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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 October Lease Asking RatesThis Weeks Articles for 10/15/2024 ...
New Listings
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... | ||||||||||||||||||||||||||||||||||||
Hilldale to welcome four new businesses | ||||||||||||||||||||||||||||||||||||
MADISON, Wis. (WMTV) - Hilldale will welcome four new businesses as part of an expansion in the former space of an AMC Theater. The shopping center announced Tuesday that businesses Warby Parker, Sephora, Sweetgreen and Jaxen Gray will all open in the coming months. AMC Madison 6 closed at the end of 2022, making way for the new 40,000-square-foot expansion. General Manager of Hilldale Nanci Horn said the announcement is an exciting kickoff to the expansion. RSK: Hilldale, being one of the first malls in Madison, has survived all the ups and downs of the retail sector. This is mainly due to its management team and the willingness to adapt....the location doesn`t hurt things either... Ken Notes: It is all about the destination and the energy when you get there. Hilldale is not a mall it is a destination. | ||||||||||||||||||||||||||||||||||||
ABSTRACT Commercial Real Estate LLC | ||||||||||||||||||||||||||||||||||||
See All Listings Here......Full Story Here | ||||||||||||||||||||||||||||||||||||
Strong September Jobs Report Dims Hope For Another 50-Basis-Point Cut | ||||||||||||||||||||||||||||||||||||
The job market was stronger than expected in September, but that could mean bad news for commercial real estate pros hoping that interest rates drop quickly. The U.S. added 254,000 nonfarm payroll jobs in September, and unemployment decreased by 0.1% from August, per the latest jobs report from the Bureau of Labor Statistics. But that could spell discontent for CRE if the strong employment data takes away incentives for another interest rate cut. The leisure and hospitality, healthcare, and social assistance and government sectors — all sectors that occupy office buildings — saw the most job growth during the quarter, CNBC reported. But manufacturing and warehouse industries saw jobs shrink amid a sluggish year for industrial leasing... RSK: Sort of misleading since most of those jobs were government and hospitality. | ||||||||||||||||||||||||||||||||||||
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 Distress Nearly Triples in the Last 18 Months – Reaches New Peak | ||||||||||||||||||||||||||||||||||||
The overall CRED iQ distress was flat to our September 5th print at 9.1% remaining at a record high. CRED iQ’s special servicing rate increased to 8.4% from 8.0% last month, while the CRED iQ delinquency rate, consistent with the distress rate, came in flat at 6.8%. Most noteworthy change was the Office Distress reaching its new peak at 14.8%, a 156% increase from 18 months ago when distress rates were only 5.8%. The CRED iQ team evaluated payment statuses reported for each loan (securitized by CMBS financing), along with special servicing status as part of our monthly distress update... ...Full Story Here RSK: It is not just the office sector but hotels and self storage delinquencies are on the rise. | ||||||||||||||||||||||||||||||||||||
Reinhart | ||||||||||||||||||||||||||||||||||||
With the largest Real Estate Practice of any law firm in Wisconsin, Reinhart offers clients custom-tailored real estate insight. | ||||||||||||||||||||||||||||||||||||
America`s offices are about to see a wave of distress that could result in a billion square feet of fresh housing supply | ||||||||||||||||||||||||||||||||||||
A seismic event is brewing in a corner of the commercial real estate market , with many office buildings facing distress as they approach a wall of maturing debt and struggle against enduring work-from-home trends. Those factors — which have left some of the worst office buildings nearly deserted — are about to spark a handful of fire sales, potentially kicking off a wave of office-to-apartment conversions that will add more housing supply to the pipeline, real estate pros said. Richard Barkham, the chief global economist of commercial real estate investment firm CBRE, says he sees an upheaval of Class B office buildings — a segment of office properties that struggle to attract tenants, mainly due to being older and in need of renovation... ...Full Story HereRSK: Well, I always said I like re-use of property. | ||||||||||||||||||||||||||||||||||||
Madison Commercial Real Estate LLC | ||||||||||||||||||||||||||||||||||||
Need to sublet extra office space?Let our years of experience help you find relief from this excess space and help your bottom line"Call Ralph Kamps 608-345-2880Warehouse / Office Building for SaleCommercial Space for Lease – PortageSEE ALL LISTINGS HERE...Full Story Here | ||||||||||||||||||||||||||||||||||||
Inside Cosm, The Viral Entertainment Venue That Wants To Change How The World Watches Sports | ||||||||||||||||||||||||||||||||||||
Cosm is difficult to explain in words. During a screening of the Sept. 28 Louisville-Notre Dame college football game, fans throughout the three-tiered stadium seating at Cosm Dallas FaceTimed with friends and family to offer a glimpse of the spectacle, letting the video do the talking. The 87-foot diameter, 12K LED dome screen put patrons so close to the action that they jumped back when players came barreling toward the screen. But instead of braving the elements at rainy Notre Dame Stadium in South Bend, Indiana, supporters of the Cardinals and the Fighting Irish watched from the climate-controlled comfort of plush seats, served by a full waitstaff offering up wagyu burgers and pork belly banh mi alongside a full menu of signature cocktails. “I think it’s an awesome experience,” Notre Dame fan Patrice Murphy said of her and her husband’s first impression. “It’s better than being there.” ... RSK: Would you lease to this concept? I would...is it any different than pickleball indoor courts which is the latest craze? | ||||||||||||||||||||||||||||||||||||
Commercial Brokers Group | ||||||||||||||||||||||||||||||||||||
Why the U.S. is covered in strip malls | ||||||||||||||||||||||||||||||||||||
U.S. adults make about 1.3 billion visits to shopping centers each month, or roughly 62 trips per person annually, according to the International Council of Shopping Centers. More of those consumers are going to strip malls. While some outlets like traditional malls have struggled to retain shoppers, foot traffic to strip malls is booming. Annual visits to strip malls surged 18% last year compared with prior to the pandemic, according to data compiled by analytics company RetailStat... ...Full Story HereRSK: Strip Malls, especially well located and well kept ones, have almost no vacancy. Same within our Metro Area. | ||||||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||
US looks to resurrect more nuclear reactors, White House adviser says | ||||||||||||||||||||||||||||||||||||
NEW YORK (Reuters) -The Biden administration is working on plans to bring additional decommissioned nuclear power reactors back online to help meet soaring demand for emissions-free electricity, White House climate adviser Ali Zaidi said on Monday. Two such projects are already underway, including the planned recommissioning of Holtec`s Palisades nuclear plant in Michigan and the potential restart of a unit at Constellation Energy`s Three Mile Island plant in Pennsylvania, near the site of the worst nuclear accident in U.S. history.. RSK: This would be a boon to more data centers and their power hungry needs. I wonder how the Point Beach Nuclear Plant in WIsconsin fits into all this. | ||||||||||||||||||||||||||||||||||||
CARW 2023 Events and Resources | ||||||||||||||||||||||||||||||||||||
CARW Deal of the Year Awards EventOctober 23 @ 4:00 pm - 7:30 pmThe Deal of the Year Awards & Annual Meeting recognizes the most notable commercial real estate professionals and transactions in Wisconsin. The awards event was created to highlight accomplished CARW REALTOR® members who have displayed exceptional achievement in sale and/or lease transactions. ...Full Story HereKen Notes: Thank you Tracy Johnson President and CEO of CARW for keeping me in the loop. | ||||||||||||||||||||||||||||||||||||
Chicago Office Buildings Trade for Less, Development Slows | ||||||||||||||||||||||||||||||||||||
Find out the latest updates on this market, according to CommercialEdge data.Chicago’s office fundamentals didn’t show signs of improvement year-over-year through August, except for its sales volume, which has increased since last year. Developing headwinds continue to put pressure on the sector and some owners are trying to minimize their exposure, leading to swaths of office space being divested. Others look to conversions as a means to address the fundamental shift in how office buildings are utilized and repositioned. Far from being a catch-all solution to the sector’s woes, office-to-residential redevelopment can be a good avenue for some owners to capitalize on these shifting trends... See Also:
RSK: Chicago`s office market is going through some rough times but may bottom out soon. BUT there is big money in big parking. | ||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||
7-Eleven shuttering 444 North American stores amid strategic pivot | ||||||||||||||||||||||||||||||||||||
The retailer also aims to generate $520 million through sale-leasebacks of an undisclosed number of stores as its parent company slashes its profit forecast and spins off non-core segments. Dive Brief:
RSK: They are doing a sale leaseback on many of the stores to shore up earnings. Much like Sears, the real estate is worth more than the business in many locations. | ||||||||||||||||||||||||||||||||||||
Recent Legal Hottips | ||||||||||||||||||||||||||||||||||||
To view the entire WRA Legal Hottips library*, click here. Question: If a seller has approved a listing firm offering compensation and agrees to an offer of compensation to buyer`s agents/subagents in the listing agreement, does that mean the listing agent is obligated to offer it to all? Or can the listing agent choose the situations and the agents they want to offer compensation to, and are they required to offer the full amount that is in the listing contract? Answer: It would seem the offer of compensation should be made to all cooperating agents in the name of consumer transparency. If the seller approves a listing firm to make an offer of compensation to cooperating firms, presumably the listing firm should relay that information to cooperating firms. That would appear to be the seller`s intent, and the listing firm should not be making a decision that is the seller’s decision or substituting its judgment for the seller client. Article 1 of the REALTOR® Code of Ethics says: ... https://www.wra.org:443/uploadedImages/Images/Shared_Images/icons/facebook_icon.jpg | ||||||||||||||||||||||||||||||||||||
Key Commercial Real Estate, LLC | ||||||||||||||||||||||||||||||||||||
See All Listings Here... | ||||||||||||||||||||||||||||||||||||
Trader Joe`s Sees Growth In Store Visits, Report Says | ||||||||||||||||||||||||||||||||||||
Trader Joe’s has seen strong growth in foot traffic through the first eight months of 2024, according to a new report from Placer.ai, which surmised the additional foot traffic has been driven by consumers continuing to seek high-value products. According to the report, year-over-year visits at Trader Joe’s are up 8.7% through August, compared to growth of 3% for the broader grocery segment. Additionally, Placer.ai said the share of Trader Joe’s California visitors frequenting other grocery stores has decreased. This suggests that more of its shoppers may be treating the retailer as a one-stop grocery destination... ...Full Story Here RSK: I must say that we have become a fan of T Joes and visit once per week and their selection and prices are very good....just not much produce and meat. | ||||||||||||||||||||||||||||||||||||
St. John Properties | ||||||||||||||||||||||||||||||||||||
See All Listings Here......Full Story Here | ||||||||||||||||||||||||||||||||||||
Occupiers Are Still Finding the Right Balance Between Shared and Dedicated Desks | ||||||||||||||||||||||||||||||||||||
Ever since offices emptied out during the early days of the pandemic, the real estate industry has been strategizing how to fill them back up again. Companies continue to unveil, tweak, and update return-to-office plans, a term so ubiquitous it’s even been given an acronym: RTO. Figuring out how to incorporate hybrid work schedules into office space plans is an ongoing task for many occupiers while offering attractive amenities is an ongoing effort for building owners. With many offices dealing with shifting schedules, employees sharing desks has been touted as a smart way to manage office footprints and use space wisely. Companies are choosing to use any number of platforms and software programs that help manage desk sharing in offices. This allows workers to reserve desks for a few hours, a day, or even the whole week.... ...Full Story Here RSK: The pros and cons of desk and office sharing. Amenities still rank high and of course I`m all in on the rooftop terrace with a dog park. | ||||||||||||||||||||||||||||||||||||
Wisconsin Commercial Real Estate | ||||||||||||||||||||||||||||||||||||
See All Listings Here......Full Story Here | ||||||||||||||||||||||||||||||||||||
Boston Residents Face 28% Tax Hike as Office Values Slump | ||||||||||||||||||||||||||||||||||||
(Bloomberg) -- Boston homeowners face a 28% surge
in their tax bills if the Massachusetts legislature fails to sign off
on a proposal to temporarily raise commercial rates before the end of
next month, Mayor Michelle Wu said. The city is particularly vulnerable to the nationwide slump in office demand because of its heavy reliance on property tax revenue and state restrictions on its ability to tap other funding sources. That’s forced Boston to develop a workaround in an attempt to preserve its budget without burdening homeowners with the brunt of the revenue shortfall from commercial property taxes. Commercial property values in Boston have fallen 7% in the current fiscal year, reflecting high vacancy rates in older and lower-quality office buildings amid the persistence of pandemic-era remote and hybrid work policies, Wu said in a presentation Wednesday. The numbers are based on a preliminary assessment that’s subject to change as the city reviews parcel-by-parcel data in the coming weeks. The
decline in commercial property values isn’t as stark as the mayor’s
office had initially estimated, in part because of resilience in retail
and hotel businesses. Still, the 28% quarter-to-quarter increase in
residential property rates that would be required to compensate for the
commercial shortfall is significant, Wu said... RSK: Looks like Madison isn`t the only city in this boat. | ||||||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||
RASCW Events | ||||||||||||||||||||||||||||||||||||
Handbags for HomesThursday, October 17, 2024 (4:30 PM - 10:00 PM) (CDT)DescriptionPlease join us Thursday, October 17 at Garver Feed Mill in Madison for an evening of music, celebration, and fun, and to help support the RASCW Housing Foundation, which has been providing down payment assistance to South Central Wisconsin families for more than 30 years. The event will include: Formal Reception Luxury Silent Auction Cocktail Hour & Passed Heavy Hors D`oeuvres | ||||||||||||||||||||||||||||||||||||
Park Towne Realty LLC | ||||||||||||||||||||||||||||||||||||
See All Listings Here... | ||||||||||||||||||||||||||||||||||||
1 in 3 US workers say they believe the presidential election will affect their careers | ||||||||||||||||||||||||||||||||||||
Workers pointed to challenges with the current political climate, including increased expenses and workplace stress. Although most U.S. workers don’t think the November election will influence their careers, 32% of those responding to a recent survey said they believe it will have a “significant impact,” according to an Oct. 7 report from FlexJobs. Among those who anticipate an impact, 19% said they think it will be positive and 13% think it will be negative. And even among all workers, 22% said the current political climate is causing higher stress at work... RSK: This is interesting. Many employees say they won`t work for a company that doesn`t align with their political views...unless, unless the compensation is above their expectations. | ||||||||||||||||||||||||||||||||||||
Mullins Group LLC | ||||||||||||||||||||||||||||||||||||
See All Listings here... | ||||||||||||||||||||||||||||||||||||
As Data Centers Zap Power, Some Pols Ponder The Unthinkable: Pulling The Plug | ||||||||||||||||||||||||||||||||||||
It isn’t every day that Texas legislators liken an industry to pigs at the trough or accuse it of “crashing our grid and turning the lights off.” But it is happening in the famously business-friendly Lone Star State as lawmakers turn increasingly hostile toward a real estate asset class playing an outsized role in nearly doubling statewide demand on its mostly self-contained power grid over the next six years. Data centers, which house thousands of servers providing the computing power for major corporations, are a booming industry in Texas. Much of the growth is fueled by demand from the world’s largest tech companies — Amazon, Microsoft, Google and Meta — which need facilities to support their massive cloud businesses and, increasingly, artificial intelligence.... RSK: "Too many pigs at the table" is true. Not only is there not enough power but outdated transmission lines and energy fuel is limited. I really think you will see mini nuclear energy plants popping up rather than a few large ones....but that cost to develop is high as well.I think the key is to somehow scrub coal and gas fired plants so their emissions are close to -0-. | ||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||
West Area Plan Madison | ||||||||||||||||||||||||||||||||||||
Planning FrameworkThe West Area Plan is one of the initial two area plans prepared following the City’s Planning Framework adopted by the Common Council on August 2, 2022. The framework covers a consistent set of topics and provides clear, high-level plan actions for specific physical improvements. The framework established 12 distinct geographies, each of which will be updated approximately every 10 years. Many actions in this Plan can be implemented over the next decade, but some actions are included that either have an uncertain timeline or may take longer than a decade to implement.Previously Adopted Underlying PlansWhile this Plan is a new effort under the Planning Framework, it is not the first plan to be prepared within the area. The Common Council adopted six plans to guide City .......Full Story Here RSK: Madison`s West Side Plan and the approved revisions... | ||||||||||||||||||||||||||||||||||||
Properties for Lease or for Sale By Company | ||||||||||||||||||||||||||||||||||||
Hovde & Hovde, IncBetty Thompson Realty | ||||||||||||||||||||||||||||||||||||
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 |