Metropolis Technologies’ Post

"Moffett said that lack of demand means property owners are subleasing fewer floors. Instead of taking nine or 10 floors of a downtown office tower, companies may only take five or six. Those adjustments also trickle down and impact small business sales. "[It] impacts small retail establishments that ... are on the first floor, and establishments spread through downtown," Moffett said. Moffett hopes property owners look at other options for the space and find unique uses for it. The Downtown Austin Space Activation (DASA) program calls on Austinites to turn downtown into a place they want to be." Our DASA program can help with voids and vacancies downtown while supporting small businesses. https://lnkd.in/gq39e6te #economicdevelopment #marketresearch #commercialrealestate #retail #smallbusiness

An idea I've become obsessed with: Tampa Bay's real estate boom This city is transforming from a "back office" hub to a commercial powerhouse. Here are 3 key factors driving this change: 1. Investment Opportunities: Feldman Equities started investing in Tampa Bay in 2009 post-recession due to low prices. Downtown St. Petersburg's vibrancy played a major role in this decision. 2. Family Legacy: My family has been in real estate for over 100 years. We evolved from plumbing to construction to real estate development. 3. Post-COVID Office Market: The pandemic reshaped the office market. Employers now enhance workspaces to attract employees back, creating home-like environments. Tampa's commercial real estate market is faring better than other cities. Lower vacancy rates and fewer issues with crime and homelessness are key factors. Feldman Equities shifted to online syndication, raising capital from accredited investors. This provides a virtually unlimited source of funding. Heavily reinvesting in and reinventing office buildings to meet modern standards is a core strategy of ours. Adding amenities like fitness centers and cafes makes a significant difference. ** I recently had the pleasure of sitting down with Geoffrey Simon at the Suncoast Business Forum on PBS channel WEDU. Here’s a teaser for the show>> https://bit.ly/4gIdUSU Watch for a link to the full show in the comments – and let me know what you think – I’d love to hear your views on how and why Tampa is outshining so many other office markets across the country.

The South Florida Business Journal reports that City of Fort Lauderdale is working to raise its profile as a corporate destination, aiming to attract major tenants and compete with City of Miami and City of West Palm Beach, FL Although Fort Lauderdale hasn’t seen the same influx of high-profile financial firms, the city's office market is growing steadily, supported by its affordable office spaces, expanding downtown population and headquarter relocations like ABA Centers of America. Pebb Capital’s 110 East Broward exemplifies this trend, with leasing activity continuing to rise as companies recognize the advantages of the central location and high-value office offerings, fostering a dynamic business environment and drawing a broader range of companies to South Florida. Read more below:

Denver’s commercial real estate scene is booming with potential! As our city grows, so do the unique opportunities within the commercial space—from vibrant office parks to new retail developments. This article dives deep into how Denver is unlocking its potential, with insights into what makes our market so dynamic. Whether you’re an investor, business owner, or just curious about where the Denver skyline is headed, don’t miss this read: https://lnkd.in/grtEwa65

Prime corridors in the U.S. have demonstrated resilience, as companies recognize the value of top-tier office spaces not just for encouraging return-to-office initiatives but also as a powerful tool for recruiting and retaining talent. Los Angeles exemplifies this trend, with its most prestigious streets commanding some of the highest office rents in the country. Avenue of the Stars ranks seventh nationally, where asking rents are pushing $90 per square foot. Los Angeles' most expensive streets for office real estate: 1. Avenue of the Stars (Westside) 2. Century Park East (Westside) 3. Jefferson Boulevard (Westside) 4. Colorado Boulevard (Westside) 5. Beverly Drive (Westside) 6. Olympic Boulevard (Westside) 7. Santa Monica Boulevard (Westside) 8. San Vicente Boulevard (Westside) 9. Sunset Boulevard (Mid-Wilshire) 10. Alameda Street (Tri-Cities)

Irvine Company is looking to offload 2 MORE of its downtown San Diego office buildings. Irvine Company has listed for sale its two office towers near Horton Plaza at 101 W. Broadway and 225 Broadway. The listings come a month after Irvine Company sold Symphony Towers for $45 million, taking an $89 million loss on that property-setting a new market comparable sales price of $84 per square foot. Irvine Company purchased both Broadway buildings in 2005 for $265 million — or around $325 per square foot — as part of a two-building portfolio transaction. So if you do the math on the price per square foot of what Irvine Company paid for both of these buildings vs, what the NEW comparable PPSF is…well its obvious they will take a loss when/if the buildings sell.

The Delaware State Chamber of Commerce has unveiled its newly renovated office on 1201 N. Orange Street. This modernization effort, delayed due to the pandemic, marks a significant transformation for the state's top business association, which has been based in One Commerce Center since 1983. The renovation includes an open floor plan, coworking spaces, a refreshed kitchen, ADA-compliant bathrooms, a new wellness room, and upgraded technology for virtual meetings. Marie Holliday, DSCC Board of Directors Chair, calls this step a game-changer, ensuring the Chamber remains a future-ready organization for Delawareans. Having the right environment not only makes work more enjoyable but also enhances productivity and collaboration. Have you experienced similar renovations in your workspace? How did it impact your workflow and team collaboration? #RealEstate #DelawareBusiness #OfficeRenovation #HybridWork #WorkspaceInnovation

To close our inaugural London Series we are launching 'A Compendium' of all the series insights, + 7 new viewpoints from leading experts across Knight Frank’s commercial business. To download the compendium click the link or QR code - https://bit.ly/44Kch1s The viewpoints provide a broader commercial perspective on the current challenges within the London office market and how to capitalise on new and innovative opportunities. Themes covered include: - Bridging London’s historic charm with its sustainable future. - Maximising lease re-gears for London offices. - Navigating CRE debt markets in 2024. - Redefining the office. - Flex in focus. - Five challenges presented by the secondary office market. - Planning the revival of redundant office spaces. We hope you enjoy reading 'A Compendium: The London Series' and that you find greater clarity through our insights. #knightfrank #partnersinproperty #thelondonseries2024 #londonoffices Philip Hobley Lee Elliott Dan Gaunt Abby Brown Shabab Qadar Victoria O. Nick Braybrook Richard Proctor Katie Oliphant jennifer townsend Abigail Heyworth Bryndis Sadler Emma Barnstable

Check out my viewpoint on "five challenges presented by the secondary office market" on page 38 of The London Series Compendium. I delve into the intricacies of refurbishment projects, highlighting hurdles and offering strategic solutions. In a market where values are under pressure, comprehensive due diligence is essential. Our project management and building surveying services excel in navigating complexities, ensuring investments are not only secure but primed for success. #OfficeRefurbishment #ProjectManagement #BuildingSurveying #PandBC #knightfrank #partnersinproperty #thelondonseries2024 #londonoffices Philip Hobley, Lee Elliott, Will Matthews, Craig Frost, Andrew Burt, Alex Soltynski

Corporate real estate is on a 'cliff edge' as firms race to rethink communal spaces writes Alex Christian for the BBC. Over the following decade, writes Christian, vacated commercial buildings are set to be updated, transforming areas formerly packed with office workers during workweeks, and nearly deserted over weekends, into "hybrid destinations" filled with greater green spaces, pedestrianised areas and leisure options that keep a more consistent weekly footfall. Furthermore, businesses are also being more selective over where to base their headquarters, says Duncan Swinhoe at design and architecture firm Gensler, in London. A traditional tenant in the city's central Mayfair district, such as a hedge fund, may now be more inclined to relocate to "edgier" neighbourhoods that appeal to more employees, he adds. "The proximity to amenities, coffee shops, bars and good transport links is a much more significant factor in location now – employers want to attract their people to the office." Tim Oldman believes creative developments could be the blueprint for regenerating districts struck by empty offices. "'Mixed use' once meant areas laden with offices, some residential space and a smattering of retail," he says. "Now, we could see these parts of cities become pockets of creativity, filled with community-centred businesses, specialist services and experiential spaces in a more shared environment." More immediately, cities may face an office exodus. Much of this is determined by lease length: for example, while Oldman says the average London lease length is 12 years, some major business hubs have only five years, such as Zürich. Some city centres are already experiencing the phenomenon: since the pandemic, Manhattan lease lengths have slumped below 10 years, and iconic buildings such as the Flatiron have remained vacant as companies downsize. read more below: #communalspaces #officespaces #officebuildings #community #hybrid #hybridsolutions #futureofwork #futureoftheoffice #officedesign https://lnkd.in/gfGnQnfv