Life Time Work is occupying 31,000 square feet at the Somerset Corporate Center. (Peter Dant Photography)

 

In case you missed the headlines, here’s a roundup of top national commercial real estate stories reported by the CoStar News team over the past week. 

Rents are Falling Near College Areas As Millions of Students Stay Home: Student housing landlords are feeling the pinch of the pandemic as college students are reluctant to move back to campuses across the country and many universities are delaying the start of in-person classes.

Industry City’s Scrapping of $1 Billion New York Rezoning Plan Echoes Amazon’s HQ2: The developers of Industry City have withdrawn their application to rezone their 35-acre Brooklyn waterfront site to permit its expansion. That pullback echos e-commerce giant Amazon's decision more than a year ago to abandon its plans to put its second headquarters, the so-called HQ2, in the Long Island City section of Queens.

National Gym Chain Expands Coworking Concept in Tough Environment: A national fitness chain is continuing to roll out its new coworking concept, with construction just completed on a site in New Jersey, even as the pandemic has dampened demand for gyms and shared workspace.

Pair of Former JLL Brokers Launch Flexible Office Firm: As corporations large and small reassess their office space needs in light of the coronavirus shutdowns, G. Ryan Smith and Michael Zietsman believe landlords have an opportunity to leverage the changing environment by offering flexible spaces and leases.

Housing's Wild Ride During the Pandemic Scrambles Choices: Many big-city dwellers, once content to rent to enjoy urban life, are shifting their attention to smaller cities and suburbs in pursuit of space for home offices, bigger backyards and less restrictions during the pandemic. Depending on the locale, that is driving down rents in many large cities while pushing up rents and home prices to record highs in less crowded places.

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