DAILY READS: Feb. 20, 2020
Big tech moves to Austin. Chicago rents rise despite new supply. "Wasn't there a bank on that corner?" Here's a batch of other critical content for you to read, listen to or watch.
Atlanta Mayor Halts New Construction Permits Around New Park
“After outcry about rising rents and real estate taxes forcing longtime Atlanta residents out of their westside neighborhoods, Mayor Keisha Lance Bottoms issued an executive order on Monday prohibiting new construction permits in the area around the new Westside Park.” Read more
Atlanta Constitution
Almost 200 D-FW Banks Have Closed in the Last Decade
“Nationwide, 1,700 bank branches went dark last year. ‘After peaking in 2009 at close to 100,000 branches, the total number has declined by more than 13,200 branches over a decade,’ JLL researchers wrote in the new report. ‘We do not expect this pace to change materially over the next two years as the industry works to integrate physical branches with digital platforms and define how to best serve rapidly shifting customer expectations.'” Read more
Dallas Morning News
Trio of Big Banks Provide $682M CMBS Loan to Recap San Fran Office Tower
“The mortgage was provided to a joint venture between a real estate investment trust affiliated with RREEF Property Trust and the New York State Teachers’ Retirement System (NYSTRS). Philadelphia-based property management firm Knickerbocker Properties, an affiliate of NYSTRS, is the landlord and is listed with its parent as a sponsor of the deal.” Read more
Commercial Observer
“Apartment-dwellers in downtown Chicago shouldn’t expect any breaks on their rent, despite an unprecedented pace of construction that has boosted the number of high-end units by 51 percent in the past five years. Modest annual rent increases of 2 percent to 3 percent are expected to continue even as developers draw up plans for more than 10,000 new apartments between now and 2022.” Read more
Chicago Tribune
Bay Area’s Exorbitant Office Rents Fuel An Already Hot Austin Market
“A big part of that robust performance has to do with the tech sector. As I’ve reported in the past, Austin has seen a surge in demand with tech companies needing office space. This demand has come in the form of ‘big tech’ companies either moving or expanding to the city (many of which are Bay Area-based), as well as a growing number of emerging, venture-backed startups. ” Read more
Forbes
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