Seattle’s Industrial Market Pauses During COVID-19

By Jeff Forsberg, Principal, NAI Puget Sound PropertiesIt has been interesting, to say the least, since our governor issued the stay-at-home order on March 23 and we all started contemplating a future where we’d never have to get out of our pajamas.  Though our market’s industrial sector isn’t immune to disruptions, the immediate fallout from the COVID-19 pandemic is not quite as dire as some might have projected.The Seattle industrial market comprises about 223 million square …

Multifamily Trends Remain Positive in Phoenix

By Brian Tranetzki, Principal, Taylor Street AdvisorsMultifamily is staying strong despite COVID-19. That’s because this product type was coming off an extremely hot market at the end of 2019 and early 2020 before the pandemic hit. The Phoenix metro area remains one of the few markets nationally with positive rent growth due to the steady population increase. Now, just months away from 2021, the market is faced with many unknown factors, such as unemployment, election outcomes, continued …

Ford Motor Co. Breaks Ground on Electric Vehicle Center for Production of F-150 Pickup Trucks

DEARBORN, MICH. — Ford Motor Co. has broken ground on an electric vehicle center at the historic Rouge Center in Dearborn where it will build the all-electric F-150 by mid-2022.Upon completion, the new 500,000-square-foot manufacturing facility at the Rouge Center will add 300 jobs and is part of a $700 million investment in building the all-new lineup of F-150  pickup trucks, including the first-ever F-150 PowerBoost hybrid. The new jobs will support battery assembly and production of …

Student Housing Construction on Pace Despite Challenges Related to COVID-19

Construction has been one of the lucky few segments of the economy that has continued humming along during the pandemic. Student housing projects are still going on as planned, as construction has mostly fallen into the “essential” category of business during the shutdown. While builders report there have been few supply-chain issues, there were some initial slowdowns related to delivery.“The only significant supply side issue we have had was on a project that we have under …

Mall Owner CBL Plans for Chapter 11 Filing after Losing $215.3M in First Half of 2020

CHATTANOOGA, TENN. — CBL Properties (NYSE: CBL) announced this morning that it has struck a deal with its lenders on a restructuring plan that will eliminate $900 million in debt and reduce annual interest expense by $20 million. Although the official press release from CBL did not mention bankruptcy, a representative from the company told the Chattanooga Times Free Press that the company plans to use the Chapter 11 bankruptcy process to complete the restructuring.The announcement follows …

Multifamily Specialists Remain Optimistic, Predict a Return to Normalcy in 2021

NEW YORK CITY — While the COVID-19 pandemic has certainly had a major influence on the commercial real estate industry, brokers and mortgage bankers say the initial concerns about a collapse in the multifamily sector were overestimated.That’s according to Berkadia’s 2020 Mid-Year Powerhouse Poll, which collected insights from nearly 150 investment sales brokers and mortgage bankers across 60 offices of the New York City-based brokerage, banking and loan-servicing firm.Despite the …

A Hollywood Ending for LA Retail?

By Matthew M. May, President, May Realty AdvisorsA bird's-eye look at the Los Angeles metro prior to the coronavirus outbreak reveals that the area was already beginning to soften as it worked its way through more than 1.26 million square feet of new retail space that was delivered to neighborhood and community shopping centers over the past five years. According to REIS, about 35 percent of that, or 443,000 square feet, came online in 2018.Vacancy rates increased every year for the …

Office Market Remains Steady in Albuquerque

By Jordan Shipley, Associate Broker, Allen Sigmon Real Estate GroupLease rates are up and vacancy is down, two important things all landlords want to hear. For office landlords in New Mexico, these are two promising trends that have continued for the past few quarters to round out 2019. Average asking rates in Albuquerque came in at $18.76 per square foot, full service, according to Collier’s fourth-quarter 2019 Albuquerque office market report. Colliers also noted this was the first …

L.A.’s Office Market Pauses after Robust Start to 2020

By Chandler A. Larsen, Principal, Avison YoungThis year started off where 2019 finished for the Los Angeles office property sector – and that’s red hot! During the first two and a half months of the year, office space absorption was on pace to beat 2019. Rents were steadily increasing past $39.84 per square foot on an annual gross basis, record-high (psf) sales prices were recorded across product types and rising construction costs were complemented by a construction pipeline of more …

New Mexico Retail Pauses, But Should Return After COVID-19

By George Chronis, Senior Advisor, SVN/Walt Arnold Commercial BrokerageNew Mexico retail has been negatively impacted by the state’s stay-at-home order due to the coronavirus. The retail industry was looking pretty promising with robust sales and leasing activity in 2019 and at the beginning of 2020 – New Mexico included. I thought we were off to a good start with several developments near completion, several in progress and several more to begin in 2020.  The full economic impact of …

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