Interest rates remain low and many lenders are willing to make multifamily construction loans. However, these lenders have become more cautious as the cost of construction has grown faster than apartment rents in many parts of the country. Lenders are looking very carefully at the sponsors who ask for construction loans and the markets where they plan to build.
Of the more than 16 million sq. ft. of retail leases signed in the last five quarters—across all retail sectors—Reis reported grocery stores were the No. 1 new tenant, followed by home/houseware stores, gyms/fitness studios, discount variety stores, and discount clothing stores. Trampoline parks—part of the much-talked about experiential retail—were also in the top 10.
Navigating the public approval process for large-scale, transformational real estate projects can be challenging for developers, especially with community residents, community organizations and governmental entities making different, sometimes conflicting requests, which may or may not actually be in the community’s best interests or be viable economically. Moving through this process effectively can mean the difference between a successful property that becomes a great community asset and an ambitious plan on paper that never gets off the ground.
LendingClub Corp., the online-loan marketplace, plans to wind down customer support operations in its home city of San Francisco and shift staff to Utah as it seeks to trim costs.
The Wall Street Journal looks at how congestion pricing in New York City will affect the area’s commercial real estate. Malls, such as Garden State Plaza in New Jersey, are being renovated to include office space and residential areas, in addition to stores, according to CNBC. These are among today’s must reads from around the commercial real estate industry.
