In the News—Week of June 1, 2020
Around the Nation
Moving offices downtown might be yesterday’s trend
Heading downtown? What’s your hurry? Following several high-profile corporate relocations and a spate of media attention around downtown areas, the suburbs are starting to look better, CNBC reports. There has been some leasing activity in the burbs as Corporate American awakens from its pandemic slumber. The new model may be more satellite offices outside the city’s core with employees driving shorter distances.
Texas
Texas entrepreneur’s startup finds shared space for small businesses
Reda Hicks is a lawyer and a military spouse in Texas who saw a need for people in her situation, the Houston Chronicle reports. Because the military can move personnel without warning it makes it difficult for anyone who is running their own business to commit to a lease. “Lots of businesses don’t need a traditional space anymore, but if they want their businesses to grow, they need access to space they can borrow,” Hicks says. In 2018 she started Got Spot Inc. and began connecting small-business owners with small businesses that had space available.
Industrial projects roll on despite COVID-19 fallout
The industrial market in the Dallas-Fort Worth area shows no signs of slowing down despite fallout from COVID-19, The Dallas Morning News reports. Companies such as Ocean Spray, Mars Inc., U.S. Auto Parts Network, ICU Medical, and FedEx have announced deals for warehouse space. “I believe industrial market is going to be more insulated from the effects of the pandemic than the other property types,” said Jeff Thornton, regional senior vice president of Duke Realty. “There is clearly evidence that the industrial market continues to move forward.”
Arizona
Parent company of Canyon Ranch falls behind on mortgage payments
Canyon Ranch, the iconic health spa in Tucson, has been a place to rejuvenate and adopt a healthy lifestyle for more than 40 years. But looks like its parent company isn’t in the best condition. John Goff’s Crescent Real Estate skipped $363,000 in mortgage payments in March and April, The Dallas Morning News reports. “There’s been a friendly and productive collaboration between Canyon Ranch and lenders about payment terms,” a spokesman for Crescent said. The spa has been closed since March.
