Office leasing activity across the nation advanced in the first quarter, with tenants absorbing 5.2M SF, up from the negative 406K SF absorbed during the same period last year.

Read more:

https://www.bisnow.com/national/news/office/strong-q1-office-fundamentals-suggest-market-still-has-room-for-expansion-87522?rt=57392

Happy Mother's Day!!!!!

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DIA to discuss new convention center in downtown

By Derek Gilliam  –  Reporter, Jacksonville Business Journal

Jan 16, 2018, 4:06pm

The Downtown Investment Authority will discuss selling the old city hall annex and courthouse properties to a developer to build a convention center along Bay Street at its Wednesday meeting.

The agenda item would allow DIA CEO Audra Wallace to send out a request for proposals that would seek development of a minimum of a 350-room, full service convention center, parking garage and public convention space at 220 and 330 Bay streets.

“The DIA envisions a new convention center, hotel and parking garage, if developed, to be an immediate enhancement to the financial viability and dynamism of surrounding facilities in the urban core and sports complex and to the city,” the proposal read.

The resolution puts the following requirements for development of the convention center:

• Food and beverage (including a full service restaurant)
• Recreation
• Retail
• Function space (wedding receptions, banquets etc.)
• Full service hotel (minimum - 350 rooms)
• Public exhibit hall (minimum - 200,000 square feet)
• Ballroom (minimum - 40,000 square feet)
• Meeting / breakout rooms (minimum – 45 rooms)
• Transient boat slips (optional)

Parking Garage

• Hotel Parking Spaces (minimum 400 spaces)
• Convention Center Parking Spaces (minimum 1,300 spaces)

The meeting will take place Wednesday at 2 p.m. on the eighth floor of the Ed Ball Building.

Tenancy in Common

Tenancy In Common (TIC). What is it? Only one of the most popular ways to structure multi-party ownership of a Commercial Real Estate (CRE) investment property. Here's an excellent article on the subject by Neal Hefferren (@RECopywriter).