DAILY READS: Dec. 13, 2019
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“Financial markets are euphoric about the victory of the pro-business Conservative Party and an end to the first phase of the UK’s Brexit drama. Investors and advisors predicted this election result will mark the beginning of a UK investment surge, as both international capital and domestic money kept pent up by uncertainty about Brexit now chases UK yields and property market liquidity.”
—Bisnow
Pablo Escobar’s Tulum Spread Gets New Life as $100 Million Hotel
“Not all travelers will see a link to a brutal gangster as a selling point, but the Escobar connection may be fitting in Tulum, an often-Instagrammed favorite among the New York party crowd.”
—Bloomberg
LA Requiring Developers to Put Affordable Housing on City-Owned Land
“Under the rule, new residential buildings will have to be 100 percent affordable unless the council determines a developer could provide a higher number of affordable units by adding in some other mix of housing, including market-rate.”
—Curbed Los Angeles
WeWork Grows in Houston Despite Troubles in Corporate Office
“‘We are eager to see their space filled with Houston’s cutting-edge businesses,'” Philip Croker, senior managing director, said in the announcement. “‘We know WeWork in Houston is strong and look forward to our partnership growing in the years to come.'”
—Houston Chronicle
Midtown Has LinkedIn to Thank for its Latest Office Leasing Bump
“Midtown saw an all-year high of 2.02 million square feet in office leases inked in October — up 87 percent from the month before and up 44 percent year-over-year. The availability rate stayed flat at 11.5 percent, while the average asking rent fell from a record high to $88.93. The largest deal in Midtown and citywide went to LinkedIn, which renewed and expanded in a 501,409-square-foot deal at the Empire State Building.”
—The Real Deal
Is it Possible to Get Construction Financing for Retail in Today’s Environment?
“‘What kind of reputation do they have in the retail market? Because in today’s environment, the sponsors that are getting deals done have very strong track records and tenant relationships,'” says Sunny Sajnani, a principal and director at Metropolitan Capital Advisors (MCA), a commercial real estate finance intermediary.”
—National Real Estate Investor
New York City Will Require Bird-Friendly Glass on Buildings
“Some 600 million birds die each year across the continent after crashing into glass surfaces, according to a recent study by the American Bird Conservancy. Those passing through New York City are likely flying along the migratory pathway known as the Atlantic Flyway.”
—CityLab
Ghost Kitchens Are Reshaping the Restaurant Industry. Is That a Good Thing?
“The emergence of ghost kitchens like Zuul is a response to the breakneck growth materializing in food delivery. Online food delivery sales reached $34 billion in 2018, up 13 percent from the previous year, according to a report from CBRE. That’s expected to reach $62 billion by 2022, out of a total $77 billion delivery market, according to research from William Blair.”
—Commercial Observer
This New Coastal Brooklyn Park is Designed to Thrive as Sea Levels Rise
“We wanted to make a park that really changed the way that New Yorkers interacted with the river,” says Jed Walentas, a principal of Two Trees, the developer that plans to redesign the site, which was once used to store oil tanks for Con Edison, the local utility. Two Trees closed on the deal to buy the site this week.”
—Fast Company
Cambria’s 50th And Largest Hotel Opens in Anaheim, California
“Cambria Hotels, an upscale brand franchised by Choice Hotels International, Inc. (NYSE: CHH), welcomes the 50th and largest property to the brand in Anaheim, California. The 12-story, 352-room Cambria Hotel & Suites Anaheim Resort Area sets a new record as the brand’s 11th location to open this year and is the latest sign of success in Choice Hotels’ upscale expansion strategy.”
—Hospitality Net
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