In the News—Week of November 16, 2020
Texas
Major stock exchanges taking a look at relocating to Austin
Gov. Greg Abbott is giving tours of Austin to representatives on the New York Stock Exchange and the Nasdaq, Fox Business reports. The exchanges are looking at possibilities of moving their data centers out of New Jersey. New Jersey Gov. Phil Murphy is considering a small tax per trade on firms that process at least 10,000 transactions online each year. There is little advantage for exchanges having the data centers in New Jersey. “The governor looks forward to meeting with Nasdaq and showcasing Texas’ business-friendly environment, skilled workforce, robust infrastructure, and low taxes, all of which foster greater economic growth in the Lone Star State,” a spokesman told the TV channel.
Energy & Environment
Fargo plans for fresh attack on energy efficiency, reducing carbon footprint
InForum reports that City Administrator Bruce Grubb is spearheading an effort to revitalize Fargo’s energy and efficiency efforts. Grubb has written a 10-page “white paper” on the subject, and a new committee will be implementing changes. In the coming year, fluorescents will be replaced by LED lights. The city will buy a fire truck that has 90% fewer pollutants from its exhaust. And the city will work with the local power providers to increase efficiency in municipal buildings.
Texas
Mixed-use apartment developments show signs of catching on in suburban areas
The Houston Chronicle reports that more developers are considering repurposing big-box stores as mixed-use apartment complexes in upscale suburban-like areas such as River Oaks and Memorial. The driver of this is the pandemic. Research show habits are changing. People want to stay closer to home. They are more interested in local products and their health. Local food is thought to be something consumers may crave. An example that already is underway is Kirby Grove with 270 residential units, retail, and office space in the Upper Kirby area. The developers are planning to have a farmers market and a park.
Denver-based group plans business park in West Dallas near Loop 12
Black Creek Group, a Denver-based real estate investment group has entered the North Texas arena, buying an industrial site in West Dallas, The Dallas Morning News reports. A metal fabricator is currently leasing the property. Black Creek Group has plans for a two-building business park with more than 600,000 square feet on the site, which will be called the Turnpike North Logistics Center. “We anticipate breaking ground in 2021,” Black Creek’s Mace McClatchy tells the newspaper. “We have a short-term lease with the current occupier of the building.”
Arizona
Population growth expected to keep medical office market healthy
The medical office market in the Greater Phoenix area has been relatively healthy and is expected to stay that way, AZ Big Media reports. Population growth is predicted to keep demand steady in the coming months. Figures from Colliers International show the market had a positive net absorption in the third quarter and the vacancy rate remained below 15%. Rents rose 1.4% over-the-quarter and were up 3.8% from the year before.
Mexico
Firm hopes to recycle in order to preserve historic neighborhoods
Reurbano architecture firm specializes in making construction fit in with older neighborhoods, Mexico News Daily reports. Reurbano calls it urban recycling. We work with respect for the blueprint of heritage to preserve and improve the historical character of the buildings,” Reurbano says on its website. Founders Rodrigo Rivero Borrelli and Alberto Kritzler began working together on renovation projects near Mexico City’s center in 2010. They work primarily in areas that have been in decline for some time, hastened by the 1985 earthquake.
