Why landlords are disguising self-storage facilities as hotels, and Google’s commercial real estate takeover
Nov 15, 2013
Here are the news stories you might have missed this week:
Bloomberg: Google surge to $1,000 spurs biggest U.S. office leases
Google might be the world’s most popular search engine, but the company’s now making significant moves in the commercial real estate industry, including signing the year’s biggest leases in Silicon Valley and San Francisco, quadrupling its Chicago office space, and sitting on a pending deal for 360,000 square feet in Manhattan. To read more about Google’s real estate takeover, visit Bloomberg.com.
The Wall Street Journal: Storage sector primps for uptown approval
A recent uptick in demand for self-storage facilities has triggered a new wave of development in cities and towns across the country. However, many municipalities argue that these warehouses add little to the community by way of tax revenue or visual appeal. To keep up with demand while respecting community concerns, landlords have begun disguising these facilities to look like hotels, apartments, and stores. Visit WSJ.com for more information about this trend and to see photos of recent projects.
The Real Deal: TF Cornerstone to build NYC’s largest apartment building
TF Cornerstone plans to shatter records by constructing New York City’s largest individual apartment building, with completion slated for 2017. The first proposed scenario for the project could bring 1,189 residential units and 42,000 square feet of retail space to the west side. The other plan might result in a 285-room hotel, 848 apartment units, and more than 60,000 square feet of retail space. To learn more, visit TheRealDeal.com.
CoStar: New wave of retail tenants filling power centers
The recession hit power centers hard, forcing store chains such as Circuit City and Borders to shut their doors permanently and leaving millions of square feet of vacant shopping center space. As the economy continues to recover, so does the outlook for the power center real estate market. Check out CoStar.com to learn about the new uses for these once vacant spaces, and what this means for neighborhood centers.
Posted by: Raymond T. Cirz