Fort Lauderdale's Big Deal
In a $108.5-million transaction, 1 East Broward in downtown Fort Lauderdale, Fla., was acquired in October 2018 by 1 East Broward Owner LLC, a joint venture between affiliates of NAI/Merin Hunter Codman and PCCP LLC. Sale of the 19-story Class A, 351,705-sf office building was handled by CBRE Capital Markets on behalf of Ivy Realty, the seller. The property, which is 91 percent leased, is across from a new Brightline rail station and includes a five-story building and a connected four-story parking structure with 772 spaces.
Smaller Markets, Larger Population Growth
In the past five years, second-tier metro areas showed the strongest inbound population increase in the U.S., excluding international migration and population changes due to births and deaths.
Top Tech Cities
Tech centers continue to drive growth in U.S. cities and, says Revathi Greenwood, head of research for Cushman & Wakefield's Americas, “Tech is no longer limited to just traditional technology companies - media companies, retailers, and even law firms are competing for the same spaces and talent as traditional tech companies.” In its Tech Cities 2.0 report, Cushman & Wakefield identifies 10 U.S. cities where tech is a critical component of the local economy and commercial real estate market.
- Austin, Texas
- Provo, Utah
- Raleigh/Durham, N.C.
- Salt Lake City
- San Diego
- San Francisco
- Silicon Valley, Calif.
- Washington, D.C., Metro
Multifamily's Strong Showing in Hartford
Multifamily is on the upswing in Hartford, Conn. More than 950 apartment units have been added in downtown Hartford since 2015, and the $130 million in multifamily deals in 1H2018 account for 54 percent of the city's overall commercial real estate investment activity - up from 49 percent in 1H2017. What's driving the trend? In its 2018 Commercial Real Estate Investment Review, Avison Young points to a newly improved public transit system, urban migration, and the beginnings of a live-work-play lifestyle.
Best of the Midwest
Four Midwest markets were among Colliers International 10 Emerging U.S. Markets to Watch in 2018.
Kansas City, Kan.
2017's 8.8 million sf of new construction was the highest on record; more than 7 million sf of new distribution facilities at Logistics Park Kansas City; major tenants attracted by rents below national average.
Serviced by six Class 1 railroads; growing demand from e-commerce occupiers; more than one-third of U.S. population lives within 500 miles of the Port of Metropolitan St. Louis.
8.5 million sf of new development in 2017, double 2016's amount and the most on record; second-largest FedEx hub in the world; positive net absorption of 7.5 million sf.
Its 4.2% overall vacancy rate is lowest in a decade; new construction surpassed 3 million sf for three consecutive years; Amazon Prime Air hub at Cincinnati/Northern Kentucky International Airport.
Cross-Border Investment Strongest in Western Region
International capital distribution was highest in the Western states at the end of 3Q2018, with nationwide portfolios and entity-level deals capturing the most international dollars.