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CRE/Construction News Roundup (May 2019)

June 3, 2019 the Bradford Group

Check out these recent local and national stories in commercial real estate and construction:

 

Local:

 

Southeastern cities see job growth, but can’t keep up with apartment demand

If you live relatively close to Middle Tennessee, you’ve heard about Nashville’s exponential growth over the last decade. This is actually a trend many Southeastern cities are seeing – for example, the number of jobs in Charlotte, North Carolina grew by 167,000 from 2013-2018. During the same timespan, Charlotte’s housing units grew by only 93,000, creating a 74,000 unit deficit.

Likewise, Nashville is seeing the addition of 6,000 jobs from the arrivals of Amazon and AllianceBernstein alone, but the city’s occupancy rate is already 94.6 percent.

As a result, rental prices are on the rise – over the last 12 months, rates have risen 5.4 percent in Atlanta, 4.1 percent in Charlotte and 3.2 percent in Nashville, according to RealPage.

 

Urban mixed-use developments are revitalizing downtown areas

Nashville has seen a spike in the number of downtown residents during the last few years. The Nashville Downtown Partnership’s July 2018 Residential Report estimated 12,200 people will live downtown by the end of 2019 – an astounding 145% increase since 2009.

This, of course, is welcomed by the city – the revival of downtown areas encourages more downtown residents, which increases revenue for local businesses and ultimately impacts taxes, infrastructure and education.

But to accommodate the rising number of downtown dwellers, several cities are experiencing a trend in urban mixed-use developments, entertaining the growing desire to live, work and play in urban neighborhoods. Nashville’s Capitol View is a great example – what once was a mostly abandoned development now features an impressive 1.1 million square feet of office space, 650 multifamily residences, 170 hotel rooms and 130 square feet of retail and restaurant space.  

 

National:

 

Construction is being transformed by technology

The Internet of Things is making its mark on every industry, and construction certainly hasn’t slipped through the cracks, according to Construction Executive.

The industry will become more efficient with self-driving vehicles, and ultimately, less manpower needed for simple tasks.

Virtual reality is changing the landscape of job training, giving new employees safe, hands-on experience. It will also enhance the industry’s safety with automatic equipment shutdown and automated training.

Finally, technology has allowed for constant connectivity, allowing managers to communicate with and monitor job sites more closely.

 

Equality is a rising priority among female construction workers

The Institute for Women’s Policy Research found that the number of women working in the construction industry in 2018 was the highest it has been in 20 years, but the resources available to women are far behind what they should be.

The historically male-dominated industry lacks female personal protective equipment (PPE) and footwear – but not for long. Footwear is a large contributor to work-related injuries in the construction industry, and of all footwear-related injuries, only 23% of those involved were wearing the appropriate safety gear.

As in every industry, gender equality is a hot topic – if a woman doesn’t have the proper equipment to do her job well (and safely) just because she is a woman, then you’re going to be hearing about it.

Which of these stories have you heard about the most? Let us know in the comments below!  

 

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