Multifamily housings’ growth spurt, and a think tank reimagines Detroit
Sep 5, 2014
Here are the news stories you might have missed this week:
CoStar: Ripples from apartment supply wave beginning to impact market fundamentals
As young professionals and baby boomers continue to flock to urban centers, developers are jumping on the multifamily bandwagon and churning out new units in key real estate markets. New York City, Los Angeles, and Honolulu have all seen an uptick in the multifamily housing trend, with developers starting substantial projects in each city in the last month alone. While experts anticipate multifamily investments to continue through next year, the influx of new apartment space might increase vacancy rates in the near future. Read more at CoStar.com.
Boston Business Journal: At Boston’s biggest downtown towers, landlords still prove they can hustle
Occupancy is up for some of Boston’s biggest towers. One Financial Center, One Federal Street, International Place, and the John Hancock Tower are all experiencing some of their highest occupancy rates in years. This increase in occupancy is largely due to driven landlords who have signed big deals with new and existing tenants to keep vacancies low. Find out more at BizJournals.com.
The Detroit News: Detroit future city helps shape public, private visions into area’s transformation
Revitalizing the Motor City is no simple task, but one Detroit-based workplace is crafting big ideas to help spark positive change. The Detroit Future City (DFC) — a nonprofit that’s part think tank, part consulting group, and part innovation squad — has tasked itself with the mission to develop plans for the city’s urban renewal. The group functions in an advisory capacity, with the goal to unite developers, foundations, and public officials around a unified redevelopment mission. Although the DFC’s plan focuses on long-term change, the proposal breathes hope back into the fallen city. To learn more about DFC’s master plan for Detroit, click over to DetroitNews.com.
Commercial Property Executive: Economy watch: The state of the economy, big bank regulation
While the name might be bland, the Federal Reserve’s Beige Book has some vibrant reports for the state of the economy, especially in terms of the commercial real estate industry. Commercial real estate has experienced moderate growth throughout the country, with more than half of tracked cities reporting some degree of expansion in commercial real estate activity. Philadelphia’s seeing rejuvenation in the industrial and warehouse sector, Richmond’s experiencing demand for distribution centers, and St. Louis can’t keep pace with new retail and mixed-use projects. To read more about the state of commercial real estate in the U.S., jump over to CPExecutive.com.