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
Office–Service 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)
