In the News—Week of July 27, 2020
Around the Nation
Island in Maine marketed for its safety, security, not serenity
House Island off the coast of Maine used to be marketed as a perfect place to rent for major events or a serene retreat. But these days the island is marketed as a place where the well-to-do can ride out the pandemic, The Real Deal reports. The pitch to prospective customers is that the 12-acre property is “a safe and secure haven.” The asking price is $250,000 per week and includes three houses with a total of 10 bedrooms, helicopter landing spots and deep-water anchorages for your yacht.
Energy & Environment
Real Estate family shows commitment to efficiency in midtown skyscraper
The office building at 110 E. 59th St. is more than 50 years old, but the owners equipped it with an advanced real-time energy management system, Propmodo reports. Jack Resnick and Sons have been in business since 1928 and own 6 million square feet of Manhattan office space and over 900 apartments. “As a company with deep roots in the City of New York and a steadfast commitment to its future, sustainability is one of our core organizational values. We are always looking at better ways to operate our properties either through upgraded building management systems or more modern, efficient equipment,’’ the company’s president, Jonathan Resnick, says.
Shifts in supply chains brought on by COVID-19, trade wars may help Houston
CBRE believes Houston stands to gain from changes in supply chains as companies decouple form China after the COVID-19 outbreak and trade tensions, the Houston Chronicle reports. Trade has moved away from China to other Asian nations and Europe. “Houston has a prime trading location, with the ability to efficiently reach all directions on the globe,” CBRE associate research director Michael Valleskey says. The fallout was already beginning last year. Trade between China and the United States decreased $100 billion in 2019 while Taiwan ($18.7 billion) and Vietnam ($9.1 billion) gained in U.S. trade in 2019.
Technology changes in commercial real estate are here to stay, experts say
Safety concerns from COVID-19 prompted companies to try new technologies and those advances are not going away, two JLL Dallas executives write in D Magazine. Saadia Sheikh and Steve Ramseur say that new technology eliminates the need for real estate tours and makes the process of selecting space quicker. In addition, companies found more workers want remote working options. “Many companies are embracing a combined model with flexible in-office and remote options, rethinking the traditional hub-and-spoke standard for their real estate,” Sheikh and Ramseur write.
Nikola breaks ground on manufacturing plant in Coolidge
Nikola Corporation broke ground on a 1-million-square-foot truck-making facility in Coolidge, PR Newswire reports. The plant will make zero-emissions semi-trucks, the Nikola Tre and Nikola Two models. The plant is scheduled to be operational in late 2021. A second phase is expected to be completed 12-18 months later. “This has been an incredible journey for Nikola Corporation. We started in our basement six years ago, and now we are kicking off this 1-million-square-foot manufacturing facility,” said Trevor Milton, Nikola founder and executive chairman.
World’s largest ship for carrying autos docks at Veracruz port
The world’s largest cargo ship for carrying trucks and autos docked at the port of Veracruz for its maiden voyage, Mexico New Daily reports. Siem Confucius has 13 car decks and can carry as many as 7,500 vehicles. The ship was commissioned by Volkswagen and runs on liquefied natural gas and produces 25% fewer CO2 emissions and no sulfur dioxide emissions. The port moves around 1 million vehicles a year but has been slowed by fallout from the COVID-19 pandemic.