In case you missed it: Apple campus’s ripple effect, Southern California market improving
Dec 17, 2012
Last week’s big stories were a blend from the West Coast and East Coast. From the happenings around Silicon Valley and Southern California to the latest from the greater New York City area, here’s what was happening last week in commercial real estate.
Wall Street Journal: “Apple Campus Helps Hometown Shine”
Apple’s new spaceship-shaped Cupertino campus is having a ripple effect across the city as other developments are planned in the vicinity. This has had positive effects in the region — office rentals, for example, have risen 40 percent in the past year. San Francisco is the hottest office market in the country. Head to the Wall Street Journal for more on the effect of Apple’s new campus.
Los Angeles Times: “Commercial Real Estate Market Improving, USC Study Says”
Signs of an improving commercial real estate market continue to pop up, and USC’s annual Casden office and industrial property forecast is the latest. As Southern California’s economy strengthens, the office and industrial markets are following suit, though the report expects office vacancies to remain high as businesses continue to try to do more with less. Catch the full story over at the LA Times.
Commercial Observer: “As Illustrated: How to Turn a Gas Station into a Top Retail Destination”
Four years ago, the $60 million sale of a gas station in Manhattan’s meatpacking district sparked rumors of new retail properties in its place. Finally the property will be developed into 17,000 square feet of retail space. At $3,500 per square foot, that’s some price, even in one of the hottest neighborhoods in the city. Billy Gray ties this to a larger trend – 50,000 U.S. gas stations have closed since 1991. Jump over to Commercial Observer for an illustrated guide to the redevelopment.
The Real Deal: “A Storm’s Silver Lining?”
The recovery from Hurricane Sandy is slow going and a number of areas are still completely devastated. But amid the destruction, C.J. Hughes sees a silver lining for the real estate industry, which will have a hand in rebuilding the areas that were hardest hit. Jump over to The Real Deal for more on the potential aftermath of Hurricane Sandy.
What stories drew your attention last week? Let us know in a comment below.