Each Wednesday, The Wrap presents a compilation of recent noteworthy commercial real estate stories from a variety of publications. Below are links to five stories that caught our eyes in recent days:
Despite Global and Domestic Headwinds, U.S. Commercial Markets on Firm Ground in 2016, By Michael Gerrity, World Property Journal
Key Excerpt:
“National office vacancy rates are forecast by Realtors to fall 1.5 percent to 10.4 percent over the coming year as employment gains boost demand for office space. The vacancy rate for industrial space is expected to decline 0.7 percent to 8.7 percent, and retail availability to decrease 1.0 percent to 10.5 percent. Only vacancies in the multifamily sector are expected to edge higher over the next year, from 5.9 percent to 6.1 percent, as new apartment construction comes onto the market.”
Cresa Tapped by Georgia to Manage State-Owned Portfolio, By Scott Baltic, Commercial Property Executive
Key Excerpt:
“Tenant-rep giant Cresa has been chosen by the Georgia State Properties Commission as one of two CRE service providers for the State of Georgia, Cresa announced Friday.”
Finding a Connection between the NBA and Apartment Rents, By Barbara Byrne Denham and Evan Taback, NREIOnline.com
Key Excerpt:
“After analyzing data of metros that have had their team win an NBA Championship, it became apparent that the results were conflicting. Some metros experienced positive and accelerating growth, while others experienced negative and decelerating growth.”
Goldman Sachs Said to Have Lost $1.8 Billion U.S. Property Deal, By Hui-Yong Yu, Bloomberg
Key Excerpt:
“Goldman Sachs Group Inc. was the original winner of Alecta’s U.S. real estate sale before the transaction fell apart amid a disagreement over terms, leading Blackstone Group LP to prevail with a $1.8 billion deal, said people with knowledge of the matter.”
Hurricane Ready Commercial Properties Are More Profitable in U.S., By Michael Gerrity, World Property Journal
Key Excerpt:
“Increasingly, new buildings are being engineered to accommodate extreme weather. For example, the addition of wind-resistant glass can mitigate high-wind damage and the placement of a building’s power center on an upper floor can prevent damage to building systems from flooding and storm surges.”