Regional Outlook

{EAST}

Boston’s Big Deal

CommonWealth Partners’ August purchase of Boston’s new Pier 4 office tower for $1,208 psf is the highest ever achieved for a Boston office property, according to the seller, New York-based Tishman Speyer. The sale price was $450 million for the 13-story, 372,372-sf waterfront building in the city’s Seaport District. Completed in May, the LEED Gold-certified building features a rooftop terrace, fitness center, and parking and will be anchored by Boston Consulting Group.

Boston’s Pier 4 office tower sold for $450 million.


{NATIONAL} 

Industrial Vacancy Rates

The U.S. industrial vacancy rate for 2Q2018 was 5 percent. Thirty markets recorded vacancy levels  at or below the national average.

40a-table

Source: Transwestern


{NATIONAL}

L.A. Leads in Multifamily Acquisitions

The Los Angeles metro area led the country in multifamily acquisitions in 2Q2018.

 

{WEST}

Oregon Approves Timber High-Rises

Oregon is the first U.S. state to allow timber structures to rise higher than six stories without having to receive special permission. In August, the state approved an addendum to its building code that allows three new timber building classifications: up to 18 stories and 270 feet high; up to 12 stories and 189 feet high; and up to nine stories and 85 feet high.


{MIDWEST}

Chicago Condo Reconversions Rising 

Higher rents, a shortage of land for new development, and high construction costs spurred condo deconversions in Chicago. In the 24 months ending July 15, 20 deconversions occurred in the city, with buildings ranging from 10 to 300 units. Most are buildings constructed from 1960 through the 1980s. Demand for apartments has increased as well; since 2006, 72,000 units have been added to the area.

Source: Avison Young


{SOUTHEAST}

Miami Retail Grows 

Source: MMG Equity Partners


{MID-ATLANTIC}

I-81 Corridor Heats Up

The Shenandoah Valley/I-81 corridor industrial market is emerging as a solid player in the region at the end of 2Q2018.

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CIRE November/December 2018 Cover