Retail saves Jacksonville’s real estate market, and Las Vegas real estate gets a visit from lady luck
May 2, 2014
Here are the news stories you might have missed this week:
CoStar.com: The JCPenney / Sears effect part I: Retail REITs target malls for pruning portfolios
Major shopping center and mall REITS are divesting “underperforming,” “Tier 3” or “bottom-half” holdings. But what isn’t being said these properties is that the majority are anchored by the once-popular department stores like JCPenney and Sears. So what’s causing the shift in strategy? An evolving retail landscape, the prime opportunity for B- and C-rated malls, and new assessments of at-risk properties. Click over to CoStar.com to learn more.
Financial News & Daily Record: Projects like 220 Riverside leading return of commercial real estate
Experts believed Jacksonville’s real estate revival would arrive in a more industrial form, but today it’s clear that the city’s headed toward a retail renewal. Currently mixed-use projects are adding a significant number of multi-family complexes to Jacksonville’s Brooklyn neighborhood. The development has also encouraged retail and restaurant space to fill up fast, and is creating a dynamic, “cool” atmosphere that might revive the region after the Great Recession. Visit JaxDailyRecord.com for more on Jacksonville’s commercial real estate market.
Las Vegas Review-Journal: Las Vegas commercial real estate sectors looking up
Las Vegas’ commercial real estate market was hot last quarter as the improving economy helped boost real estate activity in the region. Industrial vacancies fell 12% from the same quarter in 2013, rising demand for office space stabilized rents, and the retail sector continued to prepare for the arrival of 2.5 million square feet of new retail space. Read more about the Las Vegas landscape at ReviewJournal.com.
Bloomberg: Financing New York’s real estate hot spots
The 2014 Milken Global Conference might have taken place in Beverly Hills, California this week, but talk quickly turned to the New York real estate scene. Jonathan Pollack, the Head of Commercial Real Estate for Deutsche Bank, discussed the demand for office and retail space in the NYC market, as well as changes in the hospitality and multi-family sectors. Watch the video for more details.