Transforming hospitals into condominiums, and how landlords are out-negotiating lawyers
Oct 18, 2013
Here are the news stories you might have missed this week:
The Wall Street Journal: Former Miami Beach hospital is going condo
One Miami Beach hospital will become quite a bit homier once a South Florida developer finishes converting the property into a condominium. More and more, developers are transforming obsolete hospitals into profitable real estate projects by capitalizing on the properties’ existing architecture, prime locations, and historical significance. To learn more about the recent uptick in available hospital properties, check out WSJ.com.
GlobeSt.com: Law firms reach the tipping point
Landlords have regained the upper hand over top law firms in lease negotiations in many cities, enabling building owners to charge higher rents and offer reduced concessions. While landlords in secondary and tertiary markets have already boosted rent rates, those in primary markets such as New York, Washington, D.C., and Los Angeles continue to offer valuable space at an affordable rate — for now. Read more about the rental tipping point at GlobeSt.com.
National Real Estate Investor: Industrial sector’s growth streak stretches to 13 straight quarters
The industrial sector continues to forge onward and upward, with 13 consecutive quarters of growth in rent and sales activity. Analysts attribute the stellar performance to resilient U.S. consumer spending and improved foreign trade. Despite recent uncertainty due to the government shutdown, many industry experts remain optimistic about industrial market growth in 2014. Visit NREIOnline.com to learn more.
CoStar: U.S. property investors take foot off gas even as leasing momentum continues
While leasing activity’s been on the upswing in the office, industrial, and retail markets, U.S. commercial property prices leveled off in mid-summer due to the anticipation of rising interest rates and borrowing costs. Still, absorption rates remain strong among office, retail, and warehouse properties, reaching some of the highest levels since the recession hit in 2008. To read more about commercial property sales, visit Costar.com.