Daily NAPTA Update 7.11.2023

Posted by Diane Macri | Jul 11, 2023 | 0 Comments


Big Tech Tenants Push Data Center Developers To Stay On Schedule As Supply Chain Woes Linger
Persistent supply chain headaches remain a central challenge for data center developers, particularly providers focused on leasing entire facilities or campuses to big tech hyperscale tenants. Wait times for key equipment — from generators and transformers to cooling and power systems — remain long and unpredictable. 

Multifamily Completions On Track For Strongest Year Since The 1980s
Multifamily completions are on track to top 520,000 units this year, which would be the most since the late 1980s, according to a projection by CoStar Analytics. Most of the increase will be in the southern U.S., the company predicts. That total may be the result of construction in roughly the first half of the year, since there are indications that multifamily starts may taper off later in 2023.


Garfield County property taxes valuations drop $23 million following adjustments
Post Independent
Rising costs associated with higher property valuations prompted nearly 1,938 protests this year in Garfield County. Of those appeals, 701 were adjusted while the remaining 1,237 properties were denied, an official told commissioners Monday. “By the time you figured out adjustments,” Garfield County Assessor Jim Yellico said, “there was a net decrease of $23 million.” 


Nonprofit hospitals under growing scrutiny over how they justify billions in tax breaks
The public school system here had to scramble in 2018 when the local hospital, newly purchased, was converted to a tax-exempt nonprofit entity. The takeover by Tower Health meant the 219-bed Pottstown Hospital no longer had to pay federal and state taxes. It also no longer had to pay local property taxes, taking away more than $900,000 a year from the already underfunded Pottstown School District, school officials said.


Texas House and Senate reach a deal on how to cut property taxes
The Texas Tribune
The deal would channel $12 billion to reduce the school property tax rate for homeowners and business properties, increase the homestead exemption, and create a pilot program to reduce taxes on certain residential and commercial properties.

Dallas Office Leasing Nosedives 28% As Deals Stall Out
Office leasing in Dallas was down nearly 28% in the second quarter as rising costs prompt companies to hold off on major space decisions. The drop is driven mostly by a pause on large-scale commitments, JLL Managing Director Torrey Littlejohn said, which should come as no surprise given the impact rising interest rates have on a company's bottom line.

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