Manhattan Trophy Office Rents Reach $101 Per Square Foot in 2019

Manhattan Trophy | October 30, 2019

Manhattan Trophy Office Rents Reach $101 Per Square Foot in 2019
According to a new report by Commercial Café and Yardi Matrix Data, despite picking up some steam in the third quarter of 2019, Manhattan office sales still fell short of 2018 values. The total dollar volume dropped 34% year-over-year, closing out Q3 at $2.9 billion. However, the average sales price reversed its downward trend and rose significantly, reaching $1,676 per square foot--the highest value in four years. Overall asking rents continued to increase, with trophy office space rates leading the way. Vacancy in office buildings equal to or larger than 25,000 square feet fell slightly compared to the previous quarter, reaching 7.1% overall. Non-traditional office space accounted for 3.4% of the total office inventory, encompassing nearly 17 million square feet. Additionally, a little more than 3 million square feet of new office space is slated for delivery in Q4.

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Pennsylvania Only State to Shut Down Real Estate Activities During Pandemic

Pennsylvania Association of Realtors | May 11, 2020

Every other state in the country has recognized that real estate professionals provide a life-sustaining service and that housing is a vital part of people's lives as well as the economy. The state has given multiple inconsistent guidelines for the real estate industry that offer conflicting mandates, while other industries like construction. The state is requiring personal protective equipment for real estate business that exceeds what other industries are required to do. Pennsylvania is the only state in the country that continues to shut down most in-person real estate activities for the vast majority of Pennsylvanians during the pandemic. Every other state in the country has recognized that real estate professionals provide a life-sustaining service and that housing is a vital part of people's lives as well as the economy. The governor's unreasonable restrictions have created a harmful situation for real estate professionals and consumers. The shutdown restrictions have created a marketplace of chaos for consumers and Realtors®. Consumers are reaching out to our members and the association, asking for advice on how they can buy, sell or rent a home during the state's incredibly restrictive shutdown. They're experiencing financial hardships and are essentially in limbo, because important in-person services are prohibited for most real estate transactions, PAR President Bill Festa. PAR encourages the state's General Assembly to pass House Bill 2412 (Polinchock) or Senate Bill 1135 (Boscola), both of which recognize real estate as a life-sustaining business and would allow real estate transactions to occur in every county of the commonwealth. Read More: 5 Tips to Grow Your Real Estate Business Faster Festa noted that the state has issued inconsistent and arbitrary guidance with stricter requirements for buyers, sellers and real estate professionals. The state has given multiple inconsistent guidelines for the real estate industry that offer conflicting mandates, while other industries like construction and automobile sales, have been given detailed and coherent rules that are able to be followed. "The numerous discrepancies in these state-issued guidelines have placed an onerous burden on consumers and the real estate professionals who work with them," Festa said. "It's ridiculous that in areas that have started to reopen, the state is requiring personal protective equipment for real estate business that exceeds what other industries are required to do and what is recommended by the CDC and World Health Organization." The state has also limited real estate activities to only two people at a time in a property, while allowing contractors performing repairs or renovations in an occupied home can have four workers at the property, plus the residents. "Guidelines for in-person real estate should be consistent with other professions and allow at least four people in a property, while practicing social distancing," Festa said. "The governor's office refuses to discuss how finding shelter is life-sustaining to consumers." PAR also said the state has failed to recognize a large sector of the real estate industry, ignoring the commercial and property management portions when issuing its guidance. "The association believes that where in-person real estate activities are allowed, all residential, commercial and rental transactions should be permitted and regulated in a similar manner," he added. "The Department of State has consistently issued guidance that completely ignores a sizable segment of the industry." "Our members and the association hear heart-breaking stories from consumers because of their housing uncertainty and financial hardships," Festa added. "It's outrageous that a majority of Pennsylvanians continue to be restricted from purchasing a home where they want to live." Read More: The Ultimate Guide to Real Estate Lead Generation About Pennsylvania Association of Realtors The Pennsylvania Association of Realtors® is a trade/professional association that serves more than 35,000 members in the commonwealth of Pennsylvania. A member organization of the National Association of Realtors®, PAR is comprised of residential and commercial Realtors® who subscribe to a strict Code of Ethics and Standards of Practice. www.parealtor.org

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REAL ESTATE TECHNOLOGY

Altavation Offers On-Demand Drone Imaging for Real Estate In the United States

Altavation | April 20, 2021

Altavation is a leading aerial photography company in the United States, with collaborations with several of the country's top real estate firms. Drone photography captures stunning landscape views, memorable indoor images, and highlights the most spectacular exterior features of the residence. Altavation is the marketing technique that real estate brokers are aiming for to increase revenue and boost the online experience of their clients. Altavation is available across the country, real estate agents can conveniently order this service from their online website. Altavation is both affordable and easily accessible, with premiums beginning at just $9.50 and a media return rate of 72 hours at the most. Drone photography not only promises elegance and unparalleled value, but it also outperforms all other forms of competition. Altavation utilizes fully FAA-licensed and insured pilots who adhere to all regulatory standards while flying while also providing the highest quality aerial media. The services provided by Altavation are incomparable to traditional photography and videography services. Drone imaging is a "game-changer" that would transform the future of competition in the national real estate market.

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REAL ESTATE TECHNOLOGY

KKR is expanding its Southern California real estate industrial portfolio with the acquisition of New San Diego

businesswire | January 06, 2021

KKR, a main worldwide venture firm, today reported the obtaining of Three Piper Ranch, a mechanical dispersion property comprising of two structures adding up to around 330,000 square feet in San Diego, California. The property extends KKR's mechanical land impression in Southern California to roughly 2.4 million square feet. The recently procured property was implicit 2007 and highlights 32' clear statures. It is situated in the Otay Mesa submarket of San Diego with phenomenal admittance to SR-125, SR-905, I-805 and I-5. The property was 100% rented at procurement to five separate occupants. KKR bought the property from Zurich Alternative Asset Management, LLC and CBRE Capital Markets assisted with facilitating the deal. “We are excited to supplement our footprint in Southern California with the addition of this high quality asset,” said Ben Brudney, a Director in the Real Estate group at KKR. “We continue to like the long-term supply demand fundamentals in San Diego.” KKR is making the speculation through its Real Estate Partners Americas II Fund. Across its assets, KKR possesses almost 32 million square feet of modern property in essential areas across significant metropolitan zones in the U.S. Since dispatching a committed land stage in 2011, KKR has developed land resources under administration to roughly $14 billion across the U.S., Europe and Asia as of September 30, 2020. The worldwide land group comprises of more than 90 devoted speculation experts, spreading over both the value and credit organizations. About KKR KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds.

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Spotlight

Multiple offers for sellers are common in today’s market. If you’re selling your home, gain insights by learning how to take advantage of a market with low inventory to obtain multiple bids.