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3 Questions Law Firms Need to Ask About their Office Space

Posted by: | Posted on: September 18, 2020

With all of the carnage in the office market, law firms should be asking hard questions about their space as they plan for the future.

Right now, real estate is the second largest expense of law firms behind employees for law firms,  according to Ryan Hoopes, a director in the Legal Sector Advisory Group at Cushman & Wakefield. For instance, in Dallas-Fort Worth, real estate is about 5.4% of a firm’s revenue, Hoopes says.

Like many professionals, lawyers and their staff aren’t going into the office right now. But business is still happening and cases are moving forward.

“Due to the nature of work today, law firms should look to offer a combination of work from home and in-office work time,” Hoopes writes for Cushman & Wakefield’s Insights.

Many are already taking this step. After watching his team continue to operate at a high level while teleworking during the pandemic,

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A Possible Catch to the Case for Manufactured Housing

Posted by: | Posted on: September 18, 2020

Institutions are becoming increasingly interested in manufactured housing.

To name one recent example, Blackstone Group is in exclusive talks to acquire about 40 parks from Summit Communities for roughly $550 million through its REIT, Blackstone Real Estate Income Trust, according to Bloomberg.

These investors are drawn to the sector for its resiliency and upwardly trending valuations. But there are some possible clouds to this otherwise bright business case, namely the disproportionate share of lower-paying jobs lost in the retail, hospitality and leisure sectors. In recent market commentary, Tanya Zahalak, senior multifamily economist for Fannie Mae pointed out that these job losses could “have had a negative impact on MHC [Manufactured Housing Communities] and investor interest. However, to date, that doesn’t appear to be the case.”

Transaction volume still appears healthy in the sector. After growing by 25% to an estimated $13.0 billion in 2019, MHC’s posted $6.9 billion in

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How To Create a Kitchen With a Soul, According to Home Design Experts

Posted by: | Posted on: September 18, 2020

Of all the rooms in the house, the kitchen may evoke the warmest emotions. After all, it’s here that people gather with family and friends, to share food and good company. It’s no wonder the kitchen is often called the heart of the home—and that it’s a key selling point, promising a great lifestyle.

But kitchens also run the risk of being cold and soulless. What’s the point in having top-notch appliances if no one actually wants to hang out and use them? Like food, a kitchen needs to have a certain depth—let’s call it soul.

“A kitchen with a soul is a unique space that provides comfort, warmth, and a sense of peace,” says Ron Woodson of Woodson & Rummerfield’s House of Design in Los Angeles. “These are spaces that honor one’s personal style or the original time period in which a home was built.”

A few personal touches

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New-Home Construction Pulls Back Slightly, as Builders Shift Attention Away From the Multifamily Sector

Posted by: | Posted on: September 18, 2020

The numbers: U.S. home builders started construction on homes at a seasonally-adjusted annual rate of 1.42 million in August, representing a 5% decrease from the previous month but a 3% uptick from a year ago, the U.S. Census Bureau reported Thursday.

Permitting activity occurred at a seasonally-adjusted annual rate of 1.47 million, down 1% from July but roughly even with the pace from August 2019.

Economists polled by MarketWatch had expected housing starts to occur at a pace of 1.52 million and building permits to come in at a pace of 1.55 million.

What happened: The dip in housing starts and building permits was driven by declines in multifamily construction activity. Multifamily starts fell 25% between July and August, while the number of new permits issued for multifamily buildings dropped 17% month over month.

Comparatively, construction of new single-family homes increased 4% between July and August and was up

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Retail Conversions Expected to Deliver New Logistics Supply

Posted by: | Posted on: September 17, 2020

Dying malls have a viable use case: conversion into logistics facilities, according to a new report from Prologis. This is not exactly news: such projects have long been hyped as the answer to struggling class C and class D malls. The problem was, there have been only a few successful projects.

That may be changing. Last month, the Wall Street Journal  reported that Simon Property Group has been exploring with Amazon the possibility of turning some of its anchor department stores into Amazon distribution hubs. 

In short, the tide may finally be turning for these projects, the Prologis report finds.

“COVID-19 has brought more than five years of evolution in the retail landscape into less than five months of time,” said the report, which evaluated the possibilities for—and obstacles to—conversion from retail to logistics. At the same time, the report continues, “Increased demand for high quality and infill logistics

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