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CirexNews - CRE and Investment News | ||||||||||||
![]() This Week - Notes - Search - Index - Share ...Full Story Here![]() Ralph Kamps Editor CirexNews 608.345.2880 Ken Harwood Publisher CirexNews 608.334.2174 This Weeks Articles for 5/31/2023 ...
Cirex News is emailed weekly to over 2,000 CRE Brokers/Agents and people interested in commercial real estate. Email Ralph or call 608-345-2880 to feature your business or properties in CirexNews... ![]() | ||||||||||||
Dane County Regional Airport to open new south terminal expansion | ||||||||||||
![]() MADISON, Wis. (WMTV) - The Dane County Regional Airport will be opening a new south terminal to pave the way for more flights, larger planes and more. The south terminal will officially be opened June 5 in anticipation of the first flight from the terminal the next day, the airport announced. Dane County Executive Joe Parisi, Airport Director Kim Jones and local leaders will hold a media event June 5 to cut the tape on the terminal. The airport began construction in 2021 on the $85 million project to expand the airport and allow for more and bigger flights... ...Full Story HereRSK: Good news for Greater Madison! MSN airport is very well run. ![]() | ||||||||||||
Artis REIT | ||||||||||||
![]() Madison Office Lifestyle Portfolio is a portfolio of 16, Class A amenity-rich office properties ranging from 14,000 square feet to over 300,000 square feet in size, and is home to over 130 tenants. Nine of the properties are located in Greenway Office Center, a 325,000 square foot retail and specialty development, with just under 40 shops and restaurants within walking distance of all properties. Six of the properties are located in the City Center West Office Park, which is five minutes east of Greenway. This office park has 17 restaurants within walking distance and is minutes from the West Towne Mall, one of the largest enclosed malls in Madison with over 130 retailers, specialty shops, and restaurants. The remaining property is located in Westfield Center, directly across the street from West Towne Mall. ...Full Story Here ![]() | ||||||||||||
Amazon pulls back from planned Bridgeport warehouse previously opposed by community groups | ||||||||||||
![]() A planned Amazon warehouse in Bridgeport that faced community opposition when the project was reviewed by city officials in 2020 has been made available for sublease by the company. Amazon signed a deal for the Bridgeport site in 2020, according to CoStar. Its lease on the 112,000-square-foot facility at 2420 S. Halsted St. began in August 2022. According to planning documents, Amazon had planned to operate the facility as a distribution center. ...Full Story HereRSK: Looks like Amazon has changed its mind on many last mile warehouse/distribution and banking on larger facilities at the moment...but things could change. Ken Notes: Kohl`s seems to still be a bargain with built in storage and distribution. I wonder if Amazon will make an offer? ![]() | ||||||||||||
ABSTRACT Commercial Real Estate LLC | ||||||||||||
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These are the amenities renters prefer most | ||||||||||||
![]() The strong appeal of single-family rentals comes both from renters by choice looking for convenience and from would-be home buyers who have, for one reason or another, been shut out of the for-sale market, according to Kelly Mangold, principal with RCLCO... Dive Brief:
RSK: These amenities keep changing as years and different generations come into play. Cost is still the number 1 factor. More of a wish list than an actual "I will pay more for these amenities"... ![]() | ||||||||||||
June Lease Asking Rates | ||||||||||||
RSK: Copy of the June Lease Asking Rates where landlord pays some or all CAM. ![]() | ||||||||||||
Commercial Real Estate Summit 2023 | ||||||||||||
![]() Join us for engaging presentations and updates from our local governments, conversation on Commercial Real Estate in Dane County and beyond. Thursday, June 22, 2023 (1:00 PM - 6:00 PM) (CDT)Friday, June 23, 2023 (12:00 AM - 4:00 PM) (CDT)
Concourse Hotel
1 W. Dayton Street Madison, WI 53703 United States Paid parking can be found W. Dayton & N. Carroll or E. Dayton & N. Pickney ![]() | ||||||||||||
When Will CRE Deals Rebound? | ||||||||||||
![]() It will get worse before it gets better. But ULI’s latest forecast sees an improvement over the next couple of years.As concerns about a recession grow and headwinds for some CRE investors turn into downturns, the Urban Land Institute’s latest semi-annual Real Estate Economic Forecast provides a longer-term view than most such forecasts. And despite high inflation, much of the forecast is positive—though there’s more pain in the meantime. For example, ULI’s analysis predicts that GDP growth and CRE transaction volume, both currently under their long-term averages, will be exceeding those averages by 2025... RSK: LIke anything, it takes time to settle down all the forces of change. Eventually all the factors involved in cre will come together. Rates are up but then asking prices may drop some until it all settles down. This crystal ball sees a return to a new normal in a few years. ![]() | ||||||||||||
Investors Associated | ||||||||||||
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See All Listings Here......Full Story HereOne area of expertise for Investors Associated is first class property management. To keep our properties running smoothly, we focus on the little things with the big picture in mind. Our team is comprised of a group of individuals that oversees the day-to-day operations such tenant retention, lease negotiations and property maintenance costs. Bottom line, if you’re not happy, we’re not happy! Check out our properties today and see why you should lease with us. ![]() | ||||||||||||
Gen Z: How a world-changing generation is set to transform the workplace. | ||||||||||||
![]() Gen Z will make up 27% of the workforce by 2025, and they bring with them a unique set of talents and insights. They are digital natives who have never known a time without the internet. They are strident when it comes to ethics (and they want their employer to be too), and while the paycheck is important to them, there is a lot more that enters the equation when choosing a role. “In a recruitment world that increasingly values skills over qualifications, Gen Z has much to bring to the table,” says IWG CEO Mark Dixon. “By better understanding them, we can begin to understand what the future holds for business.”... RSK: A bit of an advertorial but a good read on Gen Z and what they want in office nspace and how they want to work. The future of the office sector. ![]() | ||||||||||||
Wisconsin Commercial Real Estate | ||||||||||||
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Thinking Inside The Box: Data Centers Offer Creative Revenue Streams For Some Stressed Office Buildings | ||||||||||||
![]() There is a growing need for digital infrastructure, driven by near-universal internet access, mobile phone subscriptions, smartphone-based applications and even adoption of artificial intelligence, according to recent research... ...Full Story Here RSK: This has some potential to put a small chink into the office market vacancy problem but not a cureall that`s for sure. ![]() | ||||||||||||
CARW 2022 Events and Resources | ||||||||||||
![]() CCIM | SIOR Golf Outing – The Legend at Merrill HillsJoin Wisconsin’s premier commercial real estate designees for an exciting and unique networking opportunity and a fantastic day of golf on Monday, June 5th. Golfers of all skill levels are invited to network with CCIM and SIOR Designees, Candidates, and CRE industry professionals. Bring a foursome or come on your own and let us introduce you to some new colleagues. Proceeds benefit the CCIM & SIOR scholarship funds. This is a scramble event. 10:30 AM: Registration | 12:00 PM: Shotgun Start | 5:00 PM: Reception… ...Full Story HereKen Notes: Thank you Tracy Johnson President and CEO of CARW for keeping me in the loop. ![]() | ||||||||||||
The Gialamas Company, Inc. | ||||||||||||
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See All Listings Here......Full Story HereThe Gialamas Company`s premier development. The park has over 57 buildings containing 200+ companies, occupying over 3.0 million square feet. ![]() | ||||||||||||
What Office Users Want in Flex Space Now | ||||||||||||
![]() JLL’s Jacob Bates on the growth of new product types in the sector.Companies of all sizes have been growing their flex office footprints in the past few years. Today, providers are seeing improved occupancy rates approaching pre-pandemic levels, according to CommercialEdge data. CBRE research found that demand from medium- and large-sized companies is bound to help the flexible office market scale even further in the future. Meanwhile, JLL expects the amount of flex spaces to increase and the monetization of the product for investors to return to pre-pandemic levels or higher in 2023.
RSK: Do not confuse flex space with ...it is what is taking shape in the office sector right now.space...they are two separate entities but are often combined. It can be within one`s own company or several companies sharing the amenities spaces... ![]() | ||||||||||||
RASCW Events | ||||||||||||
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New Properties | ||||||||||||
![]() Warehouse Building For SaleLooking to expand or in need of more space? With over 20,000 sqft footprint and ceiling height range from 24 ft -28 ft high, space is not a problem! This well-built building provides two bathrooms, 6 Exterior overhead doors, and insulated for conditioned space all year long storage. Two loading docks are located on the South side of the building. With 2.5 acres there is plenty of room for expansion and parking. Currently leased with established tenants and great cash flow with the NNN lease. This well-maintained building is fit for all of your commercial needs or provides a great investment opportunity. Nelson Road Business Center6000 SF with dock loading. 95% food grade. Former R&D facility with 480v power. Nelson Road Business Center is located at the far-east side of the City of Madison, in Dane County. Thebusiness center is one-half mile east of Highway 151 and Nelson Road Intersection and one-half mile north of the Intersection of Highway 151 and I-90, I-39, I-94....Full Story Here ![]() | ||||||||||||
St. John Properties | ||||||||||||
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Companies Scale Back Their Logistics Ambitions Amid Industrial Slowdown | ||||||||||||
![]() ...Full Story Here RSK: The scale back is real...even Amazon has stopped plans for many last mile delivery distribution centers.Companies are finding out that it is easier and p[ossibly less expensive to hire this out to logistic companies. ![]() | ||||||||||||
Key Commercial Real Estate, LLC | ||||||||||||
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Office Loan Losses Could Reach 8% | ||||||||||||
The weekly worker occupancy report from Kastle Sytems, a building-access swipe card provider, shows the number of workers in offices in the 10 largest U.S. cities plateauing at about 49% the past few weeks. .. ...Full Story Here RSK: It is not all smoke and mirrors ...once you clear the smoke you can see that well positioned and higher class buildings will survive. But there will be some losses. ![]() | ||||||||||||
Colliers International | ||||||||||||
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Small-time multifamily investors go belly-up | ||||||||||||
![]() Interest rate hikes crush syndicators and their investorsCommercial real estate investors have been suffering under the weight of rising interest rates, but the pain is acute for some small-time multifamily players. Small investors are losing mounds of cash after bets on the rental market were soured by the Federal Reserve’s fiscal policy, the Wall Street Journal reported. Some are losing their life savings after trying to grab a piece of the multifamily pie... RSK: I do not believe this is the case in our market...at the moment. Small or big time investors and syndications can go belly up if too highly leveraged, short term loans and high up front fees coupled with bad management practices. Again, always do your homework and do not invest needed funds into these types of investments. Normally, there are good returns if you have good syndicators and management. ![]() | ||||||||||||
ARTIS REIT / Madison Lifestyle Office Portfolio | ||||||||||||
Madison Lifestyle Office Portfolio comprises 14 Class A properties totaling over 1.7 million square feet of leasable area and an additional 8.3 acres of development land. The portfolio is located on the west side of Madison, Wisconsin. ![]() | ||||||||||||
Office to Multifamily Conversions – how attractive is this conversion strategy for Commercial Real Estate (“CRE”) investors? | ||||||||||||
![]() As the pandemic and the shift to remote work reduce the demand for office spaces, the global rate of speculative-grade investment in office buildings rose from 2.6% in November 2021 to 2.8% in December 2021 and is projected to reach 5.1% by the end of 2023. At the same time, office property valuations in some markets fell to 45% from 28% due to declines in rents, occupancy and rentals. Tighter financial conditions also make it harder for investors to find financing or reinvest in office space. These conditions may cause some investors to move to multifamily or other desirable and profitable properties. ...Full Story Here RSK: This is a very risky investment in my estimation. Try to find lending for the build out, plus holding cost while it`s being worked on. You will need to buy the office building at a low price in order to make this work. Possibly, tax incentives might play a role. ![]() | ||||||||||||
Commercial Brokers Group | ||||||||||||
![]() Thanks to our sponsor, JP CULLEN, for hosting our afternoon social following CE-2 on Wednesday, June 14, 2023 at the US Bank Building, 1 South Pinckney Street, Madison. The CE portion will be held in the US Bank Plaza Conference Center followed by our meeting/happy hour outside on the US Bank Terrace. The schedule is:
Hey Ralph and Ken – I’ve updated the website & Eventbrite, but thought I’d better give you a heads up in case you publish in CIREX, etc. – Our 6/14/23 afternoon CE & meeting/happy hour that was supposed to be at Camp Randall has been moved to US Bank Plaza, 1 South Pinckney Street. Apparently, there was a scheduling conflict with Camp Randall, and JP Cullen is sponsoring us at US Bank instead. The board is still seeing if we can have a future meeting at Camp Randall, though! Thanks.
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Reinhart | ||||||||||||
With the largest Real Estate Practice of any law firm in Wisconsin, Reinhart offers clients custom-tailored real estate insight. ![]() | ||||||||||||
Are Suburban Offices Strengthening Their Comeback? | ||||||||||||
![]() "The biggest trend...will be the urbanization of suburban spaces," predicts Ralph Zucker of Inspired by Somerset Development.The appeal of improved work-life balance, more cost-effective housing alternatives and the opportunity to easily access nature and outdoor spaces have all served as driving forces behind individuals’ decision to relocate to smaller cities or suburban areas. Today, many Americans enjoy the flexibility that comes with their
newfound lifestyle. And although they no longer want to waste time on
long commutes, they still long for in-person interactions and need
dynamic office spaces that boost their productivity and creativity. This
has been fueling demand for suburban offices across the country, strengthening the sector’s comeback following the pandemic. ,, RSK: Metroburbs, as the author has named them, will probably fare better than CBD offices. The mixing in of lifestyle amenities and short commutes is promising. ![]() | ||||||||||||
Mullins Group LLC | ||||||||||||
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Food Fight | ||||||||||||
![]() Food Fight is a locally owned and operated restaurant group with an ever-growing family of unique and diverse restaurants in the greater Madison area. Founded in 1994 by Monty Schiro of Monty’s Blue Plate Diner and local real estate investor Peder Moren, Food Fight Restaurant Group combined their creative vision and business sense with a mission of providing the best possible service and experiences for the greater community. Food Fight gift cards make a great gift for anyone![]() ![]() | ||||||||||||
Park Towne Realty LLC | ||||||||||||
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Knight Barry Title Group | ||||||||||||
With over 350 experienced real estate professionals, Knight Barry provides exceptional support and service. Visit our website for more information about our 50+ commercial and residential offices throughout
Wisconsin, Michigan, and Minnesota. MADISON: 2450 Rimrock Road, Suite 204, 608-255-2700 CAP SQUARE: 44 E. Mifflin Street, Suite 101, 608-255-2700 ![]() | ||||||||||||
Crown Commercial Real Estate/Development, LLC | ||||||||||||
Offering real estate services and design-build construction solutions for growth oriented clients... ![]() | ||||||||||||
The Purpose and Power of Letters of Intent | ||||||||||||
![]() Question: Answer: The LOI may begin the negotiations between the parties. The broker can give a general statement about what the LOI, but the seller may very well want to discuss this with their legal counsel. LOIs give potential parties to a commercial transaction a nonbinding way to propose terms for a possible future transaction. An LOI is an agreement to agree in the future. Under Wisconsin law, an agreement to agree is not an enforceable contract. An LOI reflects the parties’ preliminary negotiations and provides a tangible indication that the parties are serious about entering into a potential transaction in the future. It gives the parties a nonbinding picture of what a transaction between the parties might look like and may give them a sense of possible key terms. An LOI can be used to propose a purchase price and earnest money amount in a contemplated sale or a rent amount and basic lease terms in a contemplated rental. An LOI presents an opportunity to see if the parties can even agree on basic business and economic issues without an intention to be bound. LOIs are not binding. Neither party is required to proceed even if they were able to agree on basic terms in the LOI. The parties do not have an enforceable contract unless they proceed to actually enter into a lease or offer... ...Full Story Here ![]() | ||||||||||||
Properties for Lease or for Sale By Company | ||||||||||||
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About CirexNews.com | ||||||||||||
![]() Ralph Kamps Editor CirexNews 608.345.2880 Ken Harwood Publisher CirexNews 608.334.2174 Cirex News is emailed weekly to over 2,000 CRE Brokers/Agents and people interested in commercial real estate. It is online at CirexNews.com. All of our articles are archived and searchable. So a search for "opportunity zone" will bring up dozens of articles on the subject. In our weekly News & Views you can promote your clients properties and your services call 608-345-2880 for details... ...Full Story Here![]() |