News
McWhinney, Grand American Partner on 325 KSF M-U Property in Downtown Denver
McWhinney has partnered with Grand American to redevelop the city block between 18th/19th and Blake/Wazee streets in Denver’s vibrant lower downtown district.
Combined, Saban Buy 173 KSF Shopping Center in the Golden State
Combined Properties continues its West Coast expansion with the purchase of The Terraces, a 173,000-square-foot community shopping center in Rancho Palos Verdes, Calif., with its new joint venture partner, Saban Capital Group.
Economy Watch: Days Numbered for QE3? Architecture Billings Up
Since the Fed is a bit more optimistic about the economy now, there are talks of reducing the rate of bond-buying, which is scheduled to start at the end of 2013. And the Architecture Billings Index bounced back dramatically in May at 52.9, compared to 48.6 in April.
AEG, MGM Resorts Team Up to Build Long-Awaited Arena on the Strip
The long and winding road to a Las Vegas sports arena project seems to be nearing its end after a recent announcement was made that a new joint venture was created specifically for such a development. AEG and MGM Resorts International made the announcement that the formal steps have been taken for a JV that will handle a comprehensive revitalization of the area between the NYC and Monte Carlo resorts. The development will constitute an investment of around $350 million.
FTI: Economy Rebounds, CRE Continues Recovery in Q1
FTI Consulting Inc. has released the FTI Insights: Economic & Real Estate Report for the first quarter of 2013, and overall, it’s good news.
Shows Improvement
(employed and unemployed persons by occupation; not seasonally adjusted; numbers in thousands)
Forward March
By Walter Page Demand for office space is now recovering at a measured pace, with net absorption rising from 31 million square feet in the first quarter of 2011 to an expected 88 million square feet by the first quarter of 2014. Because new office deliveries are running at less than half of demand (or net absorption), office vacancy rates have declined by 110 basis points in the past two years, to 11.8 percent as of the first quarter of this year, and should fall to 11.2 percent by the first quarter of next year. While growth in office rents…
KBS Buys $86M Denver Office Complex
KBS Strategic Opportunity REIT has purchased the Westmoor Center office complex in the Westminster submarket for $86 million.
Equity, Blackstone Sell New England Executive Park for $216M
The New England Executive Park, a 10-building office park in suburban Boston with more than 1 million square feet and approved for another 750,000 square feet of new development, was acquired for $216 million by Charles River Realty Investors and National Development.
Economy Watch: Housing Starts Up; CPI Flat; G8 Sets Stage for Major Trade Talks
Housing starts in May came 6.8 percent above April. The Consumer Price Index barely budged in May, with a 0.1 percent rise. And the G-8 meeting in Northern Ireland might result in a major trade agreement between the U.S. and the EU.