This Page Contains 4 Weeks Data - Click Here For This Week | ||||||||||||||||||||||||||||||||||||
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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 5/14/2024 ...
building for sale Active | ||||||||||||||||||||||||||||||||||||
3 large solar projects set to come online in Wisconsin this year | ||||||||||||||||||||||||||||||||||||
PSC to vote on another 3 utility-scale solar projects this yearThe clean energy transition in Wisconsin is taking another step forward with three utility-scale solar projects expected to come online in 2024 and more coming in the next several years. ...Full Story HereTwo of the solar farms are joint ventures between WEC Energy Group utilities and Madison Gas & Electric. The third is an Alliant Energy project... RSK: Will be interesting to see the efficiency in these northern climes. | ||||||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||
Around the world, workers are back in the office. Just not in America. | ||||||||||||||||||||||||||||||||||||
In Asia and Europe, workers are back in the office more often and consistently than in the U.S. On a Friday morning in March, a number of salarymen, mostly wearing black or gray, streamed out of subway stations near the Shibaura district in Tokyo, where electronics company Toshiba, semiconductor company Sumco and automobile manufacturer Mitsubishi Motors are headquartered. Long lines formed at Starbucks and FamilyMart as the office workers grabbed their morning coffees and breakfasts. A few hours later, as the sun rose in New York City, it was not a challenge to find an empty seat on the largely empty trains coming in from Westchester County or New Jersey, and Grand Central Station was not as bustling with rushing commuters as it had been the preceding Wednesday... ...Full Story Here RSK: The world is getting soft...especially in the US. The work ethic has changed dramatically. | ||||||||||||||||||||||||||||||||||||
ABSTRACT Commercial Real Estate LLC | ||||||||||||||||||||||||||||||||||||
See All Listings Here......Full Story Here | ||||||||||||||||||||||||||||||||||||
JLL: Small spaces dominate retail leases in Q1 | ||||||||||||||||||||||||||||||||||||
Small spaces are in demand in the retail sector, fueled by expanding quick-serve and fast-casual restaurant chains. Spaces of less than 2,500 sq. ft. accounted for more than two-thirds of executed leases in the retail sector during the first quarter, according to JLL Retail’s Q1 Outlook. These spaces also comprised the greatest sq. ft. signed during the quarter. (The JLL study noted that quick-service and fast-casual restaurants, which reported almost 2,000 potential openings in 2024, generally fall within the small-size category.) Conversely, big-box spaces of more than 50,000 sq. ft. comprised less than 1% of all deals and only 5.6% of space signed for. Major deals in this category include Dick’s Sporting Goods, BJ’s Wholesale Club, Bosse Pickleball and Chicken N Pickle. ...Full Story Here RSK: Small retail (less than 2,500 sf) is king at the moment. | ||||||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||
Adaptive Reuse Surges Again With 151K Upcoming Units; Hotel Conversions Overtake Offices in 2023 | ||||||||||||||||||||||||||||||||||||
In 2023, the adaptive reuse of buildings into apartments rebounded strongly, approaching the high activity levels of 2019 and 2020. This uptick came as developers were quick to respond to the growing demand for housing, following a two-year slowdown. This resurgence saw the conversion of buildings into 12,713 new apartments throughout 2023 — showing a substantial 17.6% increase compared to the year before. Moreover, this trend is expected to continue in the coming years, and our analysis of Yardi Matrix data shows that adaptive reuse apartments are poised for further growth: A whopping 151,000 rental apartments are currently in various stages of conversion, with 58,000 of those on track to be repurposed from former office spaces... RSK: All types of properties are being converted into apartments with hotels leading the way. Milwaukee is tied for second with offices being converted to apartments. | ||||||||||||||||||||||||||||||||||||
Key Commercial Real Estate, LLC | ||||||||||||||||||||||||||||||||||||
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Leasing Bump Buoys Brokerages As Fading Hope For Rate Cuts Sinks Sales | ||||||||||||||||||||||||||||||||||||
An increasingly active office market helped the publicly traded commercial real estate brokerages post largely positive first-quarter results, although the firms` leaders pointed out that an expected return of capital markets activity has again been delayed.CBRE posted a $126M profit, leading the pack ahead of $66M in net income from JLL and $43.3M from Colliers. Newmark and Cushman & Wakefield both reported losses of around $29M. RSK: This is good for brokerages but it doesn`t mean vacancy rates are decreasing. Many companies are downsizing but yet a lease is struck, generating commission but less space. | ||||||||||||||||||||||||||||||||||||
RASCW Events | ||||||||||||||||||||||||||||||||||||
Caffeinated Collaboration:
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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. | ||||||||||||||||||||||||||||||||||||
CARW 2023 Events and Resources | ||||||||||||||||||||||||||||||||||||
Ken Notes: Thank you Tracy Johnson President and CEO of CARW for keeping me in the loop. | ||||||||||||||||||||||||||||||||||||
The traditional office workplace is dead, and you’ll be surprised to learn why | ||||||||||||||||||||||||||||||||||||
We now have definitive proof that the traditional Monday-through-Friday, 9-to-5 is over for remote-capable employees. It’s based on a meta-analysis paper on productivity in hybrid, remote and in-office settings, published by researchers from Stanford University, the University of Chicago and the Instituto Tecnológico Autónomo de México. People will credit (or blame) the pandemic for this, but there’s actually a much simpler reason: The traditional model is either less productive or more expensive than the alternatives, or both. ...Full Story Here RSK: It comes down to this...total remote work and total in office work is less productive than a combination of both. | ||||||||||||||||||||||||||||||||||||
Madison Commercial Real Estate LLC | ||||||||||||||||||||||||||||||||||||
2814 Perry St, Madison1909 W Court St, JanesvileCommerce St, Lake Delton2202 W Badger Rd, MadisonSEE ALL LISTINGS HERE...Full Story Here | ||||||||||||||||||||||||||||||||||||
Lab Tenants Hesitant To Lease As Surge Of Life Sciences Space Comes To Market | ||||||||||||||||||||||||||||||||||||
By the end of last year, 2.4M SF of lab space was in New York City`s construction pipeline, set to swell the 3.6M SF of inventory already in existence, according to a CBRE report. The investment by developers made sense. After all, in 2021 and 2022, New York notched record life sciences leasing. But last year, leasing dropped 13% from the previous year’s high and rents decreased 9%, according to CBRE. “What we have seen over the past 24 months coming off of the pandemic was a contraction in a number of the clients,” Pearl River Labs Head of Operations Lugene Maher said at the Bisnow New York Life Sciences and Biotech event last week. Maher said she has seen some firms switch focus from areas related to the coronavirus vaccine to work in ??oncology and gene therapy, instead of having to slow their programs entirely... RSK: I think AI has had some impact on this, but hopefully it is only temporary. Madison has that new lab/tech land build to suit on Odana Road where the old Clock Tower Court was....land has been sitting vacant for some time now but Sara Inv. has plenty of leads. | ||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||
`Folks Doing Nothing`: Net Lease Transactions Have Screeched To A Stop | ||||||||||||||||||||||||||||||||||||
Net lease investment is stuck on pause after a plunge in investment volume in 2023 that the market just can’t shake. Investment volumes in net lease properties dropped 51% year-over-year in 2023 to $38B, according to CBRE, and remained depressed in the first quarter of 2024, clocking just $1.3B, according to CoStar data, an 88% annual drop. At the same time, eager potential investors are sitting on billions in dry powder... RSK: Very good synopsis of Net Leased Properties. You do not hear of many of them in our market area but they are out there, mainly chains and franchises. They are not going away. | ||||||||||||||||||||||||||||||||||||
St. John Properties | ||||||||||||||||||||||||||||||||||||
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Industrial Loans Rise 63% While Most First-Quarter Borrowing Declines | ||||||||||||||||||||||||||||||||||||
Hotel Originations Also Buck Trend With 8% IncreaseCommercial and multifamily borrowing got off to a slow start this year, much as it did last year, with the exception of loans in the industrial property sector getting a big boost over 2023. Overall loan originations in the first quarter varied across different property types, with only two showing increases from a year earlier, according to the Mortgage Bankers Association. There was a 63% increase in the dollar volume of loans on industrial properties, while hotel property originations increased 8%. Blackstone-affiliated borrowers have accounted for more than $7 billion of industrial refinancing activity this year... RSK: Industrial and Hotels lead the way but seems like lending for retail has declined putting pressure on existing space. | ||||||||||||||||||||||||||||||||||||
Reinhart | ||||||||||||||||||||||||||||||||||||
With the largest Real Estate Practice of any law firm in Wisconsin, Reinhart offers clients custom-tailored real estate insight. | ||||||||||||||||||||||||||||||||||||
NAR Settlement Won’t Impact Commissions, Says Compass CEO | ||||||||||||||||||||||||||||||||||||
There has been wide speculation about the impact of the recent settlement of commission split lawsuits. The new rules require buyer`s agents to negotiate commissions directly rather than having them dictated by the seller`s agent. This change could lead to a price war and empower buyers to secure better deals on commissions, right? Compass CEO ...Full Story Here RSK: I have not seen any change in commission rates either...in fact, now that it is explained better, more sellers/landlords/tenant reps are okay with paying cooperating brokers as long as the deal is finalized. | ||||||||||||||||||||||||||||||||||||
Wisconsin Commercial Real Estate | ||||||||||||||||||||||||||||||||||||
See All Listings Here......Full Story Here | ||||||||||||||||||||||||||||||||||||
Park Towne Realty LLC | ||||||||||||||||||||||||||||||||||||
See All Listings Here... | ||||||||||||||||||||||||||||||||||||
Technology Is Helping Offices Get Ready for the Next Revolution of Work | ||||||||||||||||||||||||||||||||||||
We often think about evolution as a slow, gradual process, but that is often not the case. Evolutionary changes can happen in spurts, be it a mutation or a mass extinction. This same concept applies to the business world. Sure, norms change slowly over time, but it usually takes a life-altering event to be the catalyst for large-scale change. The pandemic was just such an event when it comes to the evolution of the way we work. Almost overnight, every white-collar organization, and many blue-collar ones, had to learn how to manage a remote workforce. Now that we are returning to the office, the way we use them is not the same. Hybrid workers have a much more casual relationship with an office; they come and go as they please and sit wherever they can find space. This new “hotdesking” strategy caused a mass redesign of the office. Companies that occupy offices and landlords that own them are spending billions reconfiguring them to make them more suitable to the new, post-pandemic work reality... RSK: The idea of not needing a building permit to construct new space in an office is very appealing. Somehow it always seems that we are catering to the needs and wants of employees rather than the company. What happened to meet you in the middle? | ||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||
Mullins Group LLC | ||||||||||||||||||||||||||||||||||||
See All Listings here... | ||||||||||||||||||||||||||||||||||||
Redfin’s Earnings Call Shows a Glimpse of the Industry Post Commission Settlement | ||||||||||||||||||||||||||||||||||||
Redfin reported its first-quarter earnings this week, indicating slight revenue growth despite challenging market conditions. Although the company continues to operate at a loss, Redfin believes that recent changes in the industry landscape, particularly following commission lawsuits, may lead to profitability within the year. According to CEO Glenn Kelman, a major driver of Redfin`s future... ...Full Story Here RSK: Going to a digital only brokerage may look enticing at first, but looked what happened to many digital retailers....they ended up have brick n mortar as well to succeed as did physical retailers needed to have an digital presence as well. I believe you need both to really compete. | ||||||||||||||||||||||||||||||||||||
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 |