Cuts in military spending could affect commercial real estate in one region with multiple large military bases, and the federal government is working to consolidate and sell its properties. Here?s what you might have missed this week:
Wall Street Journal: Cuts by military test Colorado properties
For an idea of how government and military spending cuts will affect commercial real estate, take a look at the 16-property office portfolio in the greater Denver region that houses defense contractors and government agencies. Denver?s suburbs are attractive to investors looking to invest in secondary markets, and the portfolio has an approximate 90% occupancy rate. However, with mostly military tenants, growth may slow based on budget cuts. See how big of an impact the cuts may have at the Wall Street Journal.
New York Times: Lots of federal property to sell, but it?s not that easy
The federal government is getting creative and bargaining with developers in order to downsize its property portfolio. By swapping outdated buildings for promises of new development projects elsewhere, the General Services Administration (GSA) hopes to save taxpayers money by combining office buildings in the wake of budget cuts. Find out how the private land swaps work and what issues are associated with them at the New York Times.
Philadelphia Business Journal: Still under construction, apartment complex expected to sell at record price
In Philadelphia, the 2040 Market Street apartment building may break sales records before it?s even completed. Like in much of the country, Philadelphia?s multifamily market is booming, and developers are looking to sell their properties before construction is complete. The project?s developer, PMC Property Group, has decided to sell the 282-unit Center City property for what analysts surmise may reach as much as $140 million, which would be a record for the region. Read more about the city?s multifamily market at the Philadelphia Business Journal.
Boston Business Journal: Rally in real estate capital markets and strong housing growth predicted
Expectations for Boston?s real estate market are increasingly optimistic as local analysts predict real estate transaction volume will continue to grow in 2013 and 2014. While REIT returns have leveled off from unusual highs, the outlook on the local economy and real estate market remains positive. Find out how the Boston market is growing at the Boston Business Journal.
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