F.W. Madigan Company, Inc.’s Post

The construction industry has come a long way, and the landscape has evolved. We can no longer rely on traditional methods and 3000 individuals to construct simple office buildings. Next time someone insists they don't need construction technology, share this image of the field crew at the Manhattan Bank Building with them. Let's embrace the change and move forward together. #ConstructionTechnology #ConstructionIndustry #Innovation #ManhattanBankBuilding

JLL's Q1 2024 Chicago Industrial Report  Key Takeaways: 1. Tenant demand was consistent with the previous three quarters, measuring 7.4 million SF of new leasing. Demand was most prevalent in the 100-150,000 SF size range. 2. Speculative construction activity returns to pre-pandemic levels as 3.0 million SF was completed Q1. Moreover, there is 8.2 million SF scheduled for completion by the end of 2024. For more insights and how these stats may impact your real estate strategies, let's discuss further! tara.torbik@jll.com #jll #jllindustrial #industrial #industrialrealestate

Minneapolis Market Update: Q2 2024 Trends Here are the key takeaways: - North Loop Green construction completed; tenants include Piper Sandler, KPMG, ESG Architecture & Design, Varde Partners    - After a failed attempt to sell Capella Tower, owner Shorenstein surrenders control to lender MetLife while Capella University reduces occupancy at the tower by 60%    - Wells Fargo Center in Minneapolis is for sale; a significant discount is expected compared to 2019 purchase price   - US Bank exits St. Paul CBD; vacates 118,000 SF at U.S. Bank Center   - Class B properties maintain steady vacancy rates, trophy Class A properties perform well, commodity Class A struggles   - Minneapolis CBD enjoys entertainment-led resurgence while city council approves review of policies and incentives for office-to-residential conversions   - Tenants seek stability; increased demand for lease clauses protecting against landlord distress   - Hybrid work strategies stabilizing: more companies mandate specific in-office workdays Download the report here: https://lnkd.in/gzat5BE6 #MNCRE #RealEstate #MarketTrends #OfficeSpace #Newmark

The time to hesitate about adopting technology has long passed, and now it is not about adopting, or even being the front runner which would be the best choice; now it is about not staying behind or being faced out. Technology improve systems, efficiency, quality and profitability, in one word: “Competitiveness”. Technology is no longer a new thing as it was 10 or 20 years ago. It’s been here for a while and it keeps evolving at fast speeds. Playing catch up to adopt many changes at once will be almost impossible, so lagging behind means facing the risk of being too late to react. The world is changing fast why shouldn’t our mindset, our business, our practices, our workforces, and ourselves? #actnow #technologyinbusiness #businessstrategy

Be very cautious. Not impossible but.. Speaking as a Developer, it's not as easy as one might think. 1. Property almost always has to be rezoned from Office to Residential and many cities prohibit that since property taxes are 3x higher in Commercial. 2. Layouts of office floors are usually deep from the windows to the elevators requiring long narrow layouts. 3.Parking.. Many office buildings have 3 or 4 levels of underground parking. Cities are reducing car parking in favour of bikes and autonomous advances. 3 underground levels of parking are no longer required.😳 Condos prohibit parking being rented to outsiders (security) and they sure wouldn't want useless parking levels being part of their condo corporation for taxes and maintenance. 4.Leases..a Developer would have to wait until all leases expire to be able to start jackhammering in an empty building, demolishing all interiors back to the structure, and replace windows. 5. Development financing..You have to buy the building and hope that you can get the rezoning approved ( 2-3years) as the leases end and the building progressively empties draining cash flow. You then have to put your equity in first prior to Construction Loan, requiring Preleasing. https://lnkd.in/gwNHZKUt #developer #construction #planning #design #affordablehousing #affordablerentals #realestate #commercialrealestate #condos #realestateindustry #interestrates #loaninterest #inflation

RXR, Ares Launch $1B Fund to Buy Distressed Manhattan Office, RXR Realty and Ares Management are partnering on a $1-billion fund to acquire distressed Manhattan office properties, the Financial Times reported. The two companies have seeded the partnership with $500 million and hope to raise an additional $500 million. They’re convinced that a prolonged paralysis in an office market frozen by uncertainty about interest rates and the threat of remote working is now breaking, with many players ready to accept losses to unload or restructure assets. “We have clarity as to where rates are, we have clarity about the future of offices, and which buildings are going to be competitive, […] Gillian Executive Search recruiters in construction management, real estate development, architecture

The 2Q2024 Detroit Quarterly Market Report is here!

RXR, Ares Launch $1B Fund to Buy Distressed Manhattan Office, RXR Realty and Ares Management are partnering on a $1-billion fund to acquire distressed Manhattan office properties, the Financial Times reported. The two companies have seeded the partnership with $500 million and hope to raise an additional $500 million. They’re convinced that a prolonged paralysis in an office market frozen by uncertainty about interest rates and the threat of remote working is now breaking, with many players ready to accept losses to unload or restructure assets. “We have clarity as to where rates are, we have clarity about the future of offices, and which buildings are going to be competitive, […] Gillian Executive Search recruiters in construction management, real estate development, architecture

RXR, Ares Launch $1B Fund to Buy Distressed Manhattan Office, RXR Realty and Ares Management are partnering on a $1-billion fund to acquire distressed Manhattan office properties, the Financial Times reported. The two companies have seeded the partnership with $500 million and hope to raise an additional $500 million. They’re convinced that a prolonged paralysis in an office market frozen by uncertainty about interest rates and the threat of remote working is now breaking, with many players ready to accept losses to unload or restructure assets. “We have clarity as to where rates are, we have clarity about the future of offices, and which buildings are going to be competitive, […] Gillian Executive Search recruiters in construction management, real estate development, architecture

Goldman said the market will probably bounce along the bottom for a few quarters before it turns to recovery mode, but leading indicators show things are starting to turn a corner. #realestate #cre #commercialrealestate #retail #office #industrial #multifamily #leasing #investment #properties #brokerage https://lnkd.in/gb_v-iN5