Category: News & Market Reports

BentallGreenOak Expands U.S. Presence with New Office in Austin to Be Led by New Head of Texas Coverage, Mike Leifeste

Posted on by Sarah

AUSTIN, Texas–(BUSINESS WIRE)–Today, BentallGreenOak (BGO) announced the opening of a new office in Austin, Texas, to be led by Mike Leifeste, the firm’s newly hired Managing Director and Head of Texas Coverage. BGO’s continued expansion in the U.S. includes a significant growth in the firm’s client base and investment management activity in the U.S. sunbelt states.

Leifeste’s responsibilities in this newly created role will include a focus on deepening BGO’s investor relations activities in the region and serving as a critical touch point on current and future acquisitions in Texas while developing new operating and developer partner relationships.

BGO, on behalf of its clients and strategies, manages over $2.3 billion in commercial real estate and land for development in Texas — over 90% of which is in modern industrial/logistics and multi-family residential. BGO expects to more than double that value over the coming years. Click to read more at www.businesswire.com.

Marcus & Millichap Arranges Sale of 7,185 SF office Building in Arlington

Posted on by Sarah

Marcus & Millichap announced the sale of 2200 Interstate 20 W, a 7,185-square foot office property located in Arlington, Texas.

Associate Brad Mills in Marcus & Millichap’s Fort Worth office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Investment Specialist Derek L. Caldwell in Marcus & Millichap’s South Bay office.

“We were able to secure six offers and ultimately the buyer came from out of state,” Mills stated. “We were able to procure the buyer using Marcus and Millichap’s internal platform, MNET. The buyer was seeking income-producing properties in income-tax-free states. The M&M agent in the San Diego office ran a search and our property fit his criteria. The buyer provided an all-cash offer and we closed in 35 days.”

2200 Interstate 20 W is located at 2200 I-20 in Arlington, Texas.

Building Success: The Crowther Group’s CEO Finds Inclusion and Diversity Fuel Firm’s Growth

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CEO/Managing Partner Thomas Crowther says his design-build firm, named by SMU Cox as one of the fastest-growing privately-owned companies in North Texas, is thriving because of an emphasis on serving others.

When it comes to the future of CRE in North Texas, Thomas Crowther is clear: “Every day I wake up in DFW, I’m grateful that I’m in the commercial real estate winner’s locker room.” His Dallas-based commercial construction and design-build firm works with clients across the retail, healthcare, office, restaurant, and education sectors.

The firm, which considers diversity a strategic business advantage, was recently named the general contractor for the Dallas Housing Authority’s 29,000-square-foot headquarters building expansion. Other notable Crowther Group projects include the remodeling of more than a dozen Target stores in Texas and Louisiana, partnering to build Parkland Hospital’s Outpatient Clinic, and constructing a new facility for Dallas ISD’s Early College High School at Mountain View.

Several months before the company celebrated its fifth-year anniversary in March, The Crowther Group came in at No. 7 in the Dallas 100, Southern Methodist University’s Cox Business School’s annual list of the top 100 fastest growing privately-owned companies in Dallas-Fort Worth. Click to read more at www.dallasinnovates.com.

What to Expect from Commercial Property Insurance in 2022

Posted on by Sarah

Commercial property rates have seen double-digit increases for two straight years and Gary Wells, managing partner at The Liberty Company Insurance Brokers, does not foresee a notable drop any time soon.

Read more: Commercial property challenges – what they mean

The 2022 outlook for this segment is still quite uncertain as severe weather events continue to present challenges for carriers, brokers, and clients.

“We are still going to see increases, but it won’t be as high as we have experienced over the last couple of years,” he stated.

Another challenge Wells mentioned was the lack of capacity in the industry, especially for property-driven accounts.

“During the pandemic, there were many people who couldn’t pay rent as they were receiving less revenue,” he noted. “Couple that with shortages on labor and materials, and insurance carriers requesting major increases on insurable values – those three things combined are really affecting commercial real estate clients.”

Wells deals with multifamily properties and explained that properties in states like Texas and Florida have been particularly hard to handle as carriers are pulling back the amount of capacity they are willing to have in those areas based on weather-related exposures. Click to read more at www.insurancebusinessmag.com.

Freedom Solar Partners with Westminster to Install First Solar Energy Array at a Texas Senior Living Community

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Freedom Solar Markets Entrance into the Senior Living Industry with a Large Installation at WestminsterPromising Significant Long-Term Savings and a Kinder Environmental Impact

AUSTIN, TEXAS—March 28, 2022. Austin-based Freedom Solar, one of the leading turnkey solar energy installers in Texas and nationwide with operations in nine states, today announced its partnership with Westminster senior living community in Austin to install the first senior living solar energy array in the state of Texas.

“We at Freedom Solar are honored to partner with Westminster on this project, which we believe is the first solar installation at a major senior living community in Texas,” said Freedom Solar CEO Bret Biggart. “The people at Westminster are very forward-thinking in terms of sustainability and reducing their carbon footprint. This is the perfect project to mark Freedom’s entrance into the senior living market, which is increasingly turning toward solar nationwide.”

“Westminster is proud to continue our tradition of leadership in the senior living industry by leading the transition to solar,” said Westminster Executive Director Charles “Chuck” Borst. “We will celebrate our55thanniversary in April 2022and have envisioned making this change for several years. Realizing that vision is a great way to add excitement to this milestone year.”

Borst said Westminster chose Freedom Solar as its solar energy partner because it presented the opportunity to work with a local company that is highly regarded in the commercial solar sector. Westminster’s management was heavily motivated by the long-term financial savings solar brings, in addition to adding an exciting, renewable energy technology to the community. When Westminster factored in the $500,000 Austin Energy direct rebate, covering about 51% of the installation cost, leadership decided the time was right to go solar.

“The Westminster community has pursued the Austin Energy Green Building ratings showcasing energy, efficiency, water conservation, indoor environmental quality and efficient material use; and this renewable energy project ties into those efforts,” said Greg Hunteman, AIA, president of Pi Architects, the architecture firm for Westminster.”Increasingly, energy efficiency is a key part of design for senior communities that promote safe, healthy, and comfortable living spaces. We are pleased to work with Westminster on creating beautiful, comfortable, and environmentally-friendly spaces seniors love.”

Located at 4100 Jackson Avenue in the heart of Central Austin, Westminster is an award-winning continuum-of-care retirement community offering an expansive residential lifestyle with an array of Freedom Solar Partners with Westminster Austin to Install the First Solar Energy Array at a Texas Senior Living CommunityPage 2of 3activities, upscale amenities and social opportunities for active neighbors with shared interests. Built in 1967, it is one of Austin’s first and most established retirement communities. Over the years, Westminster has undergone several expansions. With flat rooftops and full sun, the solar installations will blend in seamlessly with the design of the community.

The Westminster installation will be accomplished in two phases. In Phase 1, Freedom Solar will install solar panels capable of producing 56.1 kilowatts (kW) of solar energy on the roof of the existing Preston Building and panels with a 252.78 kW capacity on the existing Windsor Building. Construction will likely start during the second quarter of 2022. Phase 2 of the project is set to begin in late 2022 and will include the installation of 160.4kW-capacity solar panels on the Carlisle Building, currently under construction.

Once the project is complete, Westminster will realize up to $50,000 in annual savings, and reduced impacts of rising energy costs, carrying on its five-and-a-half-decade legacy as a progressive community leader.

As solar energy becomes more affordable and accessible, senior living communities across the country are actively moving toward reducing their carbon footprint, both in infrastructure and practice. Solar energy provides more reliable energy for their residents, while also increasing owners’ and operators’ net operating income. It is a powerful marketing tool, as seniors are welcoming solar’s introduction. Some studies have even pointed to the introduction of green initiatives providing seniors with greater fulfillment, a higher sense of purpose, and improved mental health.

Since 2020, the federal solar investment tax credit (ITC) has been a big factor in the decisions of many of Freedom’s customers to go solar. As part of a broad initiative to make renewable energy like solar an attractive alternative to traditional electric power, Congress has extended the 26% solar tax credit through 2022; in 2023, it will drop to 22%.

“This is Freedom Solar’s first project in its new Senior Living Division,” said Biggart. “It is our goal to revolutionize the senior living industry with solar energy installations in the same way we are already revolutionizing the automotive industry. We are excited and honored that Westminster is our first partner in this endeavor.”

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About Freedom SolarFounded in 2007, Freedom Solar is an industry leader in turnkey solar installations, providing high-quality, cost-effective, reliable solar solutions for residential and commercial markets nationwide. Headquartered in Austin, Texas, Freedom Solar also has operations in Colorado, Florida, Idaho, Kentucky, Ohio, Michigan, Missouri and West Virginia. Tesla Powerwall Certified Installer and the only SunPower® Master Dealer inTexas, Colorado and Florida. The firm has installed more than 128.8megawatts of solar panels since 2007, ranking as the eleventh-largest solar installer in the U.S and the third largest in Texas. Freedom Solar has completed projects for numerous national and multinational corporate clients, including Whole Foods Market, Shake Shack, Office Depot, Holiday Inn Express, Home2 Suites by Hilton, The University of Texas at Austin and numerous automotive dealerships, such as Alfa Romeo, BMW, Chevrolet, Ford, Maserati, Subaru and Toyota. For more information, visit //www.freedomsolarpower.com or follow @freedomsolarpwr on Twitter and @freedom_solar_power on Instagram.

U.S. Rent Trends: It’s Still a Landlord’s Market

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Rent is only getting more expensive.

Prices are higher across the board compared to this time last year, and 97% of states have experienced increases in rent prices for both one- and two-bedroom apartments, according to Rent.com’s March Rent Report.

Let’s break it down.

Nationwide rent prices, to start, have increased significantly year-over-year. One-bedroom rents were up 24.4%. Two-bedroom rents rose by nearly 22%.

Illinois, specifically, felt a 26.10% increase from 2020 to 2021 — $1,092 to $1,377, respectively. South Dakota experienced the largest jump in the Midwest at 114.07%, followed by Kansas (3.10%), Illinois, Ohio (17.83%), Michigan (15.71%), Iowa (12.20%), Minnesota (11.90%), Indiana (10.51%), North Dakota (8.78%), Wisconsin (8.85%), Missouri (7.08%) and Nebraska (-2.18%).

But we can look closer.

It was also found that Madison, Wisconsin (-7.4%), Indianapolis, Indiana (-7.1%), Milwaukee, Wisconsin (-5.5%) and Minneapolis, Minnesota (-2.7%) experienced a decrease in one-bedroom rent prices from 2020 to 2021. Interestingly, Madison is the only city with a population of under 300,000. Of the 10 cities that experienced the biggest increases in one-bedroom rent prices year-over-year, more than half have populations of 300,000 or less.

What does this mean? We’ve heard it before. People seem to be leaving bigger cities, causing prices in metropolises to fall and prices in, then, less densely populated areas to steadily rise.

Below are Rent.com’s findings:

1-BR Avg Rent, February 2022

Jersey City, NJ ($3,757)
Boston, MA ($3,664)
San Francisco, CA ($3,503)
Irvine, CA ($3,220)
Oakland, CA ($3,206)
Glendale, CA ($3,144)
Long Beach, CA ($3,051)
San Diego, CA ($3,019)
Los Angeles, CA ($2,928)
Huntington Beach, CA ($2,824)
Less populated cities like Jersey City do appear — in some cases — more expensive than its nearest metropolis. Likewise, Los Angeles (3,979,576 people) is less expensive than the suburbs of Irvine, Glendale and Long Beach.

2-BR Avg Rent, February 2022

Jersey City, NJ ($5,003)
Boston, MA ($4,894)
San Francisco, CA ($4,459)
Glendale, CA ($4,367)
Oakland, CA ($4,139)
Los Angeles, CA ($4,009)
San Diego, CA ($3,906)
Huntington Beach, CA ($3,903)
Irvine, CA ($3,651)
Miami, FL ($3,611)
Chicago is No. 21 on the list for one-bedroom, and No. 15 for two-bedroom, despite being one of the most densely populated cities in the U.S.