Hotels, offices, stadiums and retail – see what’s happening across the US in CRE this week
Feb 5, 2016
Here are the news stories you might have missed this week:
The New York Post: NYC’s great hotel boom days are numbered
The New York City hotel scene is quite interesting – there’s more inventory than ever (102,000 rooms) and occupancy remains high (north of 85 percent). But after 2017, the city will see a drop in new rooms, as most hotels under development will open this year. That could cause a dramatic slowdown in new absorption in 2017 and beyond, even though demand will likely remain high. Still, rising costs and the peak of the limited-services hotel market may make new development difficult in the next few years. Visit NYPost.com to read the full analysis.
Phoenix Business Journal: Why technology and creative companies are flocking to downtown Phoenix
Tempe’s overcrowded office market is Phoenix’s benefit. Tempe’s low-single digit, Class A occupancy rate is forcing tech firms seeking office space to look toward downtown Phoenix. The city, officials say, is primed to capitalize, both because it has office space available and it’s an attractive market. Downtown Phoenix is very walkable, so it’s attracting workers of all ages and professions, and more firms are thinking about packing their bags and moving in. Head to BizJournals.com to read more about the Phoenix office market.
Commercial Property Executive: Development underway in Detroit Red Wings arena district
The Red Wings are getting some company: The District Detroit, a new restaurant, retail, and office development, has been proposed adjacent to the hockey team’s new stadium. The space includes thousands of square feet of retail space and offices. The Detroit Events Center is the $650 million project that includes the hockey arena and 50 blocks of new development. Together, the two developments will bring an influx of new life to the Woodward and Henry sections of Detroit, which for years have been underutilized. Go to CPExecutive.com to see what’s happening near the arena.
Houston Business Journal: Houston retail developments are going vertical
There’s nowhere for Houston to go but up. Houston retail real estate developers are combating rising land prices and limited availability by stacking retail, and they’re adding multiple floors to shopping centers. This strategy makes sense instead of trying to expand out and competing for land with other CRE sectors, like hotels and offices. In many cases, multifamily units are being built on ground-level retail. These signs are showing that retail in Houston is adapting to the current market and trends. To read more about this building boom, visit BizJournals.com.