BISNOW Presents the 2017
RICHEST IN REAL ESTATE
No other industry carries as much influence on our lives: where we work, how we eat and shop, the way we experience sports and entertainment — and how that all relates to wherever we call home. Commercial real estate is at the core of our daily lives. That’s why it would be an injustice to only gauge this industry in concrete, steel, dollars and square feet. This is an industry full of innovators solving complex problems for the masses — a collective that goes far beyond the honorees below. Lists are inherently imperfect, which is why I am billing ours as the (almost) definitive list of power, money and innovation in the industry. But it is categorical in one respect: these men and women have profoundly transformed our neighborhoods and reshaped our cities, businesses and lifestyles. We live in their world.
Mark F. Bonner, Editor-in-Chief, BISNOW
WHY MILLENNIALS ARE MOVING TO THE SUBURBS
AND WHERE THEY’RE LANDING
Millennials’ affinity for cities seems undeniable, as the increasingly car-less contingent relies on the accessibility and conveniences that urban environments offer. Many millennials value the entertainment, nightlife and energy of major cities, but as they mature, accumulate wealth and contemplate settling down to start families, a growing number are finding the frenetic pace of city life does not suit their aspirational lifestyle. A 2013 Demand Institute Housing and Community Survey found 48% of millennials want to live in the suburbs, while only 38% wanted to be in cities.
MULTIFAMILY DELIVERIES SLOW AS OF Q3:
HERE’S WHAT INVESTORS, OPERATORS NEED TO KNOW
U.S. multifamily rents did not end the summer months with a bang. Rent growth slowed nationwide, as did the delivery of new product, which was expected to cause market pains toward the end of the year. Click “Read More” to read about three quick multifamily trends to note coming out of Q3, according to data compiled by Yardi Matrix.
PORTMAN FILES TO BUILD ANOTHER MIDTOWN OFFICE SPEC PROJECT
Portman Holdings is taking the first steps to add another 600K SF to Midtown’s hot office market. The local firm filed permits with the City of Atlanta to raze an existing SunTrust Bank building and prep the site for new office buildings at 740 West Peachtree St. The permits were filed just weeks after Portman announced plans to develop a two-tower, mixed-use office project that will include 10K SF of retail, a 5,500 SF bank and 140 residential units across the street from its Coda project. Portman Director of Leasing Travis Garland previously told Bisnow that the developer intended to move forward on construction without any office tenants committed to leasing space. It was unclear as of press time whether Portman intends to develop the entire project on spec or only a portion of it.
MOORE COMMERCIAL GROUP
Carlisle Village & Village at Towne Park
$19,000,000 / 18,472 SF
117 Karima Circle, Rincon GA 31326
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Airbnb May Alleviate The Rivalry Between Hotels, Online Travel Agencies
The rivalry between major online travel agencies and hotel companies is heating up, and home-sharing behemoth Airbnb could help alleviate some of the tension.
Once upon a time these two segments within the hospitality industry maintained a cooperative relationship that benefited both: hotels provided online travel agencies with a booming, long-standing business to market to the masses, and OTAs provided the visibility hotels needed to increase bookings. That relationship has grown contentious as booking sites increase market share and raise commissions, undercutting hotel companies’ bottom lines.