Market Data

Regional Outlook


New York City's Big Deal
An affiliate of the Hyatt Hotels has sold the Andaz Fifth Avenue New York Hotel in Midtown Manhattan to Takenaka Corp., a Japanese architecture, engineering, and construction company with capital estimated at 50 billion yen, for $215.2 million - one of the largest hospitality sales in 2016. Located across from the New York Public Library and close to Times Square, the 14-story boutique hotel encompasses 190,357 sf, was built in 1914, and boasts 184 guest rooms with floor-to-ceiling windows. This transaction marks Takenaka's first entry into New York City's hospitality market and is part of a trend of Japanese investors returning to New York City's commercial real estate market to a degree not witnessed since the country's economic downturn of the 1990s. During the past 12 months, Japanese real estate companies have purchased $1.5 billion of property in the city. It is a dramatic change of pace considering there was almost no Japanese real estate investment in New York City after the 1980s until three years ago. 



“U.S. employment in construction occupations declined by 985,000, or 15.8 percent, between 2005 and 2015. As construction jobs disappeared during the recession, many workers switched to occupations with better job prospects or retired.”

— Andrea Cross, Americas head of office research for CBRE




Houston’s Industrial Heads Full Steam Ahead
Courtesy of the fracking boom that started in 2006, Houston’s east side has expanded and built an estimated $35 billion worth of petro-chemical facilities in the city, according to Realty News Report. 


 Millennials Drive Demand for Mixed-Used Properties

“Millennials want to live, work, play in the same place. Ten years ago, no one wanted a Starbucks downstairs. Now it’s about the amenities.”
—Kitty Wallace, executive vice president at Colliers International in Los Angeles

Gold Rush to Self-Storage Marches On
The Sovran Self Storage REIT’s acquisition of Life Storage for $1.3 billion is spurring new branding initiatives. It will rename 563 Uncle Bob’s storage facilities as Life Storage, change its corporate name to Life Storage, and rename its ticker symbol from SSS to LSI on the New York Stock Exchange. Among the widely dispersed self-storage buildings nationwide, the REIT has acquired 25 self-storage facilities in Chicago, 19 buildings in Texas, and three each in Orlando, Fla., and Los Angeles. For the first time, the REIT enters the Las Vegas market with 17 self-storage facilities and Sacramento, Calif., with 10 facilities.




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