NEWS

Tim Gokhman didn’t set out to build the world’s tallest mass timber tower, but that’s what he’s about to do. Gokhman, managing director at Milwaukee-based real estate development company New Land Enterprises, is putting the final touches on Ascent, a 25-story timber apartment tower set to open in July in downtown Milwaukee.

For many cities, the construction of a 25-story, 259-unit apartment building wouldn’t be remarkable. But the Ascent project represents the latest, and biggest, example yet of a rapidly growing global construction trend. Once it opens, the 283-foot-tall Ascent tower will be the world’s tallest tower primarily supported by wood that is pressed and glued together in a way that advocates say is as structurally sound as steel or concrete, with a fraction of those materials’ embodied carbon emissions.

And while its project costs may be higher than traditional construction, mass timber towers may also allow their developers and investors to charge above-market rents.

“We weren’t aiming to set a world record, just to create the best building,” Gokhman said.

Office landlords across the country are hurting, but there’s one place where workers are returning to the workplace more so than anywhere else.

Three top Texas office markets continue to lead the nation with weekly badge swipes as a percentage of pre-COVID rates, starting with Austin at 60.4%, according to a new report from JLL, which cites data from security tech provider Kastle Systems. Houston (55.7%) and Dallas (51.3%) are the only other major U.S. office markets that report even half the rate of pre-pandemic badge swipes among those who use Kastle’s services.

Experts who spoke with LoopNet agree that in-person work may never return to pre-pandemic levels, but the three Texas markets may offer a blueprint to recovery for the rest of the country.

“We have all the right metrics for growth for many different industries,” including tech, energy and financial services, said Torrey Littlejohn, a Dallas-based managing director at JLL who specializes in tenant representation.

Over the past few years, coffeeshops that also sell wine have become more and more popular in Quebec. While the trend began in Montreal with places like Paquebot Café, Café DAX, or Lapin Pressé, it has since taken root in other, smaller Quebecois towns.

Consider, for example, Louisa Café de Quartier, located in Bois-des-Filions, on Montreal’s North Shore, which opened its doors in 2020. The owners, Charles Francis and Virginie Lamontagne, were living in Montreal, but decided to move closer to their family after the birth of their first child.

Every one’s brain responds to external stimulants differently. This can make creating an office that accommodates the needs and preferences of all quite the challenge for employers.

But it’s a challenge shrewd companies need to take on, especially as there is an increasing awareness of neurodiverse individuals in the workplace, such as adults who have ADHD. Couple that with the return to office, where employees are pivoting to in-person work after having been accustomed to controlling their own environments from home, and it becomes clear that inclusive workspaces with a variety of environments tailored to different types of sensory proclivities are not just an attractive feature, but a necessity.

Presenting in a NeoCon 2022 online session in June titled The New Inclusivity: Neurodiversity and Workplace Inclusion, Kay Sargent, director of workplace at architecture firm HOK, and Sarah Oppenhuizen, director of interiors at HOK, drove home the point that designing inclusive workplaces isn’t only the right thing to do, but that there is a business case for offering workplaces that allow all workers to thrive.

Whether it's your first time buying a multifamily property or you're a seasoned commercial real estate investor, finding a deal that fits your budget is essential to keeping a balanced portfolio.

Canada's multifamily market has continued to be resilient over the past twelve months, with the overall vacancy rate dropping to 2% and the average asking rent growing by 5.5%. But with both inflation and interest rates rising across the country, more and more investors are looking for properties at lower price points. That's why the editors at LoopNet identified several apartment buildings currently listed for sale on LoopNet across Canada's principal markets that come in at around 3 million Canadian dollars (US$2,337,150), or less.

The buildings listed below offer a variety of different product types over a range of prices. Some are newly renovated, while others present an opportunity to add value by renovating individual units and common areas or by adding amenities. Vacancy rates range from fully vacant to 100% occupied, something to keep in mind when calculating net operating income and capitalization rate for each. One thing all the properties share is a high walk score and proximity to public transit.

As with any commercial real estate purchase, you should always conduct proper due diligence before closing a deal. For those just getting started, you might also want to read up on how to invest in residential real estate.

Now, without further ado, here are three Canadian multifamily properties available for CA$3 million or less.

When the third-generation owner of family-run Meyer Seed Co. closes shop after more than a century of supplying Baltimore from their downtown depot, what does he do with the squat, nondescript warehouse his business once relied upon? He offers it back to the community and coasts into retirement with a $10 million disposition.

He didn't have to do much to make that happen: a savvy broker and skilled redeveloper, both with solid local ties, worked their respective magic behind the scenes. Sure, 52,000 square feet of warehouse space in the downtown district of a port city where industrial demand is record high might make for an easy sale. In fact, in the wake of closing, one of the sellers’ representatives, Owen Rouse, MacKenzie Commercial Real Estate Services’ vice president of investment sales, is modest. “I was just doing my job.”