Seattle’s boom moves beyond multifamily, and tech firms are reshaping Chicago’s Skid Row
Sep 19, 2014
Here are the news stories you might have missed this week:
Seattle Daily Journal of Commerce: Seattle’s real estate boom has finally spread beyond apartments
Seattle’s commercial real estate boom might be moving on from a multifamily blitz to an office revival. More than 10,000 apartment units are expected to open this year, but developers are upping the ante by also adding more office space in the next few years. Though Amazon and Microsoft have historically gobbled up large office buildings throughout the city, developers are now constructing smaller office spaces to suit small businesses in the market. Learn more about the office sector shift at DJC.com.
The Wall Street Journal: In the U.S., it’s back to nature for some resorts
Ecotourism is a hot draw for Americans seeking exotic international vacations, but now the trend’s made its way stateside. Guy Harvey Outpost Resorts, a resort conglomerate, opened its second U.S.-based ecotourism resort this week. The resort, located in St. Pete Beach, Florida, joins only a handful of other environmentally conscious resorts across the country. Experts believe Americans, especially baby boomers with an excess of cash and free time, want more ecotourism options across the U.S. While this demand could lead to an increase in the number of environmental resorts development, the market for these projects is limited, as construction costs are high and site selection demands are many. To read more, visit WSJ.com.
The Chicago Tribune: Tech turns Chicago’s Skid Row into country’s top office market
Chicago’s River North neighborhood is slowly cleaning up its reputation. An area once deemed a wasteland is now on the rise as bourgeoning tech companies continue to settle in this up-and-coming district. The demand for office space has pushed vacancies down to the lowest levels in all of downtown Chicago, with the vacancy rate reaching 10.8% at the end of June. Rent rates have also spiked, increasing 26% in the past two years. Find out more about this neighborhood transformation at ChicagoTribune.com.
Las Vegas Review Journal: Big new building a sign of hope for Vegas market
Developer Prologis is betting big in Vegas, as the company recently broke ground on a new 464,203-square-foot corporate center. The development will be the first major speculative building built since the Great Recession, and proves that Vegas’ commercial real estate market is coming back. Though local vacancy rates remain high at 10.9%, they are considerably down from their peak of 17.1%. Shrinking vacancy rates along with rising rents are leading experts to predict more large-scale commercial development over the next few years. Learn more about this trend at ReviewJournal.com.
Posted by: Raymond T. Cirz