The Willis Tower breaks another record, and why e-commerce is streamlining retail and industrial channels
Mar 20, 2015
Here are the news stories you might have missed this week:
The Chicago Tribune: Willis Tower to be sold for $1.3 billion to Blackstone Group
Willis Tower, formerly the Sears Tower, is shattering records, as the private equity firm Blackstone Group is suspected to have purchased the building for a record-breaking $1.3 billion. This would be the highest price ever paid for a U.S. office tower outside of New York City, and would set the record for Chicago office tower transactions by hundreds of millions of dollars. The sale bodes well for the city, as the buyers are bullish on the retail potential for Willis Tower, as well as the rest of Chicago. Read more about this ongoing story at ChicagoTribune.com.
National Real Estate Investor: Latest wave of new apartments shows good absorption
The flood of new apartment buildings coming online throughout the United States has some worried — will demand remain high or will markets choke on all of the new supply? In the past five years, new apartment construction has boomed throughout the country. In most cities, strong demand and solid job growth are pushing up rents and perpetuating absorption. While rental rates are flattening out in some cities, vacancy rates remain low overall and developers remain optimistic about demand. Find out the whole story at NREIonline.com.
GlobeSt.com: In e-commerce, retail and industrial merge
Internet shopping has disrupted the retail space, but brick-and-mortar stores aren’t taking it lying down. As consumer demands shift, more retailers are creating a tighter marriage between their industrial and retail processes in an effort to change their retail logistic channels. As customers continue to crave instant purchase gratification, both in stores and online, retailers are shifting focus to information technology, operations, and site selection in order to meet customer demands. Retailers are now thinking differently about how to stock stores and send product to customers, and this new fulfillment philosophy is shaping how industrial and retail spaces are developed. Go to GlobeSt.com to read more about this trend.
The Washington Post: Why Northern Virginia’s tallest building is still empty and what it means for Arlington
Rosslyn, an Arlington, Va. neighborhood, is abuzz with activity — except in its new 580,000-square-foot unleased office building. The building entered the market as Arlington’s leasing economy dried up, and its failure to attract leasing agreements from top-tier laws firms stunted its development. But despite a lack of tenants, the owners of 1812 North Moore are optimistic. With strong market forces and economic pushes from business and government leaders, the building’s owners are hoping to attract a new breed of businesses to the beltway, and these initiatives are poised to expand leasing opportunities. To learn more, visit WashingtonPost.com.
Author: Raymond T. Cirz