Weekly Advantage | August 26th

Quote of the week

You’ve got to put yourself in a position to be an asset that people will migrate to,” Fortis Property Group CEO Jonathan Landau said. “There will be a question to pick us versus someone else. I believe with the amenities, we’ll be a no-brainer.”

Office – Offices luring employees back in creative ways – Bisnow 

  • Amenities like daycares and outdoor spaces are becoming more popular
  • Companies are trying to more comfortable experiences amid the hybrid work trend

OfficeService Express opens new headquarters – Service Express

  • $3 million renovation of 3855 Sparks Dr
  • 80,000 SF
  • Retaining is previous location at 3854 Broadmoor Ave

Office – Union Bank to move to GR and build new corporate headquarters

  • 670 Cascade W. Pkwy

Office/Industrial– It’s not just microchips in short supply – Bisnow

  • Data centers are having a hard time acquiring fiberoptic cables due to lingering supply chain issues
  • Companies like AT&T are scaling back expansion plans because of it

Industrial – Industrial demand keeps rising – GlobeStreet/NAIOP

  • Analysts have raised yearly industrial absorption forecasts for 2021
  • Predictions for GDP growth were also raised
  • Real GDP forecasts were also raised
  • In 2020, the forecast was -103.4 million SF (yes, negative). The final tally was 223.6 million (yes, positive)
  • All the above shows how resilient industrial real estate was during the pandemic

Retail – Amazon beginning new format – Wall Street Journal

  • The online giant plans to start opening department store-like locations
  • Typical size of roughly 30,000 square feet
  • Company grew to prominence by taking market share away from brick-and-mortar retailers, now joining them

Retail – Back-to-school shopping tilting towards tech – Morning Brew/Deloitte

  • Projections were for roughly $612 per students K-12
  • $1,459 per college student
  • A year of virtual classrooms has led to a 37% increase in tech spending for K-12 students, and a 16% jump for college students.
  • 44% of surveyed households planned to purchase fewer traditional back-to-school supplies
  • 58% planned to buy goods online
  • 34% planned to “buy online, pickup at store”

Retail – Real Seafood Co. to open downtown – MiBiz

  • Restaurant will open at 111 Lyon will open early next year
  • Replacing Texas de Brazil in the development, as they were unable to ever open due to COVID complications
  • DGX opened in the recently redeveloped building earlier this year

Multi-family – ICCF renovates former school – GRBJ 

  • Former Eastern Elementary now is home to 50 affordable housing units and nonprofit office space

By the numbers:

708,000 – number of newly constructed homes sold in July, up from 701,000 in June

$3.5 trillion – size of the budget blueprint passed by The House this week. Part of that includes $1.2 trillion for infrastructure

-1.1% – Retail sales dropped in July, largely due to concerns over Delta

0.5% – CPI month-over-month increase (matching expectations)

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