Large companies expect to use more flexible space for their future office needs, finds a survey by broker Knight Frank in which more half of respondents said they expected nontraditional space to account for at least 20% of total office space, compared with about 5% now. Big businesses are drawn to the amenities and flexibility the model offers.
Colony Capital, which has experienced a significant drop in value this year, plans to refine its focus to asset management. "With $2 billion of liquidity in these equity markets, leveraging that for third-party capital and fees is exponentially better," said founder Tom Barrack.
With Congress divided, the Trump administration is expected to take steps to limit the government's role in backstopping the mortgages that Fannie Mae and Freddie Mac purchase and securitize. One sign of the administration's direction will be in its choice of a new director for the Federal Housing Finance Agency, expected in January.
Good face-to-face retailing relies on retailers having an intimate knowledge of the customer and showing them that they are wanted and valued, Andrew Busby writes. Small, independent retailers are more capable of building better relationships by doing what's right for the customer.
Westgate Shopping Center, a large commercial development in San Leandro, Calif., has been purchased with an all-cash offer of $87 million, above its estimated value of $58.9 million. The retail location features Home Depot, Burlington and Office Depot, along with a second floor dedicated to tech startups, small industrial companies and artists.
Connecticut retail locations are doing well, bucking national trends in some cases because property managers have shifted their focus to new trends that bring in businesses and visitors. Properties such as Danbury Fair and Stamford Town Center continue to be retail hubs, while the Connecticut Post retail center has added more restaurants and bars.
A sprawling retail center by developer Siam Piwat called Iconsiam opened over the weekend in Bangkok, Thailand. The region has more than $4 billion worth of retail investments planned, even as the area's economic health is uncertain amid a drop in tourism.
Some foreign investors are diversifying into industrial assets in the US and away from the office category and gateway markets this year, with industrial investments topping $6.6 billion as of May, compared with $5.8 billion for all of 2017, according to Avison Young. Foreign capital investing in the US rose 29% for the first half of 2018 compared with the same period last year, CBRE reports.
Welltower and Hines are partnering to develop a luxury assisted living facility on Manhattan's Upper West Side. They have acquired two lots for $61 million and plan to build a 17-story, 162-unit facility with a bistro, spa and rooftop garden.
A joint venture in which AvalonBay Communities held 20% has sold an apartment building in Herndon, Va., for $94.2 million. The buyer is a joint venture between DivcoWest Real Estate Services and Blackfin Real Estate Investors.