BisNow
Like players of credit card roulette at a Michelin-starred restaurant, office landlords are increasingly attempting to duck the bill for tenant improvements, closing their wallets as shaky fundamentals linger on — and on. Panelists squabbled over who should bear the financial burden for costly tenant build-out.
Giving Some Perspective to Big 1st Quarter Apartment Demand
RealPage Analytics Blog
Quarterly absorption went from just over 49,000 units in 2023's 4th quarter to more than 103,800 units in 2024's 1st quarter, according to data from RealPage Market Analytics. If you don't count the last three years of unprecedented behavior triggered by the COVID-19 pandemic, it's perfectly typical for absorption to get stronger in 1st quarter after the seasonal slump in 4th quarter.
Big Tech Is Downsizing Workspace in Another Blow to Office Real Estate
The Wall Street Journal
Big technology companies are cutting back on office space across major coastal cities, leaving some exposed landlords with empty buildings and steep losses. The pullback marks a sharp reversal after years when companies such as Amazon.com, Meta Platforms' Facebook and Google parent Alphabet had been bolstering their office footprints by adding millions of square feet of space.
CALIFORNIA
Industrial Rents Drop In Southern California For First Time Since 2009
BisNow
Industrial rents in Southern California dipped in the first quarter, marking the first time they have decreased since 2009, according to the latest data from Savills. The drop is slight, less than 15 cents per SF in both Los Angeles and the Inland Empire, mirroring the size of the slump in 2009.
MINNESOTA
How did Ramsey County property values change last year?
Star Tribune
Property values in Ramsey County appear to be stabilizing, a new annual assessor's report shows. The COVID-19 pandemic sparked a meteoric rise in housing prices, fueled by low supply and strong demand, all helped by low interest rates. Values remain high, but growth slowed in 2023 due to higher mortgage rates and low inventory.
Property values continue to rise in Cook County and across Arrowhead
WTIP
Thompson provided a rough breakdown of the increases. The values of properties in Grand Marais and Lutsen are up just over 12%, in Shroeder values are up about 11.5%, and that Tofte saw the highest increase, about 13.5%. He added that there are several factors that can impact the value of individual properties.
NEW YORK
Ken Griffin Moving Forward On Park Avenue Skyscraper With Vornado, Rudin
BisNow
New York City Mayor Eric Adams said Tuesday that the Citadel founder, along with partners Vornado Realty Trust and Rudin Management, are moving forward with a 1.8M SF office tower at 350 Park Ave. Griffin's firms, the hedge fund Citadel and market maker Citadel Securities, would occupy more than 800K SF in the 62-story building.
Landmarked Financial District Tower Fails To Pay Off $250M Loan At Maturity
BisNow
Despite high occupancy from major tenants at 25 Broadway, the $250M loan backing the nearly 1M SF office building has been moved to special servicing. The Wolfson Group, the owner of the landmarked Financial District tower, failed to pay the loan off at maturity, triggering the move to special servicing.
Does a recent sale impact property taxes? It all depends.
Cullen LLP
PDF Article.
TEXAS
'The Market Has Arrived': Investors Flood Grayson County Amid Chip Plant Investments
BisNow
Land speculation near future semiconductor chip plants in Grayson County is on the rise as buyers eager to capitalize on the area's promising future descend in droves. But it hasn't always been this way. Commercial development in the county's Sherman and Denison has been sleepy for years, said John St. Clair, a Younger Partners executive managing director who has been brokering deals in the area for three decades.
99 Cents Only Closures Put Houston Retail Landlords ‘In A Great Position’
BisNow
Bankruptcy and liquidation are usually bad news, but in tight retail markets, brokers and landlords see it as an opportunity to facilitate new tenants and higher rents. That is likely coming in Houston amid the planned liquidation and closure of all 99 Cents Only Stores, including about 20 in the Houston area, local retail experts say.
La Vernia ISD to issue more than $1 million in property tax refunds
La Vernia News
Within the next 90 days, those who pay taxes to the La Vernia Independent School District (ISD), live in Wilson County, and have a homestead exemption for being over age 65 will be receiving refund checks.
VIRGINIA
Resort-style living debuts at Attain at Towne Centre
Business Wire
An innovative place to call home is now open in Northern Virginia. Attain at Towne Centre is celebrating its Grand Opening. It is a joint venture between Cafaro Company and Bonaventure, an integrated alternative asset manager focused on the development, construction and asset management of innovative lifestyle multifamily communities in the Mid-Atlantic and Southeastern regions.
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