Building Boom: 10 Cities Approving
The Most Multifamily Permits
New apartment construction in the U.S. is set to reach a 20-year high as millennials and baby boomers continue to drive demand.
At least 345,000 apartment units are expected to come online this year, but will multifamily building continue at this breakneck pace?
One way to determine this is to look at the number of multifamily permits cities are approving. Roughly 399,000 units were approved nationwide during the 12 months ending July 31, according to RealPage. This is down roughly 8% from this cycle's peak permitting period of the 12 months ending January 2016.
But in most of the nation's largest cities, the approval of multifamily units is still increasing, in some cases close to 50% year over year. Using RealPage's data, Bisnow took a look at the top 10 metropolitan areas with the most multifamily units permitted over the last year.
1. New York City
Units Permitted August 2016-July 2017: 30,351
Year-Over-Year Change: +6.2%
The Big Apple tops the list with more than 30K,000 new units approved. In the first quarter, New York City issued construction permits for 6,343 residential units, the highest level in a decade. Brooklyn had the most…
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SunCap Property Group Breaks Ground On Draper Place In Charlotte
SunCap Property Group has broken ground on Draper Place, a 47-unit apartment property in Charlotte.
Draper Place is SunCap's first multifamily development in Charlotte, though its headquarters is here. The company has other offices in Pittsburgh, Denver and Charleston. Currently it is…
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Ally To Take 400K SF Of Crescent Communities' New Office Tower In Charlotte
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Your Workplace, On-Demand: 5 Predictions For The Future Of Work
How the rise of the nomadic creative class will transform where, when and how we work. Physical offices have always defined the working experience. But with the rise of mobile technology and the sharing economy, the tables have turned. A growing millennial workforce has shattered the traditional model of assigned desks and the nine-to-five. People can work from anywhere, at any time, and that has commercial landlords rethinking asset ownership.
Offices of the future will need to be community gathering spaces, places where companies can attract and develop talent. Buildings will become smarter, integrating with personal devices to anticipate user demand. Owners will also have to adapt as shorter leases become the new normal, as company policies shift from always present to always connected.
Download this white paper by Ryan Simonetti, co-founder and CEO of Convene, to find out how you can survive.
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VIDEO: What Do Uncertain Times Mean For The Future Of CRE Finance?
Times are changing, and with that change comes uncertainty. The rise of short-term interest rates, concerns around overbuilding and affordable housing and turnovers in government administration have led to doubts about the future of the commercial real estate financial marketplace. But in many ways the market is stronger than ever, and there are more opportunities to grow portfolios across multiple asset classes all across the country.
Bisnow partnered with KeyBank to discuss current market trends and show smart CRE professionals how they can take advantage of the current landscape.
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Catching Fire: 6 Retailers Embracing The Showroom Concept
The retail world is changing and so too is the shopping experience.
Nordstrom recently announced its new concept store, Nordstrom Local, which is set to open in Los Angeles next month. This brick-and-mortar store is a bit different than the others that have come before it. This one will operate with no inventory.
Nordstrom is not alone. These six retailers have also tried their hands at the showroom concept store, according to StreetFight.
1. Bonobos
One of the early adopters, Bonobos launched its Guideshops in 2015. The e-commerce brand offers a limited variety of its…
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5 Repurposed Mines And Quarries That Will Blow Your Mind
Mines eventually run dry, but the holes and caverns left behind can serve as stable frameworks for the right kind of reuse.
Across the globe, limestone and salt mines and rock quarries that long outlived their original intentions are being repurposed into tourist attractions, data centers, nature parks and hotels. Here are five examples.
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