The healthcare industry quickly adapted to virtual care delivery during the pandemic. For both caregivers and patients, the rapid transition from in-office to on-screen visits left much to be desired.
PASADENA, Calif. (Sept. 14, 2022) – Coldwell Banker Commercial Realty is pleased to have represented both the seller and buyer in the sale of 1155 East Colorado Boulevard, a freestanding 21,450 square foot building located in Pasadena, CA in a transaction valued at $9.4 million.
SAN FRANCISCO, Calif. (September 2, 2022) – Coldwell Banker Commercial is pleased to have represented the seller in the sale of 1874 Market Street, a 38-unit mixed use building located in San Francisco, California in a transaction valued at $4.425 million.
On this month's ICYMI we review our top brokers the past month, highlight a CRE industry event, discuss a new addition to the learning team and more!
Last week’s blog touched on the housing recession, which is officially in progress now that builders have pulled back, and its impact on the broader property markets. As would-be buyers increasingly back out of deals, homebuilders are increasingly finding themselves holding the bag. Combine that with astronomically rising costs for construction, materials and labor, and it’s of little wonder that homebuilders have pulled back from the market.
It’s official: the U.S. housing market is in a recession—at least, that’s the consensus of the some of the industry’s leading economists. However, how the downturn is playing out is proving to be quite nuanced, geographically varied and, well, confusing.
LA MESA, Calif. (August 24, 2022) – Coldwell Banker Commercial is pleased to have represented the seller in the sale of a multi-tenant office property located at 7840 El Cajon Blvd. in La Mesa, Calif. in a transaction valued at $3.5 million.
On this Episode, Tom Hershey is joined by Michael Pink, the President of Left Lane Ventures, a developer of boutique, multi-family, urban infill projects ranging in size from 12 to 75 units. Michael discusses how Left Lane’s unique development strategy is benefiting communities and businesses alike.
Inflation has been on everyone’s minds lately as increased prices are affecting the entire economy and driving up costs for food, consumer goods, labor, housing, and commercial real estate. To help curtail inflation, the Federal Reserve Bank has been raising the target interest rate with three increases since March of this year for a total increase of two full percentage points. By increasing interest rates, the fed works to cool demand for products and services (by dissuading borrowing) which helps prices come back down to a more normalized growth rate. That means payments normally made with borrowed funds, such as real estate, become even more expensive. In fact, the 2% increase in interest rates equates to about 40% higher payments for borrowers of commercial real estate who typically borrow funds with a 20-year amortization rate. I was recently listening to the Commercial Investment Real Estate Podcast produced by the CCIM Institute and Martha Peyton, PhD., who is the global head of real estate research at Aegon Asset Management. Peyton shared some interesting observations on inflation and its effect on commercial real estate. Through analyzing historical data, she noticed that when inflation hits, people look to purchase CRE as an inflation hedge. While this is a fact supported by past transactions, she delved deeper to find out why. One of the main reasons that CRE is a sound investment during inflationary periods is that commercial leases have escalation clauses giving the landlord the ability to pass along common area maintenance (CAM) costs to the tenant, so as costs increase, net income remains strong. Short-term leases, such as apartment leases which are often one-year, are especially good because rents and terms can be adjusted easily. This is exactly what Redfin reported as happening, with asking prices for rental housing increasing an average of 17% this year nationally.
PANAMA CITY, Fla. (August 22, 2022) Coldwell Banker Commercial is pleased to announce the lease execution of 1,974 square feet of space used for radio broadcasting for WGSX-FM Gold Standard Broadcasting Inc., d/b/a 104.3 ESPN Northwest Florida, the local affiliate for ESPN. The space is located at 204 Ellen Ln, Ste. B in Panama City Beach, Fla.