MULTIFAMILY & TECHNOLOGY NEWS
- The tech industry is seeing growth in some unexpected places. According to the latest CBRE Tech 30 report, the tech industry is responsible for 1/5th of all office leasing activity. Here are 5 emerging tech markets to keep an eye on.-Colorado Springs
- Airbnb is leading the charge for a business-travel startup called Lyric. Lyric transforms premium apartments into studios with hotel-quality features. The short-term travel startup has its foot in the door with over 20 of America’s top real estate firms. Airbnb is aiming for $160m in funding.
- A change to federally insured mortgages? There is a growing concern with the current administration regarding programs that provide money to borrowers who can’t afford 3.5% down on FHA loans. Borrowers of these government-funded programs become delinquent at twice the rate of those who put down their own money.
- The Monarch breaks ground in Tysons, VA. Floor-to-ceiling windows, terraces and semi-private elevator access are among the design elements of this unprecedented level of living in Northern Virginia. Washington DC developer, Renaissance is tackling the 94 resident project and is shooting for a late 2020 completion.
RETAIL & OFFICE NEWS
- Chicken sandwich anyone? Not so much. The soon to be third-largest fast-food chain, Chick-fil-A is losing its boarding pass at several American airports. The leading cause appears to be centered around Chick-fil-A’s conservative stance. ‘Attorney General Ken Patton is investigating San Antonio for potential first amendment violations,’ which would protect the fast-food chain on grounds of liberty and free speech.
- Pier1 Imports expected to close up to 45 stores over the next year. Q4 of the retailers fiscal year saw a 13.7% drop compared to the previous year.
- “You’re outta here.” With more retailers closing down their doors, it may seem a bit counterintuitive to kick tenants out, right? Not for the world’s second-biggest retail owner, Unibail-Rodamco-Westfield. They’re taking an Amazon approach…fire the worst performing 10% of your workforce. In URW’s case, kick out 10% of your worst performing tenants.
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