CRE News & Reading: Week of 7/27 – 7/31
Even through the summer vacations and heat, CRE doesn’t rest. Here’s a review of the top stories from this past week.
- 15 years of mega office leases
In celebration of its 15th anniversary, Globest.com looked at the largest leases signed each year since its inception. Although the leases — all enormous — span many cities and company types, technology and media firms have had a significant presence in the past few years. - The world’s leading startup cities
Silicon Valley is still the leading startup city in the world, but other metropolises are nipping at its heels. Compass ran a 2015 edition of the Startup genome Project and learned that New York, Los Angeles, and Boston have rapidly developing startup ecosystems. The growth is not reserved for the US, either — Tel Aviv, London, Berlin, and Singapore rank in the top 10 best startup cities. - NYC’s 10 oldest surviving commercial real estate dynasties
New York City’s skyline is one of the most iconic in the world. And the families that helped built it have become almost just as famous. Bisnow’s Benjamin Mazzara compiled a list the 10 oldest surviving CRE dynasties in NYC. Can you guess them all? We’ll give you a hint: one is currently running for President. - Not just retail — it’s a whole new bloc
Los Angeles denizens really don’t like the Macy’s Plaza. But, the structure — often considered the worst one in downtown LA — is being offered a second chance with a massive transformation. The new development, known as the Bloc, will leverage the original “authentic framework of the building that gives the project an edgy feel,” but opened up to a much more engaging retail experience. - Trophy offices open up historic rent gap
The rental gap between trophy offices and the rest of the market has reached unprecedented rates, reports JLL. Their 2015 Digital Skyline report indicated, “Average trophy rates in the first quarter of 2015 were $57.97 per square foot compared to $32.70 per square foot in non-trophy buildings. Just ten years ago, this gap was only 20.8%.” The gap has widened after the recession and as supply of new trophy offices grows.
Billy Fink is a former member of the VTS team.
