Northern New Jersey data center rents skyrocket, and Empire State Building close to REIT status
May 17, 2013
Here are the news stories you may have missed this week:
The New York Times: Landlords double as energy brokers
Data centers in northern New Jersey are starting to commandeer leasing rates four times those of Manhattan office properties, up to $600 per square foot. As these data center companies grow, they are increasingly evolving into makeshift power utilities and some of the larger ones are even looking to become REITs. Read more about these data centers over at The New York Times.
Reuters: Empire State Building REIT closes in on investor approval
New York City’s Empire State building will likely soon be a REIT. To do so, 99.3 percent of investor units throughout 18 buildings in Empire State Realty Trust Inc. needed to OK the move for an initial public offering. Jump over to Reuters for the full story.
Bloomberg: From Brooklyn to California, housing bubble threat grows
As the housing market improves, signs of a bubble are appearing to some analysts. Home prices have increased almost 11% since last spring. However, many of the cities said to be on the verge of a bubble were the hardest hit from the recession, so these massive gains may only be the market steadying back to normal appreciation values. To see the eight cities that are on the “overvalued” list, click over to Bloomberg.
National Real Estate Investor: Chicago Mayor announces $1.1B for McCormick, Navy Pier
Chicago’s iconic McCormick Place convention center and the Navy Pier will undergo a $1.1 billion redevelopment program spearheaded by Mayor Rahm Emanuel. The program (named Elevate Chicago) will create 10,000 construction jobs and 3,700 permanent jobs. Head over to National Real Estate Investor to see the changes that are coming to the area.
Posted by: Raymond T. Cirz