Check out the latest roundup of top national stories reported by the CoStar News team over the past week.
Office Enjoys Steady Q2 Leasing Momentum
Net absorption of U.S. office space just about matched the same period last year in the first half of 2016 as and the national vacancy rate dipped to 10.6%. CoStar economists say with high-quality space increasingly in short supply, the vacancy rate will continue to drift down for the next two years.
Technology Behind Pokémon Go Could Be Transformative For CRE
When it comes to high-tech solutions for marketing commercial property, CRE professionals gotta catch ‘em all. From mapping out site tours to creating virtual site plans, the industry is exploring the potential of augmented reality apps to create immersive experiences for brokers, landlords and tenants.
CalSTRS Seeking to De-Risk CRE Portfolio Beginning with Multifamily
California State Teachers’ Retirement System, the nation’s second-largest public employee pension fund, says it plans to take steps to lower exposure in its real estate investments in the coming year. The $189 billion fund will exit multifamily and liquidate non-strategic real estate assets.
Activist Investor Takes Aim at Buffalo Wild Wings Restaurants
Hedge Fund operator and activist investor Richard McGuire III hopes to cook up a plan to improve returns for shareholders, including possibly selling some leased properties to franchisees. McGuire outlined his proposal in disclosing a 5.1% stake in the chicken chain.
Familiar Name Leads Big Buyer In Liberty Property’s Portfolio Sale
Workspace Property Trust, headed by former Mack-Cali President and CEO Thomas Rizk, has made its second major deal with Liberty Property Trust since the end of 2015. Workspace and partner Safanad have finalized an agreement to buy 108 suburban office and flex buildings in four states.
Under Armour Leases Former FAO Schwarz Flagship, Plans Roll Out in 600 Kohl's Stores
Under Armour has signed a new distribution deal with Kohl’s and leased the former FAO Schwarz flagship store on Times Square. The moves are part of a plan to bolster the sports apparel maker, which has been hurt by the collapse of Sports Authority, its biggest customer.