Bryan Sparkes

How is the Boston life sciences market evolving? JLL’s Bob Richards joined a panels of experts at a recent Boston Business Journal event to discuss lab space, IPOs, challenges leaders are facing and more. Read more about key event takeaways >> https://lnkd.in/eN-u8uxH

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Office-to-resi conversions may be a hot topic, but they’re hardly a new idea. This recent article from The New Yorker interviews Nathan Berman of Metro Loft Management in New York— a firm that has been converting office buildings to apartments since 1997. What used to be a niche business model is now highly sought after by some of the largest real estate investors in the nation. As someone at the forefront of office-to-resi conversions in #Seattle, a few things stood out to me in this article: - By utilizing existing structures, developers can often create more livable space than if they were to develop a new building, due to current zoning restrictions. - Dependent on cost basis in the existing structure, the lesser cost of repurposing an old building can allow rental prices to be set lower than they would be in a new one. - These projects are good for the planet. According to a recent paper by the National Bureau of Economic Research, converting an office building into apartments can increase its energy efficiency by as much as 80%. What do you think of conversions as a concept? What will the ripple effects be thru our economy and society if we don’t start to convert? https://lnkd.in/dSdJR3Yg #officetoresi #CRE #sustainability #conversion #adaptivereuse

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Boston! Excited to engage in discussions with clients and our #CushWake Brokerage and Asset Services teams, on the looming Estate Tax Exemption Expiration and the corresponding role of valuations. Our Brokerage and Asset Service colleagues work in real-time with buyers, sellers, tenants, and owners. Their experiences shared enhances valuation security which #CWVandA can pass to our clients. Have your gifting-inclined clients consulted their valuation professionals? Reach out to discuss. #TrustsEstates #EstatePlanning #Valuation #DiscountStudies #MAI

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To diversify housing options and address delays in constructing multifamily projects, Greystar has launched Modern Living Solutions, a modular construction business and subsidiary, focused on delivering housing at stable and attainable price points.   My colleague Ryan Souls and I recently spoke with Boston Business Journal about Greystar’s plans to build a modular multifamily complex in Taunton, which upon completion, would be one of the largest modular projects in the state. I am proud to see Greystar using its leadership in the multifamily space in Massachusetts and nationwide to introduce new products for increasing housing production. Recognizing the immense need for housing, modular builds can deliver housing at nearly twice the speed of conventional multifamily projects while keeping costs within a feasible range.     Modular won’t replace traditional construction, but it is a fantastic complement and is a great fit for large project sites and scenarios where housing needs to be built in an accelerated timeframe. It presents us with the opportunity to get “heads on beds sooner,” which has never been more critical, given the housing crisis in the Commonwealth.   I am looking forward to seeing how the development community can utilize modular housing to create a large-scale impact on the U.S. housing supply, and how modular can spur multifamily development in Greater Boston.   Read more here: https://lnkd.in/eJPBFsfu

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The hospitality industry is navigating a dynamic landscape, with shifting consumer behaviors and emerging market factors influencing hotel demand and valuations. Our latest analysis examines key trends, including the influence of depleted pandemic savings on hotel occupancy, and the growing prominence of alternative lodging options, such as short-term rentals and cruise lines. Additionally, hotel valuations in the U.S. remain uncertain throughout the rest of 2024, with potential investors likely sidelined until after the presidential election.   Stay informed on these important industry developments. Read our expert insights here: https://lnkd.in/gECkCuKQ   #Hospitality #CBREVAS #Hotels

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Workplace experience managers: The new office game-changers JLL's latest global Pulse survey reveals a surge in these roles, from 25% to 33% in just one year. Why? They're key to boosting engagement, productivity, and culture as office attendance rises. Learn how these 'workplace ambassadors' are shaping the future of work: https://lnkd.in/g3ChCB7M

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Takeaways from NY ICSC: ▪️ The floor was buzzing with positive energy and strong outlooks ▪️ Big box & Jr box retailers continue to compete for limited supply in the market ▪️ For pad users, Landlords and developers continue to lean into ground leases as BTS rents are tough to pencil for tenants & developers return thresholds ▪️ Tenants that are growing are being collaborative and creative in how they get deals done. I.e. Minimizing LL work letters, longer initial terms, and pushing rents higher (but are supported by a healthy revenue/rent ratio) Linville Team Partners

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With limited new and trophy office product remaining on the market and/or delivering in the coming years, we continue to see competition for the best availabilities. Competition for space and approaching lease expirations are often the drivers for execution of transactions that have been delayed by indecision. There is still value to be found for tenants that are looking outside of the trophy market, however, as absorption in the high-end space continues, there will be a trickledown effect on other asset classes, older buildings without amenities and those further from transportation hubs. https://lnkd.in/gKfVPsyj

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Delicate situation with #propertytaxes in #NYC. A slight overall increase since 2020 has been buoyed by the dramatic increase in assessed values in #HudsonYards with the delivery of new construction. Interesting thought: when the city originally decided to grant tax incentives to spur city-redefining development, did they underwrite the new buildings as a net-add to the city’s overall assessed values or did they consider that it could simply be a movement of valuation as has currently played out? #NYC #CRE #NYCAGthoughts

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42 of JLL’s 54 US tracked markets saw #vacancy rates in newer (2015+) assets decline 170 basis points, in the last 6 months alone. In #Boston, 2015+ buildings are hovering around 10% vacancy, while assets older than 2015 are closer to 18%....with declining availability of new construction and limited new office product in the pipeline, the "best of the rest" should be well positioned to capture the continued uptick in demand. #CRE #realestate

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The global economy continues to be resilient despite geopolitical uncertainty and shifts to the interest rate outlook. What does this mean for global real estate?  Discover the latest trends and opportunities in @JLL’s Global Real Estate Perspective: https://bit.ly/3KFaxgx  

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What’s trending for New York City talent? 💡   Along with attracting high-quality talent, New York is seeing a positive trend in graduates advertising sustainability or ESG-oriented skills through the hiring process. Learn more about hiring trends in JLL's latest Talent Hub report: https://lnkd.in/d_e2b4vJ #NYC #Sustainability #Talent

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