Russia's economic slump will see thesupply ofnew Moscow retail andoffice space drop significantly from2016, commercial real estate firm CBRE said ina report.

Moscow developers will likely build no more than 1 million square meters ofoffice space andonly half amillion square meters ofretail space over 2016 and2017, thereport said, adding that office vacancies could reach up to3 million square meters bythe end ofthis year.

CRBE predicted that theflow ofnew offices andwarehouses onto themarket in2015 would rival last year's figures thehighest since the2008-09 economic crisis as theprojects now coming online were begun long before theruble's fall ofover 40 percent tothe U.S. dollar since last year.

Moscow will get 1.4 million square meters ofoffice space this year, thesame as it built last year, and630,000 square meters ofretail space, compared to703,000 insquare meters ofnew retail space last year, thereport said.

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Moscow Commercial Real Estate Construction May Fall Threefold

OWOSSO (WJRT) - (04/10/15) Some Owosso eyesores will be demolished soon to make way for a new restaurant and retail center.

Owosso business leaders say the construction project is more proof that the city's economy is picking up steam.

On the east side of Owosso, at M-21 at Gould Street, sits a former dry cleaner and three run-down houses. Those will be demolished soon.

Commercial development continues to work its way from the outskirts of town toward downtown Owosso.

"Qdoba's going to be the anchor tenet there and then they're going to have a couple of other retail spaces as well," said Jeff Deason, of the Shiawassee Regional Chamber of Commerce.

The Eastside Cleaners will be demolished, as will three houses to the west.

"We also had the Habitat for Humanity folks go in and take out everything that could be used again," Deason said.

Slowly, some of the less attractive buildings in Owosso are being replaced.

"I think that people are starting to see that coming into your town, making sure that the homes and businesses as you enter the town look good, are neat and well kept," Deason said.

The past year has seen the Owosso area economy come roaring back. Unemployment is way down.

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New restaurant, retail space coming to Owosso

NEW YORK, April 8, 2015 /PRNewswire/ -- On March 26, 2015, construction manager, Turner Interiors, turned over 120,000 s.f. of pristine luxury retail space known simply as 230 Vesey Street within Brookfield Property Partners' 375,000 s.f. retail offering at Brookfield Place. The renovation, part of Brookfield's $300 million transformation of the former World Financial Center, is a clear indication that Lower Manhattan has become the new luxury retail, dining and cultural "it" spot.

Fueling this trend has been the relocation of technology, advertising, media and information (TAMI) firms, such as Time Inc., whose 700,000 s.f. headquarters is under construction at 225 Liberty Street, and an influx of luxury residential developments. In addition, new and planned tourist destinations, such as the National September 11 Museum and Governors Island, which will re-open on May 23, 2015 after undergoing extensive site improvements, are attracting tourists from all over the World. Brookfield Place is part of over 2 million square feet of new and repositioned retail, dining and cultural space that caters to residents, professionals, and tourists living, working and playing in Lower Manhattan (Source: Downtown Alliance).

"The success of this project is not only attributed to our ongoing relationships with the project's stakeholders, but also to our understanding of the value that Brookfield placed on this project, and its importance in revitalizing Lower Manhattan," said Edward Magnani, vice president at Turner Interiors.

Home to luxury brands DVF, Michael Kors, and Theory, 230 Vesey Street also serves as a pedestrian artery connecting the 250 and 200 Vesey Street buildings to the Winter Garden, Marina and World Trade Center Transportation Hub.As such, construction manager Turner Interiors negotiated complex site logistics to ensure that critical pathways in and out of Brookfield's 8 million square foot complex remained 100% accessible to building occupants.

Since the start of construction in July 2013, Turner constructed "pedestrian chutes" spanning hundreds of feet between the adjoining buildings. These chutes, comprised of sidewalk sheds constructed within the existing pathways, were used to support fire safety systems, such as smoke detectors and sprinkler heads.The sheds were then sealed behind a layer of drywall, giving the new pathways a finished look.As project phases were completed, the chutes were deconstructed and repositioned to facilitate future renovations."During this entire process we remained in constant communication with the client, design team and community groups," said Lauren DiNizo, project manager at Turner Interiors.

"Throughout the entire project, Turner proved themselves, executing complex construction activities while managing a myriad of field conditions to stay on budget and on schedule," observed Christian Heimple, PE, director of construction at Brookfield.A sentiment echoed by Scott Hayden, senior associate at Spector Group, Brookfield Place's executive architect, "we could not have had a more professional and dedicated group than Turner Interiors."

With venerable couturiers Hermes, Salvatore Ferragamo and a Saks Fifth Avenue luxury outpost confirmed as tenants, Brookfield Place sits at the center of more than $25 billion of new construction that has transformed 30 acres of Lower Manhattan into the definitive destination for retail, dining and culture.

About Turner InteriorsTurner Interiors is a division of Turner Construction Company's New York Business Unit.For more information about Turner, please visit: http://www.turnerconstruction.com/about-us/history.

Photo - http://photos.prnewswire.com/prnh/20150407/197062

SOURCE Turner Construction Company

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Lower Manhattan is New York's new "IT" spot

Cond Nast gluttons eager to chow down at Eataly, the Italian gourmet mega-market due to open at 4 World Trade Center, will have to settle for nearby Majestic Pizza for a while.

A dispute between the Port Authority and WTC mall operator Westfield has held up Eatalys access to its 41,000- square-foot floor.

While its unclear whos at fault, Westfield has balked at taking the keys from the PA, according to multiple sources. Until Westfield takes possession, it cant turn retail space over to Eataly which will be close to Cond Nasts 1 WTC offices or other tenants.

The untimely impasse makes it increasingly questionable whether hotly awaited Eataly and other retailers in the complex will have time to open their doors this year. Westfield also has signed leases with Michael Kors, Turnbull & Asser, John Varvatos and restaurateur Daniel Boulud, among others.

The PA gave access two months ago to Westfield for Eataly and other stores inside 4 WTC and underground corridors although not to the unfinished train station Oculus. But until Westfield signs off on the handover, tenants cant start construction, much less move in, sources said.

Officials and reps for both the PA and Westfield declined to comment.

However, an insider said, PA contractors are waiting for Westfield to sign off on the work or come back with a punch list but so far the PA is still waiting. Meanwhile, Westfield is telling retailers the delay is due to the PA.

The PA only just began installing glass for the Oculus roof of the Santiago Calatrava-designed Transportation Hub, and it cant turn the vast hall over to Westfield until that jobs done later this year. But it was unclear whether the timing has anything to do with Eataly, far removed from the Hub.

The mystery of when Eataly will open is just part of WTC retail buzz, which includes the tale that Calatrava, who visited the site Wednesday, once playfully threw an iPhone at Apple staff during an argument about design changes Apple wanted made for a possible store in the Oculus.

Westfield said last December that it would probably launch the WTCs total 350,000-square-foot store and restaurant sections in the second half of 2015. Its since backed off the idea of holding a grand opening for the whole megillah, saying it is expected to open in stages from 2015.

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Eataly WTC debut stalled by Westfield-Port Authority tiff

PLAINFIELD Village Administrator Brian Murphy and Planner Michael Garrigan Wednesday morning presented an advisory economic development task force with preliminary updates to several economic initiatives.

Some of those updates included progress on filling several outlots in the Meijers planned unit development at 135th Street and Route 59.

[We are] working with some of those retailers, including a 7,125-square-foot OReillys Auto Parts store, and additional retail space at 11,251 square feet, Garrigan said. The same developer has identified a [retail use] at the hard corner outlet.

Also progressing are discussion on a potential big box retailer coming to the Boulevards property at the old truck stop along Route 30 near Interstate 55.

That retailer became more interested once the village got moving on Route 30 construction, and it also would be part of a tax-increment financing, or TIF, district the village is entertaining along Route 30, Garrigan said.

Murphy and Garrigan also said staff is entertaining the idea of bringing back impact fees on developers to fill in the revenue lost with lower projected income tax revenue from the state.

Plainfield has higher impact fees than many surrounding communities, in part because of the high Plainfield School District 202 portion. So Murphy and Garrigan said the plan still is preliminary and staff is just looking at it.

This is one of our bigger challenges, Murphy said.

Coffee with the Mayor

More than 50 residents attended Wednesdays Coffee with the Mayor event, primarily asking about Route 30 construction.

See the article here:
Plainfield discusses possibilities in economic development

New tenants coming to the redeveloped Rotunda shopping mall and apartment complex in Roland Park range from a pet store and a kebob restaurant to the Space Telescope Science Institute, which tells the famed Hubble telescope what to explore in outer space.

Last year, Hekemian & Co., owner of the Rotunda, announced that the mall would be anchored by a 17,000-square-foot MOM's Organic Market, which is scheduled to open this September, and Cobb Theaters' 35,000-square-foot CineBistro, a multiplex cinema with upscale dining. The theater is scheduled to open in spring 2016.

On Monday, April 7, Chris Bell, Hekemian senior vice president for development, announced several additional retail tenants, all chain stores, which have signed leases at the Rotunda. They include a Pet Valu store next to MOM's; a Moby Dick's House of Kabob restaurant; Massage Envy; Bella Beach, a salon and day spa; and Floyd's 99, a chain barbershop that Bell described as having "a funky vibe." He said it takes its name from Floyd the barber on the old TV series, "The Andy Griffith Show." The Floyd's 99 website calls it "the original rock 'n' roll barbershop for men and women."

Hekemian is also negotiating to bring in a fitness center that would lease 15,000 square feet of space, and a national coffee chain store, Bell said. He would not name those businesses, because no leases have been signed.

The only remaining retail tenant from before redevelopment began is a Rite Aid store, which is considering expanding within the mall, Bell said.

The redeveloped Rotunda, previously limited to retail and offices, will now also include a residential component of 379 apartments, to be called The Icon at the Rotunda, as well as a central "Town Square" plaza for the mall complex and 1,200 parking spaces about 300 surface spaces and the rest in two garages. The apartment building will have a courtyard, where Bell said residents will be able to grill out and watch TV, among other amenities. There will also be a resort-style pool, he said.

Construction of the redevelopment project as a whole is expected to be finished by the end of this year, Bell said. The first apartment tenants are expected to move in this summer. Hekemian already has an unofficial waiting list of people who have expressed interest in living there, he said.

Hekemian anticipates a mix of residential tenants, including Hopkins students, empty nesters and young professionals, and a mix of chain retail stores that gives them and north Baltimoreans in general "more choices, closer to home," Bell said.

"I think this part of Baltimore has been underserved with good retail," he said.

Rotunda as icon

Read more here:
Space institute among newly named tenants at Rotunda

Vine Street in front of the Law Enforcement Center in downtown La Crosse will be closed for up to 18 months while the adjacent Lot C is converted from a parking lot into a proposed $68 million housing, retail and office development.

The parking lanes on Third, Fourth and State streets alongside the lot will be closed down as well for the project, which is being coordinated by C.D. Smith Construction of Fond du Lac for developer Weber Holdings LLC. The same company handled the three Riverside Center buildings for Logistics Health Inc. founder and CEO Don Weber, who heads Weber Holdings.

Closing off the parking lanes will make for tight quarters on Third and Fourth streets, the main north-south route through the downtown, but should be workable, said Matt Gallager, city traffic engineer. The construction company coordinated the plan with his office to make sure it was feasible, he said.

The closures wont happen until Monday at the earliest, said Cory Henschel of C.D. Smith.

Shutting off the 300 block of Vine Street will create space for construction trailers and equipment, including a crane that will go on the northeast corner of the lot, he said.

While the citys Board of Public Works on Monday approved closing the street and lanes until December 2016, it will be reopened as soon as possible to minimize the disruption, Henschel said.

Trying to make this as seamless as possible, he said.

Construction on the 2.3-acre lot is expected to begin this month, starting with the south side of the complex that will include 23,000 square feet of retail space, a cafe, an Associated Bank location with drive-thru, plus 93 market-rate housing units above the retail space.

While that section will be completed within the 18-month period, no timeline has been set for the 111,500-square-foot office building on the north side of the lot and it may not be done within this construction cycle, Henschel said.

Weber Holdings bought the 2.3-acre site from La Crosse County in late February for $1 million, after submitting plans last summer for a 255,000-square-foot complex that would add an estimated $34 million in new tax base downtown.

Read more:
Vine Street to be closed for Lot C construction

The vacancy rate for neigborhood and community centers improved 10 bps during Q1.

NEW YORK CITYAlthough retails recovery hasnt gathered speed as yet, it has become more consistent, Reis Inc. said Friday. Furthermore, the real estate analytics firm sees this year as, possibly, the year that improvement in market fundamentals begins to accelerate.

Underpinning this measured optimism is the broader economic recovery, with Reis chief economist, Ryan Severino, noting that 2015 could be the best year for labor market performance since the late 1990s. The quality of the jobs being created continues to improve which means higher incomes and higher income growth. Cheap energy prices should continue to be a boon for most consumers as they adjust their behavior to correspond with structurally lower oil prices in addition to structurally lower natural gas prices.

Following the trend of recent quarters, neighborhood and community center vacancy declined by just 10 basis points during the quarter to 10.1%, as did that of regional malls, which dipped to 7.9% in Q1.

Severino notes that while neither net absorption nor construction were particularly robust, demand exceeded supply by a wide enough margin to cause vacancy rates to continue falling. For neighborhood and community centers, vacancy has dipped by 10 bps in three of the past four quarters. This is hardly a resounding victory for this retail subsector, but this needs to be put in its proper contextjust a 40 basis-point annual decline in vacancy would be the best performance since 2000 during the dot.com bubble, Severino says.

In the case of the shopping mall segment, the 10-bp improvement followed a 10-bp vacancy increase during Q4 of 2014. Rents, however, have grown for malls in each of the past 16 quarters. As with malls, neighborhood and community centers saw rent growth during Q1, and as with malls, it was a relatively modest 0.5%.

Although rent growth remains weak, the fact that it even continues to grow in the face of such an elevated vacancy rate is a mildly heartening sign for the sector, according to Severino. Although Reis expects rent growth to accelerate as this year progresses, expect the acceleration to be slight due to the still-high vacancy rate.

Taken together, the data for both neighborhood and community centers and malls indicate that the recovery, while not yet accelerating, is becoming more consistent, Severino says. Quarterly rent growth is now the norm and continues to drift higher while vacancy compression, though slowing for regional malls, is also beginning to occur on a quarterly basis.

The quarterly improvement in market fundamentals should persist as the year progresses, says Severino. Inclement weather was a factor in weak consumer spending during Q1, yet as the weather becomes more temperate, a surging economy and labor market, coupled with low oil prices, should continue to support consumer spending and we expect to see an improvement in demand for retail space for the balance of the year.

In addition, Severino says, construction remained at low levels during the first quarter and is not set to change anytime soon. The combination of little supply growth and increasing demand bodes well for most retail formats in the US.

Link:
Retails Recovery Gains Traction, Gradually

LIBERTY TWP.

Midland Retail has signed Chipotle, Supercuts and AT&T for a new 11,444-square-foot retail center planned at the corner of Liberty One Drive and Cincinnati-Dayton Road in Liberty Twp., according to the commercial real estate firm.

Construction could start this month on Liberty Connection, and the building which has room for six storefronts is set to open by the end of the year, said Brad Austing, development and brokerage executive for Midland.

The location is situated on a major transportation artery exposed to 37,000 passing cars a day, Austing said.

We view the project as well-located, adjacent to a high-performing Kroger Marketplace, at the main entrance to Lakota East High School with over 2,600 students and Childrens Hospital which is undergoing a $162 million dollar expansion, Austing said in a written statement.

The significant residential growth in Liberty Twp. is to the north, east and west of the project.

Half of the available floor space at Liberty Connection has been pre-leased, and Midland is in talks with other potential tenants, Austing said.

Midlands retail center plans were approved, subject to some conditions, at Mondays Liberty Twp. zoning commission meeting, according to the township.

Elsewhere in Liberty Twp., construction is continuing on the $350 million Liberty Center project, the mega shopping, dining, residential and office complex under construction in Liberty Twp. at the crossroads of Interstate 75, Ohio 129 and Liberty Way. The center is scheduled to open its first phase consisting of more than 1 million-square-feet spread over about 65 acres in October.

Named Liberty Center tenants include Dillards department store, dinner-and-movie theater CineBistro, Dicks Sporting Goods, AC Hotels by Marriott, Brio Tuscan Grille, Cheesecake Factory, Kona Grill, Pie & Pints, Rusty Bucket Restaurant & Tavern and FlipSide.

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Chipotle, Supercuts among retail storefronts headed to Liberty Twp.

The citys industrial land is being gobbled up, so much so that new space may be added to meet demand.

Londons retail and office markets are stable. High-tech companies are scouring downtown to find space with exposed brick and beams.

In broad strokes, those are the trends outlined by commercial realty firm CBRE in its most recent outlook for the London market.

Sales in the industrial sector increased 50% in 2014 from the previous year, said Peter Whatmore, executive managing director of CBRE in London.

We have sold millions of feet in the last 18 months. There is a solid market recovery... New construction and building will be happening here.

Here is a snapshot look at the industrial, retail and office markets in London:

INDUSTRIAL

NOTEWORTHY DEALS

The London industrial market is experiencing some real optimism. We have become a more balanced market of supply and demand. There is a shortage of quality industrial space which might lead to more design build and construction, said Larin Shouldice, CBRE salesperson.

London is positioned well on the industrial side. We have ample land, and London is looking to acquire and service more land. With ample industrial development we expect another year of stable, modest growth.

The rest is here:
Resurgence in auto industry driving demand for industrial land in London