This Page Contains 4 Weeks Data - Click Here For This Week | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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 10/29/2024 ...
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... | ||||||||||||||||||||||||||||||||||||
ABSTRACT Commercial Real Estate LLC | ||||||||||||||||||||||||||||||||||||
See All Listings Here......Full Story Here | ||||||||||||||||||||||||||||||||||||
Office-to-residential conversions are tough. Could dorm-style co-living be the answer? | ||||||||||||||||||||||||||||||||||||
Converting offices to microapartments with shared kitchens and bathrooms could cost about 25% to 35% less than converting to traditional apartments, Pew and Gensler researchers said.Researchers have proposed yet another way for cities to use the glut of office buildings left vacant amid the shift to remote and hybrid work: Turn them into dorm-style, co-living residences with private sleeping areas and communal kitchens, bathrooms, living rooms and laundry facilities for each floor. ...Full Story Here“This is a real opportunity for downtown revitalization and to replenish the low-cost housing stock” relatively quickly, said Alex Horowitz, The Pew Charitable Trusts’ housing policy initiative project director, on a Monday webinar. The webinar highlighted the findings of a report released today by Pew and Gensler, a global architecture, design and planning firm, on the potential of converting offices to co-living spaces. RSK: Oooh....I see a whole host of problems with this. will take special tenants to get along with each other. Also, unless there are certain subsidies in taxes, loans and permitted uses an investor could be looking at low rates of return with higher risk. That said, it does have potential. | ||||||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||
Disclose Your Ownership Interest | ||||||||||||||||||||||||||||||||||||
If you stand to earn a commission, rebate or profit from a vendor you recommend, you must tell your client.Q: I know it’s a best practice to provide at least three names of vendors that clients might use in their real estate transaction, like attorneys and title insurance, home inspection and moving companies. I take it a step further and provide all my buyer and seller clients with a comprehensive list of many vendors. ...Full Story HereMy vendor list includes several cleaning companies, one of which I own. I tell clients they are not obligated to use any of the vendors. Do I have to disclose that I own one of the companies on the list? A: Providing a comprehensive list of vendors is a great service to clients. I also have a several-page vendor list and let clients decide whom they’d like to use. However, Article 6 of the Code of Ethics states that if you or your company might receive a financial benefit from making a recommendation to a client for a product or service, you must disclose it to the client. Even if you don’t consider it a recommendation because you’re letting the client choose, it could be construed as a recommendation since you provided the list. It’s best to err on the side of caution and make that disclosure... RSK: Just an FYI people and same goes if you have an interest in a property. | ||||||||||||||||||||||||||||||||||||
Reinhart | ||||||||||||||||||||||||||||||||||||
With the largest Real Estate Practice of any law firm in Wisconsin, Reinhart offers clients custom-tailored real estate insight. | ||||||||||||||||||||||||||||||||||||
More Landlords Pulling Empty Office Space Off The Market In Face of Uncertainty | ||||||||||||||||||||||||||||||||||||
A chaotic market has triggered fight-or-flight responses in office owners across New York City, spurring either aggressive plans for acquisitions and renovations or fire sales and quick exits. But in the face of change, some have simply frozen, firing their brokers and trashing marketing materials, hoping for a more stable day. “People that do have substantially vacant buildings have this moment in time where they can evaluate their position,” said Spencer Levine, president of developer RAL Cos. “Do they pivot on what that building is about?” To many, taking that opportunity means stepping away from the typical rent and rerent cycle. Between January and September, approximately 8.5M SF of office space has been unlisted from the market due to reasons other than leasing, according to data provided by Cushman & Wakefield. During the same period in 2019, 3M SF of office space was unlisted... RSK: Interesting concept for empty office space.."warehousing it" and its not what you think it means. Taking a gamble as I see it but might work for some. | ||||||||||||||||||||||||||||||||||||
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 – PortageFully Leased Commercial Building for Sale | ||||||||||||||||||||||||||||||||||||
The power conundrum | ||||||||||||||||||||||||||||||||||||
92 percent of respondents now say that power availability is more important than the location of new projects.Equally, energy consumption and efficiency ranks as the top concern for data centre developers. ...Full Story HereThe power challenge is not new, but the problem is deepening as demand surges, competition intensifies and sustainability concerns come to the fore. Now more than ever, the data centre industry needs to bring forward new solutions to mitigate power constraints. The majority of survey respondents deem investment in upgrading grid infrastructure to be the most effective and important action needed to meet demand. This is clearly going to be a key part of the equation; however, electricity grid upgrades in markets like the UK and US can take between five and 15 years to plan and deliver. Often, these timelines simply do not align with the aggressive schedules for data centre construction. Where possible, investors may look to new markets where power is more attainable. However, data sovereignty requirements can often prevent this... RSK: It used to be close to high transmission lines and power plants was a deterrent for location....but with data centers it is becoming preferred sites. | ||||||||||||||||||||||||||||||||||||
Commercial Brokers Group | ||||||||||||||||||||||||||||||||||||
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 Hidden `Double Whammy` Facing Owners Who Hand Buildings Over To Lenders | ||||||||||||||||||||||||||||||||||||
With billions of dollars worth of commercial real estate loans coming due, landlords with struggling properties are increasingly giving the keys to lenders and walking away. The decision amounts to owners trying to wash their hands of an investment gone bad, but many have found out the hard way that it isn’t so simple. These transactions — known as deed-in-lieu-of-foreclosure sales — could wind up saddling them with a large tax bill... RSK: Unless you are a newbie in the investment real estate world, you are probably painfully aware of this. If it is a partnership or LLC with many partners, some of them may not be. | ||||||||||||||||||||||||||||||||||||
CARW 2023 Events and Resources | ||||||||||||||||||||||||||||||||||||
CARW Happy Hour – Ope BrewingNovember 21 @ 8:00 am - 5:00 pmJoin CARW for a Broker Happy Hour on November 21st! Ope is a dog friendly establishment. Feel free to bring your furry four legged friend as long as they are friendly! Where: When: Cost: Ken Notes: Thank you Tracy Johnson President and CEO of CARW for keeping me in the loop. | ||||||||||||||||||||||||||||||||||||
Michelin-Starred Chef Partners With Terra On First Branded Condo Tower | ||||||||||||||||||||||||||||||||||||
Chef Jean-Georges Vongerichten has launched more than 60
restaurants worldwide. Now, he’s planning to add a condo tower to the
list. The chef, whose eponymous restaurant in Manhattan has two Michelin stars, is partnering with Coconut Grove-based Terra Group and Lion Development Group, led by E11even Partners owner Michael Simkins, to build the Jean-Georges Miami Tropic Residences just south of the Miami Design District, according to a release. RSK: I bring this up because of one thing, luxury condos are all the rage as Boomers move out of empty nested homes and into the condo life. And the price of them is up 23%? Here in Madison we have a lack of condos and I for one feel we need more, from entry level to luxury. | ||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||
Despite Return-to-Office Mandates, Downsizing and Vacancy Upticks Persist | ||||||||||||||||||||||||||||||||||||
Return-to-Office Mostly Unchanged in 2024 While employer-mandated return-to-office policies at well-known companies have garnered plenty of headlines, office utilization data remains mostly unchanged. Due to remote and hybrid work, downsized office footprints still appear to be the norm in the office sector, according to our most recent U.S. office market report. Many companies have tried to entice workers back to the office with amenities and other incentives, but for the most part, these efforts have fallen short. Having grown tired of the carrot approach, some companies have instead decided to embrace the stick. Amazon CEO Andy Jassy announced in a memo that the company expects its workers to return to the office five days a week starting in January. Earlier this year, Dell announced that remote workers would no longer be considered for promotions. Meta informed its employees this summer that attendance will be tracked daily and failure to be in the office at least three days a week could lead to termination. Key Takeaways:
RSK: A lengthy report but read the key takeaways in the beginning. Eventually, what goes around, comes around. | ||||||||||||||||||||||||||||||||||||
Key Commercial Real Estate, LLC | ||||||||||||||||||||||||||||||||||||
See All Listings Here... | ||||||||||||||||||||||||||||||||||||
7-Eleven to open over 600 stores under new design by 2027 | ||||||||||||||||||||||||||||||||||||
The retailer’s newest format features “a larger product assortment and expanded food and beverage offerings,” CEO Joseph DePinto told investors on Thursday.Dive Brief:
RSK: They are back with a new larger store format. If you have a good site available, I would give them a call. | ||||||||||||||||||||||||||||||||||||
St. John Properties | ||||||||||||||||||||||||||||||||||||
See All Listings Here......Full Story Here | ||||||||||||||||||||||||||||||||||||
Highwoods Properties lays foundation for `wish-list` office purchases | ||||||||||||||||||||||||||||||||||||
Sun Belt office landlord CEO says the pathway for office investment market begins to open back upAfter waiting years for the right balance of improving economic conditions and attractive valuations, institutional office investors are preparing to reopen their wallets. Highwoods Properties, a Sun Belt-focused landlord, is joining other large buyers making plans to acquire high-quality properties aimed at bolstering its existing portfolio. The real estate investment trust based in Raleigh, North Carolina told analysts on the company`s earnings call Tuesday that it is proactively hunting for deals, signaling the long-awaited return of larger, institutional-level investors to the office investment market... RSK: Definitely a flight to quality for those who have the majority of employees still coming in. | ||||||||||||||||||||||||||||||||||||
Wisconsin Commercial Real Estate | ||||||||||||||||||||||||||||||||||||
See All Listings Here......Full Story Here | ||||||||||||||||||||||||||||||||||||
CoStar Stock Drops 10% After Reporting Decline In Bookings | ||||||||||||||||||||||||||||||||||||
Commercial real estate data giant CoStar Group saw its stock price plunge to its lowest level this year after its quarterly earnings report led one analyst to downgrade the company. CoStar reported net new bookings of $44M in the third quarter, down 34% from the second quarter`s $67M in bookings and 32% from Q3 2023. This drop led RBC Capital Markets to downgrade CoStar from outperform to sector perform and reduce its price target from $96 to $83. The company`s stock price stood at $69.90 as of 12 p.m. ET Wednesday, down 9% on the day following the earnings release. It had fallen as low as 10% earlier in the morning... ...Full Story Here RSK: Of course it has nothing to do with their product or the competition. | ||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||
Tax Reduction Strategies for the Real Estate ProfessionalWednesday, November 13, 2024 (9:30 AM - 12:00 PM) (CST)Description...Full Story Here | ||||||||||||||||||||||||||||||||||||
Want employees to return to office? Give them a reason to do so | ||||||||||||||||||||||||||||||||||||
Google employees will not be compelled to return to the office five days a week if they maintain their productivity, Alphabet CEO Sundar Pichai has pledged. Speaking at Google’s recent “TGIF” all-hands meeting, Pichai and John Cassey, vice president of Global Compensation and Benefits, sought to assuage fears that Google would not follow the lead of Amazon in mandating employees return to the office five days a week. According to Cassey, there are no plans to change Google’s three-day in-office policy, although Pichai stressed that maintaining productivity on work-from-home days is crucial for this policy to remain in place. ...Full Story HereRSK: The reason to do so is to give employees a hand up to prosper and exceed. We CRE agents and brokers have been doing flex work from day one. Ken Notes: Everyone should take a Meyers Briggs survey, then you would know what office envrion works best for each individual... | ||||||||||||||||||||||||||||||||||||
Park Towne Realty LLC | ||||||||||||||||||||||||||||||||||||
See All Listings Here... | ||||||||||||||||||||||||||||||||||||
The Paper Store dedicates $60M to brick-and-mortar expansion | ||||||||||||||||||||||||||||||||||||
This year the retailer’s largely Northeast fleet has grown by 10% to more than 100 stores, and its five-year plan includes a move into new markets. Dive Brief:
RSK: If you have a nice retail location coming available you might want to contact them since they want to expand in the Midwest. | ||||||||||||||||||||||||||||||||||||
Mullins Group 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. | ||||||||||||||||||||||||||||||||||||
This Week`s N.Y. Deal Sheet: Flatiron Building Conversion Lands $357M | ||||||||||||||||||||||||||||||||||||
Wheels are officially in motion for the residential conversion of the Flatiron Building, with the owners of the iconic New York City property securing fresh financing this week.The Brodsky Organization and its partners, GFP Real Estate and the Sorgente Group, scored a $357M loan for the project from Tyko Capital, The Real Deal reported. The Brodsky Organization paid $40M to buy a 25% stake in the building last year and lead its conversion, following a long-running rift between the building’s former owners that eventually led to two auctions for the property. The new partnership plans to convert the 22-story, 255K SF landmarked office building into 60 residential condos. Newmark’s Jordan Roeschlaub and Nick Scribani led the team that put together the loan from Tyko... RSK: There is money out there for office conversions to apartments and condos. | ||||||||||||||||||||||||||||||||||||
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 |