DETROIT — Throwbacks Home, a subsidiary of Detroit-based furniture manufacturer Woodward Throwbacks, will open a 1,500-square-foot furniture showroom in downtown Detroit. With a focus on sustainable design, the showroom will feature furniture made in Detroit from reclaimed and recycled materials. The store will also carry a selection of designer homewares and furnishings. Throwbacks Home expects to open this month in its space at 35 W. Grand River Ave., which is owned by Bedrock. The location will be the only furniture showroom in downtown Detroit, according to Bedrock. Woodward Throwbacks maintains a warehouse in Hamtramck.
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Experts Turn to Opportunistic Moves, Lending During Uncertainty of Economic Downturn
As we shift through economic uncertainty and changes in the market, commercial real estate businesses are planning for a range of scenarios — and looking to historical trends to make predictions. REBusinessOnline sat down with two industry experts to talk about how this period of uncertainty compares to previous eras and where there may be benefits and opportunities in the current landscape. Jay Olshonsky, president and CEO, and Cliff Moskowitz, executive vice president, at NAI Global spoke about the commercial real estate outlook and the challenges it is likely to face in the immediate future. REBusiness: Looking at the current environment, how does it compare to previous periods of uncertainty? What might be the impacts on commercial real estate? Olshonsky: To start with, we are in a recession. We’ve already had two quarters of negative GDP growth. I think the most fundamental difference between this cycle and a lot of other cycles is that we have extremely low unemployment, differentiating this moment from others, for example, 2009. Even though the most recent job numbers were lower, they were still fairly strong. Jobs create the demand for commercial real estate at all levels, but especially at the services level. We do …
KYLE, TEXAS — Builders FirstSource has signed a 47,000-square-foot industrial lease in the southern Austin suburb of Kyle, a move that is expected to add about 40 jobs to the local economy. The supplier of construction materials is relocating from nearby Buda. General contractor CT Darnell Construction plans to break ground on the facility, which Builders FirstSource will use to house its lumber yard and distribution operations, in the first quarter of 2023. The development team is targeting a July 2023 completion.
JEFFERSONVILLE, IND. — Sporting goods and outdoor recreation retailer Academy Sports + Outdoors has opened a new store in Jeffersonville near Louisville. The roughly 63,000-square-foot store is located at 1600 Veterans Parkway within Jeffersonville Town Center. The location marks the sixth of nine new stores Academy expects to open this year. Over the next five years, Academy plans to open 80 to 100 new stores in the U.S.
LEXINGTON, KY. — Academy Sports + Outdoors has opened an 80,000-square-foot store within South Park Shopping Center, a retail center located at 3200 Nicholasville Road in Lexington. Kaden Cos. is the landlord of South Park, which also houses Ulta Beauty, Best Buy, Burlington and Value City Furniture. The new store is the sixth Academy Sports location in Kentucky and its first in Lexington. Academy Sports plans to open nine stores this year and another 80 to 100 new locations over the next five years. The Katy, Texas-based company currently operates 264 stores across 17 states.
DEDHAM, MASS. — Coworking concept Industrious has opened a 35,441-square-foot flexible workspace in Dedham, a southwestern suburb of Boston. Industrious Legacy Place will be a pet-friendly space with a total of 400 seats and 13 conference and meeting rooms, as well as lounges and a library. The space is the seventh in the Boston area for Industrious, which has more than 150 locations across 65 U.S. and international cities.
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Lee & Associates’ Third-Quarter 2022 Economic Rundown by Sector
Lee & Associates’ newly released 2022 Q3 North America Market Report examines third-quarter 2022 industrial, office, retail and multifamily outlooks throughout the United States. This sector-based review of commercial real estate trends for the third quarter of the year examines the difficulties facing each asset class and where opportunities in the commercial real estate landscape may be emerging. Lee & Associates has made the full market report available here (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city), but the summaries below provide high-level considerations of the overall health and obstacles for the industrial, office, retail and multifamily sectors. Industrial Overview: High Rent, Low Vacancy Everywhere North American industrial space availability is tight everywhere while rent growth and property prices remain near or have moved beyond historic highs. Through the third quarter, the United States’ vacancy rate settled at 4 percent, up 10 basis points from second quarter 2022. Average rents increased 11.4 percent year over year with gains of 19 percent in Miami, 18.7 percent in Southern California’s Inland Empire, 16 percent in Phoenix and 14.6 percent in Atlanta. Since the COVID lockdown in March of 2020, developers of U.S. logistics space have been …
NEW YORK CITY — The IDEAL School of Manhattan, a K-12 independent learning institution, has signed a 63,000-square-foot lease at 5 Hanover Square in the borough’s Financial District. The IDEAL School will occupy floors two through five, as well as a portion of the ground floor, of the 25-story building. Eliza Gordon, John Wheeler and Mitch Konsker of JLL represented the landlord, Los Angeles-based CIM Group, in the lease negotiations. Brent Ozarowski and Leslie Harwood of Newmark represented the tenant, which plans to relocate to 5 Hanover Square from the Upper West Side in summer 2023.
MINNEAPOLIS — Workbox, a flexible office operator, has signed a 27,748-square-foot lease at Deluxe Plaza in downtown Minneapolis. The firm will open its new space on Wednesday, Nov. 2. The lease represents the fifth location for Workbox and its first outside of Chicago. Deluxe Plaza has recently undergone renovations and offers amenities such as a tenant lounge, rooftop deck, fitness center and training center. Larissa Bodine, Ann Rinde and Mark McCary of CBRE represented ownership, Franklin Street Properties. Ryan Cos. is the property manager.
CHICAGO — Law firm Nisen & Elliott LLC is relocating its Chicago office from 200 W. Adams St. to a 15,417-square-foot space at 180 N. LaSalle St. The firm will take occupancy of the new space in November. The lease represents the firm’s first relocation in over 35 years. Eric Feinberg, John Goodman and Isabel Preskill of Savills represented Nisen & Elliott. The property rises 38 stories in the Loop. Building owner Ivanhoe Cambridge has recently made upgrades to the lobby and conferencing facilities.