Historic Atlanta Church Unveils Big New Development Plans

Landlords for open-air retail shopping centers, many anchored by major grocery stores, announced strong leasing momentum and proceeded with rolling out new development plans despite ending the year with slimmer wallets. Four in particular — Simon Property Group, Kimco Realty Corp., Federal Realty Investment Trust and Regency Centers — recently posted Q4 2020 financial results indicating revenue slips across the board due to varying degrees of public health restrictions on retail and dining.

Simon Property’s total revenue in Q4 2020 came in at $1.1B, down from $1.5B in Q4 2019. Similar drops were recorded for the other retail landlords, with Federal Realty’s Q4 revenue dropping to $220M compared to $239M the prior year and Kimco ending December with $269M versus $296M the year before. Regency Centers’ revenue ticked down from $289M in the final quarter of 2019 to $258M in 2020. 

Simon Property, which derives 79% of its portfolio net operating income from malls and premium outlet stores in the U.S., saw a 24% decline in NOI during Q4 compared to the prior year. The year-over-year decrease was 17%, which Simon attributed to lower rent collection primarily due…

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Mark Dixon has seen a lot of upheaval in the 30 years since he started his flexible office business: the dot-com boom and bust, the 9/11 terrorist attacks, the 2008 Lehman crash and the rise of competitors like WeWork. But COVID-19 tops the lot, and it is the event on that list he thinks will change the world of work forever.

“I described it to someone recently as a 100-year storm that has affected the office industry as a whole,” the chief executive of IWG told Bisnow in an interview ahead of his keynote appearance at the Future of Office digital summit this month. “When you compare it to other recessions, it’s everything rolled into one. But we’re going from the worst time for flexible offices to a time that will be the making of the industry, because there has been a sea change in how people are supporting their workers and using their offices.” 

Dixon has been preaching the gospel of flexible work ever since setting up IWG, then called Regus, in Brussels in 1989. Since then it has grown into the world’s biggest flexible office space company, with 3,400 centres in 1,100 towns…

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"It’s difficult to get a man to understand something when his salary depends on him not understanding it." For Workplace consultant Liz Burrow that quote from Upton Sinclair sums up the real estate industry's unwillingness to face the fact that remote work is here to stay. To thrive in the…

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Bisnow's podcast, Make Yourself At Home, hears from members of the commercial real estate industry about how they are managing this new reality and gaining insight into their day-to-day approaches. You can subscribe on iTunes, Spotify and Amazon Music.

On this episode, we sit down with Jerry Salama, principal at The Janus Property Co. His firm is developing the Manhattanville Factory District — a 1.1M SF mixed-use development in Harlem that runs from west 125th Street up to 128th Street. The jewel in the crown, as Salama puts it, is the…

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