In the News—Week of October 17, 2022
Deal of the Week
As part of Thomas Title’s greater involvement in the Alamar master planned community in Avondale, Arizona, Vice President and Senior Commercial Escrow Officer Sheila Hunter, closed the conveyance of Alamar Park from Brookfield Residential to the City of Avondale. The public/private project cost $18 million, and features baseball/softball and multi-use fields, tennis and pickleball courts, three playgrounds, a lake, splash pad, amphitheater, dog park, and picnic ramadas.
US office rents dip average of 2.4% from September 2021
The average listed price for U.S. office space fell 2.4% from the year before, Commercial Edge reports. The average price per square foot was $37.67 as the market continues to dig its way out of the pandemic and adjust to the work-from-home trends. Manhattan had the highest listed price, $70.37, but that is down 8% from the previous year. Among the markets that saw an increase in average listed rent were Charlotte (18.1%), Boston (14.8%), and San Diego (12.6%). With many companies and workers relocating to Florida, Miami saw its average listing rise 12.4%. But the trend didn’t help Tampa, which saw the average listed price drop 6.8%.
Energy & Efficiency
Building owners uncertain about cost to comply with Colorado regulations
Owners of commercial, multifamily and public buildings need to modify them to meet Colorado’s energy performance goals. But so far, the state energy office has not come up with estimates of how much it will cost to comply, The Denver Gazette reports. Last year, lawmakers set emissions reduction targets of 7% by 2026 and 20% by 2030. They directed the state to create a task force to come up with standards that will meet those goals. The state has yet to create the regulations and cannot estimate the cost compliance.
Houston market has second largest percentage of residents behind on rent
More than a fifth of residential renters in the Houston area are behind on their rent, the second highest percentage in the country, Houston Public Media reports. Figures from MyEListing.com show about 21% of Houston-area residents are behind on rent. That’s actually a drop from the past two years when 23% of Houston tenants were behind on the rent. Across the nation, 15% of renters are behind on rent. Miami had the highest percentage of delinquent tenants — with 25%. Rent prices are up 20%. “What we’re starting to see with inflation is it’s really starting to hit people’s wallets hard,” says Nathan Barber, an analyst with MyEListing.com. “If inflation persists, we’re likely to see a growing percent of people who can’t keep up on rent.”
Dallas-based firm will handle leasing for tower in Fort Worth
XRE Properties of Dallas is handing leasing for the tallest building in Fort Worth. The Dallas Morning News reports Manhattan-based Opal Holdings bought the 40-story Burnett Plaza last year. The tower was built in 1983 and has more than 1 million square feet of office. Burnett Plaza is more than 80% leased.
Dairy giant Shamrock purchases 81 acres in Marana for distribution hub
Phoenix-based Shamrock Foods Company has acquired 81 acres from Crown West Residential Group at The Crossroads at Gladden in the town of Marana for $18.2 million, AZ Big Media reports. The property will be used for a distribution facility to serve the southern part of the state. Shamrock Foods Company is a 100-year-old family-owned business that includes Shamrock Farms, one of the largest dairy companies in the country.
Lurking beneath a public park in Mexico City is . . . a Costco store
The Costco in the Santa Fe district of Mexico City that opened last fall is about the same size as the chain’s 800 or so other stores in Mexico. But this one’s 524,000 square feet of retail space rests under a public park, Fast Company reports. Parque La Mexicana was formerly a sand quarry and a landfill before being turned into a park in 2017. Costco is one of several commercial operations that help fund the park. “The intent for this building was to be hidden and merge with the natural landscape,” says Maribel Barba, a project manager for the firm that designed the store.