Retailers get particular, and New York City skyscrapers reach new heights
Jul 17, 2015
Here are the news stories you might have missed this week:
Crain’s New York Business: How tall can NYC’s skyscrapers go? You won’t believe the answer
When will a 1,400-foot-tall building look small? When it’s across the street from a building that stands over 2,000 feet. Advances in building technology and construction techniques might soon allow for New York City skyscrapers to vault 2,000 feet into the sky. Building developers will employ new dampening mechanisms, as well as harder steel and concrete, to reach these extreme heights. Plus, investors will benefit by having more floors to rent and gain the notoriety of owning one of these extreme towers. Read more about this skyscraper trend at CrainsNewYork.com.
GlobeSt.com: Why build-to-suit is gaining momentum
In an effort to increase revenue, more and more retailers are opting to open new store locations across the country. But these tenants are not settling for hand-me-down locations; instead, many retailers are opting for build-to-suit developments. Build-to-suit, where the developer builds based on a tenant’s specifications, is a popular trend in Europe, and it’s taking off in the U.S. retail space. By working with landowners, tenants can ensure the building meets their business models and goals. Plus, building to fit a retailer’s exact needs can reduce costs, especially in a time when rents continue to rise in cities throughout the United States. Read the whole story at GlobeSt.com.
Puget Sound Business Journal: 106 active projects, 3,487 new apartments: This is the most development Seattle has seen in a decade
Everywhere you look in Seattle, you’ll find construction across the CRE spectrum. A record number of real estate projects are currently active in Seattle, and dozens of projects will be finished by the end of the year. In fact, more than 3,000 new apartments will come online in 2015 — a record number for the city. Plus, office, residential, and hotel construction is also booming. For example, there’s more office construction going on now than any other time in the last decade. Crunch the numbers around Seattle’s CRE boom at BizJournals.com.
Chicago Tribune: Experts say industrial growth hinges on building availability
No one wants to see empty buildings — unless you’re in the industrial market. Industrial shell buildings — bare interiors waiting to be filled — are bridging the industrial gap between Chicago and Northwest Indiana. Tenants are relocating to these suburban developments and customizing the empty spaces to meet their needs. Shell buildings can reduce development time and create flexibility for tenants. Plus, moving into one of these spaces is often cheaper than redeveloping an existing space. Go to ChicagoTribune.com to read more about shell buildings.
Author: Raymond T. Cirz
