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| TCN Assignments
Congratulations! Hanna Commercial Real Estate/TCN Worldwide in Cleveland completed an assignment with Unique Properties/TCN Worldwide in Denver. Brennan Tilow at Hanna Commercial initiated the assignment and worked with Marc Lippitt and Justin Herman at Unique Properties to complete this five-year lease renewal.
| CRE Industry News, Top Stories
Office-To-Apartment Conversions in Major Cities Quadruple in 4 Years
The number of apartment spaces being created in office buildings across major cities this year has risen to over 55,000, four times higher than the 12,100 under conversion in 2021, according to a new report.
What Office Space Costs Landlords and Tenants Now
Add in incentives and concessions, and it’s clear tenants in major markets are getting a deal on space. For all the emphasis on remote or hybrid work, there remain employers intent on having workplaces in office buildings like the good old days pre-pandemic. And the numbers suggest that these landlords are willing to pay more to make that happen.
'We’re Not Even Close': Data Center Power Crunch Gets Worse, With No End In Sight
Data center developers are facing a worsening energy crisis that has escalated as utilities struggle to keep up with the needs of the booming industry. And with its power usage being exponentially increased by the adoption of artificial intelligence, experts say the problem isn't going away any time soon. With soaring demand, rising rents, and a flood of new investment, data centers are a rare, charmed corner of the commercial real estate landscape.
| TCN News, Deal Announcements & Member Highlights
Forte Real Estate Partners/TCN Worldwide Helps Medical Device Firm Consolidate and Expand RE Footprint; Summit Medical Expands into 73,000 SF in Viking Lakes
Innovia Medical, operating as Summit Medical in Minnesota, has signed a nine-year lease for 73,000 sq. ft. in Viking Lakes, Eagan, Minnesota, to serve as its new corporate headquarters. The recent expansion involves the renewal of the existing lease, incorporating an additional 32,000 sq. ft. to make Innovia Medical the sole tenant of the property. John Young, vice president - advisory, Forte Real Estate Partners, and Wally Tufvander, vice president – project management, were the company’s real estate and construction advisors.
MSC Commercial/TCN Worldwide in Sarasota Sells Downtown Office Property for $6 Million
The DeLieto Team of Michael Saunders & Company Commercial has sold a .75-acre property at 100 S. Washington Blvd. for $6 million. Located on the eastern edge of downtown, the building was leased by Michael Saunders & Company for 27 years until last May. The DeLieto Team represented the seller, Hyatt and Cici Brown Revocable Trust of Daytona Beach. The local buyer, The Education Foundation of Sarasota County, is formulating plans to renovate the building.
Premier Commercial Real Estate Services/TCN Worldwide in Indianapolis Welcomes New Office Administrator
Premier Commercial Real Estate Services is pleased to announce the addition of Stephanie Henry to its team. With a steadfast dedication to the real estate profession, Stephanie brings with her a wealth of experience, having served as a residential broker for six years & boasting over two decades of expertise in operations & administration capabilities. Stephanie will be instrumental in overseeing & optimizing various administrative processes within the organization.