REBusinessOnline

Avison Young Receives $188.6M Equity Investment from Canadian Fund Manager to Grow Platform

TORONTO — Commercial real estate services firm Avison Young is continuing its growth strategy with a new equity investment totaling 250 million Canadian dollars (approximately $188.6 million) from Canadian pension fund manager Caisse de dépôt et placement du Québec (CDPQ). Toronto-based Avison Young will use the new capital to grow its operating platform in North America. “CDPQ’s investment will provide additional momentum as we accelerate our innovative and technology-based …

Tech, Finance Firms Dominate U.S. Office Leasing, Says Cushman & Wakefield

CHICAGO — Tech and financial services firms are the most aggressively expanding office users through the first half of the year, according to a report from Cushman & Wakefield. Of the 144.6 million square feet of absorption closed in the first six months of 2018, the tech industry was responsible for approximately 23 percent. Tech and software firms are investing heavily in their own operations, including expanding in markets they deem necessary to house their staffers. Back in May, …

How Will Steel, Aluminum Tariffs Impact Construction Labor?

WASHINGTON, D.C. — With virtually all construction costs tied to either materials or labor, President Donald Trump’s tariffs on two key building supplies could further exacerbate the construction industry’s longtime worker shortage, according to industry experts. Trump’s tariffs on imported construction materials — 25 percent for steel and 10 percent for aluminum — have enabled American steel and aluminum producers to raise prices to new benchmark levels. But there’s more …

Real Estate Economists: June Jobs Report is Strong, Despite Rise in Unemployment Rate

WASHINGTON, D.C. — Employers hired at a steady clip last month while beating expectations. The U.S. economy added 213,000 jobs in June, marking the 93rd consecutive month businesses added to payrolls, the Bureau of Labor Statistics said last Friday in its monthly report. Economists surveyed by Reuters had expected a monthly gain of 195,000 in total nonfarm payroll employment. The unemployment rate inched up to 4 percent — the first increase in almost a year — but even that uptick …

How Artificial Intelligence Benefits Commercial Real Estate Investors

Advances in artificial intelligence and machine learning are slowly changing the processes of buying and selling commercial real estate. Although widespread adaptation appears to be several years off, the application of new technology within commercial real estate appears inevitable and of enormous value. In particular, the opportunity appears greatest within the realm of property valuations, according to David Mitchell, business intelligence and operational specialist with Chicago-based …

Smart Seniors Housing Developers Know How to Utilize Market Studies, Say InterFace Panelists

CHICAGO — What are the limitations of a market study? In light of overbuilding concerns in some major metros, it’s a salient question. J.P. LoMonaco, president of Valuation & Information Group, moderated a panel discussion on the impact of market studies on new development during the InterFace Seniors Housing Midwest conference in June. The textbook definition of a market study is a comparison of supply and demand within a defined geographic area. It is a risk-assessment tool. …

A New Era for Industrial Design

Demand for industrial space is soaring and the growth of e-commerce has opened the doors for more competitors to enter the freight and logistics spaces. In addition, the latest data from the Bureau of Labor Statistics (BLS) notes that year-to-date, the United States has added 200,000 new positions in the manufacturing sector, greatly increasing the demand for new industrial space. The advent of new technology is changing the face of the sector’s day-to-day operations. The rising influence …

Retailers Should Put Purpose Before Product, Experience Before Sales

Retail Insight recently sat down with Hernan Martinez, CEO of Cuestamoras Urbanismo, to discuss the changing landscape of shopping centers as they become more of a community center for the cities they service. Martinez has firsthand experience with this as he and his company develop Oxigeno, a mixed-use project in Costa Rica that offers four unique zones that incorporate entertainment, shopping, dining, green areas, and the local Heredia neighborhood. Do you think today’s …

The Counselors of Real Estate: Interest Rates and Economy Are Top Current Issues Affecting Real Estate

CHICAGO — The top two issues facing both residential and commercial real estate today are rising interest rates and the health of the general U.S. economy. That’s according to The Counselors of Real Estate, a Chicago-based consortium of high-profile property professionals, which has issued its annual list of the "Top Ten Issues Affecting Real Estate" for 2018 and 2019. Joseph Nahas Jr., the 2018 chair of The Counselors of Real Estate, made the announcement during the keynote address of …

InterFace Panel: Seniors Housing Lenders’ Scrutiny of Potential Deals Increases As Market Conditions Shift

Billy Meyer, managing director of Seattle-based Columbia Pacific Advisors, doesn’t mince words when talking about the bridge lender’s cautious approach to financing seniors housing product today. “We don’t underwrite hope as a strategy anymore. It’s just not a good execution strategy, we believe.” Against the backdrop of elevated levels of construction, rising interest rates and operational challenges in seniors housing, Columbia Pacific Advisors is scrutinizing …

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