In the News—Week of August 16 2021
Around the Nation
Should building owners require everyone to get COVID-19 vaccine?
Many businesses and government agencies have been requiring COVID-19 vaccines. Landlords, however, have largely avoided making vaccination a blanket requirement for tenants, for tenants’ employees and for visitors, The Real Deal reports. “The toughest part about all of this is that we clearly have no precedent for this situation,” says Pierre Debbas, a New York real estate lawyer. It is unclear if landlords have the legal authority to make such mandates. And it is unclear if they face some liability if people who work in or visit their buildings get sick.
Energy & Environment
California energy panel OKs tougher building standards
The California Energy Commission has adopted building standards for newly constructed and renovated buildings, the commission announced on its website. The commission believes the new standards will produce benefits to support the state’s public health, climate and clean energy goals. The commission adopts standards every three years. The new standards will be submitted to the California Building Standards Commission, which is scheduled to consider them in December.
Texas
Hines starts fund targeting real estate in major U.S. markets
Houston-based Hines has started an investment fund focusing on real estate in major markets in the United States, the Houston Chronicle reports. The Hines U.S. Property Partners fund has raised $750 million; $100 million of which came from Hines. “As real estate continues its transformation into a service, we believe investors are finding increased value to work directly with large-scale operators who can bring innovation, flexibility and simplicity for the ultimate customers, which are our tenants,” Hines Global Chief Investment Officer David Steinbach says. “This fund will provide investors with direct access to our best thinking and execution capabilities.”
Dallas-FW construction market one of the hottest in nation
Dallas-Fort Worth’s construction sector has come back from a COVID-19 slowdown, The Dallas Morning News reports. Figures from Dodge Data & Analytics show that commercial and multifamily real estate projects in the area are up 12% from the same period in 2020. Almost $4.5 billion worth of permits were filed in the first six months of the year. North Texas was second only to New York City in total commercial and apartment building starts, figures from Nationwide show.
Arizona
Arizona Cardinals, developer plan mixed-use project near stadium
The Glendale City Council gave the OK for the Arizona Cardinals and Plaza Companies to plan a mixed-use project near State Farm Stadium, KTAR radio reports. The project could include up to 600,000 square feet of Class A office development, retail restaurant and entertainment space, hotels and approximately 230 multi-family units. The site will provide event parking for the stadium, as well as the nearby Crystal Lagoons Island Resort and Mattel amusement park, which is being built.
Mexico
FIBRA Macquarie México sees net income dip in 2Q earnings
FIBRA Macquarie México saw net operating income fall 8.8% from the previous year, Business Wire reports. FIBRA Macquarie made its second-quarter earnings report and there some positives. Rents and occupancy rose in the industrial sector and its retail portfolio performed well in a challenging environment. “We have a well-positioned portfolio with high-quality assets concentrated in key markets with favorable supply-demand dynamics. For our industrial portfolio, robust market fundamentals are supported by limited supply and increasing demand driven by tailwinds such as nearshoring,” FIBRA Macquarie’s chief executive officer, Juan Monroy, says.
