Why Philadelphia developers love bikes, and more top stories in CRE this week
Apr 15, 2016
Here are the news stories you might have missed this week:
Forbes: How humdrum self-storage became the hottest way to invest in real estate
Investors who want solid returns are parking their money in self-storage. The proof is clear: Self-storage ranks third for returns among REITs, with performance up 40 percent last year. The population trends in this country – a booming retiree population, migration to the Sun Belt, and more millennials living in apartments – are good news for the self-storage industry. Construction is still a bit low, and of course the industry could take a hit in the future, but there’s evidence that valuations for self-storage will only continue to go up. Visit Forbes.com to finish reading about the self-storage industry.
Commercial Observer: The big bet: Long Island City
The hottest New York City neighborhood is the least talked about: Queens’s Long Island City. And commercial real estate experts have noticed, as thousands of new apartments have been absorbed in the past few years and 1.5 million square feet of office space is in the pipeline. That supply is being looked at by some major clients, as Long Island City is now viewed as a true work-live neighborhood because of its vibrant arts scene, healthy amount of apartments, and easy access to transportation. Many young firms, including tech and creative agencies, are drawn to L.I.C.’s industrial feel, as well. Go to CommercialObserver.com to read more about this unheralded community.
Orlando Business Journal: Here’s why Orlando needs more co-working space
Business leaders in Orlando think co-working spaces are beneficial for young firms – and more are probably needed in Central Florida. These co-working offices feature common rooms and many shared spaces, which often lead to so-called “creative collision.” Good for young firms that don’t have the capital for a full office setting, co-working offices are often seen as small business incubators. Tech firms aren’t the only businesses in-demand of nontraditional office space. To read more about Orlando’s office space market, head to BizJournals.com.
Curbed: How bike trails became Philly real estate’s most valued amenity
Philadelphians love their “Birds,” roast pork sandwiches, and bike trails. More residents are using the city’s many bike trails to commute to work or for recreation, and developers have noticed. Some of the most coveted pieces of land are near bike trails, where space is now selling for more. Developers are not only building near these trails, but adding bike-friendly amenities to their apartment complexes and office buildings, like in-house mechanics and bike racks. Plus, developers are thinking about bike lanes and trials when they consider the infrastructure impact of their projects. Want to know more about Philly’s trail scene? Visit Curbed.com.
