Local coffee spots are what’s brewing in NYC, and why South Carolina’s capital is booming
Oct 27, 2015
Here are the news stories you might have missed last week:
Commercial Observer: Landlords are curbing big Starbucks offers, making way for artisanal coffee joints
In New York City, it sometimes seems like there are two big coffee chains at every intersection. But you won’t find that throughout the city anymore, as locally owned coffee brands (with just a few stores) are replacing the bigger chains — there’s just one Starbucks in Grand Central Station now, after the smaller brand Café Grumpy replaced a second Starbucks. That’s because landlords see the value in having a coffee shop within walking distance of apartments and office buildings, and they view these independent shops as integrating more naturally into the neighborhood. See what landlords are thinking at CommercialObserver.com.
Denver Business Journal: $90 million worth of apartments sell in metro Denver
The multifamily sector in the Mile High City continues to thrive. Three apartment complexes recently sold for a total of about $90 million, signaling that investors see Denver as a market that remains hot. The three properties — Cherry Creek Club Apartments, Yukon Court, and Eagle Crest — will likely see some renovations in the future, both boosting their attractiveness to residents and adding to their overall values. To read more about these big purchases, visit BizJournals.com.
The Morning News: Columbia commercial real estate booming
Is there one segment of the Columbia, S.C. commercial real estate market that isn’t hot? Doesn’t look like it. Manufacturing is driving the city’s industrial markets, increased demand is making Class A office space scarce, and retail is bustling. Demand is up, prices continue to rise, and vacancies are dropping throughout the CRE market, with interest in the city at an all-time high. The tea leaves say these trends will continue next year, so CRE markets in South Carolina’s capital look very promising. Head to SCNow.com to read more about the Columbia CRE market.
GlobeSt.com: Can South Florida absorb new hotel inventory?
There’s a heatwave in Florida, but it’s not the temperature that’s rising — hotel ADR, occupancy, and RevPar are experiencing all-time records in Miami-Dade, Broward, and Palm Beach counties. Even as new hotel construction continues to spring up throughout South Florida, the market is flush with increasing demand and annual growth. Investors see South Florida as an international gateway market at the crosshairs of business, tourism, and entertainment, and these factors are supporting the new hotel opportunities. Read the full story about hotels in South Florida at GlobeSt.com.
Posted by: Raymond T. Cirz