Strong Job Growth in U.S. Driving Up Office Asking Rents

According to Transwestern's second-quarter 2018 national office market report, continued improvement in the U.S. office sector was due in large part to a strong jobs market with remarkably low overall unemployment of 3.9 percent, and a 1.6 percent annual growth rate in office-using employment.

For the second quarter, office absorption totaled 18.8 million square feet, vacancy remained stable at 9.6 percent, and average asking rents increased by 3.4 percent annually to $25.71 per square foot.

The Future Of Real Estate May Be Etched In Concrete

If you're looking for hints on the future of the real estate pipeline, including new residential and non-residential starts, you can do worse than listening to Ed Sullivan. The senior vice president and chief economist of the Portland Cement Association, Sullivan was among the keynote speakers at the recent mid-year meeting of the Herndon, Va.-based National Concrete Masonry Association, at the Inter-Continental Hotel in Chicago.

Invariably as riveting a speaker as he is an insightful forecaster, Sullivan began by noting the American economy is in something akin to a weather pattern calling for consistently warm and sunny days.

Exposition Corridor Transit Neighborhood Plan

Earlier this summer, the Exposition Corridor Transit Neighborhood Plan was approved by the Los Angeles City Council in a unanimous fashion. The purpose of this plan is to ultimately promote the use of the new Exposition Line by changing the zoning on the properties within a half a mile radius of the transit line, which therefore allow for new development opportunities to sprout in those areas. The plan will directly promote the expansion and growth of new multi-family, mixed used, commercial, and industrial development in the affected areas, which will in turn provide an estimated 4,400 to 6,000 new housing units, and 9,400 to 14,300 new jobs within the affected plan area by 2036. In a LA Dailey News article released in 2017, the Los Angeles County population is projected to grow by 1 million people by the time the extra jobs and housing units are fully completed and underway. In short, the LA City Council is planning ahead to accommodate for the extra population growth, while promoting the usage of the new and upcoming transit lines across the city.

Latin America-Based Selina Looks To Bring Its Flavor Of Hospitality And Coworking To The U.S.

Selina will bring its unique flavor of melding hospitality with coworking to the U.S. and Europe in the coming years.

Flush with $95M from a recent Series B round, the all-in-one boutique hospitality company that mixes coworking, co-living, food and beverage, wellness and a community minded-approach has 25 locations in Central and South America. It is aiming to branch out to markets elsewhere for the first time.