“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.