Nashville has set several notable records in recent years for job growth, rent growth, population growth, tourism and tax revenue, among others. But for the multifamily industry, the most notable benchmarks lately have been related to the amount of inventory that has been delivered. However, the more interesting and less obvious data point is the record level of renter demand that Nashville is currently experiencing. As of third-quarter 2017, Nashville led the country in relative net..
WAYNE, N.J. — Toys ‘R’ Us is taking the next step in what the Wayne-based retailer is calling an “orderly wind down” of it’s U.S. business. In a U.S. Bankruptcy Court filing early this morning, Toys ‘R’ Us is requesting approval to begin the liquidation of inventory in all 735 of its remaining stores across the country, including stores in Puerto Rico. The closures threaten up to 33,000 American jobs in the coming months, according to the Wall Street Journal. “I am..
BOISE, IDAHO — City Office REIT Inc. (NYSE: CIO) has sold Washington Group Plaza, a four-building office campus situated on 24 acres in Boise. The Vancouver-based REIT sold the property to St. Luke’s, Idaho’s only nonprofit healthcare system, for $86.5 million. City Office REIT recently executed a 148,000-square-foot lease at the complex with St. Luke’s. The company operates 14 hospitals and medical centers in Idaho, four of which are in Boise. Located at 400 Broadway Ave., 701..
After years of historic increases, 2017 was the year that the central business districts (CBDs) of the nation’s major cities lost some of their luster. Multifamily rent growth slowed in cities like San Francisco and San Jose, Calif. Landlords in some submarkets, such as San Francisco’s South of Market (SoMa) district, actually lowered rents and offered concessions to new tenants during the early part of the year. These West Coast cities were not alone. Rents in New York, Chicago and..
ATLANTA — Rajeev Dhawan, director of the Economic Forecasting Center at Georgia State University’s (GSU) J. Mack Robinson College of Business, anticipates that the Federal Reserve will raise the federal funds rate several times this year. “Three is a safe bet based on my projections for growth,” writes Dhawan in his quarterly Forecast of the Nation report released last week. The veteran economist expects Jay Powell, who succeeded Janet Yellen in January as the new Fed chair, to..
Everyone is familiar with the expression “Rome wasn’t built in a day.” However, what most people do not know is that the second half of that phrase is, “but they were laying bricks every hour.” Bricklayers in Nashville are busy people these days, accommodating the demand for new commercial development. That’s not just a metaphor for the developers of record — the utility contractors, dirt movers, pavers, framers and roofers are all busy trying to keep up with the constant..
HERNDON, VA. — Harbor Group International LLC (HGI) has purchased One Dulles Tower, a 13-story office building located in Herndon, a northern Virginia suburb roughly 24 miles west of Washington, D.C. Federal Capital Partners (FCP) sold the 403,622-square-foot asset to HGI for $226 million. Following the departure of its anchor tenant, FCP landed another company in early 2017, Amazon Web Services (AWS). The cloud-computing services provider is the sole occupant of One Dulles Tower,..
Solid fundamentals in tandem with soaring population growth in the Triangle market continues to drive rents and occupancy to record highs. Raleigh is repeatedly recognized as one of the nation’s best places to live, work and start a business. As a result, the market has a projected population growth of over 73 percent through the year 2044, outpacing cities such as Boston, Atlanta, Nashville and San Francisco, creating a snowball effect of investment and interest. [caption..
NEW YORK CITY — JPMorgan Chase (NYSE: JPM) plans to build a new 2.5 million-square-foot skyscraper that will replace its existing 50-story office building at 270 Park Ave. in Midtown Manhattan. The company plans to consolidate its global headquarters from various locations at the new tower, which some media outlets are reporting would rise 70 stories. “We are recommitting ourselves to New York City while also ensuring that we operate in a highly efficient and world-class environment for..
The Triangle continues to attract national attention due to job growth, relatively low cost of living, economic diversity, a central East Coast location and its access to three world-class universities. Additionally, the Triangle’s unemployment rates are below the state and national averages. These are some of the driving forces that bring nearly 80 residents a day to the metro area, as recently published by U.S. News & World Report. Triangle retailers, developers and investors are taking..