Category: News

Frisco-Based esrp Merges with Cresa, the World’s Largest Occupier-Focused CRE Firm

Posted on by Sarah

esrp—a leading tenant advisory firm headquartered at The Star in Frisco—has merged with Chicago-based Cresa, which calls itself the world’s largest occupier-focused CRE company.

Founded in 2013, esrp assists clients in over 40 countries, providing multi-market corporate and occupier advisory services. Its clients have included NTT DATA Services, Riddell, Mattress Firm, 7-Eleven, and Neiman Marcus.

esrp’s nearly 50 team members will now be added to the Cresa platform. esrp will lead Cresa’s existing Texas teams through its HQ at The Star, its office in the Dallas Arts District, and Cresa’s Houston Galleria office. A key goal moving forward will be building a stronger presence in Austin, Cresa says.

esrp has Dallas Cowboys connections

esrp was founded as E Smith Realty Partners, with Emmitt Smith as one of its three founding partners. The company spun out from E Smith Legacy Holdings in 2017, parting ways with Smith and changing its name to esrp. But that’s not the company’s only Cowboys tie: Founding partner and CEO Sharon Morrison started her career in the industrial division of The Staubach Co., learning the ropes from the greatest Cowboy of all. Click to read more at www.dallasinnovates.com.

Searching for Stability Ongoing Disruptions to the Global Supply Chain will Impact Commercial Real Estate

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But opportunities are available across various sectors.

Everyone is feeling the pinch of the supply chain disruption, whether they are walking by empty store shelves or waiting weeks for a part in a much-needed auto repair. For commercial real estate professionals, that supply chain disruption is creating both challenges and opportunities.

The big question is just how long supply chain disruptions will last — and views from experts are mixed, with estimates ranging from 12 months to more than three years. Although the cargo ships stacked up outside the ports of Los Angeles and Long Beach have become symbolic of the supply chain crisis, problems with the movement of goods go beyond a single bottleneck. “We have had structural things that were happening before COVID-19 that were heading us toward supply chain disruption,” says K.C. Conway, CCIM, MAI, CRE, chief economist of the CCIM Institute and principal and co-founder of Red Shoe Economics.

The pandemic also highlighted the dependence the U.S. has on imports from Asia and the dominant role China plays in the global world of manufacturing. “When China shut down, effectively because of COVID-19, that was the traffic accident on the 405 that backed everything up,” says Richard Thompson, international director, Supply Chain & Logistics Solutions, Americas at JLL. Even after they cleared the wreckage and started to reopen, there was a bullwhip effect on the rest of the world, he adds, as demand disruptions traveled throughout the supply chain, from end-user to manufacturer. Global supply chains are still dealing with the enormous ripple effects, including large queues of ships at the ports. Click to read more at www.ccim.com.

Austin Office Market Report Q1 2022

Posted on by Sarah

Austin continues to lead the US in office job growth and provide a glimpse of the tech market’s return to office strategy post-pandemic. Job growth has surged to all-time highs, with 60,000 new office jobs added since February 2020 while leasing activity continues to be driven by the tech industry.

Under construction
Over 5.0 msf of office product is currently under development while availability, particularly within the CBD, dwindles which is sparking new groundbreaking announcements as landlords work to keep up with demand.

Net absorption
Overall net absorption remained positive, but relatively limited as many of the large tech leasing deals signed in recent months have yet to commence.

Net absorption
Overall net absorption remained positive, but relatively limited as many of the large tech leasing deals signed in recent months have yet to commence.

Click here to download the report and read more at www.avisonyoung.us.

Pack it up! Chicagoland Claims Top Rankings for Most Affordable Suburbs

Posted on by Sarah

Suburbia has always been appealing, but the migration away from city living is maintaining momentum for a variety of reasons.

Many who made the choice to move away from city living at the onset of COVID-19 have come to prefer the relaxed atmosphere and lower-density neighborhoods to the hustle and bustle of a hub like Chicago.

But these luxuries come at a price. One might think suburban living is cost-conscious, but in some areas, it was found to be just the opposite — especially if you’re looking to settle in a suburb with premium housing, safe neighborhoods and a variety of shopping and dining options.

To find the most affordable premier spots, StorageCafe ranked suburbs nationwide. And Chicago’s suburbs? They stole the spotlight.

The Midwest is home to some of the most neighborly communities in the U.S., and its cost of living is friendlier than many locations, according to the report. Crystal Lake among the most affordable places, and rents for storage units make relocating even more appealing at around $100/month. This is much lower than in Chicago.

Algonquin, Elk Grove Village, Bloomingdale, Vernon Hills and Buffalo Grove are a few more Illinois names that made the list. Residents find these cities especially attractive because of the many outdoor recreation opportunities that aren’t as easily accessible in Chicago.

Wisconsin and Minnesota also have a few cities on the list, including of Pewaukee and Brookfield for Milwaukee and Rogers for Minneapolis.

Aside from the Midwest, the South is another sought-after region due to its affordability compared to places like California and New York. Homes in Dallas’ Southlake are nearly one-third of the price of those of comparable size in LA’s Laguna Beach — $1.1 million to $3 million.

Illinois and Texas, though, are no longer a best-kept secret and are in high demand because of their relative affordability and strong employment sectors, according to StorageCafe. California to Texas, for example, is one of the busiest relocation routes in the U.S., and 190 Californians are trading their Louis for Lucchese per day.

The preference of suburbs to cities is strong nationwide. According to StorageCafe, Pew Research Center found that Americans who prefer suburban living saw an increase from 42% to 46% over the last three years.

Because of the continued influx, the now-attractive prices might not stay attractive for long.

Henderson Avenue Cool-street Retail Center in Dallas Trades

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JLL Capital Markets announced today it represented a CIM Group-fund and Open Realty Advisors in the sale of the partnership’s 15 standalone and strip retail buildings totaling 123,960 square feet along the dynamic and pedestrian-friendly Henderson Avenue in Dallas, Texas.

Acadia Realty Trust acquired the asset in its entry into the Dallas-Fort Worth market.

Property tenants include Sprouts Farmers Market and an eclectic mix of service-oriented and locally inspired retailers, restaurants and night life such as Warby Parker, The Skellig, Tecovas, Bonobos, and CorePower Yoga brought to the area by CIM Group and Open Realty Advisors. The portfolio also includes several parcels for future development opportunities.

The portfolio spans over a mile within Dallas’s urban core and within the Henderson Avenue district, which has evolved over the last 20 years into one of Dallas’ premier mixed-use neighborhoods. The trendy district is surrounded by desirable, affluent residential communities and near Southern Methodist University’s more than 12,000 students.

The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Ryan Shore, Chris Gerard and Co-Head of JLL Retail Capital Markets Barry Brown, Associate Erin Lazarus and Analyst Beth Copeland. The same team along with Senior Managing Director Todd Savage completed the sale of Knox Park Village on behalf of the seller earlier this year.

According to JLL’s Retail Capital Markets team in Dallas, “Henderson Avenue has emerged as Dallas’ ‘cool-street’ retail destination, where young, millennial residents are drawn to the mix of digitally native brands and trendy local restaurants that the ownership team brought to this east Dallas neighborhood.”

JLL Valuation Advisory Hires Managing Director to Lead its Institutional Sector

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JLL Valuation Advisory announced today that it has hired managing director Tasha Gould, MAI, to lead its institutional sector for its U.S. valuation advisory services and is focusing on providing technology-driven solutions to best serve institutional clients.

Gould is responsible for managing and expanding institutional client relationships and partnering with sector and market leads to provide superior client outcomes. She now plays a critical role designing and executing a sector growth strategy, building relationships and managing delivery quality. She also plans on recruiting and mentoring team leads and collaborating with technology and operations to improve JLL Valuation Advisory’s platform and drive culture.

Gould has amassed 19 years of experience in institutional valuations, financial analysis and planning, audit and compliance, strategic partnerships, project management, client relationship building and more. She previously served as director of valuations for Invesco Real Estate, where she led a team of 12 valuation managers and analysts while overseeing valuations for Invesco’s direct real estate. Prior to that, she was the senior appraiser for Principal Real Estate Investors managing the valuation process for their North American portfolio that included office, retail, industrial and multi-housing assets. She is based in Dallas, Texas.