In the News—Week of May 16, 2022
Workers in New York City reluctant to go back to the office
The mayor wants them back. Their employers went them back. But office workers in New York City are resisting going back to the office on a full-time bases, the Daily Mail reports. Only 8% of the office workers in the Big Apple have returned to the office on a full-time basis. The Mail says that about 78% are working on some hybrid model that require they only visit the office on a part-time basis. Mayor Eric Adams, who knows how much the city economy depends on office workers eating out, is irked that many are skipping the office but finding time to play. “You can’t tell me you’re afraid of COVID on a Monday and I see you in the club on Sunday,” Adams joked.
Energy & Efficiency
Michigan Gov. Whitmer awards $5M for energy projects
Gov. Gretchen Whitmer announced the first three energy-efficiency projects that will receive nearly $5 million in funding from the Energy Efficiency Revolving Fund, the state of Michigan reports. The funds will go for building a solar array system that will generate enough electricity to power the State Facilities Administration Building; upgrade all lights in the General Services Building to LED with advanced lighting controls; and complete energy conservation measures designed to reduce energy use, water consumption, greenhouse gas emissions and operating and maintenance costs at the St. Louis Correctional Complex.
Center with Whole Foods goes for $33.5M in hot retail property market
Houston’s retail property market continues to attract out-of-state investors as shown by a recent transaction, the Houston Chronicle reports. New York-based real estate investment trust Brixmor purchased a Whole Foods-anchored shopping complex near West University Place and Bellaire. The West U Marketplace, a 60,000-square-foot open-air plaza went for $33.5 million. Houston is one of the national leaders in retail leasing.
Dallas-Fort Worth leads country in investments in multifamily
The Dallas-Fort Worth area led the nation in investments in the multifamily sector, Dallas Innovates reports. Figures from CBRE show that investors poured $29.2 billion into the multifamily housing market over the past four quarters. Atlanta was second with $21.4 billion. Rents are increasing across the country. The first quarter of 2022 saw the most absorption of multifamily space in the United States since 2000, which is driving rents upward. Rents in the metroplex increased 18.5% year over year.
Phoenix tops region in rent growth with 15.6% increase from last year
The Phoenix market led the Mountain West region in rent growth for multifamily housing, AZ Big Media reports. Figures from CBRE show year-over-year rent increases at 15.6% in the Phoenix market. “Continued coastal migration is the biggest macro trend from the tenant side because, despite the solid rent growth, this region is still most affordable in the West,” CBRE Vice Chairman Matt Pesch says. “It offers really good employment growth and good quality of life.”
CEMEX converts waste to energy as it targets zero net emissions
CEMEX, Mexico’s cement giant, has developed Vertua, a type of low-emission concrete, and has started a program to turn waste into fuel, Mexico Business News reports. CEMEX has used Vertua in several high- profile projects, including the expansion of a General Motors plant. CEMEX will manage the waste of the El Volcan stadium and turn nonrecyclable products into green fuel for cement production.