Why heartland hubs are growing, and the impact Hudson Yards is already having
Sep 25, 2015
Here are the news stories you might have missed this week:
Bloomberg: Go Midwest, young techie: Silicon Valley too pricey for startups
The pricey rents of Silicon Valley are causing headaches for many firms, and they’ve caused some young professionals to stay away – but other U.S. cities certainly don’t mind that. Startups firms are moving to Midwest cities like Provo, Utah and Chattanooga, Tennessee, and that’s causing an increase in home prices and new life for once abandoned office and warehouse space in these areas. These Midwest cities are less expensive than New York, San Francisco, and Seattle, and many sectors of commercial real estate in these smaller cities are benefiting from the influx of new businesses and residents. See what Midwest cities are benefiting most at Bloomberg.com.
Commercial Property Executive: Historic Hudson Yards neighbor’s rebirth
New York City’s Hudson Yards project isn’t close to completion, but that hasn’t stopped it from affecting the neighborhood. A 33-floor office building at 330 West 42nd St., near Hudson Yards, recently received a $150 million floating loan to renovate with boutique and open-floor plan office spaces. Experts in New York City say the building and the entire area will benefit from the Hudson Yards project, as New York’s West Side will see a resurgence of new businesses, residents, and retail opportunities. Read more about 330 West 42nd St. at CPExecutive.com.
Puget Sound Business Journal: In downtown Seattle, a high price for a high-rise site
Seattle is hot, and we don’t just mean the unusually warm summer. When Miami-based Crescent Heights dropped $48.75 million on a downtown lot, where it plans to build a skyscraper with 840 residential units and 190,000 feet of commercial space, it represented another benchmark for firms to enter the popular Pacific Northwest market. Investors are hungry to get into Seattle, and now they’re paying high prices (though, not as high as other U.S. cities) for the opportunity. Go to BizJournals.com to learn more about this pricey Pacific purchase.
GlobeSt.com: ‘Closer to the consumer’
No question, the Internet has changed the way we shop, but retailers have been adjusting their methods to match current consumer demands. As same-day delivery services grow, and the actual activity of shopping remains popular, retailers are downsizing their store footprint because they’re now being backed up by nearby warehousing. This omni-channel approach is affecting big retail players like Walmart and Best Buy, but also the online giants that are now renting physical stores to be closer to consumers. One reason for this change is millennials, as 73 percent of young people still enjoy going out and shopping in a store or mall. Read about these retail trends at GlobeSt.com.
Author: Raymond T. Cirz