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As Condo Owners Call For Help, DeSantis Holds Off On Special Session
Gov. Ron DeSantis wants the Florida Legislature to provide relief to condo owners about to be facing huge, legally mandated repair bills, but he’s not ready to force them to the table to find a solution. The governor, meeting with a roundtable of Tampa condo owners Thursday, vowed that...
This Week’s Houston Deal Sheet: Law Firm Launches In Houston With Heritage Plaza Lease
National law firm Nelson Mullins leased 16K SF for its first Houston office at Heritage Plaza, the 1.1M SF Class-AA office tower at 1111 Bagby St. in Downtown Houston. The Houston office expands the firm’s presence in Texas from its existing Dallas office, adding 10 litigation and corporate attorneys. Nelson Mullins’ Houston office launched in April, according to a Reuters report.
Adam Neumann’s Flow Chooses Saudi Arabia For First Location Outside The U.S.
Flow, the residential startup started two years ago by WeWork founder Adam Neumann, is taking its first steps outside the U.S. The Miami-based company is planning three apartment buildings in Riyadh, Saudi Arabia, Bloomberg reports. Flow has created an entity in the country and will work with local investors to develop the three properties, which will have a total of 920 units.
Three Mile Island To Be Reactivated In Plan To Feed Power-Hungry Data Centers
Nuclear power could return to Pennsylvania’s infamous Three Mile Island power plant as one the world's largest tech companies looks for reliable energy to fuel its growing data center portfolio. Constellation Energy Corp., the biggest U.S. operator of nuclear reactors, announced Friday it reached a 20-year deal with Microsoft...
Most Cities See Gains In Office Absorption, But It Could Be Short-Lived
Companies are eating up more office space than they’re leaving empty in more U.S. cities than a year ago, following the overall U.S. market turning positive for the first time in two years. During the second quarter, 37 out of 64 major U.S. office markets posted positive net absorption,...
Huge Public Housing Scheme Launched — But 900 BTR Homes Refused Planning Consent
Taioseach Simon Harris and Housing Minister Darragh O’Brien — keynote speaker at Bisnow’s Residential Investment And Development event on 21 Nov. — officially launched the first new homes at Shanganagh Castle Estate in Shankill, Co Dublin on 20 September. The new development, delivered by the Land...
DOJ Lawsuit Against RealPage Forcing Change In How Landlords Price Rents
It has been less than a month since the U.S. Department of Justice filed an antitrust lawsuit against RealPage for its revenue management algorithm, but that action has already spooked some apartment managers into changing the way they set rents. Apartment landlords and third-party managers are increasingly sensitive to whether...
San Francisco's Office Vacancy Climbs Again, But Leasing Activity Is Gaining Ground
San Francisco office vacancy jumped to its highest rate ever in the third quarter in spite of strong leasing activity. Preliminary Q3 figures from CBRE put the city’s vacancy rate at 37.3%, an increase of half a percent from Q2 and a 3.3% increase over Q3 2023. “One large...
‘It’s Truly A Need Now To Survive’: Mixed-Use Projects Chase Population As DFW Grows Northward
With population growth in the northern suburbs continuing to outpace that of Dallas County, mixed-use developments have become increasingly popular and prevalent as developers follow new residents and their wallets. Gone are the days of standalone office buildings, strip malls and apartment complexes as projects are now focused on creating...
Waltham Apartment Complex Sets New 2024 High For Boston-Area Multifamily Sale
San Francisco-based FPA Multifamily paid $221M to acquire a 696-unit, garden-style apartment community in Waltham in the Boston area's largest multifamily sale this year. FPA acquired the Gardencrest Apartment Homes from Harbor Group International, with CBRE brokering the deal, the brokerage announced Thursday. CBRE Multifamily Capital, a lending arm of...
Cook County Follows Through On Commitment To Establish Quantum Campus Tax Credit
The Cook County Board of Commissioners has officially created the new property tax incentive that helped Chicago reel in a quantum computing campus at the former U.S. Steel South Works site. The new Class 8 MICRO incentive offers property tax relief by dropping the site's tax rate from 25% to...
Silverstein CFO Hired As CEO Of New Jersey Development Firm
Katie Kurtz is trading in glassy Manhattan skyscrapers for squat New Jersey commercial buildings. Kurtz, who has been the chief financial officer and co-chief investment officer at Silverstein Properties since 2021, was named CEO at Denholtz Properties, a Red Bank, New Jersey-based firm that develops suburban apartments, offices and industrial buildings.
Report Shows Swing-State Voters Struggle To Afford An Apartment, But Help Could Be On The Way
With the nation's affordable housing crisis shaping up as a key election issue, a new Redfin report indicates that average swing-state renters earn 17% less than they need to comfortably afford the median rent in their respective states. But relief could be at hand after Wednesday's interest rate cut, which...
Industrial Rents Up By 7.3% Despite New Supply Plaguing Landlords
In-place industrial rents rose in July to $8.15 per SF, according to a report from CommercialEdge. The 7.3% year-over-year increase is good news for landlords that have been coping with a supply surge, but the overall industrial market is still down from its record highs in 2022. Rent growth was...
Houston Snags First Distribution Lease Over 1M SF Since 2022
A national logistics firm signed a 1.2M SF lease at a speculative project in Conroe, the first time Houston has seen a 1M SF distribution or warehouse lease since a boom that ended two years ago. BroadRange Logistics signed the lease for its distribution center in the largest building at...
Rate Cuts Won’t Save D.C.’s Distressed Offices, But Troubled Apartment Owners Get A Reprieve
The commercial real estate industry breathed a collective sigh of relief after the Federal Reserve announced a 50-basis-point interest rate cut Wednesday, and now individual markets are determining what it will mean. In D.C., a market that has faced especially high distress in its office market and growing issues in...
Georgia-Pacific To Remake Iconic Downtown Atlanta HQ Tower With Apartments, Retail
The paper and packaging maker giant Georgia-Pacific unveiled towering ambitions Thursday for the redevelopment of its world headquarters in Downtown Atlanta. The company plans to convert the uppermost floors of the 51-story tower it owns into 400 apartment units while keeping 600K SF of the building as offices that would include Georgia-Pacific's headquarters and the Atlanta office of its parent company, Koch Industries, it announced Thursday.
Private Equity Drinks Up Pub Opportunity As Work-From-Home Changes How And Where We Drink
The coronavirus changed the way we drank. During lockdowns, we drank at home, often alone. And since then, as more people work from home more often, when we do go out for a drink, where we go has changed. The postwork pint in a pub near the office has become...
Chinese Giant Prepares Equity Injection To Refinance London Tower
Insurance company China Life has received a key internal approval that will allow it to put up new equity to refinance a London office tower. Investors that bought bonds secured against a loan to the 324K SF Aldgate Tower on the eastern edge of the City were told last week that China Life had been granted approval to inject new equity into the building’s capital structure to facilitate a refinancing alongside joint venture partner Brookfield.
Weekend Interview: CBRE's Lew Horne On Industrial Regulations And How LA Can Solve Its Problems
This series goes deep with some of the most compelling figures in commercial real estate: the dealmakers, the game-changers, the city-shapers and the larger-than-life personalities who keep CRE interesting. Lew Horne began his career at CBRE in 1984 and, after 40 years at the commercial real estate juggernaut, is a...
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