- Investors’ Housing Bets Are on Shaky Foundations “Hopes in the U.S. that further rent increases can offset cost growth look optimistic. True, vacancy rates in professionally managed rented accommodation are low at about 5%, giving landlords pricing power. And homeownership is increasingly unaffordable, which will drive demand to rent. The average fixed-rate 30-year mortgage has reached 5.78%.” (The Wall Street Journal)
- Rents Will Rise by at Least 3.25 Percent for 2 Million New Yorkers “Many tenants argued for a rent freeze or rollback, while landlords were seeking even higher increases, but the panel had signaled its intent to support a middle-ground approach at a meeting last month. The increases affect roughly two million New Yorkers.” (The New York Times)
- Housing affordability drops to 15-year low: Zillow “Housing prices continued their rise, though the growth acceleration finally showed signs of slowing last month. Meanwhile, mortgage rates and payments continue to balloon, while inventory is not recovering quickly enough to ease the supply-demand disparity.” (The Real Deal)
- Feds And Meta Settle Suit Over Alleged Discriminatory Housing Ad Algorithms “The suit also alleged that the tech company's special ad audience tool permitted advertisers to target users based on protected traits, which is unlawful. The tool allowed advertisers to create audiences with various commonalities; lawful examples of that would be advertisers’ current customers, visitors to their websites, or people who like their Facebook posts.” (Bisnow)
- Navigating the Latest Opportunities in NYC Office Leasing “Starting at the top, for those worried about whether companies would keep offices after the pandemic. Through May, companies have signed more than 6.5 million square feet of new leases. According to Cushman & Wakefield’s count, that’s 5.9% higher than the 2015 through 2019 five-year average of 6.1 million square feet.” (GlobeSt.com)
- Inside Amazon's huge operations shake-up “At Amazon, a huge operations shake-up is underway. An internal email shows two top fulfillment executives are leaving the company, just after Amazon announced the appointment of Doug Herrington as its new retail CEO.” (Insider)
- Raleigh Development Boom Rides Life Sciences, Tech Interest “The region ranks as a national leader for investor demand and development opportunities, according to ULI, and has seen activity explode at a time when corporations are pushing to get people back into central business districts and into the office.” (Commercial Observer)
- Commercial Real Estate — Buy, Sell, or Hold? “Privately owned commercial real estate has historically offered a strong hedge against inflation. The owners of properties with short-term leases such as apartments, self-storage, and manufactured home communities can quickly raise rents to match inflation, as measured by the Consumer Price Index.” (Forbes)
- What Landlords Privately Think About the Real-Estate Boom “Are they gleeful that they once again have the upper hand? Unapologetic about renting market-rate apartments for market rents? Guilt-ridden but ready to make up for 2020 and then some? We talked to three landlords — one on the Upper West Side, one in the West Village, and one who operates in Brooklyn and Queens as well as the northern suburbs — who agreed to speak anonymously about these frenzied conditions.” (Curbed)
- Franchise Group considers lowering Kohl’s bid closer to $50 a share from about $60, source says “Franchise Group, owner of The Vitamin Shoppe and other retailers, is actively considering whether buying Kohl’s is the best use case of Franchise Group’s capital, said the person, who asked to remain anonymous since the conversations are private and ongoing. The company is growing concerned that the environment for certain retailers could become bleaker from here, particularly if the U.S. were to enter a recession, the person said.” (CNBC)
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