office space rental agency – Jam Space http://www.jamspace.net/ Thu, 10 Jun 2021 10:51:02 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 Why the Sunshine Coast office market is one of Australia’s strongest http://www.jamspace.net/why-the-sunshine-coast-office-market-is-one-of-australias-strongest/ Thu, 10 Jun 2021 05:19:10 +0000 http://www.jamspace.net/why-the-sunshine-coast-office-market-is-one-of-australias-strongest/

As office vacancy rates rose dramatically in capital cities last year, another story unfolded on the Sunshine Coast.

A glut of buildings on the market was gradually absorbed and new category A projects quickly filled with tenants. As vacancy rates fell from a high of 22% in 2019 to just 13% in January this year, according to figures from the Property Council, the Sunny Coast has become Queensland’s hottest office market.

Chris McKillop of Herron Todd White said the market has been improving steadily for a number of years. “It’s quite buoyant and it’s progressing well,” he said. “And then the last 12-18 months got ballistic.”

In the latest report from the real estate appraisal company, the Sunshine Coast is named as the only office market in the country nearing its peak. Notably, the areas considered to be “growing office markets” were in the regional areas of Byron Bay, Lismore and Ballina.

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While the pandemic and remote working arrangements have thrown much of the country’s office market into uncharted territory, in many areas the demand for offices is far from subdued.

“You look around the Sunshine Coast and in some ways it’s like COVID never happened,” Mr. McKillop said.

The expansion of the medical sector around the Sunshine Coast Teaching Hospital has partly resulted in the use of office space, he said. “And the Sunny Coast has one of the highest levels of start-ups in the country. There are a lot of incubators.

The new downtown Maroochydore is expected to provide 160,000 square meters of commercial and retail space over the next 15 years, with Walker Corporation having recently signed a $ 2.5 billion development agreement.

Foundation Place was the first commercial project to open in the new downtown area of ​​Maroochydore.

The success of Foundation Place, the first commercial project to open in the new downtown area, has boosted confidence in the local office market.

The five-story office building developed by Evans Long was fully leased within months of completion.

Transact Property Group Director Mark Dann said he is now handling inquiries for A1, the developer’s next retail and office project in the central business district of Maroochydore.

“The investigation was certainly very solid and we attribute this to the success of Foundation Place,” said Mr. Dann. “This gave local businesses and the commercial market a lot more confidence.

Foundation Place was rumored to be bought by fund manager Primewest for $ 30 million earlier this year.

Mr Dann said the remoteness of major cities on the east coast since the start of the pandemic has boosted the local office market.

“People moved and said, ‘I can work from home’… but after a while of working from home it’s probably not ideal, so they went looking for a space.”

Mr Dann said his agency was having difficulty finding small office space between 50 and 120 square meters for tenants. “And honestly, there isn’t much available. Two years ago there would have been pages and pages of ads.

He noted a “flight to quality” as new office projects with more facilities hit the market or were in the works.

Despite the decrease in vacancies, net rents have remained stable over the past two years.

“It’s still affordable. There is a Category A space for $ 450 per square meter, ”said Chris McKillop of Herron Todd White, adding that spaces often included parking and a view.

He expected the new Maroochydore neighborhood to continue to attract businesses from across the Sunshine Coast.

“Our vacant space is all of the older stock that was built 15 or 20 years ago, and is probably in mixed-use locations.”

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Welcome to the new office dress code http://www.jamspace.net/welcome-to-the-new-office-dress-code/ Wed, 09 Jun 2021 19:19:00 +0000 http://www.jamspace.net/welcome-to-the-new-office-dress-code/

Office workers rush to refresh their wardrobes as companies begin to call workers back to their cubicles. But after months of working in pajamas, workers are swapping their traditional office clothes for more comfortable ones. Pencil skirts, dress pants and classic black are out. Today’s office worker is dressed in bright colors, focusing on loose, loose clothing and softer fabrics, according to major U.S. retailers.

“As a company, we’ve evolved our merchandising to talk more about ‘power casual’,” Sarah LaFleur, CEO of women’s workwear company MMLaFleur, told NBC News. “From a formality standpoint, it’s a bit lower than business casual. There is definitely something underneath, it’s still a dress code similar to how women who work in the media or the tech space might dress.

The company’s new line, which includes a “jardigan,” or blazer made from a soft cardigan, is booming. Before the country’s lockdown last spring, casual workwear accounted for about 25% of MMLaFleur’s sales; now it’s 60 percent.

MM LaFleur’s new line includes a blazer made from a soft cardigan, also known as a “jardigan”.Mr. M. LaFleur

Retailers were among the first to be hit by the pandemic, with dozens of retailers filing for bankruptcy, including iconic brands such as Lord & Taylor, J.Crew and Neiman Marcus. Other stores were forced to shutter thousands of locations.

But as vaccination rates rise and federal public health agencies relax masking rules, buyers and workers are eager to get back to life in person – and with that comes the urge to wear something new. and brilliant, according to analysts and retail brands.

“We think the world is back,” Morris Goldfarb, CEO of G-III Apparel, which owns brands like DKNY, told investors this week. “People go out, people party. They don’t just wear their fleece leisurewear. They wear denim, and they wear jeans, they wear stretch fabrics, and they wear sculpted products.

Salaried shoppers plan to spend more in all categories, including casual and formal wear in men’s and women’s clothing, compared to last year, according to data from retail analytics firm Prosper Insights & Analytics. But consumers say they also plan to spend more on comfort style brands like Levi’s rather than luxury brands like Calvin Klein or Coach, the data shows.

“The ‘work-from-home’ consumer always has a preference for ‘comfort’ brands over ‘dress to impress’ brands,” said Phil Rist, executive vice president of Prosper Insights & Analytics, in an email.

Retailers and brands are betting that all-round comfort is likely to stay. Shea Jensen, executive vice president and general manager of merchandising at Nordstrom, said some of his brand partners have adjusted their products to be more comfortable.

“Loungewear and comfort are always important to the customer. Some of the new pants for the season have incorporated an elastic waistband or a looser leg.

“Loungewear and comfort are always important to the customer,” she said in an email. “Some of the season’s new pants have incorporated an elastic waist, a looser leg, or super soft materials without sacrificing fashion and novelty.”

Second-hand clothing has also become more casual and comfortable, said Doug Howe, Kohl’s director of merchandising.

“For example, in men, tuxedos were traded for suits, suits were traded for khakis and dress shirts, khakis were traded for jeans and polo shirts,” he said. “Among women, we are seeing an interest in jackets and third layers. Think boyfriend blazers, cropped jackets and oversized cardigans to complement new proportions in looser bottoms with denim a key complementary element.

But even denim has become more forgiving. As people go out and socialize, retailers like Gap, Abercrombie & Fitch and American Eagle are seeing increased interest in looser, looser and more relaxed fits for both men’s and women’s jeans. Kohl’s has also seen growth in high and curvy cuts.

Even shoes are experiencing a resurgence. Tapestry, which owns Coach, Kate Spade and Stuart Weitzman, told investors in May that outside of handbags it had seen positive growth in footwear, driven by increased demand for apartments and sneakers. casual.

“You can’t go back to the office with your slippers on,” Rist said.

But shoppers aren’t just looking for comfort in their clothes. After a year in gray jogging, the colors and prints are an opportunity to change your outfit. Gen Z is largely behind this trend towards maximalism, going against the minimalism of their millennial counterparts. April report Pinterest found that Gen Z had 14-fold searches for “zebra pants,” a 12-fold increase for “pleated plaid skirt,” and a 133-fold increase in “60s and 70s fashion” between Q1 last year and around the same time this year.

“We’re back to school, work, dining and traveling – and what does that mean for retailers? Said Brian Dodge, president of the Retail Industry Leaders Association group. “The answer is, this is a great opportunity because maybe your clothes don’t fit or your style has changed, and retailers are in a good position to help bring customers back to life. “

StitchFix, the custom-styled subscription company, announced Monday that it now has more than 4 million customers, which is 20% growth from the same period last year. The company’s clients are request stylists for holiday-related items, jewelry and workwear, while demands for loungewear are down 60% from last fall, the company reported.

Online clothing rental company Armoire said sales increased as people needed help finding clothes to wear when the country reopened, said Kristin McNelis, the company’s chief marketing officer.

“Basically, you put your closet on hiatus for 18 months. Then when you go back and wear what’s in the closet, it’s not stylish or it doesn’t fit or you’re just fed up, ”McNelis said. “So people are really thinking about where to find new clothes, but maybe they don’t want to buy new clothes. “

Laid-back Friday may have gone the way of the power suit.

“I’m much more comfort conscious,” said Martha Shaughnessy, who works in San Francisco. She recently quizzed her office of 20 on what to call their day to wear comfortable clothes when they get back to the office. Some candidates include “too tired Tuesday” and “mushy Monday”.

“We used to have a big reunion and I wore a pencil skirt blazer and everything,” Shaughnessy said. “Being comfort conscious has been a gift this year.”

The company never had a dress code, but for meetings with clients or new hires, it wore formal work clothes. But she plans to remove the skirts for a maxi dress or the heels for the sneakers, setting the tone for the rest of the business that a comfy dress is OK.

“Not saying out loud that expectations have changed can be confusing,” she said. “A lot of people worry about this stuff, about the expectations that come back home. It’s going to be hard already.

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The sale of € 78 million of the retail park portfolio tests investor appetite http://www.jamspace.net/the-sale-of-e-78-million-of-the-retail-park-portfolio-tests-investor-appetite/ Wed, 09 Jun 2021 05:00:46 +0000 http://www.jamspace.net/the-sale-of-e-78-million-of-the-retail-park-portfolio-tests-investor-appetite/

With online shopping having taken off following the unwelcome arrival of Covid-19, the sale by New York-based Marathon Asset Management of three of Ireland’s best-known business parks is expected to test the post-pandemic investor appetite for traditional bricks. -and-mortar retail.

The Parks collection is offered to the market individually or as a single lot by the joint agents Cushman & Wakefield and Savills at a guide price of 78 million euros. The portfolio includes Belgard Retail Park in Tallaght, Dublin 24, M1 Retail Park in Drogheda, Co Louth, and Poppyfield Retail Park in Clonmel, Co Tipperary.

While the sale of the entirety offers the potential buyer the opportunity to secure a set of high performing business parks and an attractive net initial yield of 8.43%, the assets in the portfolio should also generate interest in a portfolio. individual basis.

The Belgard Retail Park, for its part, is considered to be one of the very first retail parks in the capital. Located on Belgard Road in Tallaght and 7 miles from Dublin city center, the project is for sale fully occupied and anchored by B&Q, the largest home improvement and garden center retailer in the UK and Ireland. Other occupants include Homestore & More, Dealz, Carpet Right, Halfords, Right Style Furniture, Burger King and Starbucks.

While the project currently expands to 12,728m² (137,000 square feet) with 482 parking spaces, it has a building permit for an additional 2,404m² (25,877 square feet) commercial warehouse on two levels. with 1,409 m² (15,166 sq. ft.) of ground floor space and 995 m² (10,710 sq. ft.) of retail warehouse / storage space on the mezzanine level.

The current total rent is around 3.13 million euros per year with a weighted average duration of unmatured leases of 7.3 years. B&Q contributes around 67% of the income from a lease until 2028 with a rent revision clause only upwards.

The M1 Retail Park is located 3 km west of Drogheda town center and just off the M1 motorway connecting Dublin and Belfast. It includes a mix of retail, office and leisure accommodation spanning a total of 24,805 m² (267,000 square feet), as well as 600 parking spaces. The majority of the development is taken up by retail and recreation (89 percent) and is anchored by Woodie’s DIY which occupy 4,885 m² (52,585 square feet). Other tenants in the park include Smyths Toys, Sports Direct / Brand Max, Dealz, Equipet and EZ Living, among others.

The current total rent is 2.44 million euros per year with a weighted average duration of unmatured leases of 8.4 years. Woodies (with lease guarantees from Grafton Group plc) contributes around 40% of lease income through September 2030 with only upward rent revisions.

The project also includes Mellview House, a four story building comprising 25,048 square feet of office space, a 30,483 square foot gymnasium on the ground floor, basement and mezzanine level operated by Gym Plus and a number other smaller retail units. Another building known as the Pavilion is home to Costa Coffee and TC Matthews with a recent new rental at Lanu Medi Spa.

An additional site adjacent to M1 Retail Park is also part of the Parks Collection sale. The land covers 27 acres and includes three adjacent plots with zoning proposed as part of the 2021-2027 County Louth Development Plan Draft for three uses, namely “A2 New Residential”, “C1 Mixed Use” and “B4 District Center”.

99% busy

Poppyfield Retail Park is located 2.5 km from Clonmel town center at the junction of the Cahir road and the N24. Developed in 2004, the program covers 12,821 m² (138,000 square feet) and includes a mix of 14 commercial warehouse units, a neighborhood center and 393 parking spaces. The park is 99% occupied and anchored by Woodie’s DIY (with a lease guarantee from Grafton Group plc) and SuperValu. Other top tenants include Harry Corry, Maxi Zoo, EZ Living, World of Wonder, and DID Electrical. The center of the neighborhood is occupied by Costa Coffee, Sam McCauley, as well as a hair and beauty salon and a fish and chip operator. KFC also has a drive at the entrance to the park which is not part of the sale.

The total current rental income amounts to 1.43 million euros per year and the weighted average duration of unmatured leases is seven years. Woodie’s and SuperValu contribute approximately 52% of the revenue and have seven and eight years remaining on their respective leases.

Marathon Asset Management acquired the M1 and Poppyfield parks originally as part of a larger portfolio in 2014, which also included The Park, Carrickmines; Lakepoint Business Park, Mullingar; and the Four Lakes Retail Park in Carlow. Belgard Retail Park was acquired separately.

Marathon has undertaken significant asset management and a gradual divestiture of these assets since then. The latest sale of its Irish retail portfolio was only finalized this week and saw a wealthy private investor pay nearly € 7m to secure ownership of Lakepoint Retail Park in Mullingar.

The program, which is anchored by Woodie’s DIY, generates a total rent of € 516,000 per year, offering the buyer an initial return of just under 7%. The deal was negotiated on behalf of Marathon by Rod Nowlan of Bannon while Declan Bagnall of Bagnall Doyle McMahon represented the buyer.

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The mysterious fate of Eric Adams outside the election campaign http://www.jamspace.net/the-mysterious-fate-of-eric-adams-outside-the-election-campaign/ Tue, 08 Jun 2021 20:45:39 +0000 http://www.jamspace.net/the-mysterious-fate-of-eric-adams-outside-the-election-campaign/




Brooklyn Borough President Eric Adams speaks at a Black Lives Matter mural event on June 26, 2020 in the Brooklyn Borough of New York City. | Spencer Platt / Getty Images

Eric Adams announced he lived in Brooklyn Borough Hall to fight against the Covid last March. Now it looks like he’s never gone.

According to recent POLITICO observations and those of several rival campaigns, the mayor’s hope has spent the night and kept late and early hours in the government building where he and his staff work. When he does not rest his head in the taxpayer’s building, the president of the district has provided contradictory information on official documents concerning his place of residence.

Adams is leading the pack of Democratic candidates to become New York’s next mayor, experiencing a wave of concern over crime that is reinforced by his 22-year career with the NYPD. Now as Borough President, a review of his government and political activity reveals blurry lines between the two, as well as a muddled account of his residential status for someone looking for one of the jobs. the most visible in the country.

Adams Residential Portfolio

“I own a small property, so I’m real estate too,” Adams said at a Mayors Forum in October, Zooming in on the LGBT-focused Jim Owles Liberal Democratic Club from a dark, indescribable location showcasing this Gay City News describes it as “a backdrop of rainbow stripes”.

Indeed, the Borough President owns a three-unit townhouse in Bedford-Stuyvesant, Brooklyn, and a co-op in Fort Lee, NJ, which he bought with his partner.

He also bought a co-op in Prospect Heights with someone in 1992 and continues to list this property in official records, although he says he hasn’t lived there for almost 10 years. He included this address on registration forms for his current 2017 mayoral and borough president campaigns, although his staff also added his Bed-Stuy property to the 2021 campaign form.

Adams made a political contribution to Staten Island Assembly member Charles Fall last summer from the Prospect Place address, state records show, even though someone else was living in unity at the time.

Campaign adviser Evan Thies said Adams ceded his share of that unit to the other owner and no longer had a stake in the property. The campaign will change documents that include the address of Prospect Place, he added.

He said Adams had lived on Lafayette Avenue in Bed-Stuy for almost a decade and provided several utility bills to corroborate this. Yet other official documents and a recent media report cloud this claim.

For starters, Adams is registered to vote on the first floor of 936 Lafayette Ave., but a tenant who has lived there for years is listed under the same accommodation in several documents obtained by POLITICO. And last month City Limits publication reported that most of Adams’s neighbors didn’t know he lived in their neighborhood, or that he was running for mayor.

To further complicate matters, Adams’ voter registration form shows a change of address in January – the day after a Daily News Article asked why the Bed-Stuy property was not registered with the city’s housing agency as required. Thies said the change was a clerical update from a previous address and Adams had been registered to vote at Bed-Stuy since 2017. He added that the property had been registered with the city, although the site The agency’s web still states that this is not the case.

He also said Adams lived in the basement apartment but rarely slept there due to his busy schedule as an elected official and mayoral candidate. Confusion over who occupies the first floor likely stems from a recent renovation that led to a change in the number of units, Thies said.

Adams has long had tenants in his home on Avenue Lafayette, but did not report rental income on his tax returns in 2017, 2018 and 2019, POLITICO previously reported. Thies said he changed the statements but has not yet provided a copy of the change.

Before Covid-19, Adams periodically spent the night at Fort Lee, according to Thies. But once he made Borough Hall home as the pandemic hit New York City, he stopped crossing state borders to visit his partner. After the virus disappeared, he stayed in the New Jersey unit several times, Thies said, but hasn’t been in months due to his campaign schedule. Instead, he and his partner meet in the city, he added.

And while most mayoral candidates identified with their Zoom settings – the sophisticated lighting of Ray McGuire; Maya Wiley’s Disruptive Domestic Cats – Adams has logged into virtual events from at least 19 origins, including a moving car, and debated his opponents from an indescribable booth last month, according to the observations of POLITICO.

Burn midnight oil

If Adams wins the election, the next occupant of Town Hall will keep schedules decidedly different from those of current Mayor Bill de Blasio who, before the pandemic, was known to arrive mid-morning after practice at Park Slope Y.

Over the past two weeks, the former police captain has appeared to spend many of his awakening – and of his sleep – hours at the district town hall.

Unlike all the other candidates in the race, the Adams campaign did not regularly publish its daily public timetable. Regardless, POLITICO and sources on rival campaigns observed him arrive at the government building around midnight four nights in a row last week and several nights the week before, including Memorial Day weekend. On several of these occasions, Adams did not leave until the next morning and other people were seen entering the building in the middle of the night.

Unlike last year – when Adams slept in Borough Hall for months due to his busy pandemic itinerary – a review of his 2021 schedule obtained through an Freedom of Information request shows little official work. In the second week of April, for example, Adams only attended three events and had a few calls with the staff. Most of each day was spent on non-government work and details were redacted. The vague notes on Adams’ plans to be outside Brooklyn match his active campaign pace.

His team says Adams is just working hard on behalf of Brooklyn residents after long days of campaigning and that he sometimes arrives in the wee hours to take care of official duties such as signing land use requests and capital allocations.

“Eric Adams works extremely hard on behalf of the Brooklynites, including late at night and early in the morning – just as he did when he led the fight against Covid-19 during the height of the pandemic last year. “Thies said in a statement.

Thies described several locations – including a sparse cabin from which he called for debate and one FOX maintenance and a brighter office where he organized a MSNBC Spot – as space within MetroTech, a large office campus near Borough Hall.

This is also where Frank Carone, an attorney for the Brooklyn Democratic Party who unofficially supports Adams’ campaign, has an office.

Adams’ spending – which was last updated by the Campaign Finance Board on May 21 – show only 13 office rent payments totaling $ 23,612 during the multi-year campaign. None of these mention MetroTech – a discrepancy Thies explained by saying the rent may have been bundled into a payment requested from Carone’s law firm, Abrams Fensterman.

Carone, meanwhile, represents clients with business before the city, including a grocery store that lobbied Adams’ office in 2018 over real estate issues, according to a recent report in the city.

In addition to the government building, Adams has access to a city-owned Toyota SUV that he recently used to drive to campaign events. POLITICO spotted him arriving at a press conference in Long Island City on May 29 and at an event in Flushing the next day in the government car. “I don’t need to have a GPS to get around Flushing,” he said at the event.

And while last month he conducted an interview from the passenger seat of a moving car that appears to be a rental from Bical Auto Mall, he also zoomed in on at least one forum from what looks like the interior of an urban vehicle.

“He never used Borough Hall or the Borough Hall car for anything other than government business,” Thies said. “The car drops him off at events and if he travels exclusively for campaign-related things and does campaign work, he uses a country car.”

City Council on Conflicts of Interest the rules state that the elected are allowed to use their government cars while traveling to personal events, although the practice is often criticized by government reform groups.

Adams has often criticized Andrew Yang for swapping his Manhattan apartment for his second home in the Hudson Valley during the height of the pandemic. Yet Adams’ account of his own whereabouts over the years is far from clear.

At a recent campaign event, Adams, who speaks often in the third person, said, “You never have to say in the history of this town: where have you been Eric?

Amanda Eisenberg and Erin Durkin contributed to this report.

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Charleston’s newest tech hub is open for business | Business http://www.jamspace.net/charlestons-newest-tech-hub-is-open-for-business-business/ Mon, 07 Jun 2021 21:00:00 +0000 http://www.jamspace.net/charlestons-newest-tech-hub-is-open-for-business-business/

About two decades in the works, a new office building designed to attract more start-ups and high-paying tech employers to the peninsula is finally ready for closure.

Developers of $ 54 million Charleston Technical Center, which welcomed its first batch of tenants in February and is already almost full, organized the traditional inauguration ceremony on June 7.

Scissors in hand, Mayor John Tecklenburg called the elegant six-story structure at 997 Morrison Drive, between Conroy and Romney streets, a “new future” for Charleston.

“This is the future economy of our city,” he said.

State Senator Marlon Kimpson described the site as the next “epicenter” of South Carolina’s tech industry.

College of Charleston President Andrew Hsu said the development would provide employment opportunities for graduates of engineering programs that the downtown school is adding and will help create “a breeding ground for talents “.

The long-planned project was spearheaded by the Charleston Digital Corridor, an independent non-profit organization established within the city government years ago. The group, led by Ernest Andrade, developed the building with the city and locally-based Iron Bridge Capital, which aligned most of the private sector funding.

Andrade said he first came up with the idea of ​​a stand-alone tech center to create more better-paying jobs on the peninsula about 21 years ago as a staff member of the then mayor, Joe Riley.

“We just worked on it, not knowing where we would end up,” the CDC executive director said.

The site is in a once industrialized area of ​​the Upper Peninsula, where many software companies and other tech employers have migrated in recent years.

The city paid $ 1.8 million for the old parking lot in 2013, and Andrade’s group hold a 99-year, $ 1-per-year lease on the property, which qualifies for special tax credits because it is in an “opportunity zone” designated by the federal government. Charleston County and SC Department of Commerce agencies have also provided support over the years to advance public-private enterprise.

We are launching a weekly newsletter on the business stories that shape Charleston and South Carolina. Get ahead with us – it’s free.

After 5 years of waiting, work on the tech-driven desktop begins under the credits of the Opportunity Zones

“It has participation from all levels of government,” said Andrade, who added that he could instantly “think of five near-death experiences” for the deal.

Work began in mid-2019 and was completed on time and on budget this spring despite COVID-19 crackdowns and a recession triggered by the global health crisis, he said.

The CDC has previously set up several “flagship” workplaces in the city center to accommodate start-ups in need of affordable real estate with flexible rental terms. The concept’s new location opened in April in the Charleston Tech Center. It offers 33 private offices and occupies the entire third floor.

The project also includes an 816-space parking garage that the city purchased for around $ 27 million last year as part of the development deal.

Other tenant amenities include a special ventilation system, nap nooks, conference rooms, a podcast studio, restaurant-style meeting booths, and an outdoor ping-pong table.

Andrade said 36 companies with direct or indirect links to the tech industry had moved into construction in recent months, along with around 265 workers.

“It’s pretty substantial,” he said.

Six-story Charleston Tech Center Gets Final City Council Approval

Andrade said the response to the project demonstrates workers are ready to return to a traditional office, although he sees a “hybrid rotation” among the tenants at the Charleston Tech Center.

The newly completed building is the first of two phases of development on the 1.8 acre Morrison Drive property. The Charleston Digital Corridor has begun to “model” a second structure of similar proportion on a vacant lot at the corner of Romney Street, Andrade said. He hopes to start construction within the next year.

Contact John mcdermott at 843-937-5572 or follow him on Twitter at @byjohnmcdermott

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Government of Canada Provides Rental Housing to Over 60 Families in Peterborough http://www.jamspace.net/government-of-canada-provides-rental-housing-to-over-60-families-in-peterborough/ Mon, 07 Jun 2021 15:15:00 +0000 http://www.jamspace.net/government-of-canada-provides-rental-housing-to-over-60-families-in-peterborough/

PETERBOROUGH, ON, June 7, 2021 / CNW / – Every Canadian deserves a safe and affordable place to call home. Thanks to the investments made by the government of Canada, the inhabitants of Peterborough will now have access to more stable rental housing options.

Today, the Honorable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for the Canada Mortgage and Housing Corporation (CMHC), alongside the Honorable Maryam Monsef, Minister of Development Rural Economic and Minister for Women and Gender Equality, and Diane therrien, Mayor of Peterborough, announced a $ 18.4 million low cost loan to help build a new residential building located at 191-203 Rink Street and 59-63 Olive Avenue, the Sawmill Residence.

The Sawmill Residence, developed by Ashburnham Realty, is a 6 story residential building that will offer Peterborough with 64 new essential rental housing units close to public transportation, retail services and a health care center.

The project received funding under CMHC’s Rental Construction Finance Initiative (RCFi), a National Housing Strategy program that supports rental housing construction projects to encourage supply. stable rental housing for middle class families in expensive housing markets.

Quote:

“Every Canadian deserves a safe and affordable place to call home. That is why our government is taking action to increase the supply of rental housing through projects like the one we are announcing today in Peterborough. This new affordable rental housing will provide families with better access to the jobs, services and amenities they need. This is the National Housing Strategy at work. ” The Honorable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for the Canada Mortgage and Housing Corporation (CMHC)

“Today, our government’s Rental Construction Funding Initiative (RCFi) is helping Peterborough increase its supply of new rental housing. As a well-planned multigenerational project, the Sawmill Residence will provide new housing options for families and individuals at the heart of our community. We all know that adequate and affordable housing is fundamental to the people of our region and is a sign of a strong and resilient community. Canada. As we rebuild better, we must leave no one behind. ” – The Honorable Maryam Monsef, Minister of Rural Economic Development and Minister for Women and Gender Equality

“Affordable and accessible housing is a priority for the City of Peterborough. We are grateful to Ashburnham Realty for recognizing the importance of the private sector in providing housing for all. We thank the government for Canada to continue investing in housing in our community. Housing is a human right and we will continue to work to ensure that everyone has a safe place to live. ” Diane therrien, Mayor of Peterborough

“It took a long time to pave the way for this project for us and our community. The location around Small lake and Del Crarie Park is a true reflection of all that our city has to offer. The name derives from a history of the surrounding location, rich in the timber industry. Even to this day, we have found sawdust in the ground during the first examinations of the site. Thus, the name of the residence “The Sawmill” (designed by award-winning architects from Lett) was chosen to bring back some of this history from our city’s past. This development will create high quality living options, accessible to all necessary services in the region. The building will be six stories tall with a mix of one, two and three bedroom suites, as well as high energy efficiency and a large number of fully accessible suites. This project would not be possible without the RCFI program and the help we received from our government and City staff. It really is a team effort to bring projects like this to fruition. Our amazing team who planned this project include: Lett Architects, Engage Engineering, DG Biddle Engineering, Taylorwood and Basterfield and Associates Landscape Architects. We believe the end product will show off the skills of all of these amazing companies. We believe that a city is as strong as its heart. Our hope for this building (along with all the other exciting developments on the horizon) is that it will help alleviate the housing problems we have in our city and create a thriving and vibrant downtown. ” Paul Bennett, owner of Ashburnham Realty

Fast facts:

  • The vacancy rate in the City of Peterborough is 2.6% (October 2020).
  • Through the RCFi, the government of Canada encourages the construction of over 71,000 new rental units.
  • A stable supply of rental housing is essential to ensure that more Canadians have access to housing that meets their needs and can afford. This is a great option for middle class Canadians who face affordability pressures in many markets with high house prices and a lack of rental housing supply.
  • Launched in april 2017, RCFi has generated considerable interest in the industry, which has led to an expansion of the program. In Budget 2019, the Government of Canada increased the total amount available in loans to $ 13.75 billion.
  • Given the strong demand for the program, the government further expanded the RCFi in the Fall 2020 Economic Statement by adding a $ 12 billion over 7 years, from 2021-2022. The program now totals $ 25.75 billion into low cost loans.
  • Budget 2021 proposes that $ 300 million over two years (2021-22 and 2022-23) of the RCFi be allocated to support the conversion of vacant commercial properties into 800 market rental units. As the demand for businesses and offices has changed due to COVID, some homeowners, especially in large urban centers, are facing higher vacancy rates. This is an opportunity for landowners and communities to explore converting excess space into rental housing, thereby improving the livability and affordability of urban communities.
  • from Canada The National Housing Strategy (NHS) is a 10-year, over $ 70 billion plan that will give more Canadians a place to call home — that includes more than 13 billion dollars committed to the Fall Economic Statement 2020.
  • To help Canadians find affordable housing, Budget 2021 proposes to provide a $ 2.5 billion over seven years of new funding and a reallocation of $ 1.3 billion in previously announced funding to accelerate construction, repair and support of more than 35,000 additional housing units.

Related links:

  • As from Canada housing authority CMHC contributes to the stability of the housing market and the financial system, provides support to Canadians in need of housing, and provides unbiased housing research and advice at all levels government, consumers and the housing industry. For more information, please visit cmhc.ca or follow us on Twitter, Instagram, Youtube, LinkedIn and Facebook.

SOURCE Canada Mortgage and Housing Corporation

For further information: Media contacts: Mikaela Harrison, Press Secretary, Office of the Minister of Families, Children and Social Development, [email protected]; Audrey-Anne Coulombe, Canada Mortgage and Housing Corporation, [email protected]

Related links

www.cmhc-schl.gc.ca

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Serviced offices in Bournemouth see ‘record demand’ http://www.jamspace.net/serviced-offices-in-bournemouth-see-record-demand/ Mon, 07 Jun 2021 04:00:00 +0000 http://www.jamspace.net/serviced-offices-in-bournemouth-see-record-demand/ An office rental company said it has seen record levels of interest in Bournemouth as research suggests many companies are considering relocating their headquarters.

Bourne Space operates four serviced office buildings in the city center and recorded its highest number of inquiries in May.

Visits to its website have tripled from February, he said.

A recent survey by law firm Gowling WLG and the British Property Federation found that almost half of medium and large companies plan to relocate their headquarters within the next three years.

As a result of the pandemic, only three percent were switching to full-time telecommuting.

Sarah Munro, Head of Bourne Space, said: “We have been incredibly busy since the winter lockdown began in March and May has been the busiest month we have had in terms of inquiries and news. members moving into our offices.

“Many companies that contact us are looking for a way to combine remote working with the benefits of face-to-face time in an office environment.

“So we see companies that are currently renting large office space downsizing or looking to rent regular meeting space for staff to come together for development and as a mental health benefit.

“But we also have companies contacting us because they are looking for more space or better facilities for their staff, who have been forced to work from home for such a long time.

“Overall, we are seeing a real shift in demand towards serviced offices as businesses seek convenience and flexibility for their staff. ”

Eighty-four percent of Gowling WLG survey respondents viewed serviced offices as a “viable option” and were either already using them or considering moving in the near future.

Authors Dan Gwilliam and Felicity Lindsay, of Gowling WLG, said: “The pandemic has accelerated the pace of change, literally forcing businesses and their employees to leave their offices and return home during successive closures.

“Decision makers of office occupants will start looking for office spaces that are flexible and able to adapt to their changing needs, potentially by the end of summer.”

Bourne Space operates three serviced office buildings on Exeter Park Road in Bournemouth – Bourne Park, Bourne Villa and Bourne Gardens – as well as Bourne House on Hinton Road.

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Centennial Great Northern office building in downtown St. Paul, former wedding venue reinvents itself during pandemic – Twin Cities http://www.jamspace.net/centennial-great-northern-office-building-in-downtown-st-paul-former-wedding-venue-reinvents-itself-during-pandemic-twin-cities/ Sun, 06 Jun 2021 01:40:41 +0000 http://www.jamspace.net/centennial-great-northern-office-building-in-downtown-st-paul-former-wedding-venue-reinvents-itself-during-pandemic-twin-cities/

Built over a century ago as the headquarters of the two railway companies of James J. Hill and the First National Bank, a gigantic apartment building in Lower Town comes to life as an office for government agencies and their officials. clients.

The 14-story Great Northern Building at 180 E. Fifth St. opened in 1916, the year Hill died. It remains the largest office building in St. Paul and was the largest of the Twin Cities until the construction of the IDS Center in Minneapolis in the late 1960s.

“It’s an important piece of downtown architecture, and we want to make it shine again,” said Matt Jacobs, managing director of New York-based Gamma Real Estate, who took an interest in the projects. real estate in the South and Midwest.

The Great Northern, which is listed on the National Register of Historic Places as a contributor to the Lower Town Historic District, is Gamma’s first business in the capital of Minnesota.

When Gamma, a Park Avenue real estate company founded and operated by generations of the Kalikow family, discovered the Great Northern Building, a significant portion of its more than 600,000 square feet of office space was empty. Gamma bought the building into receivership for $ 52 million in 2019 and invested $ 2.5 million in renovating the floor space and common areas, including the old Great Hall, a hall shaped like a ballroom so large that it once hosted weddings and other events.

After a million dollar renovation, the Great Hall is now a 500-person lounge, two-story tall and unique among downtown office facilities. Upgrades are planned for the adjacent 267-seat Jerome Hill Theater, which could play a central role in a future conference center below the existing conference room suite on the second floor.

Jacobs called the remodeling the benefit of having “well capitalized owners” with “a very strong reputation in the market we work in for delivering on the promises we make, that level of institutional practice where you know what you are doing. get “.

The Great Northern – not to be confused with the Great Northern Lofts condo building on Kellogg Boulevard, which was the former headquarters of the Great Northern Railroad – once housed the offices of Gander Outdoors before the retailer declared bankruptcy in 2017 and consolidates its offices in Bloomington.

The stately structure near Lower Town’s Mears Park was almost home to Ditech Financial, formerly Green Tree Servicing, Inc., a mortgage and loan company that bankrupted its home loan unit in 2012 and eventually left the ‘State. An 11th floor space that was built for Ditech was never occupied.

Cray, the supercomputer company, also had overflow space in the building. They too left St. Paul, leaving Talon Holdings, then owner, with a few large tenants.

Gamma Real Estate, which completed major renovations a year ago, saw a rough diamond.

“We were excited about downtown St. Paul and St. Paul in general, seeing it as a value game compared to Minneapolis which has seen explosive growth in recent years,” said Jacobs. “I’m from New York, and I take Brooklyn over Manhattan as an example.”

GREEN AND THE GRAIN, ACT AS TENANT

Jacobs said Minneapolis’ airway system fostered its own indoor urban environment with seats and rows of vendors, while “St. Paul seemed to be missing the same, even though he had the bones for it.”

Gamma wooed Green and the Grain, a quick and casual salad restaurant with multiple locations in the Minneapolis skyways. The Great Northern building will be both a retail location and their Twin Cities food court. “They’re at ground level, so they’ll have both indoor and outdoor visibility,” Jacobs said.

Chris Gliedman, a senior partner with CBRE, the project’s rental team, said Green and the Grain was almost ready to open in March 2020 when government closures sent office workers rushing home to the light. of the pandemic. He hopes the office workers will come back, as will the salads.

The Great Northern Building, right, located at 180 E. 5th Street in St. Paul, is seen from the outside on April 30, 2021 (Emma Gottschalk / Pioneer Press)

Prospective tenants are offered net rental rates of $ 11 to $ 12 per square foot, in addition to $ 8 per square foot in operating costs.

Jacobs declined to give specific occupancy levels, although national referral agencies describe the building as being around 70 percent occupied. Most tenants are “next to the government,” Jacobs said, which means contractors and consultants who do business with government agencies.

In an unusual turn in real estate negotiations in the era of the pandemic, two government agencies with a significant downtown presence will change office buildings.

The Minnesota Department of Employment and Economic Development, currently based in the First National Bank building on Minnesota Street, will occupy floors 11 through 13 in the Great Northern by August, with more than 700 employees from the State. The lease involved securing some 500 nearby parking spaces.

In a statement written last February, DEED director Steve Grove said the move to the Great Northern “will save taxpayers thousands of dollars each year with a reduced footprint, while dramatically improving the workspace of the company. our employees ”.

The US Army Corps of Engineers also has a significant presence in the Great Northern, but has plans to build $ 10 million of office space in the First National Bank building. They could move in a year. Indeed, DEED and the Army Corps exchange their addresses.

“There are a few big contracts going on,” Jacobs said. “There is still room to rent.

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Ind-Ra, Real Estate News, ET RealEstate http://www.jamspace.net/ind-ra-real-estate-news-et-realestate/ Sat, 05 Jun 2021 08:38:18 +0000 http://www.jamspace.net/ind-ra-real-estate-news-et-realestate/ MUMBAI: The negative demand created by the work-from-home culture along with the reduction in new rental business due to a weaker economy can easily reduce annual demand by 40% over the next few years, according to India Ratings and Research (Ind-Ra).

The agency said this could result in vacancy levels rising more than 500 basis points in fiscal years 21-23. “The impact on future office space providers is likely to be particularly large, as they might find it difficult to rent their properties in the future. “

Almost 83 percent of employees surveyed by Accenture recently preferred a hybrid work model with the ability to work remotely 25 to 75 percent of the time.

Ind-Ra said such a shift to remote working can seriously hamper demand for office real estate, as it may allow businesses to use a hot desk policy where the same office can be shared by a certain number. number of employees who report to work on different days.

If 2.5 percent of all employees are asked to show up for work alternate days and use the hot desk policy, this can result in a net reduction of 1.25 percent in office space. required in a country.

Based on 635 million square feet of office space occupied in India’s eight major cities at FYE20, Ind-Ra said, this will result in negative demand of 7.9 million square feet, or 21 percent. of the average annual demand observed during FY19 to FY20.

“A greater impact of hot desking could reduce demand for several years in the short term and create significant difficulties for office property providers.”

In addition, a number of international companies have announced hybrid work models where employees will only need to show up to the office a few days of the week. Ind-ra said that it can be easy to infer that the space that can be submitted to the shared desktop model may be well over 2.5% as expected.

Ind-Ra said the occupancy rate at a large office portfolio-focused real estate investment trust (REIT) declined to 86.8% in 4Q FY21 from 92.2% in 1Q FY21.

The occupancy rate in another listed REIT declined to 81.8% in 4Q FY21 from 87.1% in 2Q FY21. The occupancy rate of other REITs and listed companies has also declined by around 500 basis points over the past four quarters, Ind-Ra said. ]]> The boiling real estate market leaves people afraid to trade http://www.jamspace.net/the-boiling-real-estate-market-leaves-people-afraid-to-trade/ Fri, 04 Jun 2021 20:45:00 +0000 http://www.jamspace.net/the-boiling-real-estate-market-leaves-people-afraid-to-trade/


The housing market is so hot that some homeowners are afraid to sell.

In more normal times, first-time buyers move into original homes. As their family grows, they move on to bigger homes. Eventually, empty nesters and retirees sell their larger homes to downsize or relocate.

Now the record prices are disrupting the usual churn rate. Many households could sell their homes for a large profit, but then they would have to find new accommodation. Many are unwilling to compete in this frenetic housing market, where they could be subjected to the fierce and costly bidding wars that have become commonplace in the United States.

“It’s hard to upgrade,” said Thad Wong, co-founder of Chicago-based brokerage firm @properties. “Even with low rates and appreciating their home, they can’t beat what they are living in now,” he said of potential sellers.

Fear of not finding a new home is the latest reason homeowners are staying in their homes longer than in the past. Many baby boomers choose to delay retirement or age up. And now, some young families who want to exchange fear they have been evicted from their neighborhood.

After:Large cities will offer better potential than suburbs, where house values ​​may soon be a plateau.

Brad and Jami Pettiford, for example, bought their first home in October 2015 in Grosse Pointe Woods, Michigan, for $ 162,000. They have since had a second child and want more space. But neighboring homes on their wishlist cost over $ 500,000.

Brad and Jami Pettiford, along with their daughters Taylor and Sloane, feel they are overpriced for large homes in Grosse Pointe Woods, Michigan, where they bought their starting home for $ 162,000 in 2015.

Cori Prainito

“This makes you think, is it really worth it?” Said Mr Pettiford. “It’s like, man, I really love this area, but we’re naturally overpriced.”

With so many homeowners staying put, the housing stock in the United States has rarely been so tight. The number of existing homes on the market at the end of April was down 20.5% from a year earlier, and the number of homes for sale fell to record levels earlier this year.

This scarcity helped drive home prices to record highs and began to slow the pace of sales. The tight supply is one of the main reasons many economists expect home prices to continue to rise, making home ownership prohibitive for many buyers.

Part of the owner’s dilemma is the timing of duplicate transactions. Many families have to sell their current home before they can afford to buy a new one. In a less heated market, buyers can bid on a home that is dependent on the sale of their current home. But today sellers often receive multiple offers, and those with emergency clauses are unlikely to be accepted, agents said.

Some sellers negotiate retrocession agreements, so they can stay in their home for a month or more after they sell while they search for a home. Others move in with their family or find a short-term rental.

“Sometimes it backfires and people end up living with parents for a lot longer than they thought they would,” said Meredith Hansen, COO at Keller Williams Greater Seattle. “I don’t think we can really alleviate the shortage until people feel like they can sell their homes and move out.”

The supply shortage is particularly acute at lower price levels. The stock of existing homes on the market priced between $ 100,000 and $ 250,000 declined more than 30% in April from a year ago, NAR said, while the supply of homes in selling above $ 500,000 increased.

After:Urban environment won’t go away, says San Francisco developer

Lexi and Brendan McDonald, who have four children, bought a four-bedroom home near Boise, Idaho, in 2019 for around $ 235,000, Ms. McDonald said.

“We thought, ‘Oh, the boys can share a bedroom and the girls can share a bedroom, and then we’ll have an extra bedroom that we can use as an office,” Ms. McDonald said.

Lexi and Brendan McDonald live in a four-bedroom house with their four children near Boise, Idaho, and plan to move to Texas to find a larger house.

Lexi McDonald

Their children no longer sleep well in shared bedrooms, Ms. McDonald said, and the family want to move to a bigger house. But five-bedroom homes in their area cost at least $ 400,000, she said.

The Boise metropolitan area posted the fastest growth in home prices in the country in the first quarter, up 28.2% from the previous year, according to a ranking by the Federal Housing Finance Agency. 100 largest metropolitan areas in the country.

“Our house is probably worth around $ 330,000 or $ 340,000 at this point, which is fantastic, but we couldn’t afford to move anywhere,” Ms. McDonald said. They are considering moving to Texas.

Catherine and Blake Winslow were successful in making the moving purchase work. They listed their original home north of Salt Lake City, which they bought in 2013, and included a 60-day rent as a condition of the sale. Then they began to shop aggressively, visiting dozens of homes.

From Penta:22-acre equestrian estate in Wellington, Florida sells for record $ 31.75 million

They lost twice to top bidders. “All of our family and friends were like, ‘You can sell, but where are you going? “And we were starting to feel that they were right,” Ms. Winslow said. They looked for short term rentals in case they couldn’t find a home within the 60 day time frame.

They ended up getting an offer accepted on an owner’s sale list and moved in April.

“We feel incredibly lucky,” she said.

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