Commercial Real Estate Projects to Look Forward to in 2018
Working with so many commercial real estate developers gives us a vested interest in upcoming projects. Have you ever wondered what’s going on in new developments around the country?
You Can Look Forward to These Commercial Real Estate Projects in 2018
According to the recent annual report of the Urban Land Institute (ULI) Seattle, WA, is emerging as the US top property market in 2018, followed by Austin, TX, and Salt Lake City, UT. Seattle is, for example, home of the Amazon headquarters and is enjoying an office building boom that is not solely Amazon-related.
While these three cities might now be moving into the focus of even more potential investors, let us have a look at what is going on nationwide.
Here are just a few of the (commercial) building developments in other US states that can we look forward to in 2018.
San Francisco, CA – The Park Tower:
The Park Tower is located at 250 Howard Street, San Francisco, near the Transbay Transit Center. Its 43 stories with office spaces are going to reach a height of 605 feet. Developers are The John Buck Company, Golub Real Estate Corporation, and MetLife, and the architects are Goettsch Partners and Solomon Coldwell Buenz. Completion of the Park Tower is expected for the last quarter of 2018.
Philadelphia, PA – The Comcast Technology Center:
With 60 floors and a height of 1,121 feet, the Comcast Technology Center at 1800 Arch Street, Philadelphia, (also: “Comcast Innovation and Technology Center”) is going to be the ninth-tallest building in the United States. It is being developed by the Liberty Property Trust and will be housing mainly Comcast office spaces plus the new Four Seasons Hotel Philadelphia. The Architects are Foster and Partners in collaboration with Kendall/Heaton Associates, and the completion of construction is estimated for 2018.
Miami, FL – The One Thousand Museum:
The One Thousand Museum by Zaha Hadid Architects is located at 1000 Biscayne Boulevard, Miami. With its 700 feet and 62 stories, it will be Miami’s highest building. The completion of this luxury development in 2018 is highly anticipated, and the building will be featured in a Discovery and PBS documentation titled “Impossible Builds.” Other than what the name “One Thousand Museum” might suggest, the building will not be home to an actual museum, but to an array of luxury condominiums. The name refers to its location across from the Museum Park as well as the house number 1000 on Biscayne Boulevard. The developer team for this project consists of Louis Birdman, Gregg Covin, Kevin Venger and the Regalia Group.
1144 Fifteenth Street (the name refers to the building address 1144 Fifteenth Street, Denver) will provide offices as well as restaurants and retail space on 40 floors with a construction height of 603 feet. The building is situated adjacent to the Four Seasons hotel and condominiums in Denver’s LoDo area. The construction of this Class AA tower, developed by Hines with the architects Pickard Chilton, is basically complete (scheduled for December 2017), and the opening is scheduled for January 2018.
If you are interested in more in-depth information and numbers regarding the commercial real estate outlook, have a look – for example – at the above mentioned ULI-report as well as the publication “2018 Real Estate Outlook – Optimize opportunities in an ever-changing environment” by the Deloitte Center for Financial Services.