Despite rising interest rates and eroding housing affordability, the average cost of home ownership in the US as a percentage of income is extremely low, according to a new report by Grosvenor Research. “The cost of owning a home in the US as a percentage of household income is now about ten percent, well below the 20-year average of about 14 percent and the 34-year average of more than 17 percent,” said Eileen Marrinan, Director of Research for Grosvenor Americas. “In contrast, the cost of renting as a percentage of income is much higher at almost 14 percent.”
Grosvenor Americas has sold a 126,000 square foot retail building at 830 North Michigan Avenue in the heart of Chicago’s “Magnificent Mile” shopping district to Chicago-based General Growth Properties, Inc. The building’s tenants include Topshop, the London-based international fashion-forward apparel retailer, which occupies 50,000 SF on four levels.
Grosvenor Americas has acquired 11 Class A office buildings in the Seattle, WA suburb of Bothell from owner/developer Schnitzer West, LLC for $167.5 million.
Grosvenor Americas has acquired Century Plaza II, a 99,126 square foot Class A office building in the heart of Silicon Valley in San Jose, CA. The six-story, LEED® Gold certified property at 560 S. Winchester is fully leased and is adjacent to Santana Row, a vibrant pedestrian-friendly community of luxurious residences as well as some of Silicon Valley’s premier shopping, dining, entertainment, and nightlife destinations.