Alaska Airlines Announces Boeing 737 Will Rejoin Fleet
On November 18th, the Boeing 737 Max was certified by the Federal Aviation Administration, giving the approval to all airlines, including Alaska, to begin the process of bringing the aircraft back into service. The first aircraft, a MAX 9, is scheduled for delivery in early 2021 and will begin passenger service in March 2021. These planes have been grounded since March of 2019 due to two plane crashes, but that ban has been lifted after almost two years. Boeing has worked closely with the FAA and has high expectations and confidence that the required changes will meet the high safety standards expected by passengers and airlines.
SMARTCAP Value Fund 2 818 S. Dakota Industrial Building
Industrial Tenants and Developers Setting New Records
Amid a global pandemic, industrial tenants and developers are setting new records. CenterPoint Properties Chief Investment Officer Jim Clewlow stated “One could argue that COVID has been an accelerant for some leasing demands” as many users are expanding to meet demand from consumers who are ordering more and more online, from groceries to clothing. Growing companies include e-commerce, third-party logistics providers, packaging supply companies, food users, and medical companies. Despite economic uncertainty, builders are not hesitating to break ground, and development has moved forward despite fears that the pandemic would shut down construction sites.
"Bet on Seattle"
The third quarter in Seattle was much like the first two, with many questioning how long we can sustain working from home and which companies could be “exiled” from urban areas. However, Broderick Group believes that the Puget Sound will remain attractive to those in the commercial real estate industry long-term due to fundamentals that were established prior to this global pandemic. While vacancy in Seattle reached 5.6 percent in the third quarter, up from 4.6 percent in 2019, and leasing actively was largely quiet, several office deals were made including BlackRock leasing at Two Union Square and Chef Software renewing its lease at 619 Western along the Seattle waterfront. While much of 2021 is up in the air, Broderick Group believes that long term, the Seattle office market will thrive again due to it being a global economic hot spot, access to a diverse and competitive talent pool, and bonuses such as public transportation. Working from home will continue well into 2021 but, according to Broderick Group, “the fundamentals of Seattle and the Puget Sound firmly place us among the strongest areas in the country to weather the economic fallout of the pandemic, and to continue to develop as a top destination for company location and investment… it will take some time to return to our pre COVID-19 levels but we are confident of our recovery, Bet on cities. Bet on Seattle.”
TAGS: Musings