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🌟 Grow at Greystar 🌟 Mentorship is a fundamental part of our approach at Greystar. We understand that finding your way and determining your career…
🌟 Grow at Greystar 🌟 Mentorship is a fundamental part of our approach at Greystar. We understand that finding your way and determining your career…
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Stewart Group of Marcus & Millichap
HOW CHANGING BEHAVIOR IS RESHAPING CRE -How demographics and psychographics are shaping CRE demand -Why migration trends are changing the CRE outlook -The new opportunities being created by evolving behavior . . . #nycrealestate #newyork #newyorkcity #manhattanrealestate #multifamily #newyorkrealestate #nycbuildingadvisors #realestatebrokernyc #stewartgroup #marcusmillichap #commercialrealestate
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Columbus International
As #NewYorkCity offers once-in-a-lifetime real estate deals, major companies are rushing to revolutionize their #workspaces. From ultra-modern corporate campuses to state-of-the-art distribution hubs, the city's new face is being remade for a #hybrid #digital era. Power, prestige and flexibility: this is the new look of work-life. https://lnkd.in/d7FrYHjg
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Bill Montana
Takeaways from an interview yesterday with SL Green Chief Financial Officer Matt DiLiberto. His perspective on the dynamics of the New York City office leasing market we're definitely interesting and food for thought.Watch this and let me know your thoughts. Savills Savills North America SL Green Realty Corp. Matthew DiLiberto #nycrealestate #officeleasing
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BOMA New York
As the dynamics of the real estate market continue to evolve, office-to-residential conversions are becoming a more feasible solution to address both office vacancies and housing shortages in New York City. Initially met with skepticism, this concept is gaining traction thanks to recent incentive programs and a shift in developer enthusiasm. Prominent developers like SL Green Realty Corp., Silverstein Properties, and GFP Real Estate are now exploring conversion projects, such as the transformation of 750 Third Ave. Supported by new state budget tax incentives, these projects are moving from theory to reality. While these conversions might not solve all of NYC's housing and vacancy challenges, they represent a significant step forward. At BOMA New York, we recognize the importance of adaptive reuse in revitalizing our urban spaces and creating a more balanced real estate market. To learn more about the potential impact of these initiatives, read the full article: https://lnkd.in/eeDB7QSQ #CommericalRealEstate #OfficeToResidential #BOMANY #NewYorkCity #AdaptiveReuse
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Matt McLennan, SIOR, CCIM
🏢💼 Amidst fluctuations in the commercial real estate market, this recent report sheds light on a potential turnaround, signaling hope for recovery in CRE sales transactions. However, nuances across property types persist, emphasizing the need for sustained efforts and a favorable economic landscape. Read more about the evolving dynamics and the crucial role of interest rates in navigating towards pre-pandemic normalcy in this insightful analysis. Website: mclennanindustrial.com Bio: https://lnkd.in/gJihJmJ9 Google Business Page: https://lnkd.in/gHn-YT5m YouTube: https://lnkd.in/gxz7UURi Instagram: https://lnkd.in/g3gNBFkV Facebook: https://lnkd.in/gNmDVBBE X: https://lnkd.in/g4f-8_aJ TikTok: https://lnkd.in/g8_RtaNV LinkedIn: https://lnkd.in/gms5TXMP #PugetSound #TenantRepresentation #LandlordRepresentation #SIOR #CCIM #IAMC #NAIOP #CRE #CommercialRealEstate #IndustrialRealEstate #Industrial #Logistics #Manufacturing #Warehouse #Seattle #Tacoma #KidderMathews #Kidder #SupplyChain #CommercialLand #WarehouseSpace #Warehouse #KingCounty #PierceCounty #ThurstonCounty #Seattle #Tacoma #RealEstate #SupplyChainManagement
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Bryan McCann
Let's keep the exciting news rolling; we are not done yet. 🌟 Colliers Capital Markets Leads the Transaction of Heinz 950 🌟 Our Capital Markets team proudly closed another one, hitting the rare feat of two large transactions on the same day. Heinz 950 is an iconic building that is a testament to Pittsburgh's position for the future. It is taking its history and using it as a catalyst to become a technology titan. It is located in the lively Northshore neighborhood and is supported by some of Pittsburgh's strongest demographics. Originally built in 1930 as the Employee Service Building for Heinz employees, the 5-story property was converted into 151 premier loft-style apartments. The Northshore is one of the most sought-after neighborhoods in Pittsburgh, boasting a live, work, and play environment for its residents. "I couldn’t be prouder of the teamwork exhibited by Willis, Matt, and the entire platform. The two deals we closed today were a close collaboration with Collier’s offices nationwide. The collaboration and synergy are truly remarkable. We are able to achieve results that have not been possible before in our market.” – Bryan McCann, Senior Vice President, Capital Markets #RealEstate #MultifamilyHousing #InvestmentOpportunities #MarketTrends #Colliers #Pittsburgh #MoreIn24 #ThriveIn25 #ClosersCoffee #ColliersCapitalMarkets Willis Croker Matthew Reder Gary R. Cooper
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Jim Hogan, P.E.
The Boston Planning & Development Agency has introduced a mandate requiring new developments over 20K SF or with 15+ units to achieve net-zero carbon emissions upon opening. The mandate also extends to additions of 50K SF or more, with special provisions allowing extended compliance timelines for life sciences labs and hospital/manufacturing facilities If ratified by the Zoning Commission the requirement would go into effect in July 2025. The regulation aims to significantly reduce the city’s carbon footprint, although it has sparked debate among real estate developers regarding the feasibility and timing of such ambitious standards. #zoning #bostondevelopment #netzero https://lnkd.in/edzF9wtd
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Robby Mulcahy
Substack has quickly become one of my favorite platforms for great commercial real estate & urbanism content. Along with a healthy diet of NYT, WSJ, & Bloomberg, and your staple research reports, Substack provides some really insightful, longer-form pieces from industry vets and insiders. Some of my favorites - which I've written about here before - include Brad Hargreaves' excellent Thesis Driven and Aziz Sunderji's Home Economics. This week, I was pleased to see Clint Myers writing again on the platform, this time on the what makes real estate assets resilient, or in Nassim Taleb's words "anti-fragile." The concept dovetails nicely with my affinity for long-term real estate investment. The cliffnotes version: properties that are anti-fragile hold up to the stressors of time; they retain value over time; they're properties for which time is a friend. And what, according to Clint, are the characteristics of an anti-fragile real estate asset? --- Diversity: of market, of asset use, of tenant base --- Organic, bottoms-up design: a la Jane Jacobs (as opposed to, say, the top-down approach of Robert Moses) --- Modest leverage: so as to be less exposed to capital market fluctuations, and positioned to take advantage when the highly-levered get out over their skis --- Optionality: the ability to adapt a property to fit changing trends --- Asymmetry: as in, a high potential for future upside In what is perhaps a contrarian view, the conclusion here is that anti-fragile assets look more like an old strip mall or class B multifamily asset in an emerging neighborhood than a brand new life sciences building in the CBD. The post is surely worth a read in its entirety (linked below). It might inspire you - as it has me - to pick up Taleb's 'Antifragile' next. #commercialrealestate #longterminvesting
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Adam Riddle
CRE Sales Are Ticking Back Up Despite Stagnant Interest Rates: In the first quarter of 2024, commercial real estate (CRE) sales decreased by 8% compared to the previous year, though this decline was less severe than in the last quarter of 2023. Moody’s analysts suggest that despite some improvement, the market still awaits an interest rate cut to stimulate growth. Moody’s emphasizes the necessity of interest rate decreases to foster significant transaction volume growth, despite some positive indicators, such as increased transactions in the $50M+ range. Notable transactions include Kering's purchase of retail space in NYC and UCLA's acquisition of the Westside Pavilion mall for conversion into a research facility. Multifamily, industrial, and retail property sales increased, while hotel and office sales declined, partly due to large office transactions in the previous quarter. Banks maintain relatively restrictive lending standards for commercial properties, though the degree of tightening has lessened. Moody’s suggests optimism for the CRE market's future, anticipating relief from prolonged high interest rates. https://lnkd.in/gd5VmPKi
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1 Comment -
Evan Fiddle
"Flight to quality" has been an ongoing theme within Manhattan commercial real estate for the last several years. While the trend is still in tact, it's interesting to watch the definition of "quality" change. As 550 Madison Avenue, One Vanderbilt Avenue, One Madison Avenue, 9 West 57th Street and the like get leased, demand increases at the next set of "quality" buildings. These buildings are then able to push pricing as they become better positioned to capitalize on the flight to quality trend. #commercialrealestate #realestate #officespace #brokerage
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Dan Santagata
I am pleased to share JLL's Q2-2024 New York Office Snapshot, highlighting the latest trends we're seeing in NYC's dynamic leasing market. Below are some key findings from the report: - Over 5.8 million s.f. of leases were signed in Q2, totaling 12 million s.f. in H1-2024, marking a 16% increase from H1-2023. - Manhattan's overall office vacancy decreased to 17.0%, driven by continued leasing velocity in Trophy/Class A buildings and limited new supply entering the market. - Average direct asking rents dipped slightly to $80.22 p.s.f, primarily due to pricing adjustments in Midtown South. - Building conversions are on the rise, with 1.4 million s.f. of office space earmarked for conversion this quarter, furthering the trend of obsolete office space being eliminated from total inventory. - Tenant relocations were the dominating trend in June, representing 60% of all completed transactions. - Sublease availability remains elevated, though the pace of new additions has slowed. Several large blocks put up by tenants in the creative industries have created pockets of heightened sublease availability in select submarkets. For the complete report and additional insights, feel free to reach out to me directly.
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Bryan McCann
A new survey of 400,000 online reviews highlights the critical role of staff in shaping resident experiences in multifamily properties: Positive Feedback: Over 60% of glowing reviews praise the on-site staff, underlining their impact on tenant satisfaction. Negative Comments: Maintenance issues dominate complaints, appearing in 34% of negative reviews. Human Touch: In-person interactions during property tours significantly boost positive reviews, suggesting that personal engagement is key to resident happiness. This study underscores the importance of effective property management and the power of a personal touch in the rental experience. #Colliers #Pittsburgh #MoreIn24 #ThriveIn25 #ClosersCoffee #ColliersCapitalMarkets https://lnkd.in/e35W7vyd
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Trepp, Inc.
📰Trepp, Inc. Chief Product Officer, Lonnie Hendry was interviewed by Therese Fitzgerald (Commercial Property Executive) yesterday at the CRE Finance Council Annual Conference in New York, dissecting the current distress in the CRE market... "Trepp’s May 2024 Delinquency Report was actually favorable, with CMBS delinquencies inching down to 4.97%. Even office, which had peaked at 7.38% in April, was down to 6.94% in May", said Hendry. "The market is performing better than the headlines would suggest, but there is a lot of distress that just hasn’t made it through the system yet. The CMBS market has about $30 billion of office loans maturing throughout the remainder of 2024 and a lot of those loans have very low debt yields in place, very low DSCRs and low occupancies relative to stabilized norms." Read the full write up here: https://hubs.li/Q02BnZsw0 #Trepp #CREFCJune2024 #CREFinanceCouncil #CREFC #CRE #CommercialRealEstate #CMBS #Conference #CREEvent #CREConference #CommercialPropertyExecutive #Office
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3 Comments -
Adam Sklaver
Interesting article in the The New York Times this morning about an auction that took place yesterday for a Midtown Manhattan office building. The article doesn't go into much detail about the sale being a leasehold interest. The building is subject to a ground lease with 99-years remaining on it and the current annual ground rent is $9.8M. The ground lease started in 2019, 13 years after the property last sold for $332M in 2006. Given that the building is only 35% occupied, the total rent collected doesn't cover operating expenses inclusive of the ground rent so the new buyer will have to come out of pocket big time until they can lease up more of the building. From an auction lense, this deal was set up incorrectly and might have prevented more buyers from participating (and potentially getting a higher winning bid). As the article mentions, the seller's reserve price is usually set at three times the opening bid. So if the starting bid was $7.5M, that means the reserve price was probably at a minimum $22.5M, and more likely in the $25M range. Buyers were probably spooked by that figure if they were valuing the property in the sub $10M range so they didn't bother underwriting the asset or participating in the auction. Additionally, buyers have to show at a minimum, the starting bid amount in liquid proof of funds to participate in these online auctions so you automatically shrink your buyer pool when you have a $7.5M starting bid. When the auction took place and the seller received the lone bid of $8.5M and decided to drop their reserve price by 67% to capture that buyer, we know that was their real "floor." If they had set up the auction with a $2.5M starting bid, more buyers would have participated in the auction given your pool of prospects that can show $2.5M+ in proof of funds is much, much larger than $7.5M+. Just my $0.02.
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Brian C. Russell, CCIM
This is an interesting read. As residential demand remains strong, office demand remains weak, and the supply of functionally obsolete office properties remains high, we see more adaptive reuse projects in the pipeline. Yet, it's far from an 'easy recipe' for success.
3 Comments -
Affordable Upstate
Transforming old amenities into functional spaces is just one aspect of our approach to revitalizing multifamily properties. Read more about the Paris Park transformation here: https://lnkd.in/ePt6ev8m #affordablehousing #multifamilyproperties #propertytransformation
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Rhonda Taylor
If you know me, you know that I love consumer industries, especially entertainment and retail. The Boyden team recently conducted an interview with EPR Properties, that I found super interesting. They discuss how trends in entertainment and retail can affect real estate and it got me thinking about the future. The best part was seeing the positive outlook mixed with a dose of reality surrounding the future of real estate in entertainment and retail. There is no doubt things have changed. Yet, I am so excited to see what's in store and how it will continue to evolve. Would love to hear your thoughts. #entertainment #media #consumer #retail #executivesearch #leadership #realestate
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