Office
Hollywood and the film industry has changed dramatically over the last several decades, especially in recent years with the rise of streaming networks.
Although residential fell more in the first quarter of 2023, office remains Europe’s most scarred commercial real estate sector, according to advisory firm Green Street. Government mandates around sustainability are also tightening, and Cushman & Wakefield says 76 percent of European office space could be obsolete by 2030 unless landlords start investing now.
While some big-box retail stores are closing, some developers are eyeing opportunities with retail-to-life science conversions or additions.
Mass timber has come a long way in the United States in the past eight years. Fulfilling mass timber’s green potential means responsible forest management and planning for what happens to the timber after the building’s end of life.
Despite ominous national headlines about New York City office, the vacancy rate is at 9.7 precent in the first quarter of 2022, a full 140 basis points above pre-pandemic levels, according to Moody’s. And, on the ground, New York City office landlords like Leslie Himmel, founder and co–managing partner of Himmel + Meringoff Properties, are doubling down on the city.
A combination of passive and active building systems, solar photovoltaics, and building envelope technology drastically reduces building energy use.
ULI MEMBER–ONLY CONTENT: Speaking at the 2021 ULI Fall Meeting, panelists discussed recent transactions in the office sector and which segments had performed the best.
Members Only
The economic recovery in Washington, D.C., continued through the close of the third quarter of 2021. Office leasing activity is ongoing, though at a slower pace than years past, while asking rents are rising (up 2.1 percent from 2020 according to Newmark). The overall D.C. vacancy rate is just over 18 percent, according to CBRE.
This morning in Chicago’s South Loop, ULI members were treated to a tour of two historic and iconic buildings that have recently undergone major redevelopment and renovation: The Willis Tower and the Old Post Office.
At the 2021 ULI Fall Meeting in Chicago, attendees will have the chance to tour two new office towers and hear from their development teams about the measures taken to adapt to the new circumstances.