Office buildings are gaining value in D.C., and Memphis says goodbye to the CRE blues
Nov 7, 2014
Here are the news stories you might have missed this week:
The Wall Street Journal: Commercial-property prices in D.C. go their own way: Up
Washington, D.C.’s office market is beating the odds. The city’s been seeing significant growth in the office sector for the past six months, even in the face of high vacancies and stagnant rents. Office prices are on the rise across the metro-area, with investors paying 29% more per square foot for buildings compared to the same six-month window last year. The strong office market is largely due to an influx of domestic and foreign investors scooping up properties along East Coast cities. Read why D.C.’s office market is turning heads at WSJ.com.
The Record: Real estate execs see more opportunity beyond luxury properties
Luxury is out and practicality is in for the Garden State. Instead of investing money in expensive luxury properties, some real estate investors are opting to purchase and update older, multifamily buildings. But it’s not all a buyer’s market. The limited number of multifamily properties for sale in the state has bolstered competition and driven up the prices on these developments. However investors are willing to pay, with many viewing New Jersey as an attractive market thanks to low interest rates and soaring Manhattan prices. Read the whole story at NorthJersey.com.
GlobeSt.com: Transit-oriented multifamily rising in the Grove
Multifamily is the new hot sector in southern Florida, but not all Miami natives can afford to shell out big money for Downtown Miami apartments. In an effort to capitalize on the need for more multifamily housing outside of the expensive downtown district, developers are breaking ground on new apartment projects outside of the city center, but within walking distance of rail stops. One such property, Grove Station Tower, is currently under construction near a stop on the Metrorail system and will target young professionals who work downtown, but cannot afford to live there. Find out more about Miami’s transit-oriented development efforts at GlobeSt.com.
Memphis Daily News: Midtown success highlights commercial real estate growth
Midtown Memphis continues it revitalization efforts, with Loeb Properties Inc. coming to the city’s rescue yet again. Loeb Properties recently saved the Midtown entertainment district with an ambitious redevelopment plan, and now would like double down and invest in more retail and residential development projects in the area. But this is just the beginning for the Memphis region, as Midtown is now seeing a rush of new development. Investments in grocery stores and restaurants are driving millions of dollars to the Midtown retail market, as well making it a destination to both live and visit. Read about Memphis’s growth at MemphisDailyNews.com.