Astig Arakelian

Fundamentally, the first answer to this question that comes to mind is, 'the future is being together in our offices,' said Vice President Shannon Loew, the head of Global Corporate Real Estate and Facilities (GREF) at Amazon, on Thursday, providing insights about the future of office work. #FutureOfWork #FacilitiesManagement #OfficeSpace #WorkplaceTrends #CorporateRealEstate https://ow.ly/bp2w50Tos3I

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It was an honor to speak on the panel of CBRE's 2025 Market Outlook. DM if you would like to get the slide deck. My hot take on the Land Market - Office market woes are affordable housing seeds to sow! New state laws allow development on commercially zoned properties. The time to buy land is NOW. (Wait, but why?) With new apartments leasing 1.5X faster than we're building them, plus slow down of groundbreakings on new apartments to lowest level in 13 years - I forecast (virtually) no new units around end of 2026/beginning of 2027. That is the time you want your new apartment building to be opening, and if it takes 2 years for construction... well, you can do the math.

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No strong rebound expected in transaction volume after passing the trough of this cycle according to Nick Knight at CBRE UK… Where does this leave LPs? They will need to back the best asset managers that add value at the property-level, deploy creative design and ensure a stand-out offering to drive superior returns. #commercialrealestate

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AT&T isn't alone among telecoms in shedding office space in the Seattle area since the start of the pandemic. In Redmond, office vacancy rates in the first quarter of 2024 reached 18.1%, the third-highest among the Eastside submarkets. The only two submarkets performing worse are Bothell and the stagnant I-90 corridor. https://lnkd.in/gzT_24h9

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This recent report from the U.S. Bureau of Economic Analysis really surprised me: The Seattle Metro economy grew at remarkable speed, with a 6.2% GDP growth to $487.77 billion in 2023 – the fastest among major U.S. metros and nearly triple the national average (2.7%) This growth, despite a cooling job market and rising living costs, offers valuable insights: 1.      Tech Dominance: Seattle's tech players, constituting a third of its economy, grew by 15.7%, demonstrating the power of a strong tech ecosystem. 2.      Diverse Growth: Surprisingly, retail growth was exceptionally strong in Seattle, with professional services also showing significant growth, highlighting the diversity in our economy. 3.      Seattle & the Sunbelt? We all know how the Sunbelt States have recently experienced explosive growth, yet the Seattle Metro’s GDP was nearly a full percent stronger than the fastest growing southern states. 4.      The Living is Good: Seattle's per capita GDP of $120,592 ranks fourth among large metros, only behind New York, San Francisco, and San Jose, who all have considerably higher costs of living. Market activity has certainly picked up in the past year, and this report is more good news for the local economy. #EconomicGrowth #TechIndustry #UrbanDevelopment #Seattle #PNBest #Homer Source: [BizJournals - Fastest Metro Growth GDP](https://lnkd.in/gHnQYZWH)

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Let’s dive a bit into the U.S. #industrial market, which remains resilient with strong demand and rental rate growth. Here are a few key takeaways from the latest Cushman & Wakefield report for Q2 2024: ● High demand in key areas: Net absorption surged to 46.3 million square feet, driven by high demand in major markets. ● Less construction underway: Construction has slowed down a bit, with a 14% drop in #projects. Currently, 343 million square feet are being built, which might mean less available space in the future. 🏗 ● Vacancy rates up: Vacancies rose to 6.1%, the highest in nearly nine years, but still below pre-pandemic levels and considered a healthy rate for the market. ● Moderate rent growth: Rent growth has eased, increasing by 3.7% year-over-year. This is the slowest growth since 2020, with a similar trend expected for the next couple of years. ● Strong leasing activity: #Leasing is strong, with more deals being signed than before the pandemic, including several large ones. 🤝 ● Preference for modern spaces: Tenants are leaning towards newer, more efficient spaces, keeping demand for modern properties high. And driving part of these positive fundamentals, Amazon has been very active in the market, completing 34 lease deals so far this year, totaling an impressive 17 million square feet. 📸 Featured in the picture is Osceola Logistics Center, part of Black Salmon Capital’s Industrial Fund I.

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Discover key insights from #PRISM24, where industry leaders explored the future of commercial real estate technology and market trends. Learn how innovations like AI and data integration are reshaping the #CRE landscape. Read the full story: https://lnkd.in/eauRQqJu #LightBoxRE #RealEstateInnovation #Lenders #Appraisers #EnvironmentalProfessionals

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Our approach sets the standard for transformative real estate, creating environments for tenants, residents, partners, and employees to thrive. Watch our latest video to see how Golub is building what's next. #RealEstate #Multifamily #Commercial #Golub | Video Partner: Yelloh Media

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Weighing up between buying an investment apartment or house? Dive into our latest article for an in-depth comparison: 🏠 𝗔𝗳𝗳𝗼𝗿𝗱𝗮𝗯𝗶𝗹𝗶𝘁𝘆: Apartments often offer a more budget-friendly entry point. 🏠 𝗠𝗮𝗶𝗻𝘁𝗲𝗻𝗮𝗻𝗰𝗲: Enjoy fewer upkeep responsibilities with an apartment. 🏠 𝗥𝗲𝗻𝘁𝗮𝗹 𝘆𝗶𝗲𝗹𝗱: Apartments can provide higher rental yields compared to houses. Explore the full benefits and considerations: https://lnkd.in/ga2Tc24E Interested in discussing your investment options? Contact us for personalised advice. #PropertyInvestment #RealEstate #PresidioGroup

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There are some very interesting insights here! Check it out!

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There's still time to register for today's Marcus & Millichap California Rent Control Update webcast at 11a PT: https://lnkd.in/g8yJBKZK Learn about the negative impact of the “Justice for Renters” Ballot Initiative on renters, the historical impact of rent control on affordability, actions that owners and investors can take, and practical solutions to mitigate the impact. #CommercialRealEstate #CRE #Multifamily #California

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Last week's CBRE PNW Multifamily Roundtable Breakfast was a successful and insightful discussion thanks to all that attended and special guest Matt Vance, Head of Multifamily Research & Senior Economist at CBRE. Here's the recap:   Seattle Supply & Demand: Demand slightly outpaced supply and brought Seattle's vacancy down in Q1­; unique to Seattle in comparison to the rest of the nation #1 Seattle Market Driver: Rent Vs. Own Premium: Seattle has one of the highest premiums in the country, it is now more than 2.5 TIMES more expensive to buy than rent; A 20% down payment on the median Seattle home is nearly equivalent to 6 YEARS of the average rent. #2 Seattle Market Driver: Job Growth: Like many Sun Belt markets, Seattle is also expected to outpace the national average for job growth over the next five years. Real Estate Investor Survey: Multifamily has steadily become the clear leader for the largest share (44%) of total investment into U.S. real estate, nearly double the next closest share (23% industrial/logistics)

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JLL reported revenue and profit growth in Q1 thanks to effective cost-cutting measures and higher deal activity. - Total Revenue: $5.1B, up 9% YoY - Leasing Revenue: $497.3M, up 2% YoY - Capital Markets Revenue: up 6% YoY - Profit: $66.1M vs. $9.2M loss in the same period last year

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At the close of the first quarter 2024, the Silicon Valley office market continued to display ongoing macroeconomic challenges and evolving trends in remote work. Despite recent economic uncertainties, Silicon Valley maintained the lowest office availability rate in the Bay Area, remaining relatively stable for the third consecutive quarter. Notably, there was a quarterly decrease in sublease availability, signaling potential market stabilization. For deeper insights into this quarter’s activity and analysis, please visit: https://lnkd.in/gGdVgUig #office #BayArea #CRE #RTO

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California’s Governor, Gavin Newsom, officially signed AB 98 into law on September 29th. See attached for a summary of #AB98, a newly enacted bill that will severely impact new industrial development in California while making existing product and entitlements more valuable. The attached summary was drafted by the Supply Chain Council and is a concise summary of the bill.   Ultimately, this new bill will likely lead to continued tenant migration from California to PHX, SLC, Vegas, etc. The red tape in California continues to get red-er! 

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