RECA Weekly NewsWire
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August 11, 2016 In This Issue
Top Stories
Local News
National News
Austin Tree Experts
Equity Secured Capital
Professional Janitorial Service of TX
Top Stories
More than 500 commercial real estate professionals attended the half-day RECA Exchange yesterday at the JW Marriott.
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The Federal Reserve on Wednesday opened the door a crack to lifting interest rates at its next meeting in September.
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It turns out Texas has a few metropolitan regions will allow for a great professional and personal way of life. At least that’s what a recently released study by job search and career information site, Careercast.com.
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The drop in homeownership is largely due to a delay in homebuying by the millennials, who have the lowest ownership rate of their age group in history. Millennials are not only burdened by student loan debt, but they have also delayed life choices like marriage and parenthood, which are the primary drivers of homeownership.
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Local News
With downtown Austin office rents soaring, office location can have a big impact on a company’s overhead. It can also affect worker retention if that location drastically changes the employees' commute times.
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The project qualifies for the city’s Fast-Track Site Plan process, which likely explains why Oracle (NYSE: ORCL) has been able to pull the trigger so quickly on a major development in a city where other proposed projects languish for months awaiting approval due to staffing issues and a cumbersome construction process.
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A foreign investor that's shopping the deal is expected to pay close to $400 per square foot for the tower.
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National News
Peaking office rents are becoming a problem in many markets. Tenants have shown they’re willing to expand, but as high demand pushes rents to record levels amid Brexit and the upcoming election turmoil, experts say tenants might have an excuse to delay decisions until 2017.
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There are now nearly 54,000 LEED certified or registered projects in the U.S. spanning some 7.8 billion square feet. The trend will likely continue as commercial owners plan to invest an estimated $960 billion globally between 2013 and 2023 on greening their existing built infrastructure, according to the U.S. Green Building Council.
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Almost one in four U.S. renters spends more on housing than they can afford, according to a report in June from Harvard University‘s Joint Center for Housing Studies—and the problem gets worse at the lower end of the income spectrum. About 10 million renter households earn 30 percent or less of the area median income, accounting for a quarter of the renter population. The U.S. would need to add more than 7 million cheap apartments to meet demand from such extremely low-income renters, according to a recent report from the National Low Income Housing Coalition.
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Its developers envision a thriving business, education, and entertainment district, highlighted by a huge observation tower and aquarium.
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