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Market ReportsMixed-UseTexasTexas Market Reports

Mixed-Use Developers in North Texas Prioritize Infrastructure

by Taylor Williams

By Taylor Williams If you build it, they will come — assuming “it” is equipped with the all the facilities, necessities and conveniences of 21st-century living.  As residents and consumers, it is remarkably easy to overlook the critical pieces of infrastructure that enable these necessities and conveniences. From the perspective of end users, these facilities and systems are not instrumental to the success of commercial and residential developments because they are taken for granted as minimal requirements for occupancy. Further, in many cases, the infrastructure is not visible to the naked eye.  Yet for developers, particularly those in high-growth regions like North Texas, infrastructure is anything but an afterthought.  “In the eyes of developers, infrastructure is a primary aspect of any project,” says Jack Turnage, development manager at Wildcatter Realty Partners, the developer behind The Greenbelt, a 325-acre mixed-use project in Hunt County. “Without that, the only way to navigate our site is on horseback.” Located in Greenville on the northeastern outskirts of Dallas, The Greenbelt is one of numerous large-scale mixed-use projects sprouting up in the region. Plans call for close to  1,000 single-family and multifamily units; several hundred thousand square feet of commercial space; numerous restaurant pad sites; …

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CaliforniaIndustrialMarket ReportsWesternWestern Market Reports

Project Development Pace Signifies a Bullish Future for Industrial in San Diego

by Jeff Shaw

— By Mark Lewkowitz, Executive Vice President, Colliers — The current interest rate environment has seemingly slowed the investment sales volume down, but strength remains with user sales. Over the last two years, users were more frequently being outbid for industrial properties (partially stabilized and vacant). Now, with the investment herd very thin, it has allowed users and buyers to take a crack at the opportunities. The users face the same hurdles where the cost of capital is not cheap, but it is more palatable when their business pays the mortgage or rent. I anticipate vacancies ticking up through Q4 2024, but beginning in Q1 2025, I feel confident we will see transaction frequency rise. In turn, the vacancy rate will lead to a softening of rental rates and increased concessions, but the fundamentals are strong for the industrial market, and it will turn on a dime in Q1 2025. Majestic Sunroad continues progressing significantly with the Landmark at Otay projects, delivering roughly 845,000 square feet by Q4 2024. Their projects are significant because they are among the first with 36’ clearance heights and trailer parking, something the market has not seen. Phelan Development has also introduced some incredibly functional 32’ warehouse …

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Market ReportsNevadaOfficeWesternWestern Market Reports

Southern Nevada’s Office Market Adapts to the New Normal

by Jeff Shaw

— By Travis Marc, vice president, and Landes Magliarditi, first vice president, CBRE — The post-pandemic world has reshaped office space needs, and Southern Nevada is no exception. Economic uncertainty and evolving return-to-work policies are driving a market transformation that will define 2024 activity. Fueled by flexible work schedules, the digital age has fundamentally transformed how office tenants work and remain efficient.  This shift in work styles is impacting the office market, and we are closely monitoring these trends to determine if pandemic-era changes will remain the future of office, or if new shifts arise to further define the future of office space.  Nevada’s Enduring Strengths, Challenges Nevada’s strong economy continues to attract businesses, with sports and entertainment options fueling the growth. Live-work-play office concepts attract high-quality tenants as they, in turn, look to recruit high-quality talent. This development philosophy in Southern Nevada aims to create vibrant communities with seamless transitions between work, life and leisure activities, resulting in record rental rates.  At the same time, rising interest rates and construction costs are slowing the overall development of new office. As a result, tenants have limited options to secure quality office space in newly constructed buildings.  Well-located, second-generation suburban office space …

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IllinoisIndustrialMarket ReportsMidwestMidwest Market Reports

Windy City’s Industrial Sector May Face Market Headwinds in 2024

by Kristin Harlow

By Chris Mergenthaler, DarwinPW Realty/CORFAC International The Windy City, as Chicago is often dubbed, has long been a vital hub of commerce and industry. Boasting 19 intermodal facilities operated by six Class I railroads, a top 15 worldwide cargo airport, and sitting at the confluence of seven interstate highways that allow goods to reach 25 to 30 percent of the U.S. population within one day’s drive, Chicago’s central location makes it a key logistics and transportation hub.  The robust labor force of over 4.7 million nonfarm employees, according to a first-quarter 2024 U.S. Bureau of Labor Statistics report, coupled with Chicago’s location and infrastructure, lay the foundation for a fundamentally strong industrial market.  While the long-term outlook of the Chicago industrial market remains positive, the Windy City is facing some headwinds as the market progresses through 2024. Uncertainty, whether positive or negative, has been a common theme of the Chicago industrial market since early 2023  as the market reacts to changing macroeconomic and geopolitical factors.  Uncertainty in the global supply chain, trade relations with other countries, as well as one of the longest freight market recessions in recent history, have led to an increase in direct and sublet space on …

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CaliforniaMarket ReportsRetailWesternWestern Market Reports

Going Local for Retail Success in Dana Point, California

by Jeff Shaw

— By Kelly Reenders — The California coastal city of Dana Point sought to redevelop its underutilized Town Center, with the goal being to create a pedestrian-friendly live-work-play neighborhood that encouraged further reinvestment and development.  Now called the Lantern District, the four-block downtown is anchored by Prado West, a three-building mixed-use complex with 109 apartments and nearly 30,000 square feet of ground-floor restaurants, shops and public outdoor space. Though the endeavor is now something the city and residents can be proud of, the project had its share of challenges. These included gaining community support for proposed changes, in addition to overcoming a leasing timeline that included a pandemic shutdown. Embracing the Local Community For Dana Point and Prado West’s developer, Raintree Partners, the solution was to embrace local entrepreneurs. Raintree recognized the value of encouraging other owners to reinvest in their properties early on as the downtown plan took shape.  This caught the attention of Max Fisher, owner of the Shwack Beach Grill, which sits across the street from Prado West. Soon enough, Fisher and his partners agreed to open HomeSlice, an Italian- and pizza-focused restaurant, in Prado West across from their existing grill. As local owners, the partners felt the …

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CaliforniaDevelopmentIndustrialMarket ReportsUtahWesternWestern Market Reports

Badiee’s Industrial Trifecta: San Diego, Sacramento, Salt Lake City

by Jeff Shaw

Badiee Development has logistics and industrial projects throughout the Western U.S., but its current focus is the region’s three S’s: San Diego, Sacramento, Calif., and Salt Lake City. “Badiee Development is prioritizing leasing at our existing projects in San Diego and Sacramento, and entitling future projects in San Diego, Sacramento and Salt Lake City,” says Ben Badiee, the firm’s founder and CEO. “Our company holds a ‘land bank’ with plans to develop more than 2 million square feet across four distinct projects in three markets.” San Diego Badiee’s headquarters is ripe with industrial ventures for the firm. These include the two-building, 242,969-square-foot Sanyo Logistics Center and the 38-acre Britannia Airway Logistics Center, both of which are being built near the Mexican border in Otay Mesa.  Britannia Airway has also been entitled for an interim use of industrial outdoor storage (IOS), allowing the project to accommodate about 1,000 trucks and trailers.  “Being in our ‘backyard,’ Otay Mesa has proven to be a highly successful market for the firm,” Badiee says. “It is at the forefront of the onshoring/nearshoring trend for the U.S. and Mexico, and land availabilities are scarce.” Sacramento Land scarcity has also been a driver for Badiee in Sacramento …

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IllinoisMarket ReportsMidwestMidwest Market ReportsOffice

The Good News for Chicago’s Office Market

by Kristin Harlow

By Dougal Jeppe, Colliers Over the past few years, we have been inundated with less than positive industry news. While it’s true we are at a historic moment in commercial real estate, and users are facing complex, never-before-seen questions about how to use their space, there remain many positives as we head toward the second half of 2024. So, let’s take a look at the good news from the Chicago office market. For now, downtown Chicago remains a tenant’s market, a trend expected to persist throughout 2024. With over 47.2 million square feet of office space available, tenants have a plethora of high-quality options to choose from, making it an opportune time for businesses seeking favorable lease terms to secure space.  And companies are doing just that. There has been a recent uptick in large space renewals by long-term office tenants including some consolidations reflecting the commitments many Fortune 500 companies, such as Mesirow and PNC Bank, have made to the City of Chicago.  Notably, JPMorgan Chase announced plans to reinvest in Chicago by renovating its namesake tower and keeping its 7,200 employees in the city. Similarly, Google has committed to the Central Loop, and plans to move about 1,000 …

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InterFace-San-Antonio-Retail
Conference CoverageMarket ReportsRetailTexasTexas Market Reports

InterFace Panel: San Antonio Retail Market Rises on Radars of Major Tenants

by Taylor Williams

By Taylor Williams Industry professionals who hail from and work in San Antonio often describe the city’s economy and real estate scene as steady and healthy in a sort of unspectacular way. Rarely does any commercial sector in San Antonio achieve the high highs and low lows of gateway coastal markets. Further, the market’s quiet consistency has come to stand out as its neighbor up the road, Austin, has exploded as a tech hub in the past decade, bringing with it fervent building booms that still can’t put a dent in the skyrocketing cost of living. Yet this same quality that in years past caused major retailers and restaurants — and investors — to pass on San Antonio is now a primary force that attracts them to the Alamo City, at least according to some local industry experts. Some of these individuals elaborated on the trend at the inaugural InterFace San Antonio retail conference, which took place on April 4 at the Hilton Palacio Del Rio hotel. Bethany Babcock, principal and co-owner of full-service firm Foresite Commercial Real Estate, was the first industry expert who addressed the market’s evolution in the post-COVID era. “We noticed at the last couple trade …

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DevelopmentMarket ReportsNevadaWesternWestern Market Reports

Developers Consider Redevelopment Amidst Vegas’ Evolution

by Jeff Shaw

— By Megan Husic — For a long time, Las Vegas could not seem to attract major sports venues due to fear of sports gambling. But perceptions changed and opportunity skyrocketed when the supreme court struck down the federal law that prohibited sports gambling outside of Nevada in 2018, allowing other states to open sports books. Perception about major sports in Las Vegas seemed to change almost overnight.  Since 2017, Las Vegas has attracted successful NHL and WNBA franchises, lured the Raiders from Oakland, Calif., and hosted high-profile events like the NFL draft, Super Bowl, the NCAA men’s Final Four and a Formula 1 Grand Prix. Now, Major League Baseball is on deck as Vegas is currently making plans to develop a $1.5 billion stadium at a site that included the former Tropicana hotel, which is due to be demolished later this year in anticipation of the stadium.  Identifying Property with Potential Many sites along the Las Vegas Strip have been developed since the early 1960s. In some instances, these sites have been redeveloped several times over. In the environmental world, redevelopment sites typically occur on brownfields, defined by the U.S. Environmental Protection Agency (EPA) as a property, expansion, redevelopment or …

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IndustrialMarket ReportsNevadaWesternWestern Market Reports

Nevada Markets Evolve into Industrial Hubs

by Jeff Shaw

John Ramous, Nevada region partner at Dermody Properties, discusses how the southern part of the state’s various regions have evolved into industrial hubs — and what the firm is doing to capitalize on this.   WREB: What is it about Las Vegas and its fundamentals that have made it an ideal place for industrial? Ramous: There are several key fundamentals driving Las Vegas’ — or Southern Nevada’s — growth as a comprehensive industrial and regional logistics hub. It’s strategically located near Southern California and other major West Coast markets, maintains a business and tax-friendly environment, has a supportive infrastructure, a streamlined permitting process, a focus on sustainability and a large, talented workforce with competitive labor costs. All these factors make this region an ideal place for industrial and logistics, as well as a very attractive location to work, live and conduct business. WREB: Can you tell me more about your Apex project?  Ramous: Apex Industrial Park is becoming a primary center for larger and scalable logistics facilities, advanced manufacturing, technology and other distribution uses. Located in North Las Vegas off Interstate 15, it is luring major companies to the region, benefiting the entire Southern Nevada market. Trucks are arriving full …

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