Commercial Property – Biz China NFL Jersey Cheap http://bizchinanfljerseycheap.com/ Thu, 24 Nov 2022 07:22:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://bizchinanfljerseycheap.com/wp-content/uploads/2021/07/icon-1.png Commercial Property – Biz China NFL Jersey Cheap http://bizchinanfljerseycheap.com/ 32 32 Skanska Commercial Property Development sells Aqua in Malmö, Sweden, for SEK 600 million to an internal property portfolio https://bizchinanfljerseycheap.com/skanska-commercial-property-development-sells-aqua-in-malmo-sweden-for-sek-600-million-to-an-internal-property-portfolio/ Thu, 24 Nov 2022 06:31:06 +0000 https://bizchinanfljerseycheap.com/skanska-commercial-property-development-sells-aqua-in-malmo-sweden-for-sek-600-million-to-an-internal-property-portfolio/ Skanska Commercial Property Development sold the office building Aqua in Malmö, Swedenat Skanska Investment Properties For about SEK 600 million. The internal transaction is cash-neutral and will be recorded in the fourth quarter of 2022. The transfer will take place immediately. The Aqua office building in Malmö has a leasable area of ​​approximately 9,900 square […]]]>

Skanska Commercial Property Development sold the office building Aqua in Malmö, Swedenat Skanska Investment Properties For about SEK 600 million. The internal transaction is cash-neutral and will be recorded in the fourth quarter of 2022. The transfer will take place immediately.

The Aqua office building in Malmö has a leasable area of ​​approximately 9,900 square meters. The property, which is being developed and built by Skanska, was completed in 2022 and is 94% leased. Among the tenants are the Swedish Transport AdministrationColumbus, Axpo, Coolstuff, Agito, Nola and Aqua Sushi.

The transaction is made at market value and is the second with Skanska Investment Properties as consideration. Earlier this year Skanska Investment Properties bought the Epic office building in Malmö, Sweden. The new business line aims to establish a long-term portfolio of high-quality, climate-smart and healthy office buildings in stockholm, Gothenburg, and Malmo. To clarify the expanded operations, which now include long-term ownership, Skanska Öresund will change its name to Skanska Fastigheter Malmö.

Aqua has the highest LEED certification, Platinum level, and certifies according to WELL. LEED is a global third-party certification for environmentally responsible design, construction, operation and maintenance. WELL is based on medical and scientific research into healthy workplaces and how people are affected by the built environment.

Aqua is one of several office buildings that Skanska has developed at Universitetsholmen in Malmö. Next to Aqua is the Skanska Oas office project, which is under construction and will be completed in spring 2024.

For more information, please contact:

Matti KatajaPress officer, Skanska ABtel +46 (0)10 449 67 98

Media direct line, tel +46 (0)10 448 88 99

This version and previous versions are also available at www.skanska.com.

Skanska Group uses knowledge and foresight to shape the way people live, work and connect. Founded over 135 years, we are one of the world’s largest project development and construction companies, with total revenue in 2021 148 billion Swedish crowns. We operate in selected markets in the Nordic countries, Europe and UNITED STATES. Together with our customers and the collective expertise of our 30,000 teammates, we create innovative and sustainable solutions that support healthy living beyond our lives.

https://news.cision.com/skanska/r/skanska-commercial-property-development-divests-aqua-in-malmo–sweden–for-sek-600m-to-internal-prop,c3672025

https://mb.cision.com/Main/95/3672025/1691984.pdf

https://news.cision.com/skanska/i/image-se-aqua,c3117193

(c) Decision 2022. All rights reserved., sources Press Releases – English

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Ask a Broker: What Does the Midterm Election Mean for the Local Real Estate Market? | Company https://bizchinanfljerseycheap.com/ask-a-broker-what-does-the-midterm-election-mean-for-the-local-real-estate-market-company/ Mon, 21 Nov 2022 11:00:00 +0000 https://bizchinanfljerseycheap.com/ask-a-broker-what-does-the-midterm-election-mean-for-the-local-real-estate-market-company/ Affordable housing has always been a challenge in this region. But as we all wake up and deal with the aftermath of the pandemic – whether it’s pent-up demand, cheap money, low interest rates or a huge amount of money pumped into our economy through PPPs and other programs – we are now living with […]]]>






Affordable housing has always been a challenge in this region. But as we all wake up and deal with the aftermath of the pandemic – whether it’s pent-up demand, cheap money, low interest rates or a huge amount of money pumped into our economy through PPPs and other programs – we are now living with the results: high house prices, inflation and higher interest rates. All of these factors are barriers to an affordable housing market.

Due to high demand for services and a change in the housing market, we are facing a labor shortage which has put a strain on many local businesses.

What I took away from this midterm election was that we had clear direction from the electorate on some important issues surrounding our local real estate market. Voters chose to raise taxes to create more affordable housing solutions with ballot measures for every county in the Roaring Fork Valley and every city in the Vail Valley and Aspen in Glenwood Springs. It’s rare to see voters in favor of tax increases of any kind, so this is a direct reflection of the local real estate market.

What’s exciting is seeing how Pitkin, Eagle and Garfield counties come together – perhaps for the first time – to come up with creative solutions for today’s tougher market. Buyers and sellers are also working together to close the deal, and public entities are doing their part to ensure their communities continue to thrive.

Sometimes the need for affordable housing can scare off developers, but we are already seeing innovative solutions, such as public-private partnerships and buyout programs for open market sellers. In other communities, we have seen zoning changes to allow secondary suites above garages, where this has traditionally not been permitted, in the hope that this will help provide more affordable housing options. .

As the economy cools and interest rates rise, sellers must adapt. For example, buyers and sellers work together on interest rate buybacks. A buyout is when you pay extra money to the lender to buy out the interest rate. Buy-backs are nothing new, but traditionally the buyer would be responsible for the expenses – and now we’re seeing sellers and buyers working together to take care of closing the deal. On the business side, many Small Business Administration loans are assumable. If someone is going to buy a business or building and they have an SBA, instead of going out and getting a new loan, the buyer may be able to take on the old loan but make up the difference purchase price. It’s another way for investors and entrepreneurs to find new ways to pivot and adapt to today’s market.

Perhaps one of the hottest and most controversial issues in Colorado resorts involves short-term rentals. On the one hand, owners believe that they should be able to do whatever they want with their property; on the other hand, we have commercial and residential zoning for a reason.

Commercial zoning is where we as a city or community decided we wanted commerce, activity, and density. The bottom line is that STRs that renew frequently are a commercial undertaking and can be seen as going against residential zoning agreed to years ago. It should also be noted that there is a huge difference between residential and commercial property tax and generally the cost of commercial property taxes is ultimately passed on to the consumer transacting in the commercial area.

All three counties presented ballot initiatives related to raising taxes for STRs – and in all three counties, voters approved the increase by a substantial majority.

Finally, some of the greatest companies in history were created in difficult business climates. It is a time of creativity, ingenuity and collaboration. As a commercial broker, I’m used to seeing the big picture: we help clients find a property that can enable them to open a business which in turn creates jobs and ultimately of account, provides the necessary income for housing. We all sacrifice a lot to live here, but we always find a way to understand it. The people of the Roaring Fork Valley are resilient and resourceful – that’s one of the things I love most about this valley.

Mike Mercatoris has owned or consulted businesses in every town in our valley. He started the commercial and entrepreneurial real estate division at Slifer Smith & Frampton to help local entrepreneurs on their real estate journey. Email Mike at MMercatoris@sliferrfv.com.

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The UC strike has been brewing for 50 years https://bizchinanfljerseycheap.com/the-uc-strike-has-been-brewing-for-50-years/ Fri, 18 Nov 2022 20:48:01 +0000 https://bizchinanfljerseycheap.com/the-uc-strike-has-been-brewing-for-50-years/ Photo: Mario Tama/Getty Images Nearly 50,000 academics in the University of California system walked out this week in what could be the biggest strike in California history. Since Monday, when the strike began, classes at the system’s ten campuses have been canceled because there is no one to run them. “Postdocs, scholars, graduate student teaching […]]]>

Photo: Mario Tama/Getty Images

Nearly 50,000 academics in the University of California system walked out this week in what could be the biggest strike in California history. Since Monday, when the strike began, classes at the system’s ten campuses have been canceled because there is no one to run them. “Postdocs, scholars, graduate student teaching assistants basically run the university in many ways,” said Lavanya Nott, a researcher and graduate student in the Department of Geography at UCLA in Los Angeles. Time. Their demands — higher wages, paid time off, childcare benefits and public transit passes — are familiar in a state where the cost of living has skyrocketed in recent years, but the crisis they face say they are facing has been going on for nearly half a century. the making. If you want to understand the conditions that created the strike, you must first understand a single law that went into effect 44 years ago: Proposition 13.

In June 1978, California voters were asked to consider a ballot measure called the “Tax Limitation – Constitutional Amendment Initiative” which sought to freeze all residential and commercial property tax rates at the point of purchase. (The father of the campaign, a rambunctious Republican named Howard Jarvis, called the tax revolt a way to stand up to the “moochers and slackers” in government.) At the time, inflation was rampant while taxes on homeowners were increasing, and California voters gladly said yes. Today, nearly 50 years later, a homeowner who bought their home in 1980 is still paying 1980 property taxes regardless of the increase in assessed value as long as the home remains in their possession. (A loophole allows owners to pass their properties on to their children without triggering a revaluation). The resulting calculations are dizzying: A 2018 report found that the owner of an Oakland home purchased decades ago paid $1,168 in annual property taxes, compared to the $13,000 owed by the owner of a neighboring property of similar size purchased in 2016. A 2022 study also found, perhaps unsurprisingly, that the biggest tax breaks from Proposition 13 went to whiter, wealthier neighborhoods.

This bled the state of much-needed income, just as Jarvis had expected. While exact numbers are hard to come by, a failed 2020 effort to partially repeal Proposition 13 found that if only state commercial property owners were taxed at fair market value, it would provide the California an additional $11.5 billion in annual tax revenue – most of which would be paid by giant corporations.

This lack of funds, coupled with other divestment decisions at the state level, has impacted every public institution in California, and education has arguably suffered the most. In 1982, the introduction of tuition had effectively declared the end of free tuition in California. As public education spending plummeted, Prop 13’s generous grants to homeowners who arrived early — and the incentives it offered to stay put — made it incredibly difficult for all but the wealthiest residents of California, to break into the housing market. Nowhere is this dynamic more evident than in the neighborhoods around UC’s campuses, where housing has become scarce because longtime landlords have organized against new unit development — and continue to get richer. thanks to Prop 13. This disparity also plays out on the CPU. campus, as university chancellors receive competitive pay and free housing (including a $6.5 million mansion recently purchased with state money) while the average student worker earns $23,247 a year.

Given this history and the steep rise in housing costs over the past few years, it’s no surprise that things have come to a head. According to internal surveys of union members, 92% of unionized workers are burdened with rent, with 52% paying more than half their income in rent. And being graduate students, the strikers tried to put together the data to clarify their demands: Alexander Ferrer, housing researcher and holder of a doctorate in geography. candidate at UCLA who is currently on strike, investigated available apartments around the school. Using 2021 census data, Ferrer was only able to find 952 rental units within ten miles of campus that would cost less than 30% of the average graduate student salary. There are 14,300 graduate students at UCLA.

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Goldman Sachs JV buys Research Triangle Campus – Head of Commercial Real Estate https://bizchinanfljerseycheap.com/goldman-sachs-jv-buys-research-triangle-campus-head-of-commercial-real-estate/ Wed, 16 Nov 2022 11:15:32 +0000 https://bizchinanfljerseycheap.com/goldman-sachs-jv-buys-research-triangle-campus-head-of-commercial-real-estate/ 4021 Stirrup Creek Drive A joint venture between Goldman Sachs Asset Management and Lincoln Harris completed the purchase of a five-building, 445,000-square-foot portion of the Triangle Business Center life sciences campus in Raleigh, North Carolina The joint venture acquired the assets at 4016, 4020, 4021, 4022 and 4025 Stirrup Creek Drive from GPT, according to […]]]>

4021 Stirrup Creek Drive

A joint venture between Goldman Sachs Asset Management and Lincoln Harris completed the purchase of a five-building, 445,000-square-foot portion of the Triangle Business Center life sciences campus in Raleigh, North Carolina

The joint venture acquired the assets at 4016, 4020, 4021, 4022 and 4025 Stirrup Creek Drive from GPT, according to CommercialEdge. Lincoln Harris previously owned part of the campus and will assume lease brokerage functions.

TBC’s buildings were developed between 1983 and 2000 and house a mix of office and laboratory space for medical, technology and nutritional science tenants, according to information from CommercialEdge. Campus occupants include DuPont, Novan, Charles River Laboratories and Carsgen Therapeutics.

TPG had begun a series of improvements to the property, including the construction of a two-story, 14,000-square-foot amenity space that includes a fitness center, landscaped outdoor spaces, as well as a lounge and conference center. The new owners plan to continue these improvements, in addition to undertaking their own series of additional renovations, including utility maintenance and the construction of new lab space for current and future tenants.

Lincoln Harris vice presidents Kaler Walker Moseley and Amy Watkins will oversee leasing operations at the property.

Feedback from the Research Triangle

Located 2 miles northeast of the Raleigh-Durham Research Triangle, TBC is changing hands at a time when the region is experiencing strong life sciences investment and development activity. According to data from Cushman and Wakefield, North Carolina is home to 790 life science companies, 634 of which are in the Research Triangle. The area currently has over 1.6 million square feet of space under construction, in addition to 12.5 million square feet of existing life science properties.


READ ALSO: Explore opportunities for redevelopment in life sciences


The Research Triangle is home to some of the nation’s largest life science projects, including a $1 billion, 1.5 million square foot joint development being built between Starwood and Trinity Capital, as well as the The Yield’s $500 million, 120-acre Nuveen expansion.

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South India Asphalt Paving Guide Homeowners in Choosing a Paving Contractor https://bizchinanfljerseycheap.com/south-india-asphalt-paving-guide-homeowners-in-choosing-a-paving-contractor/ Sat, 12 Nov 2022 09:41:10 +0000 https://bizchinanfljerseycheap.com/south-india-asphalt-paving-guide-homeowners-in-choosing-a-paving-contractor/ Southern Indiana Asphalt Paving is the highest rated asphalt paving company in New Albany, Indiana. In a recent update, the contractor guided residential and commercial owners in choosing paving contractors. New Albany, Indiana – In a website posting, Southern Indiana Asphalt Paving advised property owners in choosing the right paving contractor. Paving Contractor New Albany […]]]>

Southern Indiana Asphalt Paving is the highest rated asphalt paving company in New Albany, Indiana. In a recent update, the contractor guided residential and commercial owners in choosing paving contractors.

New Albany, Indiana – In a website posting, Southern Indiana Asphalt Paving advised property owners in choosing the right paving contractor.

Paving Contractor New Albany started by mentioning that homeowners should review contractors’ licenses and insurance coverage. The team explained that a licensed and insured company had undergone a thorough background check before receiving their licenses. They added that licensed and insured companies work very hard to deliver exceptional paving services. The team also mentioned that working with a licensed and insured company gives customers peace of mind that they will cover any damages that may occur during the project.

The team added that landowners should review contractors’ tools and equipment. They advised homeowners to avoid businesses that lack the necessary tools and equipment. These contractors may not complete paving projects properly and on time. So they advised homeowners to hire a New Albany paving company with the necessary advanced tools and equipment.

The New Albany Driveway Paving Team also said residential and commercial landlords should look at a company’s experience and reputation. The team explained that clients should opt for paving contractors with years of experience in the paving industry. They also said that reading customer reviews of paving companies is essential. The team added that companies with many positive reviews are likely to offer quality paving services.

About Southern Indiana Asphalt Paving

Southern Indiana Asphalt Paving is a reliable, licensed, and insured paving contractor serving New Albany and surrounding areas. The Company offers residential asphalt paving, tar and chip paving, commercial paving, sealant paving, road paving, parking lot paving, paving repair and other paving services. paving. The contractor has a well-trained and experienced team. Most importantly, they have state-of-the-art tools and equipment and use high quality asphalt, tar and other products. They complete paving projects correctly, quickly and on budget.

Media Contact
Company Name: Southern Indiana Asphalt Paving
Contact person: Zack Adams
E-mail: Send an email
Call: (930) 203-3383
Address:2720 ​​Grant Line Road Suite 1
Town: New Albany
State: Indiana 47150
Country: United States
Website: https://southernindianaasphaltpaving.com/

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Trump Tower Chicago: Cook County Board of Review slashes hotel value https://bizchinanfljerseycheap.com/trump-tower-chicago-cook-county-board-of-review-slashes-hotel-value/ Wed, 09 Nov 2022 22:53:27 +0000 https://bizchinanfljerseycheap.com/trump-tower-chicago-cook-county-board-of-review-slashes-hotel-value/ Because the county uses assessed values ​​to calculate property taxes, the reduction will result in a lower tax bill for the hotel than based on the assessor’s assessment. Still, that’s nowhere near the low value the hotel’s tax lawyers put on the property, $26.7 million, which would have resulted in an even lower tax drop. […]]]>

Because the county uses assessed values ​​to calculate property taxes, the reduction will result in a lower tax bill for the hotel than based on the assessor’s assessment. Still, that’s nowhere near the low value the hotel’s tax lawyers put on the property, $26.7 million, which would have resulted in an even lower tax drop. Lawyers had argued that the value of the Trump Hotel had fallen due to the pandemic, which had hit all downtown hotels hard.

Like many owners of large commercial properties in the county, the former president’s company, the Trump Organization, appealed the hotel’s valuation, first to Kaegi’s office and then to the Board of Review, a three-member panel where owners can challenge appraiser assessments. .

Landlords complain that Kaegi, who was re-elected last night, has grossly overvalued commercial properties, unfairly shifting more of the property tax burden onto them. Kaegi defends his methodology, arguing that his ratings are much closer to the mark than those of his predecessor, Joseph Berrios.

But the owners have a friend on the review board, who has granted deep reductions in Kaegi’s assessments in recent years, sparing them steep tax increases. This year is no exception.

The process for the Trump Chicago matched the template. Last year, Kaegi’s office originally valued the 339-room luxury Trump International Hotel & Tower at $168.2 million, up from $58.1 million in 2020, according to county records. The hotel’s attorneys appealed the valuation to Kaegi’s office, which lowered the value of the property to $105.1 million.

Dissatisfied with this result, the lawyers then appealed to the review board, which further reduced the value to $73 million, or about $215,000 per room. This value will be used to calculate the hotel’s final tax bill for 2022, which is expected to be released in the coming weeks.

The hotel’s property taxes could rise further from 2021, as the council’s estimate is nearly 26% of the property’s previous value of $58.1 million. But the tax hit would be much greater without the intervention of the panel.

It’s hard to estimate where hotel taxes will settle in the wake of the board cut; too many other variables go into the tax calculation even to guess. Property taxes for the hotel totaled $3.2 million in 2020.

It’s also unclear whether the Trump Organization will take the process further and file another appeal with the Illinois Property Tax Appeals Board, a step the company has taken in the past. One of the hotel’s attorneys, Patrick McNerney of Mayer Brown, declined to comment. Representatives of the Trump Organization did not respond to an email.

Kaegi defended the process used by his office to estimate the value of the Trump property.

The valuation is “in line with market data and the value of a similar property in the area,” he said in a statement. “Our publicly available data and third-party sources show that the methodology we use to appraise at market value means our work is more accurate and fair than before. For large commercial properties like this, asking appeal after appeal to lower their assessments only increases the tax burden on residents and small businesses. I will continue to denounce these practices which create inequalities in the property tax system and which must be reformed.

A representative for the review board did not respond to a request for comment.

Whatever its value today, the Trump Hotel may not be worth as much as it was a few years ago. The hotel’s performance has lagged that of its competitors since Trump took his infamous escalator trip to announce his presidential campaign in 2015. The hotel’s revenue fell 30% from 2015 to 2018 , and a profit metric plunged 89% over the same period, according to financial documents filed at the assessor’s office.

Trump’s Chicago skyscraper at 401 N. Wabash Ave. also includes residential condos, which are separately owned, and commercial space at the base of the building, which is owned by a Trump company. When he developed the project, he planned to sell all 339 condominium hotel rooms, but sales stalled during the financial crisis and he retained ownership of approximately 175 rooms.

The Trump Organization also appealed the estimated 2021 value of the building’s retail space, which has been largely vacant since the building opened in 2008. Kaegi’s office assessed the space at 74,000 square feet. squares at $21 million, but the review board recently knocked its value down. down 19% to $17.1 million, according to the appraiser’s office.

Still, that’s a nearly 37% increase over the property’s previous value, so it’s possible, if not likely, that his tax bill will rise this year. Property taxes for commercial space totaled $698,399 in 2021, according to the Cook County Treasurer.

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Mack Real Estate Group and Project Destined Announce Expanded Partnership to Mentor the Next Generation of Commercial Real Estate Leaders https://bizchinanfljerseycheap.com/mack-real-estate-group-and-project-destined-announce-expanded-partnership-to-mentor-the-next-generation-of-commercial-real-estate-leaders/ Tue, 01 Nov 2022 14:40:00 +0000 https://bizchinanfljerseycheap.com/mack-real-estate-group-and-project-destined-announce-expanded-partnership-to-mentor-the-next-generation-of-commercial-real-estate-leaders/ NEW YORK–(BUSINESS WIRE)–Mack Real Estate Group, LLC (MREG), a leading vertically integrated institutional real estate developer, operator, investor and lender, today announced the expansion of its relationship with Project Destined, an impact platform leading social institution that offers training in finance, literacy, entrepreneurship and real estate. “We are thrilled to partner again with Project Destined […]]]>

NEW YORK–(BUSINESS WIRE)–Mack Real Estate Group, LLC (MREG), a leading vertically integrated institutional real estate developer, operator, investor and lender, today announced the expansion of its relationship with Project Destined, an impact platform leading social institution that offers training in finance, literacy, entrepreneurship and real estate.

“We are thrilled to partner again with Project Destined to further support and empower students from underrepresented communities through training in the fundamentals of real estate and professional development. There is no substitute for direct, hands-on experience with active mentors in the profession,” said Richard Mack, CEO of MREG. “We were really impressed with both the enthusiasm of the students and the leadership of Project Destined. Over the past two years, the Project Destined program has become a vital part of our engagement efforts at Mack Real Estate Group, with mentors, speakers and judges from our equity, credit and development teams who dedicate their time to helping educate and prepare the next generation of real estate leaders.

Beginning in 2021, Mack Real Estate Group has partnered with Project Destined in the New York area to provide participants with mentors from across MREG’s debt, equity and development platforms. Over the past two years, MREG has sponsored four student teams representing more than 50 Destined Project participants.

“We are excited to expand our partnership with Mack Real Estate Group to expand our work in the New York City market,” said Cedric Bobo, co-founder of Project Destined. “The MREG team has invested incredible resources to provide this group of students with mentorship, exposure and networking opportunities. We are proud to partner in preparing these students for potential careers in real estate.”

About Mack Real Estate Group

Mack Real Estate Group, LLC (MREG) is an integrated real estate investor, developer, operator and lender. On behalf of institutional and high net worth investors, it invests in debt and equity securities in real estate and real estate-related securities through multiple lines of business and strategies.

About the intended project

Project Destined is a leading social impact platform that provides training in financial literacy, entrepreneurship, and real estate. Project Destined partners with businesses, schools, and nonprofits to deliver training using its proprietary e-learning platform and live courses. Project Destined uses a work-based learning approach where students work with executives to evaluate live offerings in their community and pitch them in a pitch competition to industry leaders. Researchers emerge with the skills, confidence, experiences and networks that prepare them to land a solid first job and become active in their community. For more information, please visit https://projectdestined.com.

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The ABQ commercial real estate market “everywhere” https://bizchinanfljerseycheap.com/the-abq-commercial-real-estate-market-everywhere/ Sat, 29 Oct 2022 14:42:24 +0000 https://bizchinanfljerseycheap.com/the-abq-commercial-real-estate-market-everywhere/ Commercial real estate brokers Tom Franchini, left, and Bill Robertson at a warehouse in Los Lunas. (Adolphe Pierre-Louis/Journal) When a city grows, where does it go? With vacancies at an all-time low in the industrial real estate market and growing demand in all real estate markets, it is becoming increasingly difficult to find affordable space […]]]>
Commercial real estate brokers Tom Franchini, left, and Bill Robertson at a warehouse in Los Lunas. (Adolphe Pierre-Louis/Journal)

When a city grows, where does it go?

With vacancies at an all-time low in the industrial real estate market and growing demand in all real estate markets, it is becoming increasingly difficult to find affordable space around Albuquerque.

Ongoing supply chain issues and labor shortages have contributed to rising costs, reducing new construction – and therefore supply – in commercial, industrial and office real estate.

“The market is really everywhere,” said Steve Lyons, retail broker at SVN/Walt Arnold.

Industrial

The industrial commercial real estate market has been particularly tight, with historically low vacancy rates in the city, as well as across the country. Albuquerque has industrial vacancy rates nearly identical to the national average, but slightly less available space than similarly sized markets.

Industry broker Bill Robertson, senior vice president and director of Colliers International, said he had never seen such low levels.

“Not in my lifetime,” Robertson said. “And I’ve been working in this for 40 years.”

In a context of high demand, low supply and national inflation, prices are rising; a recent report from CBRE revealed that in the third quarter of this year, the median rental price increased by 38%.

Robertson said many people looking for warehouses are desperate enough to find space that they’ll “make do” with what they have. And if Albuquerque doesn’t have that supply, they’ll look elsewhere.

Jim Smith, senior vice president of CBRE, said there has been little new industrial construction in Albuquerque over the past decade.

But that is starting to change.

“There’s probably more speculative building of industrial properties than ever before,” said Smith, who specializes in industrial properties. “There had been a lull for about a dozen years – and that has changed in the last 18 months.”

According to the October CBRE report, there are 528,636 square feet of industrial property under construction, with a speculative 15,715 square foot development under construction in Rio Rancho. However, Smith noted that much of this new build won’t be usable for some time. Supply chain issues have extended construction times, delaying the incoming wave of new properties.

“Everyone is tearing their hair out,” Smith said.

Desk

Albuquerque has a bit more wiggle room in office real estate, with more properties available for rent than Tucson and Colorado Springs. But the number of office spaces available for rent has stagnated in the city for many years.

“There have been very few new offerings in Albuquerque over the past 20 years,” said Walt Arnold, general manager of SVN/Walt Arnold Commercial Brokerage Inc. “I mean, we haven’t built any space considerable office space for quite a while.”

A July Colliers report said there were no new offices being built in the city.

Steve Lyon, CCIM Senior Advisor, left, and Walt Arnold, CCIM, SIOR, who is Managing Director of SVN/Walt Arnold Commercial Brokerage, Inc., pose for a portrait in the boardroom of SVN/Walt Arnold Commercial Brokerage, Inc. (Chancey Bush/Journal)

Arnold said rising costs have reduced the construction of new office space, with more developers choosing to adapt existing properties for office use rather than build new ones.

But even the rehabilitation of buildings and general maintenance have also increased in price.

“Everything: taxes, insurance, janitorial, landscaping, heating, ventilation, air conditioning, all those costs needed to run an office building are going up,” Arnold said. “But the cost of doing that doesn’t go up as much as rents go up.”

Arnold said office rents in Albuquerque have held steady or increased only slightly, despite rising costs for landlords. Competition from other markets has kept rents relatively affordable in the city.

Arnold sees more changes on the horizon as employers assess how they want to use space in a post-pandemic era.

“Having people in the office is what a lot of business leaders think is the right thing to do,” Arnold said. “And a lot of employees feel like they can work from anywhere. So I think those two dynamics will continue to clash over the next few years… As the leases start to expire, I think a lot of people will say, how much space will we need? Do we need what we have? Or can we handle less space? »

Detail

Like offices, the commercial real estate market shows higher vacancies than the industrial market.

But, a nationwide boom in new small businesses has sparked increased demand for smaller retail spaces, SVN/Walt Arnold broker Lyons said.

According to data from the US Census Bureau’s Business Training Statistics, New Mexico saw a nearly 10% increase in the number of business Employer Identification Number applications between August and November. ‘last year.

“It’s not as tight a market as the industrial market, but it’s still very healthy, very strong,” said Ben Perich, vice president of Colliers International in New Mexico. “It’s still a homeowner’s market, more than a renter’s market.”

This demand is not even present in the market; the best spaces — Class A and new construction — are filling up fast, Lyons said. Class A office spaces are generally in prime locations, in good condition, and have more amenities than other office spaces – and charge higher rent.

But, for less desirable properties, there is a “persistent vacancy,” Perich said.

Lyons echoed that sentiment.

“I have properties that are lagging to be rented, and then I have properties that are 100% rented,” Lyons said.

The types of properties renters are looking for are also changing, Lyons said. He has seen increased interest in smaller properties that house a single business rather than large multi-tenant malls.

“You have to turn around and charge them premium rents to justify the construction costs (for multi-tenant properties),” Lyons said.

Likewise, he said rehabilitating old buildings for new uses is more popular in the retail market as it saves some of the cost of new construction.

Between labor shortages and supply chain issues, Perich said he sees problems increasing supply in some areas of the city.

“We have negative headwinds that are going to limit, you know, the ability to add more supply quickly,” Perich said.

The city grows

CBRE’s Smith said many developers and companies are heading to “tertiary” markets like Albuquerque – with Amazon’s move to Albuquerque last year as an example.

“Amazon had an expansion into this market a year ago,” Smith said. “They didn’t need expansion in Los Angeles, Dallas or Seattle because they had already built warehouses in those markets. … They look at places like Albuquerque and say, ‘Well, we don’t have a facility there, so let’s invest in that market.’

This Los Lunas warehouse is one of the properties featured by commercial real estate brokers Tom Franchini and Bill Robertson. (Adolphe Pierre-Louis/Journal)

Between June 2021 and 2022, Bernalillo County collected $51 million more in gross receipts taxes, an increase of about 22%.

“I’m so excited about our economy in the Albuquerque area because it’s growing really well,” Lyons said. “After years of being slow, it’s not flat. And I think that’s great for our city.

Arnold agreed.

“I’m bullish on Albuquerque,” Arnold said. “I still think Albuquerque has a lot of growth ahead of it. I think the forecast for us is good.

Although Robertson said his warehouses have soared, he ultimately said the market might balance out.

“It’s cyclical and it changes,” Robertson said. “There is a rosy ending to the story at some point.”

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Wanda’s property management unit renews Hong Kong IPO filing https://bizchinanfljerseycheap.com/wandas-property-management-unit-renews-hong-kong-ipo-filing/ Thu, 27 Oct 2022 02:49:07 +0000 https://bizchinanfljerseycheap.com/wandas-property-management-unit-renews-hong-kong-ipo-filing/ What’s new: Zhuhai Wanda Commercial Management Group Co. Ltd., the commercial real estate management unit of Dalian Wanda Group, renewed its efforts to sell shares in Hong Kong after two failed attempts. Zhuhai Wanda Commercial Management said it submitted an application to the Hong Kong Stock Exchange on Tuesday evening. This is the company’s third […]]]>

What’s new: Zhuhai Wanda Commercial Management Group Co. Ltd., the commercial real estate management unit of Dalian Wanda Group, renewed its efforts to sell shares in Hong Kong after two failed attempts.

Zhuhai Wanda Commercial Management said it submitted an application to the Hong Kong Stock Exchange on Tuesday evening. This is the company’s third attempt to make an initial public offering in Hong Kong after two previous applications filed in October 2021 and April 2022 expired.

In the new app, Zhuhai Wanda Commercial Management has updated its financial figures. At the end of June, the company operated 425 Wanda Plazas across the country, up 11.84% from the first application.

Zhuhai Wanda Commercial Management’s first-half revenue totaled 13.5 billion yuan ($1.8 billion), up 26.7 percent from the same period a year ago. Net cash flow from trading activities was 2.7 billion yuan, up 109.3% year-on-year.

Background: Zhuhai Wanda Commercial Management is Wanda’s asset-light unit established in March 2021 by restructuring property management assets with a strategic investment of 3 billion yuan from the Zhuhai government.

The unit’s backers also included private equity fund PAG, Tencent Holdings and Ant Group after a pre-IPO funding round in September 2021.

Wanda has sought to publicize commercial property management business in the domestic market since 2015, but made no progress in the face of Beijing’s tight control over the financing of the real estate sector. Wanda withdrew the mainland listing application in August and said it would consider an overseas offering after the asset restructuring.

Expirations and resubmissions of IPO applications are not uncommon in Hong Kong, an investment bank official said. An expiration can be caused by factors such as requests from regulators, outdated financial data or a company’s decision to slow progress due to concerns about the market environment, the person said.

Quick Takes are condensed versions of China-related stories for quick news that you can use.

Contact reporter Han Wei (weihan@caixin.com) and editor Bob Simonon (bob.simison@caixin.com)

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Five apartment metrics to watch this week https://bizchinanfljerseycheap.com/five-apartment-metrics-to-watch-this-week/ Mon, 24 Oct 2022 12:05:47 +0000 https://bizchinanfljerseycheap.com/five-apartment-metrics-to-watch-this-week/ The seasonal deceleration and/or resilience of same-store rent growth remains the focus, they say, even as core operations are the main driver of apartment growth in this environment. With pressure from inflation, the labor market, Hurricane Ian and property tax headwinds, managing expenses will also be a key focus, especially given slowing revenue growth. As […]]]>

The seasonal deceleration and/or resilience of same-store rent growth remains the focus, they say, even as core operations are the main driver of apartment growth in this environment.

With pressure from inflation, the labor market, Hurricane Ian and property tax headwinds, managing expenses will also be a key focus, especially given slowing revenue growth.

As Covid rent relief and eviction moratoria wear off, St. Juste and Luo will look to clarify short-term bad debt expectations in 2H22/FY23.

With the deal market stalled following the rise in WACC, they will be looking for an updated outlook on acquisition prices/opportunities and capitalization rates.

The development message as yields compress due to cost inflation and slowing NOI growth.

The apartment sector has seen headwinds in terms of lease and ceiling rates lately, two indicators that the industry has been watching closely. But with apartment revenue for the third quarter kicking off this week, there are other financial metrics that should also be watched at the company level, according to Mizuho Americas research analysts Handel St. Juste and Barry Luo. . In a new research note, they outline what will be the most popular focus points in their conversations with investors that go beyond the macro and rising interest rates.

Check out our slideshow to see what they’ll want to know.

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