In the Pacific Northwest, real estate development continues to be powered by a strong and expanding technology sector, where companies like Facebook are taking upward of 1 million square feet (93,000 sq m) of space in Seattle’s South Lake Union neighborhood, doubling its footprint in the city, while Google has leased several hundred thousand square feet of space nearby.
Since 2000, Washington, D.C., has added more than 100,000 residents as a robust job market has attracted people both domestically and from abroad. The city’s population is expected to reach 1 million by 2045. The influx of new residents—most of whom are high-wage earners—has placed enormous pressure on the city’s housing market and has created new urgency around the production of so-called missing middle housing types.
Amid speculation about the ways autonomous vehicles may upend current ways of living—and require fundamental changes to the way real estate and critical transportation-related infrastructure are
developed—voters in Washington state’s Puget Sound region approved tax increases in November to fund a $53.8 billion, 25-year program for expanding light rail, commuter rail, and bus rapid transit.
ULI Tampa Bay’s Realizing Resilience report offers recommendations for St. Petersburg to be climate resilient in ways that benefit all residents of the community, regardless of income.
Seattle developers are trying to keep pace with the demand for urban living with an explosion of new multifamily projects.
Creative placemaking, an innovation that involves bringing art and culture in tandem with design to the beginning of a real estate development project, is gaining momentum around the globe, from small rural communities to large urban areas.
A recent ULI Northwest event featured presentations and panel discussion on what it will take to bring the next generation of shoppers into retail locations. Starbucks and Nordstrom executives presented insights on how their businesses are evolving.
Cranes fill the sky and construction crews complicate navigation through Seattle’s streets as development projects downtown and in other close-in urban neighborhoods usher in a higher and denser city.
In a survey released in January by the Association of Foreign Investors in Real Estate, Boston ranked third in desirability by foreign investors among U.S. cities (behind New York and Los Angeles). ULI Boston/New England recently hosted a program in which panelists discussed the thought processes of the leadership of the companies and investors who are wagering heavily on the continued success of the region.
The departure of AR Global Investments from the nontraded real estate investment trust world, coupled with uncertainty surrounding substantial pending regulations, has put a sizable damper on the ability of the nontraded REIT sector to raise capital. According to Summit Investment Research, $4.8 billion of equity was raised by sponsors of 35 entities last year, the lowest volume in 14 years. Plus, interest rate survey data from Trepp.