John Heffington的动态

Why do low-rise, single-tenant, suburban-style retail buildings persist, or even multiply even in the most urban places? Because they're often the highest-value use of even scarce urban land. My latest in Greater Greater Washington https://lnkd.in/eZJkzfpu

Chicago’s iconic Magnificent Mile is making a comeback with property values soaring by 30% over the past year. After facing significant pandemic-related challenges, increased retail demand and tourism have revitalized this famous retail stretch. Landlords are now seeing stronger leasing activity as both national and international brands set up shop, drawn by the area’s bustling foot traffic. This revival underscores the resilience of prime urban retail locations and the growing appeal of experiential shopping. Investors are closely watching as property values continue to climb, signaling positive momentum in Chicago’s commercial real estate market. https://lnkd.in/epPZ5uWD #ChicagoCRE #MagnificentMile #RetailRecovery #CRE #UrbanRevitalization

Costco, Pre-Fab, and Affordability...Oh My! Real Estate Developers are thinking outside the box to win approvals, streamline costs, and help solve our housing crisis. Embracing the Highest & Best Use of Real Estate. Read more about this innovative approach here: #RealEstate #Affordability #HousingCrisis #Innovation Realtor.com Realtor.com New Construction

A productive few days in Downtown Chicago with our CrowdStreet Leadership Team. Two weeks ago, I was in Downtown Chicago and stayed at one of our CrowdStreet projects - 300 N Michigan Ave which is now known as the citizenM Hotel and The Millie on Michigan, a 47-story mixed-use new development located in the East Loop neighborhood. It was great to be back in Chicago (I always enjoy visiting the city) and it was encouraging to witness an uptick in downtown activity. From a CRE perspective, Downtown Chicago continues to feel a bit like a tale of two markets. While its office sector continues to struggle in almost every sense of the word (e.g. occupancy, cap rates, absorption, etc.), its multifamily market is exhibiting signs of relative stability, according to data from Costar. I view this in large part due to the fact that annual new supply from 2020 to 2023 averaged 4.3% of inventory while annual absorption over that same period averaged 4.6% of inventory. Costar’s latest data forecasts average vacancy rates for the Downtown Chicago market gradually trending downwards from 7.5% (today) to 6.6% by 2027. As for rents, they are projected to increase at an average annual rate of 3.5%, trending from a blended all-in rate of $3.50/SF in 2024 to $3.82/SF by 2027. Not too bad considering that most sunbelt markets are still experiencing rent declines. However, to be fair, those declining Sunbelt markets also typically experienced double digit rent growth in 2021 and 2022, something which Downtown Chicago did not partake in. The Millie on Michigan appears to be emblematic of the upper tier of the 4 & 5 star Downtown Chicago multifamily market. During our tour, our sponsor, Sterling Bay, noted that the property is currently 94% occupied and 96% leased at rents well in excess of $4/SF. Based on the rate of tenants coming and going from the property during our tour, it certainly felt fully stabilized.?Special thanks to the Sterling Bay team for touring us! #cre #creinvesting #commercialrealestate #development #multifamily

Wednesdays are for Weekly Reports! Hitting July 4th week inevitably slows down the pace of real estate in the city, yet with price adjustments in place we are getting requests to show on July 4, 5 and on! My listing at 780 WEA #2B got board approved in a day without a single hiccup, biggest congratulations to happy new tenant and owners! Don't miss out on very well priced 10' tall loft priced to market at 303 Mercer Street, Apt.A406! DM me for more details.Market stats below, read the stats, stay informed and stay in touch! ? I am pleased to present Corcoran's snapshot of Manhattan condo and co-op contracts signed from June 22 to 28, 2024. Below are some key highlights from the week: * Last week, 258 contracts were reported signed in Manhattan, up 3% week-over-week and 8% year-over-year. * This was the first time since February that reported signed contracts have increased annually for three consecutive weeks. * New development sales drove the year-over-year increase with 41 signed contracts, an 86% annual increase. As seen last week, 520 Fifth was key to the robust number of new development sales with 12 contracts reported signed. * Sales improved annually for 15 of 20 categories, including a 40% increase in contracts asking $3M to $5M. * The top contract was 25'-wide TH6 at Morton Square asking $10.5M ($2,863 PSF) that features a 250 square foot garden. * This was the first time in two months without a contract reported over $15M in Manhattan. *? *? *? *? #GettingDealsDone #PeakRealEstateSeason #UWS #PreWarLiving #ParkBlock #TownhouseLiving #NewListing #GreenwichVillage #NoHo #LoftLiving #10FeetHeight #Downtown #HotMarket #WeeklyReport #LuxuryAgent #LuxuryReport #LuxuryProperties #LuxuryPropertiesNYC #CorcoranAList #CorcoranWeeklySnapshot #CorcoranReport #OlgaRealEstate

A couple of thoughts late in the day on Friday on Austin retail real estate: 1) Nicole Wimberly and I had a couple of deals die at lease execution this week at one of our landlord listings. We have both talked to other brokers in Austin who report similar events with their clients. Deals are dying for what seems like various reasons but construction pricing definitely is playing a large role. Single unit operators and first time franchisees in particular are struggling with their build out costs. 2) Tenants are laser focused on second gen spaces. Competition continues to be really strong for well located second gen space and second gen spaces that have good basic buildouts (whiteboxes, etc.). I am seeing that second gen spaces that have some age in the buildout or awkward layouts do tend to be more difficult to backfill -- this is all related to construction costs. 3) Bearing 1 and 2 in mind, our advice to landlords with first gen or more "difficult" spaces is to work the deals on offer hard and be diligent about making them and even consider being willing to do some landlord work, which is not typical for our market. Although the Austin market is still strong, my sense of our market is that the depth of the tenants is not what it was 2-3 years ago and landlords should be prepared to more aggressive in cutting deals. Have a great weekend!

Another busy week in Austin real estate -- here's what I'm seeing. 1) TI continues to be a major sticking point for the major national restaurant brands who want to come into Austin. Many of them are used to receiving TI packages equal to 50% of their buildout costs, which could be up to $400-$450/sf. These are TI packages that we just haven't seen in Austin (I am only aware of one or two exceptions). It will be interesting to see which landlord will be willing to step up to that TI to get that type of deal done. 2) Continuing on that theme, we're seeing TI requests increase across the board due to increased construction pricing. Tenants that used to want $150/sf now want $200/sf. Tenants that used to ask for $75/sf now want $100/sf. Money for CapEx is still a major issue to tenants. Tenants are asking landlords to bridge that gap. 3) Overall, as Austin makes (has made?) the jump to being a major first tier city, are we going to see the types of large TI deals that are getting done in Dallas, Miami, Chicago, and even Nashville? We are seeing developers from those cities coming to Austin to do projects. My sense is that the future holds these types of deals -- it will be fascinating to see where they occur first. Until next week, John

?? ?? Commercial Real Estate Market Reports - Q3 2024 Discover the latest trends in Sacramento and Redding, CA, with our Q3 2024 Market Reports on commercial real estate. These reports provide an in-depth look at key sectors, including retail, office, multi-family, and industrial properties. Our team is ready to assist with any questions or offer guidance regarding the evolving real estate landscapes in these cities. Sacramento, a vital economic center in Northern California, serves over 2.4 million residents and acts as a gateway to the Bay Area, supporting a wide range of industries and cultural activities. Meanwhile, Redding offers a growing economy and distinct appeal, creating new opportunities for commercial real estate investors and businesses seeking to expand in Northern California. Request your copy at: https://lnkd.in/gP6AEW4C #CommercialRealEstate #Q32024 #CapitalRivers #CRE #MarketReports #RetailTrends #OfficeSpaces #MultiFamilyProperties #IndustrialRealEstate #InvestmentOpportunities #Sacramento #Redding #Chico

?? ?? Commercial Real Estate Market Reports - Q3 2024 Discover the latest trends in Sacramento and Redding, CA, with our Q3 2024 Market Reports on commercial real estate. These reports provide an in-depth look at key sectors, including retail, office, multi-family, and industrial properties. Our team is ready to assist with any questions or offer guidance regarding the evolving real estate landscapes in these cities. Sacramento, a vital economic center in Northern California, serves over 2.4 million residents and acts as a gateway to the Bay Area, supporting a wide range of industries and cultural activities. Meanwhile, Redding offers a growing economy and distinct appeal, creating new opportunities for commercial real estate investors and businesses seeking to expand in Northern California. Request your copy at: https://lnkd.in/g_B68JMx #CommercialRealEstate #Q32024 #CapitalRivers #CRE #MarketReports #RetailTrends #OfficeSpaces #MultiFamilyProperties #IndustrialRealEstate #InvestmentOpportunities #Sacramento #Redding #Chico

Which retailers are growing, and who's pushing pause? Here's a look at the landscape heading into this week's annual commercial real estate convention.