U.S. Food Halls Expected to Triple by 2020

Written on April 13, 2018 at 02:03 PM

The country has shown its large appetite for food halls has yet to be satiated. Appealing to the desire for entertaining and interactive experiences in today's retail projects, food halls are exploding in popularity. The open eatery concepts offer an array of choices to satisfy anyone's taste buds and provide communal seating and co-working space for groups to socialize or work on a project. Food halls are a great option for developers looking to drive traffic to their mixed-use project and diversify their offerings. 

Between 2015 and 2020, the number of operating major food halls will triple to 300 nationwide, according to a new report on food halls by Cushman & Wakefield. At the end of 2015, when the brokerage began tracking food halls, there were 70 active food hall projects in the U.S., which rose to 86 by the end of 2016 and to 118 at the close of 2017. There should be as many as 190 open by the end of this year, as per the report.

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Categories: Real Property, Retail

New Jersey Taxing Jurisdictions Engaging in "Reverse Assessment Appeals"

Written on April 03, 2018 at 01:02 PM

In many areas across the country, such as Pennsylvania and Ohio, it has become a common, albeit controversial, practice for taxing jurisdictions to file "reverse tax appeals" against commercial property owners. These jurisdictions track property sales, specific asset types (e.g. apartments), and other information in order to gauge potential opportunities to seek higher commercial property valuations and boost their real estate tax revenues.

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Categories: New Jersey, Real Property, Paradigm Info

Berrios Concedes to Kaegi in Contentious Cook County Assessor's Race

Written on March 21, 2018 at 11:08 AM

Amid a great deal of scandal and political fallout, beleaguered incumbent Joe Berrios conceded to challenger Fritz Kaegi Tuesday night in the primary contest for Cook County assessor as vote totals showed him far behind. Berrios has been facing backlash over the past year for reports that found his office unfairly shifted the tax burden from wealthier property owners to the poor and middle class. His ethics were also under scrutiny due to his history of accepting campaign contributions from attorneys who handle property assessment challenges and for employing family members. 

According to the Chicago Tribune, if Kaegi’s victory stands — a third candidate filed a legal challenge Tuesday evening — it would also mark a loss for the Cook County Democratic establishment Berrios leads and for his ally, state party Chairman Michael Madigan. With 96 percent of the ballots counted, Kaegi had 45 percent of the vote to Berrios’ 34 percent, according to unofficial election night results. The other candidate, Andrea Raila, had 21 percent.

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Categories: Real Property, Illinois

How to Use ‘Equal and Uniform’ to Reduce Multi-Family Property Values in Texas

Written on March 14, 2018 at 04:02 PM

By James Sutton, Regional Director - Central South, Dallas
& Bill O’Quinn, Senior Managing Consultant, Dallas

To say the multi-family market in the Dallas-Fort Worth metropolitan area is performing well would be an understatement. Deliveries were up 14 percent in 2017, vacancies were down 4 percent, rental rates were up nearly 7 percent, and cap rates were down almost 20 basis points. From a property tax standpoint, factoring all of these variables into an income approach to valuation would support higher assessed values at the appraisal district level. While this may be the case, there is another valuation method that needs to be considered before giving up on your property tax appeal.

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Categories: Real Property, Apartments, Paradigm Info, Multi Family, Texas

Five Top Markets for Seniors Housing Investment

Written on March 12, 2018 at 04:56 PM
Seniors housing continues to be in high demand, especially the  independent and assisted living subsets, due to the rapidly aging population.  Unfortunately, the influx of supply has caused overdevelopment and flattening  occupancy rates in most markets. In the fourth quarter of 2017, the national occupancy rate—based on aggregated data from 31 markets—averaged 88.8 percent, down 70 basis points year-over-year, according to the National Investment Center for Seniors Housing & Care (NIC).
 
The National Real Estate Investor spoke with several seniors housing and financial experts to learn some of their picks for the top regions around the country for seniors housing development.   Many industry insiders may be quick to say that seniors housing is overdeveloped in most markets, but that is an issue in many asset classes, particularly in places with lower barriers to entry—for example, Dallas, Houston, Atlanta, San Antonio and Denver, says Aron Will, vice chairman of debt and structured finance, seniors housing, at CBRE. There are opportunities to be found if you pay attention to what each specific market wants.
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Categories: Senior Living, Real Property

Managing a Decade of Increasing Property Taxes in the Dallas-Fort Worth Industrial Market

Written on March 06, 2018 at 12:49 PM

By Carlos Villatoro, Senior Managing Consultant, Dallas

A prominent national industrial REIT client recently asked for a historical summary of property taxes for a distribution warehouse they were considering purchasing. We were alarmed to see the property had experienced seven consecutive years of significant increases and had already budgeted for another increase in the upcoming year. Unfortunately, this trend is not specific to that one property alone. By 2020, I will not be surprised if we will have seen a decade of continual property tax increases for nearly all industrial properties across the Dallas-Fort Worth (DFW) area. In order to minimize and manage these increases as much as possible, it’s crucial to understand why and how they are happening in the first place.

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Categories: Distribution Centers, Industrial, Real Property, Paradigm Info, Texas, Warehouse

Downtown L.A. Starting to Mirror Manhattan's Glut of Apartments

Written on March 01, 2018 at 04:26 PM

More than 4,000 new apartments are forecast to hit the Los Angeles market this quarter, according to CoStar, as the first wave of as many as 30,000 in the next three years. Much of the construction is concentrated downtown, where it’s easier to build than in other parts of L.A., and almost all the new apartments will be at the higher end of the market. Signs of rent weakness are emerging as construction approaches peak, and L.A. landlords could be facing similar pains as as their counterparts in Manhattan, where a flood of supply has started to drive down rents.

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Categories: Real Property, Apartments, Multi Family, New York, California

STR: U.S. hotel property tax expense exceeds a potential $8.1 billion

Written on February 23, 2018 at 12:45 PM

The total property tax expense for U.S. hotels exceeds a potential $8.1 billion, according to a new study by STR utilizing 2016 HOST (Hotel Operating Statistics) data. The study found that roughly 36% of all hotel property tax expense resides in 15 counties. While 611 counties comprised STR’s HOST data, the report studied only those with a sufficient reporting sample. Overall,  the median property tax expense for U.S. hotels was 3.7% of total revenue with a much higher expense percentage for limited-service properties (4.2%) than full-service hotels (3.3%).

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Categories: Personal Property, Real Property, Hospitality, Hotels

Mixed-Use Properties Create Valuation Challenges for Texas Appraisal Districts

Written on February 21, 2018 at 02:48 PM

By Alex Pace, Managing Consultant, Dallas

Mixed-use properties continue to gain popularity in response to the growing desire for the convenience and walkability of urban living. Savvy real estate developers and owners understand that providing a vibrant mix of office and living space, restaurants and retail under one roof allows them to meet – and capitalize on – a variety of consumer needs. While implementing a “live-work-play” concept certainly adds value to a project, the relatively new and complex nature of a mixed-use property is creating valuation challenges for Appraisal Districts that could be costing you.

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Categories: Office, Real Property, Hospitality, Retail, Paradigm Info, Multi Family

U.S. Office Vacancies Drop to 10-Year Low

Written on February 15, 2018 at 12:41 PM

U.S. office vacancies across the major metro areas reached 11.5 percent in December, the lowest rate reported in a decade, due to cautious development and healthy absorption, according tTranswestern's newly released 2017 year-end report on the national office market. Significant net absorption in markets such as Dallas/Fort Worth; San Jose/Silicon Valley; Seattle; Northern Virginia; and Austin, Texas, contributed to this decline in vacancy, as did a deceleration in new construction starts during the fourth quarter.

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Categories: Office, Real Property, District of Columbia, Texas, Virginia

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