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CirexNews - CRE and Investment News | |||||||||
This Week - Notes - Search - Index - Share ...Full Story HereRalph Kamps Editor CirexNews 608.345.2880 Ken Harwood Publisher CirexNews 608.334.2174 This Weeks Articles for 4/16/2024 ...
Properties, professionals and SponsorsApril Lease Asking RatesCirex 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... | |||||||||
Taking a Closer Look at the Wave of Corporate HQ Relocations | |||||||||
The corporate headquarters relocation pipeline from California to Texas was a well-worn story during the pandemic’s early days. The relocation of numerous Silicon Valley companies into the Lone Star State became a point of significant pride for Texans. Recent reports show corporate headquarters relocations have notably cooled. With the dust settled on major moves within the past few years, an analysis of these relocations shows how much Texas and other states gained. However, the complete picture of corporate headquarters relocations is a bit more nuanced. CBRE recently analyzed U.S. corporate headquarters relocations by reviewing about 500 publicly announced relocations between 2018 and 2023, ranging from start-up enterprises to Fortune 500 firms. The five-year period was highly active for these moves, with 465 relocations identified since 2018. Relocations peaked at 137 in 2023 and have cooled since then. Texas attracted the most HQ moves between 2018 and 2023 (209), with Austin (66), Dallas (32), and Houston (25) being the big winners. The cities that lost the most headquarters offices were San Francisco/San Jose (79), Los Angeles (50), and New York City (21)... RSK: Relocation/Migration to Texas and Florida is not without it`s drawbacks....but so far the pluses far outweigh the negatives. AI is slowly bringing back Silicon Valley however. Ken Notes: Both Madison and Milwaukee have a lot going for it. We need to market the recreation, water access, food, entertainment, and more... WARF and RP I and RP II could help... | |||||||||
ABSTRACT Commercial Real Estate LLC | |||||||||
See All Listings Here......Full Story Here | |||||||||
America is full of abandoned malls. What if we turned them into housing? | |||||||||
Converting malls could create hundreds of thousands of badly needed homes.Amy Casciani, a longtime real estate developer whose corporation built housing across seven states, watched her local community struggle for years to add new homes. Casciani grew up in upstate New York, in a suburban town outside Rochester. She eventually started a family and raised her children there, and in the early 1990s, a new mall opened up, bringing over 100 new stores including anchor retailers like Sibley’s, J.C. Penney, and Sears. The mall was a proud boon to the town of Irondequoit, and a go-to spot for teenagers to hang out. “Hands down the most attractive shopping mall in the area,” an editorial for a newspaper serving Albany declared. “From its blue Legolike entrances and splashing fountain to its light-trimmed glass roof, columns and carousel, the mall exudes carnival gaiety.”... RSK: As the article said, zoning is one of the issues here. I believe the city of Madison would work with developers to accommodate this but at what cost? | |||||||||
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. | |||||||||
RTO Trends Upward As Over 80% Of Landlords See Uptick In Office Lease Renewals | |||||||||
Nationwide office visits in March were at some of the highest levels since the onset of the pandemic, according to a new report that coincides with fresh data indicating the vast majority of office landlords are seeing more lease renewals. March office visits were down just 32.7% compared to March 2019, according to a new Placer.ai report. Only August 2023, which included two more working days than March, and October 2023 featured higher visitation rates, with 31% and 32.2% drop-offs from the March 2019 baseline, respectively. Miami and New York retained leads in office visit recovery, with
respective visit gaps of 14.1% and 17.2% compared to the baseline. The
national visit gap year-over-year dropped slightly, from a 36.3% decline
in March 2023 to a 32.7% drop in March 2024. RSK: Leasing and RTO up? We shall see. WHen owners have to renw mortgages and interest rates increase, will they bump their lease rates up tro cover the increase? Will tenants accept the increase? | |||||||||
The Gialamas Company, Inc. | |||||||||
See All Listings Here......Full Story Here The Gialamas Company`s premier development. The park has over 57 buildings containing 200+ companies, occupying over 3.0 million square feet. | |||||||||
The Flight Is Justified: The Priciest Offices Have Higher Foot Traffic | |||||||||
If a company takes space in one of the priciest office buildings on the market, will it actually make their employees come to work more often? The simple answer is yes. In 25 Manhattan buildings that signed at least three leases for $100 per SF or more last year, foot traffic is approximately 10% higher than the rest of Manhattan’s office stock, according to an analysis by Placer.ai provided to Bisnow. The desire to find an office space that employees will want to use has drawn more companies to the most expensive buildings, with 196 Manhattan office leases signed last year at $100 per SF or more, an all-time high, according to JLL. The new foot traffic data validates the flight-to-quality narrative that brokers have repeated since the onset of the pandemic. ...Full Story HereRSK: Interesting...but for how long? | |||||||||
Key Commercial Real Estate, LLC | |||||||||
See All Listings Here... | |||||||||
Relationship Between Office Visits and Occupancy | |||||||||
Highlights:
RSK: I like their method of calculation on office visits compared to office occupancy....good graphics. | |||||||||
RASCW Events | |||||||||
Good Schools,
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Investors Associated | |||||||||
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. | |||||||||
Building Designers Prepare for a Windy Future | |||||||||
The effects of climate change extend beyond rising temperatures. New studies reveal that climate change is intensifying "straight-line thunderstorm winds", posing a growing threat to buildings and their occupants. Building designers will need to prioritize protection against these increasingly common high-wind events. Last year, San Francisco buildings suffered significant window damage during an "atmospheric river"... ...Full Story Here RSK: Some interesting concepts. The problem with wind is its unpredictability but I must say, the windiest place I have been to with the most consistency is the Odana Dog Park on the hill behind Hy-Vee...woofda....hang on to your pups fur! | |||||||||
CARW 2023 Events and Resources | |||||||||
CARW Wisconsin
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The Most Insightful Hour in CRE - Part 17 with Dr. Peter Linneman | |||||||||
Willy was once again joined by Dr. Peter Linneman for the Most Insightful Hour in CRE – and if you didn’t catch it live, you’re going to want to tune into th... ...Full Story Here RSK: Whatever you do....find some time to listen to this if only in bits and pieces. | |||||||||
Mullins Group LLC | |||||||||
See All Listings here... | |||||||||
Available U.S. Office Space Tops 1B SF For First Time | |||||||||
Overall available office space in the U.S. reached a new high-water mark in the first quarter, topping 1.2B SF, according to new data from Avison Young. Representing 23.7% of the office inventory in the country, that number consists of direct and sublease availabilities and is a record at least in this century, by Avison Young`s count. There were slumps in office leasing activity in the aftermath of the dot-com bubble and the Global Financial Crisis, but they weren`t as pronounced as today`s and were of an entirely different nature, according to AY U.S. President Harry Klaff... RSK: Remember, this is not spread out evenly over the US. Some pocket areas such as NYC, LA, San Fran, have much higher rates than say Madison, WI. | |||||||||
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 | |||||||||
Squatting Epidemic Pushes States To Protect Property Owners | |||||||||
There has been a lot of attention being paid lately to squatters, thanks in part to one man. Flash Shelton (aka the Squatter Hunter) has become a bit of a minor celebrity for his... ...Full Story Here RSK: I believe Wisconsin says you have to be in a place for 30+ days to call for squatters rights. Regardless, people should have the right to their property no matter how long it is vacant... | |||||||||
St. John Properties | |||||||||
See All Listings Here......Full Story Here | |||||||||
Atlanta Industrial Vacancy Soars Despite Increased Tenant Activity | |||||||||
Companies leased more Atlanta industrial space to start 2024 than they did the year before, but the uptick in activity wasn`t enough to keep the market`s rising vacancy in check. The vacancy rate for Atlanta-area industrial space shot up to 8.4% at the end of the first quarter, a steep increase from 5.2% during the same period in 2023, according to new data from Savills. RSK: Even Industrial has a bit of rising vacancy. One more rate hike is very plausible. | |||||||||
Reinhart | |||||||||
With the largest Real Estate Practice of any law firm in Wisconsin, Reinhart offers clients custom-tailored real estate insight. | |||||||||
Vietnam sentences real estate tycoon Truong My Lan to death in its largest ever fraud case | |||||||||
A Vietnam court has sentenced real estate tycoon Truong My Lan to death in the country’s largest financial fraud case ever, state media Thanh Nien saidHANOI, Vietnam (AP) — Real estate tycoon Truong My Lan was sentenced Thursday to death by a court in Ho Chi Minh city in southern Vietnam in the country`s largest financial fraud case ever, state media Thanh Nien said. ...Full Story HereThe 67-year-old chair of the real estate company Van Thinh Phat was accused of fraud amounting to $12.5 billion — nearly 3% of the country’s 2022 GDP. She illegally controlled the Saigon Joint Stock Commercial Bank between 2012 to 2022 to siphon of these funds through thousands of ghost companies and by paying bribes to government officials. Lan`s arrest in October 2022 was among the most high-profile in an ongoing anti-corruption drive in Vietnam that has intensified since 2022. The so-called Blazing Furnace campaign has touched the highest echelons of Vietnamese politics. Ken Notes: WOW! | |||||||||
Wisconsin Commercial Real Estate | |||||||||
See All Listings Here......Full Story Here | |||||||||
Why we expect a price recovery in commercial real estate | |||||||||
Key takeawaysChain reactionLower interest rates should help lower real estate debt costs and start a chain reaction for a recovery in prices. Lower borrowing costsLower interest rates should, in turn, reduce cap rates, which should result in higher real estate prices. Future rent growthImproved tenant confidence and a sharp reduction in new supply should drive rent growth starting next year. ...Full Story Here | |||||||||
Park Towne Realty LLC | |||||||||
See All Listings Here... | |||||||||
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 | |||||||||
Madison Commercial Real Estate LLC | |||||||||
SEE ALL LISTINGS HERE...Full Story Here | |||||||||
WeWork Says `Majority` Of Rightsizing Is Done, Sets May Target To Exit Bankruptcy | |||||||||
Coworking giant WeWork has determined its path forward on 90% of its approximately 500 global locations and is working to emerge from Chapter 11 bankruptcy in the U.S. and Canada by the end of May, it said in a release Tuesday. The company said it reached agreements with landlords to amend 150 leases, although some of the contracts have yet to be executed, and it will maintain its leases at another 150 locations without changes to lease terms. Another roughly 150 locations will be shuttered through lease rejections or exits negotiated with its landlords. The future of around 10% of WeWork’s global portfolio, or around 59 locations, remains in flux. But Peter Greenspan, the firm’s global head of real estate, told Bloomberg Tuesday that WeWork staff was “spending a lot of time with landlords … trying to find ways for us to maintain our presence in the buildings.” RSK: Kudos to them if it actually works out...just keep Adam out of it. | |||||||||
Properties for Lease or for Sale By Company | |||||||||
...Full Story Here | |||||||||
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 |