Phoenix Mills is one of Indias largest mall owners and operators and therefore, is a good proxy for the expected domestic consumption growth story, which is boosted by the burgeoning urban middle class. Analysts are getting attracted to this counter now because Phoenix was able to report decent numbers for the second quarter of 2019-20 despite the overall weakness in the consumption space. A 66% y-o-y jump in revenue from commercial portfolio helped Phoenix to achieve this.

With the completion of its mall construction getting nearer, Phoenix is expected to report better numbers in the coming quarters. As of now, Phoenix is constructing five retail properties in different cities including Lucknow, Pune, Bengaluru and Ahmedabad. The Lucknow mall has already reached the fit-out level and the same is being handed over to the tenants for interior work. This mall is expected to be fully operational by February 2020. Around 75% of the space in Lucknow has already been leased out and since the demand is high, the remaining portion is also expected to be leased out soon.

Construction progress of the remaining four retail assets are also satisfactory. These are expected to be fully operational between 2020-21 and 2022-23 in a phased manner. Phoenix also has exposure to office space and hotel space. It has around 2 million sqft office space ready and the another 1 million sqft office space is in progress. Phoenix has already spent Rs 230 crore in the first half and is expected to spend around Rs 600 crore in the second half of 2019-20. If one considers its development plans, the total capex in the coming financial years will be to the tune of Rs 2,000 crore. Since the net debt equity is now placed at a comfortable 1.08 times, these new capex plans will be funded using debt and equity.

Reasonable valuation, ie compared to other real estate players, is another factor that is attracting analysts to this counter. While retail and office rentals are showing stable growth now, the hotel space is facing some hiccups. That means, Phoenix will continue to report stable growth in coming years and the expected spurt in growth will come from the cyclical upturn in the hotels sector.

Analysts viewsBuy: 16

Selection MethodologyWe pick up the stock that has shown maximum increase in consensus analyst rating during the last one month. Consensus rating is arrived at by averaging all analyst recommendations after attributing weights to each of them (ie 5 for strong buy, 4 for buy, 3 for hold, 2 for sell and 1 for strong sell) and any improvement in consensus analyst rating indicates that the analysts are getting more bullish on the stock. To make sure that we pick only companies with decent analyst coverage, this search will be restricted to stocks with at least 10 analysts covering it.

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Stock pick of the week: Phoenix Mills is beating the odds, despite weakness in consumption space - Economic Times

TORONTO, Nov. 25, 2019 /CNW/ - Menkes Developments Ltd., in partnership with Healthcare of Ontario Pension Plan (HOOPP)and Sun Life Financial, is pleased to announce the new address of legendary comedy institution The Second City will be One York Street, its large-scale mixed-use complex at York and Harbour Streets. The iconic comedy company is set to occupy 28,700 square feet on the third floor of the retail podium and operate multiple comedy theatres for live performance, the Toronto branch of its world-leading improvisation-based arts school, and a games-driven bar and restaurant.

Connected to Toronto's comprehensive PATH network, the two million-square-foot complex was developed by Menkes and includes a 35-story Class AAA office tower, two 70- and 66-story condominium towers known as Harbour Plaza Residences, a four-story retail podium with 170,000 square feet of commercial retail space, and a four-level underground parking garage.

One York's central position in the South Core and its direct access to Toronto's PATH network have already made it an attractive destination for both Torontonians and visitors to the city. The addition of The Second City to complement One York Street's existing dining and retail offerings, along with its proximity to Union Station and the Scotiabank Arena, will further enhance the entertainment hub.

"We are proud to embark on this exciting partnership with Toronto's legendary comedy theatre," said Peter Menkes, President Commercial/Industrial. "The Second City will be the perfect addition to this mixed-use complex, adding entertainment to our exceptional list of retail tenants, and further solidifying One York Street's position as the ultimate, live, work, play environment."

"Since The Second City came to Toronto in 1973, this city has developed some of the finest names in comedy: Dan Aykroyd, Gilda Rader, Catherine O'Hara, Eugene Levy, Andrea Martin, Martin Short, Mike Myers, Colin Mochrie, Nia Vardalos...the list goes on. Our new home will allow us to continue the tradition of discovering new talent while affording us additional stages for diverse programming like She The People," said Andrew Alexander, CEO and Executive Producer of The Second City.

"The Second City is excited to break ground on three new state-of-the-art theatres, as well as provide increased classroom space for our ever-growing Second City Training Centre, which serves thousands of students of all ages every year," added D'Arcy Stuart, Chief Operating Officer of The Second City. "This is also a prime opportunity for us to add dynamic multi-use spaces to accommodate groups, meetings, celebrations, and events of all sizes. We are excited to be part of the Menkes vision for the South Core."

Set in the vibrant South Core district, the property is located in close proximity to some of the City's landmark entertainment venues, such as Scotiabank Arena, the Rogers Centre, Ripley's Aquarium of Canada and the CN Tower.

The Second City is expected to open in the fourth quarter of 2020.

About MenkesMenkes Developments Ltd. is an award-winning, fully integrated real estate company involved in the construction, ownership, and management of office, industrial, retail and residential properties. Founded in 1954, the company is one of the largest private developers in Canada, with a primary focus in the Greater Toronto Area. Menkes is known for its innovative, multi-disciplinary approach and particularly for its expertise in large-scale, mixed-use development. Past projects include the Empress Walk entertainment, shopping and residential complex in North York City Centre, and two landmark projects in Toronto's South Core district, 25 York (TELUS House) office tower and the two million square foot One York commercial retail complex. The company's latest project Sugar Wharf is a waterfront community on an 11.5-acre site in downtown Toronto, which will be anchored by a new two-acre park. For more information about Menkes, please visit menkes.comand follow us @MenkesLife.

About The Second CityThe Second City, a 100% Canadian-owned company, is the premier brand in improv-based sketch comedy. Dedicated to entertaining, inspiring, and transforming through courageous comedy, the company's resident stages in Toronto and Chicago, plus five Touring Companies and a booming Theatricals division, entertain an additional one million theatergoers a year around the globe, and alumni of The Second City include some of the most lauded names in comedy history. The Second City Training Centre, which includes the Harold Ramis Film School, is the largest school of improvisation on the planet, with locations in Toronto, Chicago, and Los Angeles. Second City Works, the B2B side of The Second City, focuses on hands-on learning, digital content, and consumer insights, while Second City Entertainment's foray into television and media produces new and classic content and programming, including two-time Emmy winner SCTV. For more information, please visit secondcity.com.

SOURCE Menkes Developments Ltd

For further information: Jamie Okorofsky, Menkes Developments, Jamie.okorofsky@menkes.com, 647-252-1952

Link:
Menkes welcomes The Second City to its new home at One York Street - Canada NewsWire

For anyone working within the commercial construction industry, figuring out the costs per square foot may appear somewhat elusive at first glance, even after conducting preliminary research. While there are no easy answers, compiling accurate data for the project including its location, the type of building youre looking to build, and the local economy all are vital factors to take into consideration when estimating commercial construction costs.

Keeping this information in mind, it is essential to understand the cost drivers for any commercial project and how building type, construction type, and location can all be huge variables thatwill drive your cost per square foot. These arealways a part of the initial programming discussions, and the architectwill play a crucial role in determining projected expenditures. In this article, well explore the different types of commercial construction costs based on the type of building, location, and other variables that affect a projects bottom line.

First and foremost, it should be noted that not all types of construction cost the same per square foot, and even more importantly, the cost of construction per square foot varies substantially with location throughout the United States. For example, in the instance of a single-story office building, location alone can represent as much as 70% of the cost driver, as the median range for this type of construction is between $160 and $170 per square foot. Not surprisingly, New York tops the charts for the most expensive city to build in for every type of structure.

On the other hand, convenience stores are generally less expensive to construct than other building types due to their more simplistic architectural nature. The median cost for this commercial building type is usually around $100 per square foot. However, with the new trends in fast-food becoming more of a boutique experience, the cost for a typical fast food restaurant is steadily on the rise. Expenses for kitchen equipment also drive the costs of this building type to a median of nearly $200 per square foot.

Additionally, climate also plays a big part when it comes to location-specific expenses for example, buildings in colder climates may need to handle large volumes of snow and therefore be engineered accordingly; the same logic would apply for structures that are built in areas prone to hurricanes.

With so many variables involved, price figures per square foot can vary radically in the instance of commercial steel buildings. While the interior and exterior finishes are the primary contributors to driving overall costs, local building regulations can also influence the cost of a steel commercial building. Before signing a contract for a prefabricated steel commercial building, it pays to check into local building requirements to ensure the building will satisfy building codes. Furthermore, most local jurisdictions require a building permit for the construction of a commercial steel building.

According to Statista.com, commercial property refers to property used for business purposes. A popular area for investors, commercial properties are often rented out to other individuals or companies, who then use the spaces to run their businesses. The U.S. commercial property sector is comprised of the following key segments: industrial, retail, office, lodging, and amusement. The value of private office construction starts in the United States amounted to 6.6 billion U.S. dollars in the first half of 2017.

The site also reports that the commercial construction industry in the U.S. has been steadily expanding since 2010. For instance, approximately 72.24 billion dollars worth of commercial buildings were constructed in the United States in 2016. The number of individuals employed within the industry has increased accordingly, and projected to continue through 2018.

Statistics have also shown that commercial rents are on the rise in all sectors: while average retail rent was projected to rise by 0.9% by the end of 2016, rental rates in the office real estate sector was set to increase by 1% in the fourth quarter of 2016. Most notably, vacancy rates in both the retail and industrial real estate sector have shown a declining trend, and were projected to amount to 11% and 6.3%, respectively, as of the third quarter of 2018.

Depending on the breadth and type of commercial construction project you are planning, there are a number of different ways to save and/or allocate your expenditures when pricing out materials and labor. Below, a general guideline to keep in mind when researching your options:

Based on the information covered in this article, it should come as no surprise that the cost of constructing new commercial spaces is changing in 2018. In fact, research indicates that it may be a good time to invest in commercial, industrial, and multifamily construction across the U.S. Below, some of the national and local industry factors that currently impact the cost of commercial construction in 2018:

Across the United States, the cost to insure non-combustible construction materials (e.g., concrete) is less costly than insuring combustible construction materials (such as wood and plastic). Insurance costs may also be higher in some regions of the country where environmental and geographic features can increase the risk of structural damage.

For example, in New Jersey, the cost to insure concrete is far cheaper than the cost to insure wood. Insurance premiums for commercial properties in Edgewater, New Jersey were estimated to cost over $52,000 to insure wood, compared to $22,120 to insure concrete. In commercial property construction, opting to construct with concrete instead of wood will lead to an average of 57.7% savings. Additionally, insurance rates can also be dependent on specific architectural factors, such as how a commercial propertys roof is constructed. Construction companies have different insurance pricing systems, so insurance prices fluctuate across the state. Therefore, its wise to compare contractors before you proceed with any commercial construction project.

It was projected that in 2018, fabricated steel would see a substantial drop in price. However, with President Trumps recent plans to place heavy tariffs on steel imports, this could impact the cost of fabricated steel dramatically. The US produces 5% of the worlds steel, one of the top five producers of steel in the world. China produces 49% of the worlds steel, followed by the European Union at 10% of global steel production.

Should the Presidents 25% tariff on steel imports be passed into law, the cost of steel in construction would see a considerable increase. While the U.S. produces a fair amount of steel, the U.S. construction industry still relies heavily upon imported steel. There would also be a 10% tariff on aluminum imports, another material that is fundamental to sustainable construction efforts. Whether or not the steel tariffs pass through legislation will determine how the cost of steel changes, both domestically and internationally.

According to reports as seen in Curbed.com, there is a shortage of skilled construction laborers across the United States. Even with tax reform and regulatory rollback increasing optimism many firms predict more business and new hires in 2018, according to a survey by the Associated General Contractors of America builders and developers are uncertain as to where they will find additional skilled labor.

With the U.S adding roughly 210,000 new construction jobs in 2017 according to the Bureau of Labor Statistics, and currently experiencing low unemployment, the industrys growth keeps it from getting ahead of rising demand for workers. Research has shown that part of this trend is due to the rise of younger generations pursuing white-collar careers over blue-collar careers. Explains Randy Strauss, owner of Strauss Construction in Amherst, Ohio, The number one issues is the cost and availability of labor. Generation Z, which reflects individuals under the age of 21, are increasingly attending higher education over vocational schools. Frank Shaw, an economist with Fannie Mae, says that the data shows hiring and wages are up for construction workers, but building is still slow overall, based on pre-recession numbers.

In fact, ever since the recession, more than 1.5 million residential construction workers have left the industry, and those in todays building trades have an average age of around 50, which in turn drives up the cost of labor. Since there are not many young professionals moving into a career as a construction laborer, the price of construction will continue to be more expensive than in years past. Therefore, the cost of employing skilled construction laborers will need to be a factor in your projects budget.

With todays ever-increasing popularity to comply with environmentally-friendly designs, modular construction options remain a popular choice for commercial construction. These green options consist of pre-fabricated pieces of a building, which are built off-site and consequently lead to minimal site disruption, as well as an efficient construction completion. The price of modular commercial construction can vary substantially, from costs ranging from $35 per square foot to as much as $100 or more per square foot.

On a national scale, modular construction costs average between $35,000 and $200,000. Research has shown that the cost of modular commercial construction across the country will be impacted by the labor shortage and cost of construction materials. However, since the site for construction is shorter, the expenditures for skilled laborers will be less costly than in other projects.

As the rise of e-commerce giants such as Amazon and Blue Apron increases, the demand for new industrial spaces across the country continues to grow. Because of the heavy demand, the cost to rent industrial spaces is extremely expensive, with some spaces costing as much as $88 per square foot. Although constructing a new space may seem costly at first glance, it will be a wise investment in the long run.

Due to the reliance upon more expensive materials (such as steel), a larger industrial space will cost more to construct at the outset; however, the cost per square foot will be more attractive to new clients. New industrial warehouse construction will, therefore, find tenants easily due to the increased demand for more space.

In summary, the cost of commercial construction will be heavily impacted by the fluctuating costs of building materials. The shortage of skilled construction laborers will also impact construction expenditures. However, according to statistics and current industry trends, the United States is poised to see growth in construction efforts throughout 2018 and beyond.

Link:
Commercial Construction Costs Per Square Foot 2018 | ProEst

TECH 24 CONSTRUCTION is the premiere commercial build-out contractor serving the Virginia, Maryland and Washington, D.C., areas, providing expert retail construction and remodeling services. We offer retailers ground up construction, complete build-outs, customization, and refresh services.

With more than 200 employees and 120-plus tradesmen covering projects in Maryland, Virginia and the D.C. metro area, TECH 24 CONSTRUCTION is ready to serve all of your retail store construction and remodeling needs.

TECH 24 CONSTRUCTION specializes in the new construction of retail stores. Our experience, expertise and attention to detail is what sets us apart from other commercial contractors. Weve providedretail store construction to businesseslike River Bend Country Club in Great Falls, VA; Revolution Cycles Inc.; Safeway; Le Pain Quotidian in Bethesda, MD; and many more.

We place a heavy emphasis on pre-construction planning, scheduling and logistical analysis because when it comes to retail construction, these are the areas that ensure a projects success. At TECH 24 CONSTRUCTION we always work closely with the owner, building management, your design team and our sub-contractors to make sure your project is delivered on time and on budget.

Today, retailers need to keep shoppers engaged, keep up with the newest trends in design, products and services, and keep profits up. Store design makes a huge first impression on shoppers.

The layout and feel of your store can be the difference between keeping and losing customers. At TECH 24 CONSTRUCTION we stay abreast of the newest retail renovation trends that can help keep customers in your store and buying your products.

Whether its in-store entertainment spaces, feature walls or retro hipster chic style, we do the work to create the exact look and feel youre seeking. With our attention to detail and master craftsmanship, we can update your retail establishments look, feel, layout and flow. We offer a full range of retail remodeling construction services from a refresher update to a gut remodel, TECH 24 CONSTRUCTION is ready to help.

If youre planning a retail construction project, give TECH 24 CONSTRUCTION a call at 1-800-820-7194. Our team of professionals will work with you to deliver the design you seek on time and on budget. If you have any questions at all, please feel free to use the contact form on this page or to visit us at 5256 Eisenhower Ave, Alexandria, VA 22304 in the Landmark neighborhood of Alexandria, VA.

Whether its a complete ground up project, a customization, refresh or complete remodel, you can count on our craftsmanship, attention to detail and experience to create the retail space you desire. TECH 24 CONSTRUCTIONis a retail contractor that hasbeen proudly serving retailers in Maryland, Virginia and the D.C. metro area since 1998.

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Retail Space Construction & Renovation in Washington D.C ...

When looking for commercial office space to lease you typically dont find exactly what you want ready to move in. Most spaces are going to need some sort of office build out (aka tenant finish out) whether it be new carpet and paint, demo walls / build new walls, add a sink with cabinets, etc. Many companies get overwhelmed with the thought of building out a space or the cost involved and never understand that its a negotiable item that the landlord will potentially pay for as long as you have good financials and meet a few other terms and conditions. You never know until you ask right? Below we give a few rules of thumb to follow on office space build outs, what a buildout means, average costs, and who pays.

The definition of anoffice build out is basically when a landlords contractor or your contractor do construction on an office space to install walls, carpet, paint, sinks, hvac, ceiling, lighting, plumbing, bathrooms, etc. The process of building out office space is also known as a tenant finish out or tenant improvements. Who pays for an office build out depends on how you negotiate your lease contract. In some cases the landlord will pay for 100% of a standard build out, however If you want high end finishes then you may end up coming out of pocket a little. The management of this process also depends on the size and scope of work. For most small jobs the landlords property manager will manage the construction however in other cases such as larger office leases the tenant may choose to have their own project manager on the job.

There are typically a couple ways to go about negotiating this. You can either negotiate to have the landlord turnkey the build out or give a tenant improvement allowance

This is where the landlord builds out the space per the tenants specifications and at the landlords sole cost. All the tenant has to do is turn the key. During the lease negotiations the tenant and landlord engage the landlords architect to design a mutually agreeable plan. The allowances will all be building standard and the tenant picks the carpet and paint colors. The downside of a turnkey build out is that the landlord will cut corners where they can to keep costs down, sometimes even purchasing lower grade carpet or picking a contractor strictly based on price not quality. If you are leasing less than 10,000 sf or doing a short term lease then in most cases this method is fine.

In this situation the tenant controls everything and can select its own architect, contractor, finishes, etc. Also if they stay under budget and there is any TI allowance remaining they may be able to use for other stuff. The TI allowance is agreed upon during the lease negotiations and the amount will be contingent on the lease term length, tenant financials, etc. Before finalizing negotiations and signing a lease its a good idea for the tenant to get preliminary construction bids to ensure that there will be enough to cover the improvements and how much they would need to personally come out of pocket if needed. If you are leasing more than 10,000 sf then this is the best way to go.

You may think that every space is going to match your needs exactly and be move in ready however that is not often the case. A space in one building could be in shell condition (aka 1st generation space) meaning it has never been occupied before and all you see is a concrete floor and nothing else. A space in another building could be 2nd generation space which means it has been built out and occupied before. In either case you like both buildings however the existing office layouts dont match your business needs. For example maybe you want 5 offices instead of 3 or you dont want any offices at all so you ask that they all be removed.

Office build out costs depend on the market you are in, level of improvements and scope of work. New spaces in shell condition (never built out or occupied) will cost more than 2nd generation (already built out & previously occupied) space. If you are simply installing new carpet and paint then estimate about $6-10 sf. If you are building out office space from shell condition then expect the costs to be around $40 to $50 sf for building standard level finishes. If the space has already been built out before and previously occupied then $15 to $30, however again that depends on the scope of work and level of finishes.

Medical office space buildouts are also typically more expensive than professional offices and average $50 to $100 sf.

They key to getting the best price is to get at a minimum 2-3 construction bids before signing a lease. That way if the estimated costs are above what the landlord is offering for the tenant improvement allowance then you can go back to the negotiating table and ask for more.

If your building out Austin office spaceand you want the landlord to pay for the tenant improvements then expect the lease term to be at least 3-5 years or more, unless you pay for the build-out costs yourself.

That depends on the length of lease term, level of tenant improvements that you are asking for, and the landlords perception of your companies financial strength. If you can only sign a 12 month lease then you more than likely would be taking the space as is and any improvements you needed would be at your cost. If you are able to do a 3-5 year lease you can typically negotiate with the landlord to get them to pay for most if not all standard level improvements. If a landlord thinks your financials are weak then they will be less motivated to pay for improvements since to them you pose a credit risk.

If a landlord wont give any tenant improvement allowance then try to negotiate some free rent or rent reduction to help offset built out costs.

In summary in most cases you will need to make a few or a lot of changes to a space to meet your current and future business needs. If you plan on being there for the next 3-10 years then you want to build out the space in a way that makes you happy. Just make sure before you sign a contract to know all of the tenant improvement costs up front and how much the landlord is willing to pay for the office build out costs. That way you know up front how much out of pocket you will have to pay at lease signing.

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Cost to Build Out Commercial Office Space Per Square Foot ...

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Hildreth Construction Services LLC has been crafting extraordinary custom homes and commercial space since 1999, specializing in unique and complex designs, historic buildings and high-end remodels.

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South Bridge Plaza | NEW Listing!

South Bridge Plaza is a well-positioned and impeccably maintained strip shopping center located 1/4 mile from US 41/Tamiami Trail, Sarasotas primary retail and commercial thoroughfare. The center has a daytime population of over 111,800 with 7,210 businesses within a 5-mile radius and its units offer bay depths of 70, ideal for a majority of inline Continue reading South Bridge Plaza | NEW Listing!

For Sale

Washington Shores is an attractive neighborhood shopping center with excellent visibility & easy access.. Anchored by Save-A-Lot and Family Dollar, the center is situated in a busy commercial corridor with access to I-4 via the John Young Parkway (SR 423) exit.Current availability ranges from 2,265 SF to 5,043 SF. Property BrochureDemographics

For Sale

Historic 57,871-sf former cigar factory building on a 1.74-acre lot that is home to Ellis Van Pelt Office Furniture and The Santaella Studios for the Arts. The main floor is spacious and open with high ceilings and beautiful exposed brick and original hardwood floors. The basement has direct exterior grade level access, windows and groundwater Continue reading Santaella Studio for the Arts Bldg

For Sale

Anchored by a brand new Luckys Market and offering an adjacent co-anchor opportunity, this retail development is situated on a 5.26-acre site with prominent building and pylon signage opportunities available. The property is within close proximity to Publix, West Marine, Office Depot, The Home Depot, Lowes, Sams Club, Costco, Target and Ross, among many other Continue reading Former Albertsons Redevelopment | Gulf to Bay & Belcher Rd | Clearwater, FL

For Sale

Anchored by Publix Supermarket, Bealls Outlet and Ace Hardware, Conway Plaza is situated in a busy commercial corridor approximately 3 milessoutheast of Downtown Orlando and less than a mile south of theinterchange for SR 408/East-West Expressway. The center offers excellent visibility to a combined traffic count of 66,5000 vehicles perday with immediate access from a Continue reading Conway Plaza

For Sale

9900 4th Street North is newly constructed retail space serving the northern end of the4th Street N market. Current availability includes three inline spaces totaling 5,320 sf and there is co-tenancy with Tire Choice and Glory Days. The property is strategically located to capture the daytime employment base within the North 4th Street Corridor and Continue reading 9900 4th St N

For Sale

The Shoppes of Eaglebrooke is a well positioned neighborhood retail center located in a highly residential and affluent area of Polk County. The Club at Eaglebrooke is situated 0.5 miles to the east and Lakeland Girls Academy is 0.3 miles to the north on Carter Road. Average household income within a 1-mile radius is strong Continue reading Shoppes of Eaglebrooke

For Sale

Polk City Center is a charming retail strip center situated in a quiet residential area only 9 miles from the main campus of Florida Polytechnic University. Tenants include Artistic Dental and Abiding Hope Ministries, andDG Market is directly across the street. There are two 1,040-sf inline spaces currently available. Property Flyer Demographic Report

For Sale

66th St Plaza is a well positioned neighborhood shopping center situated in St Petersburg and anchored by Save-a-Lot and Harbor Freight. Retailers in the immediate vicinity include Family Dollar, Kmart, Publix, Dunkin Donuts and AutoZone. There is a captive population of nearly 110,000 within a 3-mile radius and available spaces range from a 1,400-SF inline Continue reading 66th St Plaza

For Sale

Huntington Hills Plaza is a charming neighborhood shopping center with excellent visibility and easy access. Advantageously positioned near a well traveled, signalizedintersection across from Huntington Hills Golf & Country Club, the center offers current availabilities from 800 SF to 2,000 SF. Pylon signage opportunities are available. Property Flyer Demographic Report

For Lease

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2 Journal Square retail revamp, Jersey City. Rendering courtesy RKF.

It was once said that Jersey Citys revitalization efforts were a tale of two cities the Waterfront and Downtown areas were booming while other neighborhoods struggled. In 2018, Journal Square could perhaps be described the same way; while the second Journal Squared tower is under construction and development approvals in the area are notable, many new projects have yet to break ground, and the One Journal Square property continues to be a large, vexing gap.

Onthe positive side, a prominent building is getting a revamp that includes a major effort to activate the streetscape. 2 Journal Square, a 325,000-square-foot office building that was built in 1987, will soon be repositioned into Class A office space sporting prime retail and restaurant opportunities on the ground floor.

An existing Chase Bank branch on the street level will be staying put, but currently vacant first-floor office space will be converted into two separate retail storefronts. The first spot will run 7,600 square feet and potentially feature outdoor seating areas in addition to creating a buffer area between the building and John F. Kennedy Boulevard, a wider road that is sometimes criticized for its lack of pedestrian friendliness.

The second space will run 7,300 square feet, making both storefronts sizable for any potential tenant. The future retail at 2 Journal Square, just steps from the PATH station, will have great signage visibility and the building has existing below-deck paid parking. Food use is welcome, as the property looks to take advantage of a recent migration of restaurants to the nearby area that includes Flatbread Grill, Chipotle, Banana King, and others.

Retail real estate brokerage RKFs Rutherford-based office is handling the leasing for the future conversion, with brokers Robert Mackowski and Glenn Beyer handling the duties. 2 Journal Square represents an excellent opportunity for a savvy retailer to capitalize on evolving demographics, especially for lifestyle-driven brands including boutique fitness, gourmet cafs, and home goods, says Beyer.

Signage has just been put up at the property trumpeting the announcement. In a statement to Jersey Digs, RKF says renovations will commence in the fourth quarter of 2018, with the retail component expected to be available sometime in early 2019.

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2 Journal Square Getting Retail and Restaurant Space ...

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Social constructionism is a theory of knowledge in sociology and communication theory that examines the development of jointly constructed understandings of the world that form the basis for shared assumptions about reality. The theory centers on the notion that meanings are developed in coordination with others rather than separately within each individual.[1]

Social constructionism questions what is defined by humans and society to be reality. Therefore, social constructs can be different based on the society and the events surrounding the time period in which they exist.[2] An example of a social construct is money or the concept of currency, as people in society have agreed to give it importance/ value.[2][3] Another example of a social construction is the concept of self/ self-identity. Charles Cooley stated based on his Looking-Glass-Self theory: "I am not who you think I am; I am not who I think I am; I am who I think you think I am."[2] This demonstrates how people in society construct ideas or concepts that may not exist without the existence of people or language to validate those concepts.[2][4]

There are weak and strong social constructs.[3] Weak social constructs rely on brute facts (which are fundamental facts that are difficult to explain or understand, such as quarks) or institutional facts (which are formed from social conventions).[2][3] Strong social constructs rely on the human perspective and knowledge that doesn't just exist, but is rather constructed by society.[2]

A social construct or construction concerns the meaning, notion, or connotation placed on an object or event by a society, and adopted by the inhabitants of that society with respect to how they view or deal with the object or event.[citation needed] In that respect, a social construct as an idea would be widely accepted as natural by the society.

A major focus of social constructionism is to uncover the ways in which individuals and groups participate in the construction of their perceived social reality. It involves looking at the ways social phenomena are developed, institutionalized, known, and made into tradition by humans.

In terms of background, social constructionism is rooted in "symbolic interactionism" and "phenomenology."[5][6] With Berger and Luckman's The Social Construction of Reality published in 1966, this concept found its hold. More than four decades later, a sizable number of theory and research pledged to the basic tenet that people "make their social and cultural worlds at the same time these worlds make them."[6] It is a viewpoint that uproots social processes "simultaneously playful and serious, by which reality is both revealed and concealed, created and destroyed by our activities."[6] It provides a substitute to the "Western intellectual tradition" where the researcher "earnestly seeks certainty in a representation of reality by means of propositions."[6]

In social constructionist terms, "taken-for-granted realities" are cultivated from "interactions between and among social agents;" furthermore, reality is not some objective truth "waiting to be uncovered through positivist scientific inquiry."[6] Rather, there can be "multiple realities that compete for truth and legitimacy."[6] Social constructionism understands the "fundamental role of language and communication" and this understanding has "contributed to the linguistic turn" and more recently the "turn to discourse theory."[6][7] The majority of social constructionists abide by the belief that "language does not mirror reality; rather, it constitutes [creates] it."[6]

A broad definition of social constructionism has its supporters and critics in the organizational sciences.[6] A constructionist approach to various organizational and managerial phenomena appear to be more commonplace and on the rise.[6]

Andy Lock and Tom Strong trace some of the fundamental tenets of social constructionism back to the work of the 18th century Italian political philosopher, rhetorician, historian, and jurist Giambattista Vico.[8]

Berger and Luckmann give credit to Max Scheler as a large influence as he created the idea of Sociology of knowledge which influenced social construction theory.[9]

According to Lock and Strong, other influential thinkers whose work has affected the development of social constructionism are: Edmund Husserl, Alfred Schutz, Maurice Merleau-Ponty, Martin Heidegger, Hans-Georg Gadamer, Paul Ricoeur, Jrgen Habermas, Emmanuel Levinas, Mikhail Bakhtin, Valentin Volosinov, Lev Vygotsky, George Herbert Mead, Ludwig Wittgenstein, Gregory Bateson, Harold Garfinkel, Erving Goffman, Anthony Giddens, Michel Foucault, Ken Gergen, Mary Gergen, Rom Harre, and John Shotter.[10]

Since its appearance in the 1950s, personal construct psychology (PCP) has mainly developed as a constructivist theory of personality and a system of transforming individual meaning-making processes, largely in therapeutic contexts.[11][12][13][14][15][16] It was based around the notion of persons as scientists who form and test theories about their worlds. Therefore, it represented one of the first attempts to appreciate the constructive nature of experience and the meaning persons give to their experience.[17] Social constructionism (SC), on the other hand, mainly developed as a form of a critique,[18] aimed to transform the oppressing effects of the social meaning-making processes. Over the years, it has grown into a cluster of different approaches,[19] with no single SC position.[20] However, different approaches under the generic term of SC are loosely linked by some shared assumptions about language, knowledge, and reality.[21]

A usual way of thinking about the relationship between PCP and SC is treating them as two separate entities that are similar in some aspects, but also very different in others. This way of conceptualizing this relationship is a logical result of the circumstantial differences of their emergence. In subsequent analyses these differences between PCP and SC were framed around several points of tension, formulated as binary oppositions: personal/social; individualist/relational; agency/structure; constructivist/constructionist.[22][23][24][25][26][27] Although some of the most important issues in contemporary psychology are elaborated in these contributions, the polarized positioning also sustained the idea of a separation between PCP and SC, paving the way for only limited opportunities for dialogue between them.[28][29]

Reframing the relationship between PCP and SC may be of use in both the PCP and the SC communities. On one hand, it extends and enriches SC theory and points to benefits of applying the PCP toolkit in constructionist therapy and research. On the other hand, the reframing contributes to PCP theory and points to new ways of addressing social construction in therapeutic conversations.[30]

Like social constructionism, social constructivism states that people work together to construct artifacts. While social constructionism focuses on the artifacts that are created through the social interactions of a group, social constructivism focuses on an individual's learning that takes place because of his or her interactions in a group.

Social constructivism has been studied by many educational psychologists, who are concerned with its implications for teaching and learning. For more on the psychological dimensions of social constructivism, see the work of Ernst von Glasersfeld and A. Sullivan Palincsar.[31]

Systemic therapy is a form of psychotherapy which seeks to address people as people in relationship, dealing with the interactions of groups and their interactional patterns and dynamics.

A bibliographic review of social constructionism as used within communication studies was published in 2016. It features a good overview of resources from that disciplinary perspective.[32]

The concepts of weak and strong as applied to opposing philosophical positions, "isms", inform a teleology the goal-oriented, meaningful or "final end" of an interpretation of reality. "Isms" are not personal opinions, but the extreme, modal, formulations that actual persons, individuals, can then consider, and take a position between. There are opposing philosophical positions concerning the feasibility of co-creating a common, shared, social reality, called weak and strong.

John R. Searle does not elucidate the terms strong and weak in his book The Construction of Social Reality,[33] but he clearly uses them in his Chinese room argument, where he debates the feasibility of creating a computing machine with a sharable understanding of reality, and he adds "We are precisely such machines." Strong artificial intelligence (Strong AI) is the bet that computer programmers will somehow eventually achieve a computing machine with a mind of its own, and that it will eventually be more powerful than a human mind. Weak AI bets they won't.

David Deutsch in his book The Fabric of Reality uses a form of strong Turing principle to share Frank Tipler's view of the final state of the universe as an omnipotent (but not omniscient), Omega point, computer. But this computer is a society of creative thinkers, or people (albeit posthuman transhuman persons), having debates in order to generate information, in the never-ending attempt to attain omniscience of this physicsits evolutionary forms, its computational abilities, and the methods of its epistemologyhaving an eternity to do so. (p.356)

Because both the Chinese room argument and the construction of social reality deal with Searle and his debates, and because they both use weak and strong to denote a philosophical position, and because both debate the programmability of "the other", it is worth noting the correspondence that "strong AI" is strong social constructionism, and "weak AI" is weak social constructivism.

Strong social constructivism says "none are able to communicate either a full reality or an accurate ontology, therefore my position must impose, by a sort of divine right, my observer-relative epistemology", whereas weak social constructivism says "none are able to know a full reality, therefore we must cooperate, informing and conveying an objective ontology as best we can."[34]

Weak social constructionism sees the underlying, objective, "brute fact" elements of the class of languages and functional assignments of human, metaphysical, reality. Brute facts are all facts that are not institutional facts (e.g., metaphysical, social agreement). The skeptic portrays the weak aspect of social constructivism, and wants to spend effort debating the institutional realities.

Harvard psychologist Steven Pinker[35] writes that "some categories really are social constructions: they exist only because people tacitly agree to act as if they exist. Examples include money, tenure, citizenship, decorations for bravery, and the presidency of the United States."

In a similar vein, Stanley Fish[36] has suggested that baseball's "balls and strikes" are social constructions.[37]:2931

Both Fish and Pinker agree that the sorts of objects indicated here can be described as part of what John Searle calls "social reality."[38]:22 In particular, they are, in Searle's terms, ontologically subjective but epistemologically objective.[33]:63 "Social facts" are temporally, ontologically, and logically dependent on "brute facts." For example, "money" in the form of its raw materials (rag, pulp, ink) as constituted socially for barter (for example by a banking system) is a social fact of "money" by virtue of (i) collectively willing and intending (ii) to impose some particular function (purpose for which), (iii) by constitutive rules atop the "brute facts." "Social facts have the remarkable feature of having no analogue among physical brute facts" (34). The existence of language is itself constitutive of the social fact (37), which natural or brute facts do not require. Natural or "brute" facts exist independently of language; thus a "mountain" is a mountain in every language and in no language; it simply is what it is.[33]:29, et seq

Searle illustrates the evolution of social facts from brute facts by the constitutive rule: X counts as Y in C. "The Y terms has to assign a new status that the object does not already have just in virtue of satisfying the Y term; and there has to be collective agreement, or at least acceptance, both in the imposition of that status on the stuff referred to by the X term and about the function that goes with that status. Furthermore, because the physical features brute facts specified by the X term are insufficient by themselves to guarantee the fulfillment of the assigned function specified by the Y term, the new status and its attendant functions have to be the sort of things that can be constituted by collective agreement or acceptance."[33]:44

It is true that language is not a "brute fact," that it is an institutional fact, a human convention, a metaphysical reality (that happens to be physically uttered), but Searle points out that there are language-independent thoughts "noninstitutional, primitive, biological inclinations and cognitions not requiring any linguistic devices," and that there are many "brute facts" amongst both humans and animals that are truths that should not be altered in the social constructs because language does not truly constitute them, despite the attempt to institute them for any group's gain: money and property are language dependent, but desires (thirst, hunger) and emotions (fear, rage) are not.[33]:62 (Descartes describes the difference between imagination as a sort of vision, or image, and intellect as conceptualizing things by symbolic manipulation.) Therefore, there is doubt that society or a computer can be completely programmed by language and images, (because there is a programmable, emotive effect of images that derives from the language of judgment towards images).

Finally, against the strong theory and for the weak theory, Searle insists, "it could not be the case, as some have maintained, that all facts are institutional [i.e., social] facts, that there are no brute facts, because the structure of institutional facts reveals that they are logically dependent on brute facts. To suppose that all facts are institutional [i.e., social] would produce an infinite regress or circularity in the account of institutional facts. In order that some facts are institutional, there must be other facts that are brute [i.e., physical, biological, natural]. This is the consequence of the logical structure of institutional facts.".[33]:56

Ian Hacking, Canadian philosopher of science, insists, "the notion that everything is socially constructed has been going the rounds. John Searle [1995] argues vehemently (and in my opinion cogently) against universal constructionism."[39]:24 "Universal social constructionism is descended from the doctrine that I once named linguistic idealism and attributed, only half in jest, to Richard Nixon [Hacking, 1975, p. 182]. Linguistic idealism is the doctrine that only what is talked about exists, nothing has reality until it is spoken of, or written about. This extravagant notion is descended from Berkeley's idea-ism, which we call idealism: the doctrine that all that exists is mental."[39]:24 "They are a part of what John Searle [1995] calls social reality. His book is titled the Construction of Social Reality, and as I explained elsewhere [Hacking, 1996], that is not a social construction book at all."[39]:12

Hacking observes, "the label 'social constructionism' is more code than description"[39]:15 of every Leftist, Marxist, Freudian, and Feminist PostModernist to call into question every moral, sex, gender, power, and deviant claim as just another essentialist claimincluding the claim that members of the male and female sex are inherently different, rather than historically and socially constructed. Hacking observes that his 1995 simplistic dismissal of the concept actually revealed to many readers the outrageous implications of the theorists: Is child abuse a real evil, or a social construct, asked Hacking? His dismissive attitude, "gave some readers a way to see that there need be no clash between construction and reality,"[39]:29 inasmuch as "the metaphor of social construction once had excellent shock value, but now it has become tired."[39]:35

Informally, they require human practices to sustain their existence, but they have an effect that is (basically) universally agreed upon. The disagreement lies in whether this category should be called "socially constructed." Ian Hacking[40] argues that it should not. Furthermore, it is not clear that authors who write "social construction" analyses ever mean "social construction" in Pinker's sense. ".[41] If they never do, then Pinker (probably among others) has misunderstood the point of a social constructionist argument.

To understand how weak social constructionism can conclude that metaphysics (a human affair) is not the entire "reality," see the arguments against the study of metaphysics. This inability to accurately share the full reality, even given time for a rational conversation, is similarly proclaimed by weak artificial intelligence.

Constructionism became prominent in the U.S. with Peter L. Berger and Thomas Luckmann's 1966 book, The Social Construction of Reality. Berger and Luckmann argue that all knowledge, including the most basic, taken-for-granted common sense knowledge of everyday reality, is derived from and maintained by social interactions. When people interact, they do so with the understanding that their respective perceptions of reality are related, and as they act upon this understanding their common knowledge of reality becomes reinforced. Since this common sense knowledge is negotiated by people, human typifications, significations and institutions come to be presented as part of an objective reality, particularly for future generations who were not involved in the original process of negotiation. For example, as parents negotiate rules for their children to follow, those rules confront the children as externally produced "givens" that they cannot change. Berger and Luckmann's social constructionism has its roots in phenomenology. It links to Heidegger and Edmund Husserl through the teaching of Alfred Schutz, who was also Berger's PhD adviser.

During the 1970s and 1980s, social constructionist theory underwent a transformation as constructionist sociologists engaged with the work of Michel Foucault and others as a narrative turn in the social sciences was worked out in practice. This particularly affected the emergent sociology of science and the growing field of science and technology studies. In particular, Karin Knorr-Cetina, Bruno Latour, Barry Barnes, Steve Woolgar, and others used social constructionism to relate what science has typically characterized as objective facts to the processes of social construction, with the goal of showing that human subjectivity imposes itself on those facts we take to be objective, not solely the other way around. A particularly provocative title in this line of thought is Andrew Pickering's Constructing Quarks: A Sociological History of Particle Physics. At the same time, Social Constructionism shaped studies of technology the Sofield, especially on the Social construction of technology, or SCOT, and authors as Wiebe Bijker, Trevor Pinch, Maarten van Wesel, etc.[42][43] Despite its common perception as objective, mathematics is not immune to social constructionist accounts. Sociologists such as Sal Restivo and Randall Collins, mathematicians including Reuben Hersh and Philip J. Davis, and philosophers including Paul Ernest have published social constructionist treatments of mathematics.

Social constructionism can be seen as a source of the postmodern movement, and has been influential in the field of cultural studies. Some have gone so far as to attribute the rise of cultural studies (the cultural turn) to social constructionism. Within the social constructionist strand of postmodernism, the concept of socially constructed reality stresses the ongoing mass-building of worldviews by individuals in dialectical interaction with society at a time. The numerous realities so formed comprise, according to this view, the imagined worlds of human social existence and activity, gradually crystallized by habit into institutions propped up by language conventions, given ongoing legitimacy by mythology, religion and philosophy, maintained by therapies and socialization, and subjectively internalized by upbringing and education to become part of the identity of social citizens.

In the book The Reality of Social Construction, the British sociologist Dave Elder-Vass places the development of social constructionism as one outcome of the legacy of postmodernism. He writes "Perhaps the most widespread and influential product of this process [coming to terms with the legacy of postmodernism] is social constructionism, which has been booming [within the domain of social theory] since the 1980s."[44]

Social constructionism falls toward the nurture end of the spectrum of the larger nature and nurture debate. Consequently, critics have argued that it generally ignores biological influences on behaviour or culture, or suggests that they are unimportant to achieve an understanding of human behaviour.[45] The view of most psychologists and social scientists is that behaviour is a complex outcome of both biological and cultural influences.[46][47] Other disciplines, such as evolutionary psychology, behaviour genetics, behavioural neuroscience, epigenetics, etc., take a naturenurture interactionism approach to understand behaviour or cultural phenomena.

In 1996, to illustrate what he believed to be the intellectual weaknesses of social constructionism and postmodernism, physics professor Alan Sokal submitted an article to the academic journal Social Text deliberately written to be incomprehensible but including phrases and jargon typical of the articles published by the journal. The submission, which was published, was an experiment to see if the journal would "publish an article liberally salted with nonsense if (a) it sounded good and (b) it flattered the editors' ideological preconceptions."[48] The Postmodernism Generator is a computer program that is designed to produce similarly incomprehensible text.[49] In 1999, Sokal, with coauthor Jean Bricmont published the book Fashionable Nonsense, which criticized postmodernism and social constructionism.

Philosopher Paul Boghossian has also written against social constructionism. He follows Ian Hacking's argument that many adopt social constructionism because of its potentially liberating stance: if things are the way that they are only because of our social conventions, as opposed to being so naturally, then it should be possible to change them into how we would rather have them be. He then states that social constructionists argue that we should refrain from making absolute judgements about what is true and instead state that something is true in the light of this or that theory. Countering this, he states:

But it is hard to see how we might coherently follow this advice. Given that the propositions which make up epistemic systems are just very general propositions about what absolutely justifies what, it makes no sense to insist that we abandon making absolute particular judgements about what justifies what while allowing us to accept absolute general judgements about what justifies what. But in effect this is what the epistemic relativist is recommending.[50]

Later in the same work, Boghossian severely constrains the requirements of relativism. He states that instead of believing that any world view is just as true as any other (cultural relativism), we should believe that:

If we were to encounter an actual, coherent, fundamental, genuine alternative to our epistemic system, C2, whose track record was impressive enough to make us doubt the correctness of our own system, C1, we would not be able to justify C1 over C2 even by our own lights.

Woolgar and Pawluch[51] argue that constructionists tend to 'ontological gerrymander' social conditions in and out of their analysis. Following this point, Thibodeaux[52] argued that constructionism can both separate and combine a subject and their effective environment. To resolve this he argued that objective conditions should be used when analyzing how perspectives are motivated.

Social constructionism has been criticized by psychologists such as University of Toronto Professor Jordan Peterson and evolutionary psychologists, including Steven Pinker in his book The Blank Slate.[53] John Tooby and Leda Cosmides used the term "standard social science model" to refer to social-science philosophies that they argue fail to take into account the evolved properties of the brain.[54]

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