Delve Underground’s Post

AMEN! Terrible strategic planning…exactly why HR 4052, the creation of the Nation’s fifth National Infrastructure Bank is so extremely important. Planning and associated project funding must be totally integrated. #nationalinfrastructurebank

Office-to-residential conversions are on the rise, and creative solutions are needed to combat complications such as zoning issues. Transportation expert Peter Lemmon shares his advice for these adaptive reuse projects in a Smart Cities Dive article—emphasizing the importance of considering curbside management and parking arrangement. #Transportation #KimleyHorn #CurbManagement

Here are Five Fast Facts regarding the Houston office market as of Q2 2024. Unlike other major US markets, its hard to believe Houston only has 350,000 SF of new office development currently under construction. A valued developer client made the comment yesterday that over the last few development cycles Houston has shown great discipline in kicking off new developments. This is unlike many other major US cities that currently have millions of square feet still under construction, all to deliver into a very challenging US office market. Houston continues to excel in job growth and C&W believes our vacancy % topped out in 2023, so with job growth and limited new construction we believe the outlook is favorable for the Houston office market for the years ahead. #houstonofficemarket #cre #officeleasing #office #officeforlease #officemarket #houston #houstonrealestate #htx #commercialrealestate #leasing #oilandgas  #finance #law #energy  #cushmanandwakefield #business #technology #innovation #design #architecture #management

Property pivots are becoming increasingly common as the demand for industrial space rises. The latest example of this trend is this #office-to-#industrial conversion happening in Santa Ana, California. The property was already zoned for industrial use, and the city has been supportive of the plan. Might we see some pivots here in the Triangle? And if so, where would it be? #realestate #industrial #propertyconversion

Office: The ‘broken merry-go-round’ asset class. 🍀 SoCalGas is vacating 411k SF in one DTLA tower, and leasing 200k SF in another nearby DTLA tower, for a net 55% reduction in office space. And … The Gas Company Tower at 555 W. Fifth Street is expected to have lost about 2/3 of its value or about $400 million. The County of LA is negotiating to buy the old vacated tower, which - if the deal closes - would in turn cause the County to vacate space in a host of other office buildings. Round and round she goes, and where she stops, nobody knows. Well, actually, there will [eventually] be binary win/lose outcomes for office buildings. The big question being which ones will be the winners? 🍀 From CoStar News: “Utility giant Southern California Gas Co. is joining the cohort of national office tenants relocating and downsizing their real estate footprints with a deal to leave its longtime Los Angeles hub in the utility's namesake tower.” “SoCalGas occupies more than 411,000 square feet in its Gas Company Tower building a block away at 555 W. Fifth St., according to CoStar data.” “The company — the largest gas distribution utility in the United States — has been headquartered at the tower for more than three decades. Its current lease is scheduled to expire by October 2026.” “The company signed a [new] lease with CIM Group to fill about 200,000 square feet in the landlord's Two California Plaza office tower at 350 S. Grand Ave.” “A team of JLL brokers was hired in May to market the [555 Tower] property, and the county of Los Angeles emerged with a tentative agreement to acquire it for $215 million in a foreclosure sale.” “The Gas Company Tower was appraised in 2020 at $632 million but was valued at about $200 million when it hit the market earlier this year, according to financial services firm Barclays.” “Court filings tied to the receivership indicate the property could land a price tag of as much as $220 million. However, the loss of SoCalGas as the building's anchor tenant could be a drag on any potential deal.” 🍀🍀🍀

#Retrofit and #OfficeConversions are a hot buzz topic right now with the high vacancy rate for office buildings in many cities. But this excellent article from #EllisDon goes through the high level issues confronted with what is entailed in doing one of these conversions. Basically - don't jump in on the bandwagon, do your homework and know the numbers, before you start.

Austin's path to smoother mobility just got a bit clearer. 🏙️🛣️ The Urban Transportation Commission has been briefed on the recent restructuring aimed at enhancing the efficiency of the city's myriad road projects. With a focus on specialized offices driving engineering, design, and delivery, the goal is to keep Austin moving without missing a beat. The reorganization is set to ensure that our streets—not just the projects but also maintenance—meet the high expectations of our community. #UrbanMobility #TrafConServices #AustinInfrastructure

Overlooking Union Station and three blocks from the U.S. Capitol, the outdated office building located at 20 Massachusetts Avenue was set to undergo its transformation to become a mixed-use experiential urban destination. Instead of demolishing and rebuilding from scratch, the project team remodeled the complex to save time and resources, resulting in less environmental impact. They expanded the building to 523,000 square feet and increased the height and width. The building, completed in 2023, now includes eco-friendly and advanced technological elements for hotel guests and office users. DPR Construction carried out a detailed design and pre-construction planning using Bentley software, determining that using prefabrication would keep the project on track and reduce disruption to the local Washington, D.C. community. This approach cut two months off the construction timeline, which started in April 2022. By repurposing the existing 20 Mass structure, they eliminated CO2 emissions by 6,905 metric tons. The building’s 50-year history as office space for the federal government is now the past as its visual and experiential relationship to the Massachusetts Avenue corridor and the surrounding neighborhood has been transformed. #construction #engineering #infrastructure #washingtonDC #20Mass

https://lnkd.in/gxhbYSUQ Where is the world going? The attached article states that cranes used for high-rise buildings in Chicago will disappear this year. Due to the impact of the new coronavirus, the rise of remote work and rising interest rates due to inflation have caused commercial real estate to rise in borrowing costs, causing the value of office buildings to plummet, throwing banks into turmoil and making it difficult to finance new projects. There are a lot of anxiety factors. In Tokyo, where I live, there is still a lot of construction of office buildings, etc., and you can see many cranes, but in reality, there are very few companies that would rent such offices and expand their investments, and I am concerned about the future. . Looking at the overall picture, renewable energy-related fields have gone from a temporary boom to a focus on reviewing the operating costs of the business itself and on total operating costs, including facility disposal and renewal costs. The construction industry is also affected by climate change due to rising atmospheric concentrations of CO2, and the lifespan of existing infrastructure is shortening due to various reasons such as acid rain and salt damage, and countermeasures are needed. Of course, the government is already under various financial burdens, and with the budget deficit running even higher, there is no money to demolish old infrastructure and build new infrastructure, and if the government simply proceeds with this scrap-and-build process, It only increases CO2 emissions. Considering this environment, I would like to contribute to solving environmental and financial problems by approaching overseas institutions to develop technology that extends the life of infrastructure (concrete, the main component).

🏗️ Flexible, Efficient, Reliable—Modular at Its Best Need a quick turnaround without compromising on quality? Our fast-paced modular solutions deliver exactly that. From offices to housing, we provide the adaptable and dependable structures you need to keep your projects on track. #ModularFlexibility #ConstructionEfficiency #NorthgateIndustries #ModularSolutions #EfficiencyInAction #ModularConstruction #ProjectExcellence