Hoffer, special to The Washington Post. Moved Monday, March 10, 2014. (MUST CREDIT: Washington Post photo by Katherine Frey.)

Photo by FREY

A cast-concrete sink in the powder room has a piece of onyx lit from below. Illustrates DESIGN-BATHS (category l), by Audrey Hoffer, special to The Washington Post. Moved Monday, March 10, 2014. (MUST CREDIT: Washington Post photo by Katherine Frey.)

Homeowners giving bathrooms a 21st century update

WASHINGTON Slava Lazebnikov can set the water temperature of the shower from the living room, program a shower playlist while having dinner and lift the toilet lid while lying in bed.

After 15 years in his Rockville, Md., home, Lazebnikov said the bathrooms were outdated and needed something, well, a little splashy.

Now showering in the upstairs bathroom is a digital spa experience. Its really like in a carwash, he said.

Technology has become commonplace in many American homes particularly in the rooms where families consume their media, with devices that allow them to program their music and TV from their smartphones, and in the kitchen, with refrigerators that tell them when theyre low on milk.

But now its starting to catch on in the bathroom.

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Homeowners giving bathrooms a 21st century update

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House Siding Types of home sidings

When it comes to sidings for homes, there are many options. Each has its own advantages and disadvantages and is popular depending on the weather conditions prevailing in a particular area. The cost is also an influencing factor. Let us look at some of them: a). Aluminum and Vinyl Sidings Sidings made out of aluminum or vinyl score over others due to their low maintenance and the fact that they do not necessarily require painting. The only disadvantage is wear and tear over a period of time with aluminum sidings developing dents and the vinyl ones developing cracks. b). Masonite Sidings & Hardy Planks These sidings look similar but have different maintenance requirements. Masonite sidings tend to deteriorate faster and require regular upkeep whereas the Hardy planks by virtue of being made of cement do not rot and is a very good substitute for Masonite. c) Brick or Stone Sidings These are excellent alternatives and are superb in terms of their durability. The only hitch is the cost and if you can afford them, they are the best option. d) Stucco This type of siding is manufactured out of cement and the greatest advantage it offers is it is moisture proof. Depending on the weather conditions in your city, you can opt for this one. It will however require regular upkeep. e) Cedar sidings This is another excellent alternative to Masonite sidings due to its low maintenance and better looks. f) Veneer & Artificial sidings These sidings portray the look of other natural...[Read more of this review]

Siding is a simple yet great way to perk up the look of your home. This is for the reason that as soon as one enters your place siding catches his attention and only if it is attractive it can do miracles for your home. A great thing is that you can find various types and kinds of sidings. Homeowners who wish to revamp their exterior can make use of sidings just of the exact style and look as they like best. You can have a number of materials such as vinyl, aluminum, brick, wood, stucco and synthetic cement, etc. for your siding. All these materials are great and are available in stunning styles, allowing you to customize your home just as you wish.

Generally, wood is extensively used for various home exteriors. You can find wood siding in both long slats as well as in shingle form. In terms of durability, natural wood has a longer life and has a very elegant appeal. Not only this, wooden sidings are also easy to maintain. Another option can be Stucco and synthetic cement. No matter if you go for traditional or synthetic stucco both prove to be extremely useful for all weather conditions. Furthermore, Vinyl siding can provide you with a great home solution which is affordable as well as long lasting. You can paint in endless colors and it can beautify your home as you wish.

To be able to make the best siding, it is extremely essential to find and hire the best siding installation contractor. A professional contractor can make this tiresome task extremely easy and effective for you. Being an expert in this field, he is in a position to provide you with the best siding solutions thus giving you maximum return on investment.

Here are 5 quick tips which can help you to hire the best siding installation contractor:

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TettoGress Ceramic Roof Tile Installed by EZ General Roofing
Jennifer Fresard, Representative of TettoGres Ceramic Roof Tile interviews Ney Dias, President of EZ General Roofing on his experience installing the very fi...

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