In the News—Week of September 13 2021
Around the Nation
Facebook still searching for office space in New York City
Facebook has several offices in Manhattan and is still looking for more, The Real Deal reports. The social media company is looking for about 300,000 square feet to house technology and engineering teams. It’s believed the company is hoping the allure of the city will help attract talent and wants to take advantage of favorable leasing conditions.
Energy & Environment
IBM introduces servers that promise drastic cuts in power consumption
Large data centers consume large amounts of energy to power servers. IBM Power E1080 server promises greater efficiency, Tech Crunch reports. IBM says two of its E1080s can handle the load of 126 conventional servers and save 80% in energy costs. The E1080s are more expensive. IBM offers other options besides buying. Customers can rent them for their data center or pay for a cloud service.
Texas
Houston-based apartment owner, operator sets vaccination deadline
Houston-based Camden, which owns and manages apartments across the country, is requiring all employees to be fully vaccinated against COVID-19 by Oct. 11. Camden employs 1,700 people, including 500 in Houston. “We want to do the right thing,” said CEO Ric Campo. “It’s about creating a safe workplace.” Campo acknowledged there might be some resistance. “I don’t think were going to have very many people that decide to take the other option and just work someplace else,” he said.
With many malls on life support, Irving Mall celebrates 50th birthday
Irving Mall is about to turn 50 at a time when similar properties are going belly up, The Dallas Morning News reports. The center has survived by repurposing itself as a community center instead of a mall. “We don’t think of ourselves as just a business,” general manager Jimmy Salas tells the newspaper. “We are community driven.” That means events such as food drives, a carnival and a three-point basketball shooting contest. Dillard’s, which runs a clearance store at the mall, is the only remaining original anchor. The mall opened an indoor trampoline park, bocce court and fitness center to keep customers coming. The center’s parent company, Washington Prime Group, filed for Chapter 11 bankruptcy to reorganize. Salas says only a couple of storefronts are vacant and foot traffic has resumed to pre-pandemic levels.
Arizona
Phoenix area ranked third for apartment construction
The Phoenix metro area is expected to build 15,846 apartments in 2021, third highest in the nation, AZ Big Media reports. Yardi Matrix estimates that the Valley of the Sun will reach a five-year high in apartment construction, a 76% increase from 2020. Among Valley municipalities, Phoenix is expected to add 3,860 units, Mesa 1,957 Gilbert 1,881, and Glendale 1,667. Nationally, 334,000 units are projected to be ready before the end of the year. Dallas-Fort Worth (21,173) and New York (19,375) are projected to be the top markets for adding apartment units.
Mexico
Mexican investors betting heavily on projects in Mazatlán
Real estate projects in Mazatlán have drawn about $1.8 billion in investment during the past 2 1/2 years, Mexico News Daily reports. About 70% comes from Mexican investors. Forty new vertical developments are planned for this year. An industrial park for building cargo planes and a pier for cruise ships are being developed. “Surprisingly, unlike what was expected, in the last 14 months a very good level of sales has been maintained for Mazatlán … so hopefully this will continue for a few more years,” Chamber of Commerce representative Óscar Tirado Bernal says.
