- The Case for Luxury Housing “If you were intentionally designing a development to spark a NIMBY backlash, you might come up with something that looks a lot like 10 Clay. A brand new building located in Seattle’s formerly industrial Belltown neighborhood, it adheres to a modern aesthetic of poured concrete, muted tones, and floor-to-ceiling windows. True to form, the website for 10 Clay celebrates amenities such as granite countertops and stainless steel appliances. Hosting 76 ‘micro units’ and half as much parking, the project seems perfectly optimized to house the well-paid, single young professionals that companies such as Amazon have attracted to the city in droves.” (The Atlantic)
- Micro Trends: Conversation with JLL on Growth in Life Sciences Real Estate “Interest in life sciences real estate has jumped during the current public health crisis. MBA NewsLink interviewed JLL Executive Director of U.S. Life Sciences Markets Travis McCready, Managing Director Zach Bowyer and Senior Vice President Erik Hill about the sector. JLL recently released a new Life Sciences Emerging Markets Index report.” (Mortgage Bankers Association)
- Life Company Insights for the Year Ahead “Like the banking industry, life companies spent the second quarter of 2020 essentially working on forbearance matters and were able to work with borrowers to come up with short-term solutions in record time. Institutions also had to put money out. Consequently, more dollars went into the safe asset classes like multifamily and industrial at the expense of office, retail and hospitality. For quality or qualifying assets with strong fundamentals, combined with an accommodative U.S. Treasury, interest rates were pushed down further for the favored asset classes—a very positive outcome for borrowers.” (Commercial Property Executive)
- Salesforce to Reopen S.F. Headquarters in May, Starting with Vaccinated Workers “The city’s largest private private employer is taking a different approach than other [tech companies].” (San Francisco Chronicle)
- A Black Family’s Manhattan Beach Property Was Taken During the Jim Crow Era. The County Is Now Giving It Back, and It’s Worth Millions “A century ago, a Black couple owned a beach resort in Manhattan Beach -- a Southern California town known for its scenic expanse. An inviting soulful energy and the songs of Black entertainers radiated throughout the corridors of the dance hall and lodge. But the music and good times would not last due to the strict racial segregation that dominated American life then. Harassment from White neighbors and the Ku Klux Klan tore away at the dreams of owners Charles and Willa Bruce.” (CNN)
Five Must Reads for the CRE Industry Today (Apr. 13, 2021)
The Atlantic makes a case that luxury housing is necessary for creating more affordable housing. The Mortgage Bankers Association contacted JLL executives to talk about the U.S. life sciences sector. These are among today’s must reads from around the commercial real estate industry.