In the News—Week of February 9 2021
Around the Nation
Q4 sees global investment in commercial real estate back
Global investment in commercial real estate made a comeback in the final three months of 2020, The Real Deal reports. Deal volume rose 84% worldwide over the previous quarter. In the United States, deal volume almost doubled, rising 97%. “The Q4 rebound was significant in all three global regions, as the promise of vaccine deployment and continued economic recovery buoyed investor sentiment,” CBRE analysts wrote.
Energy & Environment
UCF researchers develop seawater-based battery that is safer than lithium models
Researchers at the University of Central Florida have come up with a seawater-based battery they say is safer and better for the environment than lithium-ion batteries, UCF Today reports. Lithium-ion batteries are used in phones, medical equipment, power tools and electric cars. They can catch fire, toxic materials can leak from them, and the environmental impact from mining lithium is substantial. UCF NanoScience Technology Center assistant professor Yang and his co-authors showed their design to be durable and capable of high performance.
Texas
Read King breaks ground on 295-unit multifamily complex in Richmond
Read King Commercial has broken ground on a 295-unit complex in Richmond, the Houston Chronicle reports. The complex, called Waterview, is part of the 135-acre Waterview Town Center development. Waterview is Read King’s first residential project in its nearly 30-year history. “The area’s phenomenal retail and employment growth is driving strong multifamily demand,” Read King co-founder Ewing King said in an announcement. “We have spent the past 10 years completing roads, utilities and drainage improvements to get this site ready for development. Combine all that with the chance to partner with a multifamily expert we know and trust, and the decision was easy.”
Plenty of office space available in Dallas in wake of COVID-19
Commercial real estate in the Dallas-Fort Worth area has fared relatively well against the rest of the nation through the past year — with the market ranking in the top 10 in numerous categories. But now comes a list the area would rather not find itself on. Cushman & Wakefield figures show Dallas No. 6 on the amount of vacant office space, 21%, at the end of 2020, The Dallas Morning News reports via msn.com. Leasing activity in the market has been on the upswing. But with less than 40% of workers back in the office since the pandemic outbreak and 4 million square feet of office under construction, there may be plenty of space available for some time.
Arizona
Florida company plans 1,600 luxury units after 33-acre acquisition
For its foray into the Valley of the Sun, Florida-based ZOM Living acquired 33 acres in Phoenix and Scottsdale and plans to build 1,600 luxury units, Connect Phoenix reports. The units will be built in North Phoenix, Scottsdale and the Biltmore District. ZOM Living, which plans to open a regional office in the area, acquired the land through a bankruptcy auction.
Mexico
Largest logistic platform in Latin America planned for Mexico
Retailer El Puerto de Liverpool says it will invest $1.24 billion in developing the largest logistics center in Latin America, Mexico Business reports. The project will be located at Arco Norte and the México-Querétaro highway outside Mexico City. When completed it will be three times the size of Azteca Stadium. E-commerce in Mexico rose 81% in 2020. But Liverpool has plenty of competition, such as Amazon, Mercado Libre, Betterware and Walmart. They have all made large investments in logistics facilities.
