According to a new report from CBRE, the growth of online grocery sales has the U.S. market for cold-storage warehouses poised for strong growth, potentially creating demand for up to 100 million sq. ft. of industrial cold-storage space over the next five years. That forecast stems from a projection by the Food Marketing Institute and Nielsen that groceries ordered online will account for 13% of total grocery sales by 2022, up from 3 percent in 2018. Such growth would amount to an additional $100 billion in annual grocery sales conducted online. This outlook portends significant changes for the industrial cold-storage industry, which at 3.6 billion cubic feet (an estimated 214 million sq. ft.) currently accounts for a tiny portion of U.S. industrial-and-logistics real estate overall. Click to read more at www.worldpropertyjournal.com.
With the advancements of public transportation, automobiles, and the rapidly developing highway infrastructure of the 19th and 20thcenturies, suburban sprawl was ignited as city dwellers escaped the bustle of city life and spread out with abundant stores and activities to enjoy just a short ride away.
However, human nature is to cluster vs. disperse and as such, people naturally gravitate to coming back together to live, work, play, eat, and shop all in the same district, with as little traveling required as possible.
Click to read more at dmagazine.com
The aging office park is getting a face-lift.
Once a proud symbol of suburban working life now suffering from high vacancy rates in many parts of the country, corporate office parks are being reimagined as sports domes, upscale town houses, retail shops and green gathering spaces, among other possibilities.
“It’s an obsolete model for an office,” said Robert Youngentob of the Maryland-based developer EYA, which has begun constructing upscale town houses in sections of an office park in suburban Bethesda, Maryland, including some that are selling for about $1 million.
Click to read more at Houston Business Journal.
Amazon enters grocery business with $13.7 billion purchase of Whole Foods. After testing a variety of concepts to enter the grocery store segment, Amazon recently announced an agreement to acquire Whole Foods Market for $13.7 billion. The purchase gives the e-commerce giant instant access to the grocery store business, which accounts for consumer spending of more than $636 billion per annum. More importantly the purchase highlights the importance of omnichannel platforms, which incorporate a blend of brick-and-mortor establishments with an online footprint to drive traffice and sales.
A number of bills passed creating and/or empowering MUDs and giving them road district powers.
- HB 777: Effective immediately. Prevents the loss of open space ag appraisal while owner is on military deployment or stationed outside the state.
- HB 1288: Effective immediately. County commissioner’s courts may contract with a broker to lease property owned by the county.
- SB 345: Effective immediately. Certain municipalities may use certain tax revenue from hotel projects to pay certain hotel-related bonds or other obligations.
- SB 550: Effective immediately. Deals with sale or assignment of tax credits for certified rehabilitation of certified historic structures.
- SB 1086: Effective immediately. Prohibits a state agency from public internet posting of information that identifies taxable receipts of an individual business if they are contained in or derived from information required to be provided in a HOT tax report.
- SB 1229: Effective immediately. County commissioner’s courts may contract for solid waste services in certain municipal ETJs.
- SB 1365: Effective immediately. Use of HOT taxes for sporting event tourism expanded.
- HB 807: Effective 9/1/17. Clarifies provisions relating to choice of law and venue for construction contracts.
- HB 1774: Effective 9/1/17. Clarifies procedures and damages in deceptive, unfair, and prohibited insurance practices. Provides for an increase in damages.
- SB 347: Effective 9/1/17. Regional water planning groups and their committees are subject to the Open Meetings Act.
Retail real estate in Austin is in short supply with a metro-wide vacancy of just under 4 percent, but another new development will be underway shortly near Southpark Meadows in far South Austin. Encore Enterprises, a Dallas-based real estate investment firm, has signed several tenants for its South Congress Station planned for 8900 S. Congress Ave. The move comes as retail product demand among Austin consumers remains strong — and rental rates for retail space soar amid a tight supply market, according to recently released data in Marcus & Millichap’s Retail Research Market Report.
Click to read more at Austin Business Journal.