Simply Commercial Real Estate

Iconic Empire State Building Attracts Prestigious Tenant, Commercial Real Estate Rebounds in New York

Greater New York Mutual Insurance Company signs a full-floor lease at the Empire State Building, highlighting its industry-leading sustainability measures and excellent tenant amenities. Meanwhile, the commercial real estate market in New York experiences a remarkable rebound, surpassing the national average. Simply Politics explores the ongoing success and evolution of this iconic landmark and the implications for the city's economy.Sources:https://www.commercialcafe.com/blog/gny-mutual-empire-state-building-lease/https://www.commercialcafe.com/blog/gny-mutual-empire-state-building-lease/https://www.businessobserverfl.com/news/2024/feb/04/manatee-ranch-listed-marketed-to-developers/https://ny1.com/nyc/all-boroughs/CTV/2024/02/04/city-commercial-real-estate-rebound-outpacing-national-average-pierre-debbas-romer-debbasOutline:(00:00:00) Introduction(00:00:45) Greater New York Mutual Insurance Company Signs Full-Floor Lease at Empire State Building(00:03:19) Greater New York Mutual Insurance Company Signs Full-Floor Lease at Empire State Building(00:05:54) 304-acre east Manatee County ranch listed for $8M, marketed to developers(00:09:06) City commercial real estate rebound outpacing national average

US Commercial Real Estate Crisis Looms, Strategies to Increase Value in Chicago

Dark days are coming for US commercial real estate and the banks holding the loans. Kari Kohler shares strategies to raise the value of commercial real estate in Chicago. Plus, a retired assessor uncovers undervalued commercial properties, and banks take a hit from the commercial property downturn.Sources:https://www.forexlive.com/news/dark-days-are-coming-for-us-commercial-real-estate-and-the-banks-holding-the-loans-20240203/https://wgnradio.com/home-sweet-home-chicago/kari-kohler-how-to-raise-the-value-of-commercial-real-estate-in-chicago/https://www.pentictonherald.ca/news/article_af20f3f4-c1fe-11ee-85b2-371bfdca27da.htmlhttps://www.wsws.org/en/articles/2024/02/03/rnbl-f03.htmlOutline:(00:00:00) Introduction(00:00:42) Dark days are coming for US commercial real estate and the banks holding the loans(00:03:04) Kari Kohler: How to raise the value of commercial real estate in Chicago(00:05:26) Retired assessor shining light on undervalued commercial properties(00:08:54) Banks starting to take a hit from commercial property downturn

Financial Sector Fears U.S. Commercial Property Slowdown, Banks Take a Hit

The U.S. commercial property market slowdown sparks fear in the financial sector. Banks are starting to take a hit from the downturn. Plus, Houston-based Fein expands its presence in City Place with a new apartment complex. Also, the transformative potential of AI in driving retail property success.Sources:https://www.donga.com/en/article/all/20240203/4725385/1https://www.wsws.org/en/articles/2024/02/03/rnbl-f03.htmlhttps://www.bizjournals.com/houston/news/2024/02/02/fein-to-build-echo-lake-apartments-in-city-place.htmlhttps://www.commercialsearch.com/news/driving-retail-property-success-with-ai/Outline:(00:00:00) Introduction(00:00:42) U.S. commercial property slowdown sparks fear in financial sector(00:02:35) Banks starting to take a hit from commercial property downturn(00:05:48) Driving Retail Property Success With AI

Commercial Real Estate Outlook for 2024, Notable Transactions, and Major Upstate Projects

RICS Monitor reveals a modest recovery in CRE markets for 2024. Upstate Business Journal highlights notable commercial real estate transactions. Exciting developments in major Upstate projects reshape the region. Plus, concerns arise over US commercial property market losses.Sources:https://www.commercialsearch.com/news/rics-monitor-expect-cre-markets-to-show-modest-recovery-in-2024/https://upstatebusinessjournal.com/deal-makers/dealmakers-notable-commercial-real-estate-transactions-october-december-2023/https://upstatebusinessjournal.com/square-feet/status-update-8-major-upstate-sc-commercial-real-estate-projects/https://www.ft.com/content/9199361a-06bd-4de2-8b57-f8cef7143dd3Outline:(00:00:00) Introduction(00:00:45) RICS Monitor: Expect CRE Markets to Show Modest Recovery in 2024(00:03:09) Dealmakers: Notable commercial real estate transactions — October-December 2023(00:06:04) Status update: 8 major Upstate commercial real estate projects(00:09:39) Bank losses revive fears over US commercial property market

Japanese Bank Faces Losses, Richardson Office Asset Sold, US Real Estate Exposure Concerns

Aozora Bank flags losses tied to U.S. commercial property, causing shares to tank. Franklin Street sells DFW office asset, marking a significant change in ownership. Major bank shares slide on US real estate exposure jitters, raising concerns about the banking industry. Veteran Waco agents and mayor join new real estate firm, highlighting the growth and potential of the Waco market.Sources:https://www.cnbc.com/2024/02/01/japans-aozora-bank-tanks-after-flagging-losses-tied-to-us-commercial-property.htmlhttps://www.commercialsearch.com/news/franklin-street-sells-dfw-office-asset/https://www.afr.com/companies/financial-services/shares-drop-record-38pc-for-saviour-of-failed-signature-bank-20240201-p5f1nhhttps://wacotrib.com/news/local/business/veteran-waco-agents-waco-mayor-to-join-new-real-estate-firm/article_bf60115c-c058-11ee-adb7-c7140d6f1faa.htmlOutline:(00:00:00) Introduction(00:00:39) Japanese bank tanks over 20% after flagging losses tied to U.S. commercial property(00:03:13) Franklin Street Sells DFW Office Asset(00:05:39) Major bank shares slide on US real estate exposure jitters(00:08:31) Veteran Waco agents, Waco mayor to join new real estate firm

Property Deals Plummet, Mount Pleasant to Get 600 Apartments, Asia Pacific Real Estate Rebounds

The value of property deals in Ireland hits a 10-year low. Developers acquire land in Mount Pleasant to build 600 apartments. Asia Pacific commercial real estate investment volumes rise in Q4 2023. Plus, a report on businesses on the move in Marin and Sonoma counties.Sources:https://www.independent.ie/business/commercial-property/value-of-property-deals-plunges-to-10-year-low-as-us-and-germany-stop-buying/a1899485738.htmlhttps://www.bizjournals.com/milwaukee/news/2024/01/29/mount-pleasant-cardinal-capital-apartments.htmlhttps://www.retalkasia.com/news/2024/01/30/asia-pacific-commercial-real-estate-investment-volumes-rose-3-q4-2023-jll/1706559427https://www.northbaybusinessjournal.com/article/article/marin-sonoma-county-commercial-real-estate-transactions-jan-29-report/

DC Office Market Ranks High, Legendary Lease in Bellevue

DC office deliveries ranked high in 2023, showcasing growth potential. Skanska signs a legendary deal for its upcoming office project in Bellevue. Plus, a local real estate industry pro makes a significant investment in South Nashville, and Strata explores commercial realty acquisitions across cities.Sources:https://www.commercialsearch.com/news/dc-office-deliveries-ranked-high-in-2023/https://www.commercialsearch.com/news/skanska-signs-legendary-deal/https://www.nashvillepost.com/business/development/real-estate-industry-pro-buys-on-city-s-south-side/article_4695cdc6-bc92-11ee-9d34-af8172cf5a3a.htmlhttps://economictimes.indiatimes.com/industry/services/property-/-cstruction/strata-in-talks-to-buy-commercial-realty-across-cities/articleshow/107175019.cms

Redevelopment Project in LA, Breakthrough Award for Industrial Transaction, KC’s West Bottoms Transformation, and Sarasota’s Office Space Investment

Terreno Realty begins a $64M redevelopment project in Los Angeles. Basis Industrial wins Commercial Observer's Breakthrough Award for an industrial transaction. Kansas City's West Bottoms neighborhood undergoes a significant transformation. Michael Saunders discusses a $4 million investment in downtown Sarasota office space.Sources:https://www.commercialsearch.com/news/terreno-realty-begins-64m-redevelopment-in-los-angeles/https://www.prnewswire.com/news-releases/real-estate-owner--operator-basis-industrial-wins-commercial-observers-breakthrough-award-in-industrial-transaction-of-the-year-category-302045331.htmlhttps://www.bizjournals.com/kansascity/news/2024/01/26/west-bottoms-someraroad-mcm-residential-office.htmlhttps://www.heraldtribune.com/story/news/local/sarasota/2024/01/28/michael-saunders-commits-to-downtown-sarasota-with-4m-renovation/72083965007/

Redevelopment in Los Angeles, Office Rental Woes, Hurricane Damage Suit, and Remembering Jim Crockarell

Terreno Realty begins a $64M redevelopment project in Los Angeles, while the commercial office space market faces challenges. A suburban New Orleans commercial property owner takes on their insurer in a hurricane damage suit. Plus, we remember Jim Crockarell, the largest downtown property owner in St. Paul. Stay informed about these significant real estate developments and the impact they have on the local economies and property owners.Sources:https://www.commercialsearch.com/news/terreno-realty-begins-64m-redevelopment-in-los-angeles/https://www.cmgwealth.com/ri/on-my-radar-commercial-real-estate-office-rental-woes-banking-exposure-systemic-risk/https://www.law360.com/real-estate-authority/articles/1790679/insurer-denied-early-win-in-landlord-s-hurricane-damage-suithttps://www.startribune.com/madison-equities-downtown-st-paul-jim-crockarell-commercial-real-estate-developer/600338952/

Real Estate Awards and Redevelopment Projects

Basis Industrial wins Commercial Observer's Breakthrough Award for Industrial Transaction of the Year. The Cumberland County Board of Commissioners approves the redesigned Crown Event Center. Terreno Realty begins a $64M redevelopment in Los Angeles and Sterling Bay and Key International collaborate on a Miami office tower project.Sources:https://www.prnewswire.com/news-releases/real-estate-owner--operator-basis-industrial-wins-commercial-observers-breakthrough-award-in-industrial-transaction-of-the-year-category-302045331.htmlhttps://bizfayetteville.com/commercial-real-estate/2024/1/26/committee-moves-redesigned-crown-event-center-forward/2626https://www.commercialsearch.com/news/terreno-realty-begins-64m-redevelopment-in-los-angeles/https://www.commercialsearch.com/news/sterling-bay-key-international-to-develop-miami-office-tower/