Buzz Oates’ Post

Southern Nevada is experiencing significant growth in industrial development, now ranking nationally for new industrial space under construction. According to Jerry Doty of Colliers International, the increase is driven by shifts in tenant mix and consumer demand, coupled with businesses moving their logistics out of California due to favorable conditions in Las Vegas. Greg Tassi from Cushman & Wakefield highlights the valley's record-breaking activities in industrial absorption and construction, indicating a robust market that's drawing serious national interest and investment. Read more: https://bit.ly/3wmhkZh

Government office buildings aren't usually known for being particularly attractive. But then again, ambitious developments like the Texas Capitol Complex aren't your typical run-of-the-mill government project! The second phase of this years-long effort to modernize the area directly north of the Capitol is getting underway and will include two new state office buildings along West 15th Street. From the looks of these renderings, some of us might want to trade in our jobs in private practice and start working for the State of Texas. #downtownaustin #downtownatx #austinrealestate #austindevelopment #austintx #localaustin #texascapitol

Existing industrial property owners in Northern New Jersey were hit in 2023 with a double whammy of shrinking leases and record new supply. Tenants are downsizing, with the average new lease size down 24% from 2022, but there is not enough small bay space available that fits their needs. Developers, meanwhile, are working through the last of their pandemic-induced pipeline, yet much of the stock is in larger facilities. The size mismatch between what’s desired and what’s available is one of the key themes hanging over the metro in 2024. #northjersey #industrial #leasing #availability #costar

The South Carolina market is an ideal place for industrial tenants for several reasons. Transportation, accessibility and location all serve to create strong fundamentals for the industrial market. At the center of South Carolina, three major interstates, I-26, I-77 and I-20, with I-95 approximately 60 miles away, make it an ideal place for industrial tenants to quickly reach surrounding Southeastern states as well as 66% of the country's population within a day's drive. Another major benefit of the South Carolina market is the accessibility of major ports; the Port of Charleston and the Port of Savannah is an easy drive from most of the state. CSX and Norfolk Southern have rail lines throughout South Carolina and the Eastern United States, and several of Weston's properties are rail-served by one of the two companies. 3464 Mike Padgett Highway in Augusta, GA, has 534,390 square feet for lease that includes 34,432 square feet of office space. Call us today for more information or to schedule a tour. #colliers #industrialrealestate #commercialrealestate #manufacturing #warehouse #distribution #southcarolina #westoncre

Skidmore, Owings & Merrill (SOM) is a widely interdisciplinary practice, and working alongside so many distinct teams within one firm—across disciplines, time zones, and typologies—has been a major work-perk over the past two years. While some jobs at large firms might narrow into a single specialty over time, I'm glad to be faced with such diverse opportunities and challenges. Recently, I've had a hand in winning work for: - new hospitals here in the US and abroad - a cutting-edge vertical manufacturing tower - a training campus for a major sports team - green economy-focused master plans - adaptive reuse and repositioning of high-rise offices - state and federal research facilities - a transformative master plan for a defunct airport - all kinds of multifamily residential buildings around the world Of course, I've lost a few cool projects in the mix but still can't wait to see what's next! #expandingpractice #transformativearchitecture #interdisciplinaryarchitecture #businessdevelopment #designstrategy

With Two Towers Planned, Jersey City Looks to Sell Five Acres on Grand Street By Chris Fry A proposal that would add two connected high-rises next to Jersey City Medical Center could take a big step forward tonight as officials will vote on selling the vacant city-owned property to a developer. The Jersey City Redevelopment Agency (JCRA) is holding a special meeting on January 25 where a presentation will be made by Grand Jersey Group LLC. The West Orange-based company is looking to revitalize an entire block of Grand Street just west of Monmouth Street, which is sandwiched between the medical campus and a PSE&G substation. The JCRA is looking to sell the property to the redeveloper for $30 million via a resolution that would get the ball rolling on the land’s revitalization. The parcel was once used as an unregulated landfill until the 1980s, according to records and reports from the Department of Environmental Protection. The resolution on the matter says that the redeveloper “proposes to develop, finance, and construct a mixed-use project consisting of approximately 600,000 total square feet,” that would include approximately 515 rental apartments. 8,000 square feet of ground floor retail space would be featured at the project, which falls within the Grand Jersey Redevelopment Area. Under the terms of the resolution, the developer would take on the infrastructure responsibilities and costs associated with the project. The development of the parcel would also add sidewalks to the land and improve access to the Jersey Avenue station on the Hudson Bergen Light Rail. In terms of off-street parking, up to 720 parking spaces in a garage could be included in the eventual plan per wording included in the JCRA resolution. #jerseycity #lightrail #grandstreet #redevelopmentarea

I sat this weekend looking out the window towards the John Hancock Center, and it’s still wonderful to observe. When completed in 1969, it became the second tallest building in the United States. Its structural cross-bracing was the first of its kind and an engineering marvel. It was the most unique structure since the Empire State Building. This was a perfect building in an ideal location 55 years ago. Top Architects and builders in the world were assigned to innovate. Then it sank in. Owners and developers need a vision for the future of community connectivity because we are losing it fast. We could not fathom that a pandemic would advance the decimation of this Magnificent Mile corridor of Chicago that lacks efficiency to our lives. People refuse to take 45 minutes to travel west a few miles towards our highways and central transit. We routinely see scooters and walkers pace faster than the vehicles that smother our city. A vision of connected live, work, play, COMMUTE must advance now. The ineffectiveness of road and rail in the east of the city has transitioned to unveiling the new. Fulton Market’s vibrance, cobblestone, and warmer feel are what 2030 professionals will double down on. As a builder, I am committed to constructing Chicago's path to a city with greater potential to serve the new professional. US cities are competing for talent, and it's up to us to create safe, affordable, clean, secure, connected, and happy cities that fill us with hope & purpose - for both businesses and citizens. New businesses must think and breathe a Chicago with more significant opportunities than Miami, Dallas, Phoenix, Nashville, etc. We must learn and act fast. Our buildings depend upon it. #constructiontitan 🦺🦺🦬🦬 #Chicago #communityconnectivity #architecture #cityplanning #talentcompetition #professionalopportunities #citiesofthefuture #developers #architects #engineers #hope #generalcontractor #construction #connectedcities

Northstar recently attended the Massachusetts Building Congress’s Downtown Residential Conversion Incentive Program Update to learn about its progress after last year’s launch. The team was happy to hear that 507 housing units are being planned or constructed across 15 properties in greater Boston! At the event, industry leaders discussed the fundamental attributes of the initiative, such as updates within the Boston Planning & Development Agency to expedite project plan review, federal and state involvement, and current project examples.   Key highlights include: Successful Conversions: Respond to changing streetscape and work environments, generate more housing for residents, strengthen the urban core, sustainable reuse of existing buildings. Economic Impact: The program is revitalizing downtown areas and boosting the local economy by creating jobs and attracting new residents. Current Progress: 11 applications have been submitted to date, including creating 102 affordable units and transforming a total of 500,000 SF of unused office space into new housing. Challenges: Current market conditions, existing structure constraints, construction costs & regulatory requirements. Thank you to all the speakers and attendees for their valuable insights and contributions.  #ProjectManagement #ResidentialConversion #CommercialToResidential #IndustryEvents

Industrial Property in Rochester

Just a few years ago, industrial buildings in Massachusetts saw a dramatic increase in pricing as demand for the space skyrocketed. And now in the past 12 months, demand for industrial space in greater Boston has not only stabilized but has declined in certain submarkets. As we head into the tail end of 2024, the demand, overbuilding and overly-optimistic landlord pro-formas from a few years ago are now catching up to a correcting market. Companies are being more pragmatic about how much industrial space they truly need, and where they need it. Learn more about what we’re seeing in our latest industrial market report.