SJP Properties’ Post

Premium office spaces that boast top-tier amenities and prime locations across the country are continually increasing in demand. Compounded by a drastically reduced construction pipeline, this shift has led to an 84% increase in rent for high-quality buildings in Q1 of this year. For office Tenants in Phoenix, this is especially prudent. Office rental rates for Class A sites in the Biltmore have peaked over $55.00/RSF, Westgate in the West Valley is at $35.00 - 42.00/RSF, Goodyear is at $35.00/RSF - $39.00/RSF... This has forced a number of Tenants to look toward the newly renovated product around Midtown/Downtown that fetches for mid to high $20's. Stay informed and plan ahead! More at the article below. #OfficeSpace #PhoenixRealEstate #TenantRep #CRE #OfficeLeasing https://lnkd.in/gFiBW4mY

OFFICE CONVERSION: The Washington Post recently published an article on how #Cleveland leads the nation in the percentage of office space converted to apartments, hotels and other uses.     The article highlights how the city focused on Public Square, the heart of downtown, and how it has helped to revitalize the area. The transformation has been so successful that it has become a model for other cities looking to revitalize their downtown areas.   Apartments immediately around the square increased from about 40 in 2016 to more than 1,200 now:   - The Standard - a former union headquarters converted to 287 apartments, began leasing in 2018  - Cleveland’s iconic Terminal Tower converted to mixed-use with office and 297 units, began leasing in 2019 - The May, the former department store, converted to 307 units, opened in 2020  - Two  former office towers — Residences at 55 Public Square (202 units) and 75 Public Square (114 units) — were converted to luxury apartments, with leasing started over the past two years   Read More:  https://bit.ly/3S4Ezzb   #MarketRent #apartments #office #clevelandrealestate

Adapting New work styles lead to new building styles. The re-emergence of the “20 minute” neighborhood - walkability is key “Office tenants with deeper pockets have gravitated to newer and larger buildings with more amenities, often referred to as Class A or “trophy” buildings. “Older Class B and C buildings, which often have fewer amenities or less-desirable locations, have struggled to fill space.” 😎👍💪🙏

🏢 With more companies bringing employees back to the office, Commercial Real Estate Property Managers are seeing a surge in demand for office spaces. This means reevaluating space utilization, amenities, and proper staffing to attract and retain tenants. Exciting times ahead for #CRE! Learn more here: https://lnkd.in/eAJWjmak #work4bgsf #propertymanagement #CRE #propertymanagers #returntooffice #staffingsolutions

Stunning office complex in Westville

LEASE Learn More: https://lnkd.in/gcpBeUut IMAGE: Thomas Moran DATE: 05/31/2024 ADDRESS: 225 West Randolph Street MARKET: Chicago ASSET TYPE: Office ~ SF: 35,000 LANDLORD: Onni Group TENANT: Tom Moran - Addison Group LEASE TERM: 12-year NOTE: Onni Group's successful revitalization of its loop office tower, 225 West Randolph Street, sees another win as staffing and consulting firm Addison Group signs a 12-year, 35,000-square-foot lease, adding to the building's momentum following a $140 million renovation. The leasing activity underscores the demand for modern, amenity-rich office spaces amid a remote-work era, with Onni's renovation project, including top-floor amenity space and an indoor-outdoor rooftop deck, expected to be completed early next year. #Chicago #RealEstate #TradedChicago #Office #TomMoran #AddisonGroup #OnniGroup

From office spaces to dream homes! Explore the trend of converting vacant offices into apartments and condos. Ladonna Lockard discusses how this creative solution is addressing housing demand and affordability issues. #TheInterest #RealEstate #HousingTrends #Innovation #SmashingTheCrystalBall LaDonna Lockard

Exciting news for the New Jersey office market! Despite challenges, Q4 2023 saw a 103% surge in leasing demand. Tenants are upgrading to Class A spaces, driving positive momentum. Tenants are focused on upgrading their spaces, with 85% of leasing occurring in Class A buildings. Direct leases and subleases at Class A properties indicate a commitment to office space and a persistent demand for top-tier spaces. It's an exciting time for New Jersey's office market. Read more about this promising trend: https://lnkd.in/eSjUf9cb #NJOfficeMarket #RealEstate #LeasingTrends #OnyxEquities #EconomicRecovery #CommercialRealEstate #CRE #NewJersey #BackToOffice

Does your #BostonRealEstate property offer an environment perfectly catering to your business operations? Medford Housing Authority's strategic workspace relocation is an example of how meticulous planning yields fruitful results. Here’s what they did right - partnered with Cummings Properties and transformed a former electronics assembly plant into an optimal 5,300 sq ft office space! This new HQ boasts private offices, robust meeting and training rooms, a handy kitchenette, and ample parking spaces. Plus, accessibility to public transportation won't go unnoticed! This move challenges us to consider - is our current real estate strategy tapping the full potential of our property? Are there areas we might have overlooked? Let's reflect on our use of resources, location and design elements that can drive staff productivity & client satisfaction. It's time we stop settling for ‘good enough’ & start aiming for ‘great’. Reach out to #BostonRealtor Joe Turco for deeper insights and bespoke #BostonRealEstate solutions! #TurcoGroup #eXpRealty #BostonCondo #BostonHome #MovemetoBoston

In today’s #office market, quality outweighs quantity. Tenants are prioritizing high-quality office environments over vast square footage. As a property owner or landlord, what are the top ways you can adapt your portfolio to the unique needs of today’s tenants? L&K Partners Inc. supports our clients in their quest to create more resilient workplaces by managing critical building upgrades and renovations. Mentioned in this article: Vornado Realty Trust, 140 Broadway, Cure. Read the full article here: https://rb.gy/04d9hr #nycconstruction #constructionmanagement #construction #nycrealestate #nycoffice #realestate #commercialrealestate