How developers are responding to risking costs—and risks—as waterfront properties remain as desirable as ever.
Tightening availability of tech talent in leading markets has spurred hiring momentum in smaller and upstart markets in the United States and Canada—such as Tucson, Arizona, and Waterloo, Ontario—as expanding tech employers seek additional labor pools, according to CBRE’s annual Scoring Tech Talent report.
Amazon’s choice to locate a second headquarters in the Washington, D.C., metropolitan area is highlighting the region’s need to provide an ever-increasing number of educated workers to fill new technology jobs each year. While many groups are working to address this issue, the Greater Washington Partnership (GWP) has launched a well-funded effort to “create impact at scale.” GWP’s Capital CoLAB—which stands for Collaborative of Leaders in Academia and Business—is moving quickly to carry out its mission and already has garnered more than $6 million in grants.
Incentivized by city parking policies, private developers provide fewer parking spaces or increase density in new projects.
A week after the release of a new ULI report on urban heat effects and the built environment, a ULI Washington event focused on how the city is planning for and responding to urban heat issues. While Washington, D.C., is in many ways a leader on this issue, speakers agreed that equity issues need to be addressed in addition to specific policy changes.
In June, a group of 125 of Denver’s public-, private-, and nonprofit-sector leaders came to study Copenhagen’s brand of sustainable urbanism with the Denver Downtown Partnership (DDP) Urban Exploration program. The DDP study group included 61 members of ULI Colorado, Denver Mayor Michael B. Hancock, several Denver City Council members, and city and county staff members. The study tour explored the city of Copenhagen “through three lenses: livability, equity, and economic innovation, in which growth goes hand-in-hand with quality of life,” said one official.
Ten adaptive use projects turn vintage buildings into hospitality uses.
Worldwide, this past July was the hottest month on record, according to the European Union’s Copernicus Climate Change Service. A new ULI report, Scorched: Extreme Heat and Real Estate, notes that such rising temperatures and excessive heat waves are already affecting urban development and reviews strategies that can help mitigate the effects on communities.
The Washington Housing Initiative wants to put capital to work to preserve a dwindling supply of workforce housing across the Washington, D.C., metropolitan area, bringing together a large group of public and private stakeholders—including experienced multifamily developers, owners, and operators—to create a strategic model addressing the workforce housing shortage that can be shared broadly with other communities battling the same problem.
Interest rates have been on a roller-coaster ride over the last year, but cap rates are largely unchanged. The result of these moves is that cap rate spreads relative to the safe investments in the 10-year U.S. Treasury bonds have moved back to the levels seen in 2017. Given everything that has changed over the last year—as well as everything that has not—there may be room for cap rate spreads to move lower.