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New York Retail Update – April 2017
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New York expects 12.4 million international visitors in 2017 – 300,000 fewer tourists than in 2016 partly due to the stronger dollar and Trump administration policies. According to the report, the spending power of one international tourist equals that of four domestic tourists, so the reduction could mean a sales loss of $600 million in 2017.
Multifamily Cap Rates in Canada – Q1-2017
Class A high-rise stock:
- Nationwide: 4.2 percent;
- Vancouver: 2.5 – 3 percent;
- Montreal: 4.25 – 5 percent;
- Calgary: 4.5 – 5 percent;
- Halifax: 4.75 – 5.25 percent.
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Source: REMI Network
Letter versus Spirit
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The Aishwarya Bar in North Paravoor – Photo: BCCL
Texas Housing Market Prices Outpace Income Gains
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Singapore Property Values Expected to Double by 2030
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Urban Alley Revitalization
The increasing scarcity of affordable urban space and the demand for intimate, relaxed urban settings has led to an urban alley revitalization trend across many major U.S. cities. DC’s Height Act of 1899 limiting building heights to 110 feet has made space efficiency gains in the city that much more important.
As of September 2016, the following DC Zoning Commission changes affecting alleys went into effect:
- Alley dwellings will be permitted by-right in R-3, R-4 and R-5 zones in the city along 24-foot wide alleys, and on certain lots within 300 feet of a public street if the alley measures at least 15 feet wide;
- Single-family alley dwellings will also be allowed in other cases with a BZA special exception, pending input from DC Water, District Department of Transportation (DDOT), Department of Public Works (DPW), the local Advisory Neighborhood Committee, or other interested parties wherever applicable;
- Pre-existing alley lots must have a minimum square footage of 450 square feet in order for a dwelling to be built;
- Alley dwellings will also be subject to setback requirements and a height limit of 20 feet in residential zones. The height limit for alley dwellings in commercial zones will be 30 feet;
- In low-density residential zones (R-1 and R-2), alley dwellings will not be allowed;
- Multi-family alley dwellings could potentially be permitted in commercial zones, although they will remain prohibited in residential zones;
- Large alley lots can be split into more than one lot if square footage requirements are still met.
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Source: UrbanTurf
Superstar Cities and Income Inequality
The top five MSAs in the U.S. where the average worker has the most left over after housing costs also happen to be the country’s premier tech hubs and superstar cities (where housing demand exceeds supply and supply growth is limited). In these markets, the most advantaged residents derive the majority of the gains, according to Richard Florida writing for the The Atlantic. In San Jose the average “creative class” worker has $80,503 left over after paying for housing, the average working class worker has $23,109 left over and the average service class worker has $14,372. The working class and service class workers’ post-housing incomes in these MSAs are not much different from the post-housing incomes for these classes of workers in the five MSAs with the overall least post-housing income.
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Europe’s Most Active CRE Market
Germany has overtaken the U.K. as Europe’s most active commercial property market. In 2016, CRE transactions in Germany totaled €59 billion, according to Property Forum (citing data from Knight Frank). In addition, psychological issues such as anxiety, depression, self-abasement, which resulting in impotence, premature ejaculation, and decreased libido. generic viagra order you can try this out There cialis online purchase are also guys who ejaculate fast due to problems relating to erectile dysfunction (ED). This medicine is safe buying viagra in usa and has no side effects. It functions in very diplomatic manner for the therapy of erectile dysfunction. http://www.learningworksca.org/wp-content/uploads/2012/02/R_313SBR.pdf order cheap levitra Berlin, fast emerging as Europe’s economic hub, accounted for €5.7 billion of the total volume. Sixty percent of the property deals in Germany involved domestic buyers.
CRE Construction in 2016
At close to $25 billion, New York State was first in the country in terms of 2016 commercial property construction expenditures. The industry supported 284,135 jobs in the Empire State, according to NAIOP data.
In the U.S. as a whole, the commercial development and construction industry added $861 billion to the nation’s GDP in 2016, according to The Dallas Morning News.
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Chart: NAIOP