Mike Englhard

The San Francisco office market continues to build momentum into 2024. Net absorption was positive led by OpenAI's occupancy of 486K SF in Mission Bay, while vacancy increased to all-time highs and availability stayed flat quarter-over-quarter. Given the vast amount of space on the market asking rates continue to decrease. The technology sector, heavily impacted by layoffs and economic pressures, continues to face difficulties, influencing market recovery. Building sales are reshaping the investor landscape, providing opportunities for buyers to reset rental rates amidst a growing demand for flexible lease terms and financially attractive sublease options. https://lnkd.in/g3wh_dXc #sanfranciscobayarea #office #occupiers #CRE

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Oakland reaches landmark deal to sell Coliseum site to developers, ending decades of ownership By Eli Rosenberg, The city of Oakland announced a tentative deal to sell its half of the Coliseum site to a private developer, ending decades of involvement in the city’s sprawling professional sports and entertainment complex and heralding its potential redevelopment for other uses. Oakland will sell its share of the Coliseum to the African American Sports & Entertainment Group, an Oakland-based group of largely Black developers and investors, for a minimum of $105 million, a windfall for the city that could help stave off deep cuts as it works to close a steep budget deficit of some $177 million. The site includes the Oakland Arena, which has found a lucrative second life as a venue for events such as concerts and Disney on Ice.  The sale comes after years of disappointment and recrimination over the departures of the Warriors basketball team, the Oakland Raiders football team, and the Athletics baseball team from the Coliseum and Arena. City planners and real estate developers have for years dreamed of transforming the huge site — which sits near the airport at the nexus of major transit arteries and is served by a BART station — into a mega-complex that could include retail, hotels, restaurants and housing as well as potentially serving as a lure for sports teams, but complications and hurdles remain. https://lnkd.in/gsh4Duia

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Hudson Valley Property Group (HVPG), a national affordable housing preservation company, said Monday it had acquired a 22-property portfolio comprising 4,768 units across the western U.S. from Inland Group. The sale price was not disclosed. The portfolio includes 13 properties in Washington, seven in Colorado, one in California and one in Idaho, and is concentrated significantly in the Denver, Seattle and Spokane metro areas. The properties are subject to low-income housing tax credit rent restrictions and tenants must be income-qualified. https://lnkd.in/gBVjS3Bg #ccim #ccimwa #HudsonValleyPropertyGroup #affordablehousing #multifamily #Spokane #Seattle

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This seems like a promising approach to produce more housing - density zones https://lnkd.in/gtBGb7df

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As we hit the halfway mark of 2024, multifamily experts across design, development, investment and finance weigh in on the dynamics impacting outcomes for the remainder of the year. lvpefund.com/market-intel As the apartment industry “stays alive until 2205,” here’s what they’ll be focusing on. Read full article 👆 Want to co-own our prime property at Bethlehem with us? take our five-question survey to see if you're a good fit: lvpefund.com/questionnaire #RealestateMarket #RealestateInvestment #CommercialRealestate #MultiFamilyRealEstate #AccredictedInvestors

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Andrea Pirrotti-Dranchak (MBA), Expansive's Managing Director, recently sat down with Sarah Maffei (Momberg), Vice President at Foundry Commercial, to discuss the evolution of commercial real estate needs and strategies that are used to ensure both immediate and long-term objectives of businesses are met when considering all of the workspace options available today. "Before COVID commercial real estate was simpler. Typically, you’d calculate your space based on headcount. Now, it’s not about having a desk for every person and enough room for private offices. It’s more about collaborative spaces. Some still want a dedicated desk, but most people come to the office to work together. So, offices are focusing more on shared spaces rather than individual offices, which used to be the norm." Click the link to check out the full article, as well as the full video interview for more insights ➡️ https://hubs.la/Q02yJGNh0 #flexiblework #futureofwork #workplaceinsights

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Join us at the Urban Land Institute #FallMeeting in Las Vegas this week! CEO Will Zhang and Head of Growth David Lynch are engaging with industry leaders at one of the largest global real estate events, dedicated to bringing real estate professionals together to shape the built environment. As a company that’s redefining the way homebuilders and real estate developers leverage AI, we’re excited to explore how data-driven insights can tackle today’s biggest challenges in the industry. If you're in Las Vegas and ready to learn how AI can fuel transformative growth, let’s connect! #OpenHouseAI #AIForBuilders #InnovateWithAI

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According to Site Selectors Guild's April report "82% of the 68 site selectors surveyed globally strongly agreed that the availability of development-ready sites with sufficient infrastructure capacity will be the top driver of where companies decide to set up their production facilities in 2024." The report encouraged regions to identify and invest in development-ready industrial sites to compete. “Everything is moving at a faster pace,” said Michelle Comerford, leader of industrial and supply chain practice at Biggins Lacy Shapiro & Company (BLS & Co.), in the report. “If you are a community that truly wants to attract new jobs and investment … you must get your sites and infrastructure prepared ahead of these search inquiries.” Detroit Regional Partnership's site readiness program Verified Industrial Properties Program or VIPBYDRP is answering the call. With the manufacturing boom and all the lucrative tax incentives under IRA and Chips and Science Act, we don't see this slowing down anytime soon. The Detroit Regional Partnership's real estate team is in process of strategically identifying agricultural sites to target within our 11-County region. The real estate team will be partnering with communities to rezone sites to industrial allowing for modern manufacturing, creating jobs and driving capital investment. Our site development civil engineering teams Atwell, LLC, Fishbeck The Mannik & Smith Group, Inc. will prepare a neutral third party due diligence report that includes utility information, interactive maps and a whole host of other information about the site. This year Detroit Regional Partnership will be investing in physical site studies such as Phase I, Phase 2, Geotech, Wetland Delineation (up to $216,000 per site), shoot the drone video, create a marketing brochure for the site, host on our dedicated portal and push out to site consultants. This is at no cost to the site owner. According to the report “Just as we saw a migration of agricultural and farm workers to urban areas in the late 1800s to support the second industrial revolution, we may see a reverse migration today with workers living in urban areas but commuting outside those areas to where the jobs are,” Didi Caldwell the CEO of Global Location Strategies, says in the SSG report. More on VIPBYDRP: https://lnkd.in/guYhdpMi Global Epicenter of Mobility (GEM) #VIPBYDRP Shiawassee Economic Development Partnership, Flint & Genesee Economic Alliance, Macomb County Planning & Economic Development, Lenawee Now, Advantage Oakland, Economic Development Alliance of St. Clair County (EDA) Ann Arbor SPARK, Downriver Community Conference - MI Works Michigan Economic Development Corporation #SiteSelection #SiteReadiness #IndustrialDevelopment #TheDirtLady #JobCreation #CRE #CommercialRealEstate #DetroitRealEstate #MichiganRealEstate #EconomicDevelopment #DetroitRegionalPartnership

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Bisnow reports, CIM Group Group has listed its 93,000 SF office building at 95 Berkeley St. for sale. This property, currently 12% leased, was proposed for an office-to-residential conversion under Boston’s innovative program to repurpose underutilized office spaces. The plan includes converting the six-story building into 91 housing units in the Back Bay neighborhood.  Acquired in 2016 for $43M, the proposed $75M conversion project would require an additional 20,000 SF of new development, financed through debt, equity, public grants, and subsidies. While the conversion application is pending approval, the property is marketed as a prime opportunity for either leasing or residential redevelopment.  Boston’s conversion program, extended until the end of 2025, has received over 11 applications, totaling more than 500 #housing units. This initiative, supported by $15M in state funding, aims to address the city’s housing needs. Read more: https://bit.ly/4ettjEF #MarketRent #RealEstate #BostonRealEstate #UrbanDevelopment #OfficeToResidential #MultifamilyHousing #InvestmentOpportunity 

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The value of distressed assets in the #CRE marketplace continued to grow in the U.S. into Q3'24. Still, the ramp up is not as rapid as that seen following the GFC as there are different forces at play in the current market. Read more about the source of distress and a chart on comparisons to the GFC by my colleague Alexis Maltin here: http://ms.spr.ly/6049WR4GN MSCI Real Assets

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A good long-term look at SF BTR starts by the NAHB. A few moving parts in the analysis, but they show two primary trends: BTR starts accelerating (80,000 units started in the past 4 quarters, up 16% compared to the 4 quarters before) BTR starts accounting for a larger share of all SF starts (about 8% now, compared to 4-5% a few years ago). The rental and for-sale housing industries continue to adapt to the changing demand preferences for housing, as well as the market dynamics that emerge as mortgage rates go from all-time lows a few years ago, to 20-year highs today.

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Evolution of Community Engagement: New Approaches to Building Support for RE Developments. Evolve hosted a very informative and worthwhile event today. (Yep, they’re still carving a highly needed path in CRE.) Developers increasingly find themselves in choppy waters by not involving the people that live in proximity to a project early on. If they had enlisted a neighborhood outreach at the onset, the inclusion and communication could accelerate the timeline and calm the seas. Communities are willing to mobilize and collectively voice support for a desired concept, company, or a Culinary Dropout. And “interaction with the neighbors is as if not more important than the quality of your development” Brennan Ray, zoning attorney. Collaboration at the onset is key. But what do you do when the faceless adversary, aka social media, spreads misinformation that complicates the process with bad intel? Use social media to provide facts and bring transparency to dispel bad press. If possible, create a website that gives facts, data, summaries, traffic studies, site plans…most of which can be found via public websites anyway. Everyone’s voice is important. Grass roots community outreach is a collaboration worth the time and effort. #community #engagement #communityoutreach #development #cre #arizona Evolve Ventures, LLC Women in Commercial Real Estate - #womenincre Phoenix Business Journal GPS Commercial Advisors

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A recent article from CRE Daily has reported that demand for mid-priced, three-star-rated apartments - a category which Class C Workforce Housing falls into - has surged in 2024, with absorption already exceeding last year’s total. Overall, 3-star-rated properties are outperforming the overall market in many regions. In 14 of the top 15 markets - which include COFI Portfolio Markets Columbus, OH and Washington, D.C. among others - vacancy rates for mid-priced apartment units are lower than the total market average, while rent growth is stronger in 10 of those markets, indicating sustained demand for affordable housing. Read more: https://lnkd.in/e_t_hE6q

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San Francisco transaction activity by size tranche https://lnkd.in/eTMy85_z Since COVID, we’ve noticed a big shift in what tenants seek in office space. Right now, about 66.5% of tenants are after spaces under 20,000 sf, up from 58.5% pre-COVID. It’s clear that business needs are changing, and flexibility is more important than ever in how companies set up their offices. #SanFrancisco #Office #AYdifference

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As an author of Smart Growth legislation passed over a decade ago in NYS, I'm horrified by this project and the blatant disregard for existing infrastructure and conservation lands. Tell me, what is the difference between this proposal and the space travelers looking to colonize the moon? Could all of these resources go into fixing what is broken? What if instead they invested in home repairs for existing stock creating affordable and workforce housing? Brought transit up to speed with the RE industry and speculation to future proof service? https://lnkd.in/eKEtb_4d

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🏢 Denver Adaptive Reuse in Downtown - 7.9.24 Amid the growing challenges in the office sector and significant value erosion, it was encouraging to see the city release the adaptive reuse conversion study with Gensler last August. While 21 buildings were identified and interest in the business plan is high, progress has been slow. These projects require substantial capital and often need tax incentives to get started. Additionally, rising construction costs and issues like building floorplates and access to windows make most conversions unfeasible. Here are some of the upcoming projects to watch: Denver Dry Goods Location: 16th & California Street Details: 106 apartments, 43 condos, 37,258 sq ft retail Developer: Perry Rose, LLC Architect: OZ Architecture Petroleum Building Location: 16th Street Mall & Broadway Details: 177 apartments, 3,855 sq ft retail Developer: Borst & Company Architect: Gensler The George Location: 16th & Champa Details: 116 apartments, 12,640 sq ft retail Developer: Massandra Harbor George, LLC Architect: Venture Architecture University Building Location: 16th Street Mall & Champa Details: 106 apartments, 12,116 sq ft retail Developer: 910 Associates Architect: ShopWorks Architecture 475 17th Street Details: 210 apartments, 2,577 sq ft retail Developer: Revesco Properties Architect: Davis Partnership Architects These projects have the potential to add over 650 homes to Upper Downtown, converting approximately 450,000 sq ft of office space into vibrant residential areas. This shift highlights adaptive reuse as a vital post-pandemic development, revitalizing Denver's historic buildings and addressing the housing shortage. #DenverRealEstate #AdaptiveReuse #DowntownDenver #UrbanDevelopment #HousingCrisis #OfficeToResidential #SustainableDevelopment

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Let's talk about your asset management needs: Juliana Lawrence Andrew DiGirolamo #CRE #Multifamily #AssetManagement #Underwriting

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