Articles of the week ending July 12th
Jamie Hodari Won The Flex Office Race By Playing It Safe
By Elizabeth Cryan, The Real Deal
Jamie Hodari and his company Industrious have taken a more conservative approach to the flex office market, focusing on creating a quality and community-driven workplace experience rather than chasing risky expansion.
Is NYC’s Billion-Dollar Lab Bet Foresight Or Folly
By Patrick Sisson, Bisnow
The $1.6B SPARC Kips Bay project in NYC is a significant gamble on a massive expansion of lab real estate at a time when the market has shown little appetite for new space, but officials believe the market will catch up and the project will provide room for future industry growth.
How Financial Incentives Help Bring Brownfields Back To Life
By John Knowles, Bisnow
Financial incentives play a crucial role in revitalizing brownfield sites, making redevelopment economically feasible and beneficial for local communities and the environment.
Has New York City’s Office Sector Hit Bottom… Potentially
By Victor Rodriguez, CoStar Analytics
New York City’s office sector has shown signs of recovery with a decline in available office space, but caution is still needed as the availability rate remains elevated compared to pre-pandemic levels.
Rents Soar 20% In Largest U.S. Data Center Markets
By Dab Rabb, Bisnow
Rents for data centers in major markets have surged by 20% due to the industry’s growing power needs, strained regional power grids, and high demand from major cloud providers and social media giants.
MetLife Seizes Garment District Office Building In $30M Foreclosure Sale
By Ciara Long, Bisnow
MetLife has taken over an office building in the Garment District after winning a foreclosure auction with a $30M bid.
By Mark Heschmeyer, CoStar
IBM Watson Group plans to vacate its office space at 51 Astor Place in New York, leading to a loan downgrade on the property.
Miami Has Become One Of Commercial Real Estate’s Most Important Job Markets
By Matt Wasielewki, Bisnow
Miami has emerged as one of the most important job markets in commercial real estate due to a surge in out-of-state businesses opening offices in the city, driving up demand for talent and pushing salaries to record highs.