Landing Tenants, Evading Costly Construction Is Driving U.S. Speculative Office Development To New Heights
Following the Great Recession, many developers this cycle have been hesitant to move forward on office projects without a tenant signed to avoid the mistakes of the last downturn. But some have changed their tune of late and say, to capture a new era of business and avoid higher construction costs, shovels need to hit the ground posthaste.
The 130M SF of total U.S. office product under construction at the end of 2018 is down from a cyclical high of 136M SF at the end of 2016, according to CoStar Market Analyst David Pierce. Speculative office development, or…
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PCCP Sells Alameda Center Office Campus
North River Co. has purchased Alameda Center, a four-building, 155K SF office, research and development campus in Alameda.
The property sold for $44M, The Registry reports.
“Alameda Center received strong interest from a broad group of investors, both institutional and…
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Google Taking 584K SF Of Creative Office Space At Revamped LA Shopping Mall
Google is coming to west Los Angeles.
The company has signed a 14-year lease with Hudson Pacific Properties and Macerich to take over the joint venture's entire 584K SF planned creative office redevelopment of the Westside Pavilion shopping center. The financial terms of the deal were not disclosed.
"We are thrilled to expand our relationship with Google, and are proud to support this significant phase of their growth," Hudson Pacific Properties Chairman and CEO Victor Coleman said in a news release. "Google's selection of One Westside demonstrates the…
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IRS Cancels Opportunity Zone Hearing Due To Government Shutdown
An IRS public hearing on qualified opportunity zones, which had been scheduled for Jan. 10, was indefinitely postponed on Monday by the agency because of the ongoing federal government shutdown.
The hearing had been scheduled at the IRS Building in Washington, D.C., to provide clarification about the proposed QOZ regulations announced by the agency in October. Testimony by interested parties was expected to be given at the hearing.
According to the…
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Beyond The Bio: 16 Questions With SIOR CEO Tom McCormick
This series profiles men and women in commercial real estate who have profoundly transformed our neighborhoods and reshaped our cities, businesses and lifestyles.
Commercial real estate veteran Tom McCormick in August was named CEO of the Society of Office and Industrial Realtors, a worldwide association for the commercial real estate industry.
Established in 1941, SIOR now has 48 chapters with nearly 3,200 members in over 685 cities and 35 countries. McCormick, based in Irvine, California, earned his SIOR designation in 1985 and held multiple leadership roles within the organization before being named CEO this year.
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