In case you missed it: Blackstone’s Asian real estate fund, Houston and Pittsburgh markets boom
Dec 10, 2012
Year-end is less than 30 days away, and brokers and investors are trying to fit in some last-minute deals. But as the December rush sets in, don’t forget to take some time to stay on top of the latest commercial real estate news. Here are some of the stories that caught our eye last week:
FOX Business: “Blackstone Launching Asian Real Estate Fund”
The world’s largest private real estate firm announced that it’s starting a new real estate fund to buy and sell property in the Asian real estate market. This new fund is the only one available for multiple countries in Asia, and as of this writing, has raised $13.3 billion. Leap over to the story to get the founders’ thoughts on why they launched this new endeavor.
The New York Times: “A Boom in Houston Is Led by the Energy Industry”
Matt Hudgins at The New York Times profiles Houston’s surge in development activity. This growth is attributed to the rapidly expanding energy sector, including a 385-acre Exxon Mobile campus; an increase in medical construction; and the Woodlands, a suburban master-planned community. Click through to The New York Times to learn about other projects planned for the Houston region.
Pop City: “How Hot Is Downtown Pittsburgh?”
Pittsburgh is another booming real estate market, according to writer Jonathan Barnes. Out-of-town investors are snapping up downtown office buildings. Vacancy rates are low. And PNC showed its commitment to the city by revitalizing Fifth Ave. into the mixed-use Three PNC Plaza. All of these factors are contributing to a new real estate renaissance in Pittsburgh. For more details, jump over to Pop City.
Memphis Business Journal: “One in Four Tennessee Homeowners Faces ‘Significant’ Housing Problem” According to the Tennessee Housing Development Agency’s most recent “Housing Needs Assessment” report, one in four Tennessean homeowners faces a significant housing problem. These homeowners are struggling with issues such as paying more than 30 percent of annual income on housing, overcrowding, and subpar living facilities that lack proper plumbing or a kitchen. Head to the Memphis Business Journal to get the full scoop.