Why life’s a beach for Honolulu’s industrial real estate market, and an increase in Big Apple leasing
Jan 24, 2014
Here are the news stories you might have missed this week:
The Wall Street Journal: Swedish builder puts its hooks in U.S. office market
When the office sector faced one of its lowest points in decades, a Stockholm-based developer (Skanska) decided it was the perfect time to take a big chance on the U.S. office market. The company began construction on an approximately $70 million office building in Massachusetts, and just two years later, sold it for $94.5 million. Since that time, Skanska hawked three office projects for a total of $350 million, approximately $105 more than their anticipated construction costs. To read more about Skanska’s edge in the U.S. office market, visit WSJ.com.
Commercial Observer: Leasing activity’s 18.4% jump in ’13
The numbers are in and leasing activity in Manhattan is up 18.4% from 2012. A late fourth-quarter surge drove leasing totals to an impressive 37.9 million square feet. Experts attribute the increase in volumes to steady renewals and a 76% jump in subleasing activity from the previous year. Notably, the year featured 58 large agreements, acquiring more than 100,000 square feet each. To hear more about NYC’s leasing activity, click over to CommercialObserver.com.
GlobeSt.com: BidClerk reports big construction boosts
Construction contracts were on the rise in 2013, according to the BidClerk Construction Index. The index revealed a 30.45% increase in construction contract opportunities over the previous year, with 25 major metropolitan areas comprising $125.3 billion in opportunities alone. The national trend in rising construction contract values indicates a strengthening construction industry, according to BidClerk COO Scott Waterbury. For more index findings, visit GlobeSt.com.
Pacific Business News: Higher sales activity boosts Honolulu’s industrial real estate market
It’s a tropical paradise in Honolulu, especially for the industrial real estate market. The island’s September year-to-date sales activity displayed a 23.3% gain since 2010, marking the third straight year of sector improvement. Researchers attribute the sales growth to the Honolulu’s strengthening economy and growing demand for goods and services. Click over to BizJournals.com to hear more about the island’s booming industrial market.
Author: Raymond T. Cirz