News
Economy Watch: Pending Home Sales See Downtick; Recovery Still Distant for Many; Lew Says No to Debt Ceiling Deal, Detroit Bailout
NAR’s Pending Home Sales Index dropped a notch in June to 110.9 from May’s reading of 111.3. According to a recent survey, 44 percent of respondents said they believe it will be “a long time” before the U.S. economy recovers. And U.S. Secretary of the Treasury Jack Lew said the Obama administration won’t negotiate with Congress about raising the debt ceiling, nor bail out Detroit.
Twitter Chat: George Ratiu on Market Fundamentals, Economic Outlook for 2013
NAR economist George Ratiu chats with CPE editors live via Twitter about latest economic trends and forecasts for the commercial real estate industry.
2013 Top Property Managers
Our 2013 look at property management leaders shows that third-party management continues to both grow and consolidate. On a period-to-period measure, from 2010 through year-end 2012, occupancy increased for all of the firms except for three, with those likely attributable to portfolio changes.
Vista Ridge Apartments Changes Ownership
Raia Properties sold Vista Ridge apartment complex to a private investment firm. The property is a 271-unti community located at 6522 Camp Bullis Road, Northwest of San Antonio.
Yesler Terrace Redevelopment Finally Launches with Green Light for First Private Project
One of the most ambitious neighborhood revitalization projects in the entire city of Seattle is finally seeing plans come through as the first private residential project in the community is set to break ground. Spectrum Development Solutions, one of the companies tasked with the repositioning of Seattle’s Yesler Terrace, has been given the green light for its Anthem multifamily project. Still dominated by its history as one of the public housing districts built during World War II, Yesler Terrace is set to become a greatly updated and augmented living community.
Data Center Insights: What Customers Want
To track trends in one of real estate’s most dynamic new specialties, Digital Realty Trust Inc. commissions Forrester Research to survey data center customers annually about their plans, needs and priorities. This year’s Web-based study draws on responses from senior IT professionals and corporations with annual revenues of at least $1 billion or a minimum of 5,000 employees. Among other findings, the 2013 study revealed the following highlights: Fifty-four percent plan to lease space from a wholesale data service provider, up from 45 percent in 2012. Security is the most important factor in choosing a new location, cited by 30…
TOD Starts & Stops
Although a broad coalition of stakeholders around the country embraces transit-focused development., such projects are by no means immune from criticism.
Parmenter Sells 214 KSF Suburban Atlanta Office Building
Eight years after acquiring Gwinnett Commerce Center, in Duluth, Ga., Parmenter Realty Partners has sold the 213,600-square-foot suburban Atlanta office building to a JV involving Biscayne Atlantic, Red Starr Investments and PointOne Holdings.
Advenir Acquires M-F Complex in Dallas-Fort Worth Submarket
Advenir, a multi-family real estate investment and management service provider, has acquired Dolce Living at Mansfield, a 334-unit Class A apartment community located in the upscale Dallas-Fort Worth submarket of Mansfield, Texas.
Economy Watch: Consumer Sentiment Unexpectedly Peppy; Serious Mortgage Delinquencies Down; President Mum on New Fed Chairman Pick
Consumer sentiment’s end-of-July reading is the highest the index has seen since July 2007. The single-family “serious” delinquency rate dropped in June to 2.79 percent compared with 2.85 percent in May. In his interview with the New York Times on Saturday, President Obama did not mention any names as to who will be filling Bernanke’s shoes come January, when his chairman term expires.