In the News—Week of February 14, 2022
National
Indoor drone company in Chicago flying high after COVID-19 pandemic
The sky — well, actually the ceiling — is the limit for John Bach and Zach Dulla, two young Chicago-area entrepreneurs who launched Indoor Drone Tours two years ago, the Chicago Sun-Times reports. Indoor Drone Tours shoots real estate videos inside high-rises and commercial space. With the outbreak of the pandemic, Indoor Drone Tours offered contactless tours of properties, mostly residential sellers. They say their customers are now 70% commercial real estate, 20% retail and hotels and 10% residential real estate.
Energy & Efficiency
Public entities in Arkansas have cut over $200 million in energy costs
Public entities in Arkansas have cut more than 1 million metric tons of carbon dioxide emissions and saved $229 million through changes implemented by Johnson Controls, Environmental+Energy Leader reports. Johnson Controls has installed renewable energy and decarbonization infrastructure for 22 public organizations — cities, counties and schools — since 2010. Arkansas State University System was the biggest beneficiary, saving $39 million at eight campuses.
Texas
Chevron employees in Houston told to come back to the office
In what has to be considered a good sign for the commercial market, Chevron has told thousands of its office workers in Houston that the company expects them back in the office this week, the Houston Chronicle reports. The energy company had originally asked workers to come back to the office in January but that was pushed back when COVID-19 cases spiked. Chevron is giving workers the option of working two days a week remotely. The move will mean more workers downtown, which should be a boon for business there. And the return of workers should ease fears that many offices would sit empty forever more.
Texas
Foreign investors spend $3 billion on North Texas commercial real estate
Dallas-Fort Worth was the No. 5 market in the United States for foreign property investors last year, The Dallas Morning News reports. Figures from Real Capital Analytics show foreign interests bought more than $3 billion in North Texas investment properties last year. Boston, Atlanta, Manhattan and Phoenix were the only metro areas that ranked ahead of Dallas-Fort Worth. “Cross-border investment closed out 2021 with an 8.5% share of the total market for commercial real estate investment in the U.S.” Real Capital Analytics researchers wrote.
Arizona
City of Tempe will negotiate with developers on historic flour mill
The Tempe City Council has greenlighted negotiations with Venue Projects and Sunbelt Holdings to create a plan to redevelop and restore the Hayden Flour Mill, reports AZ Big Media. The mill and its four silos are owned by the city and have historical importance. The mill was started in 1874 by Charles Hayden who founded Tempe. The site is next to Hayden Butte, which is significant to four local Indian tribes.
Mexico
Industrial real estate takes off in final quarter of 2021
The industrial real estate market grew by more than 5% in the final quarter of 2021, Mexico Business News reports. Solili, which tracks commercial real estate in Mexico, is expecting 7% to 10% growth for 2022. Office and industrial grew unevenly in 2021 after contracting the year before. Costs for materials are rising and that could crimp growth. Mexico City and Monterrey continue to be the top commercial real estate markets.
