BoF
REGIONAL INDUSTRY NEWS
PACIFIC WEST LARGEST AVAILABLE
needed housing, Return-to-office trends have been spotty in down- town Seattle, but the number of occupied apartments has never been higher. People are moving to the suburbs, but many are staying and moving into the urban core. Accord- ing to CoStar Group, the number of occupied apartments in and around downtown increased 11.6% from
ments from the City of Phoenix, and now they have the deed to the once-flourishing retail center. A group made up of Concord Wilshire Capital, TLG Investment Partners and CDS International Holdings will start work immediately on the $850 million redevelopment project. The Mall was one of the first and most famous in Phoenix until it closed down during the Covid pandemic. The news is a big deal to Mayor Kate Gallego, “Metrocenter has memories for so many of us in Phoenix. As we look to the future, Metrocenter now means jobs, attainable housing, and restoring community strength to northwest Phoenix.” Hines has been brought in to help repurpose the property for the village that will in- clude over 2,600 multifamily units, 150,000 square feet of retail, office, and food and beverage options. Connect CRE MIDWEST NOT COOKIE CUTTER SIOUX FALLS, S.D. — An Iowa- based company is planning to build a new retail/office development in downtown Sioux Falls. The new project, which is being developed by Christensen Development, will cover 4.6 acres of the former rail yard property downtown along 8th Street. It will consist of three or four buildings, with the first build- ing along 8th Street featuring retail on the first floor and a few floors of offices. The other buildings will be a mix of apartments, office and retail. Jeff Eckhoff, director of planning and development services with the City of Sioux Falls, said, “One thing I thought was unique about Chris- tensen is they’re not cookie cutter,” he said. “They take the site, take the attributes, and redevelop it to really fit into the neighborhood.” Argus Leader
SAN FRANCISCO — Following recent news that Facebook and Instagram parent company Meta Platforms Inc. is subleasing of- fice space in Seattle, the company has confirmed it is also dumping 435,000 square feet of space in San Francisco at 181 Fremont Street. The Silicon Valley Business Jour- nal reports Meta is subleasing its Transbay District space primarily occupied by Instagram. The space, reportedly the largest single avail- able sublease in The City, will open June 1 with JLL handling the listing. Like so many Bay Area tech compa- nies, Meta says it is embracing the remote-work realities brought on by the pandemic and is looking to make investments that support the workplace of the future. The com- pany also leases the entire 43-story Park Tower on Howard Street in San Francisco, which it will continue to occupy … at least for now. Connect CRE ECONOMIC OUTLOOK SEATTLE — A recent URG survey of tenants across the company’s approximately 10-million-square- foot Puget Sound region portfolio found only about a fifth felt they had more space than they need, around a tenth actually had less than they need and over two-thirds said they had the right amount. In addition, it is expected the market will add only about 6 million square feet, or about half of what the market would have in a pre-pandemic cycle. Then there’s the region’s approxi- mately 50 million square feet of Class B space, which has been hard hit by the office market’s accelerat- ing flight -to-quality trend. A 10% conversation rate would replace 5 million square feet of space with
2020 to this quarter’s 55,920. Puget Sound Business Journal LEED AIM
PORTLAND, Ore. — The under- construction 11W mixed-use tower in downtown Portland has secured a new 12,000-square-foot tenant. At- torneys with International law firm Orrick Herrington & Sutcliffe LLP will move into 11W in the fall. The building is scheduled for comple- tion within the next few months. The 25-story, mixed-use development features six floors of office space above ground floor retail, with the upper floors reserved for apartments. The lease is certainly good news for the downtown area which has seen office vacancy rise to 27% in Q4, ac- cording to CBRE. 11W amenities will include a fitness facility, bike parking and an upper floor event space. DDG is also seeking LEED Platinum certi- fication for the building. Connect CRE MOUNTAIN RESTORING COMMUNITY PHOENIX — The developers of the Metrocenter Mall conversion have received their zoning and entitle-
34 The Business of Furniture | Subscribe at bellowpress.com | January 25, 2023
Made with FlippingBook flipbook maker