Commercial Real Estate Industry News Roundup: December 17, 2013
- Here’s why now is a good time to enter commercial real estate, (CNBC MoneyControl.com, Dec. 11, 2013). First of all, who knew they had CNBC in India? Not me. It forces the question: does Indian TV also have Jim Cramer and his big red button that makes silly noises? Until we find out, a bit of international commercial property markets news is always welcome.
- CIT Survey Finds Middle Market Commercial Real Estate Executives Cautiously Optimistic but Feeling the Strain of Taxes and Regulation, (Forbes, Dec. 12, 2013) Wherein a CIT survey finds middle-market CRE execs, while bullish, are still annoyed with taxes and regulation. One presumes the taxes and regulation they are annoyed with do not include the taxes that pay for the infrastructure that lends their property much of its locational value nor the regulation that enforces private property ownership.
- Commercial Real Estate Recovery to Accelerate in 2014, (WSJ (press release from JLL), Dec. 17, 2013) Jones Lang LaSalle see a rosy 2014 in CRE.
- Modern Makeover for Wrigley Building, Long a Hallmark of Chicago’s Skyline, (NYTimes, Dec. 10, 2013) A $70 million rehab for our pictured property: Chicago’s most famous and graceful monument to chewing gum, and, for decades, losing baseball.
- After leasing miscue, NRC will share White Flint space with FDA, (Washington Post, Dec. 11, 2013). Meanwhile in Washington, DC, the nuclear plant inspectors and the pharmaceutical inspectors find themselves roommates after a botched lease deal.
- Office construction minimal as federal leasing hits brakes, (Gazette (MD), Dec. 13, 2013) Related to the above, the US Government is about to take away much of its gigantic office space demand in Maryland.
- Sumner warehouse owner lands a whopper of a tenant, (Puget Sound Business Journal, Dec. 11, 2013) Related even more to the above two Office sector stories, Uncle Sam reminds everybody in Puget Sound who one huge customer for square footage is: his name is Uncle Sam. Big Government not such a bad idea after all, mumble beneficiaries in the 300K sq. ft. deal.
- Commercial Development Guide 2013: Wine deals fill Solano County industrial vacancy, (North Bay Business Journal, Dec. 16, 2013) Down the west coast, wine bottles drive a 700K sq. ft. space deal.
- Packard-Plant Buyer Predicts Rebirth for Symbol of Detroit Decay, (BloombergBusinessweek, Dec. 17, 2013) From the Irony Department: Decades after the big three automakers sent huge chunks of Detroit’s economy to points south of the US border, a developer from South America ponies up $400K for Motown’s Packard plant. Ouch.
- Retail Space Leads Global Commercial Rent Growth, (WPC, Dec. 12, 2013). A CB Richard Ellis report has its “global retail capital value index” increased eight percent year-over-year.
- How to Negotiate a Lease — A beginners guide for retailers, (Entrepreneur, Dec. 11, 2013) Nothing against Entrepreneur Magazine nor the author of this fine introductory piece on retail lease negotiations, but if you want the full story from 40 years experience in this stuff, I suggest you talk to NAR Signature Speaker extraordinaire Rich Muhlebach.
- Malls of the future: touchscreen store windows made from ‘connected glass’, (CNN, Dec. 11, 2013) Technology has replaced the store display window with smart glass one can swipe to browse the store wares. At press time, no word what happens when kids press their noses to the glass.
- Off-campus housing a boon for Boca firm, (SunSentinel, Dec. 15, 2013)
- The 10 most notable multifamily projects of 2013, (San Francisco Business Times, Dec. 16, 2013)
- In Philly area, a strong 2013 apartment-rental market, (Philly.com, Dec. 15, 2013)
- Four Seasons Chief is Feeling the Squeeze, (WSJ, Dec. 10, 2013). Developer-turned-hotelier feels the heat as his Saudi investors clamor for an IPO.
- Panel: Wynn Resorts suitable to open casino in Massachusetts,(Las Vegas Sun, Dec. 16, 2013). Massachusetts gaming authority gives green light to Wynn to deal the cards in the Bay State.
- Return to Splendor, Honolulu Star-Advertiser, Dec. 15, 2013 Hawaii’s Wailua Island wrestles with the effects of a decades-past hurricane.
- Price of Iowa farmland reaches a record high, (Des Moines Register, Dec. 12, 2013). Hawkeye dirt approaches record price highs.
- Farm land still a good investment, (SaukValley, Dec. 14, 2013) Northern Illinois dirt, not to be outdone by the dirt on the western bank of the Mississippi, also looking excellent as an investment.
- Corn Plummeting Spurs Talk of ‘80s US Farmland Bust: Mortgages, (Bloomberg, Dec. 16, 2013) On the other hand, corn prices seem to have topped off.