- The White House’s Renters Bill of Rights Is Likely More Talk Than Action “A new White House proposal for protecting renters has elicited strong reactions from both the multifamily industry and tenants’ rights groups. Despite the storm of strongly worded statements from groups like the National Apartment Association and National Multifamily Housing Council, it’s unclear what, if anything, the guidelines for protecting renters will do.” (Propmodo)
- Why the $15B STORE Capital Deal Has Changed in Value “Well, now that the deal has been completed, as of last Friday—at approximately $15 billion—we were able to catch back up with two of those experts from last fall and see whether their views of the market have changed, roughly five months later. Spenser Allaway is a senior analyst with commercial real estate analytics firm Green Street, and Haendel St. Juste is a managing director & analyst with Mizuho Securities USA.” (Commercial Property Executive)
- Scott Rechler’s RXR to Return Unknown Number of Office Properties to Banks “RXR did not immediately respond to a request for comment, so it’s not clear which buildings in its portfolio will be given back. The firm currently owns well over 60 buildings in the New York City metropolitan area, and Rechler told the FT that about 10 percent of RXR’s office properties might be ‘obsolete.’” (Commercial Observer)
- Inside New York’s struggling weed real estate experiment “For New York, where the Big Apple was already home to one of the largest illicit marijuana markets in the world, taking nearly two years to launch recreational sales has prompted a proliferation of unlicensed dispensaries, drawing a variety of public health concerns, including sales to minors and products tainted with contaminants.” (Politico)
- The “New” New York Proposal and What It Could Mean for Commercial Real Estate “This roadmap for the City’s future addresses a variety of concerns, ranging from the need for more flexible zoning in business districts, the ever-looming housing crisis, the affordability of childcare, and overall city safety and cleanliness. While this is undoubtably a pivot in the right direction, the real challenge lies in bringing these aspirations to life.” (RE Weekly)
- Debt Is The New Darling For CRE Investors Looking For Alternative Deals “Real estate debt was the most attractive alternative investment, according to the survey, favored by nearly 16% of respondents. Next in line was build-to-rent and life sciences at just over 10% each, followed by self-storage, affordable housing and data centers.” (Bisnow)
- The Strain Is Showing for NYC’s Two Biggest Office REITs “The office REITs facing the most pressure are ones heavily focused on gateway markets like Chicago, San Francisco, New York City, and Los Angeles. In other words, REITs like Boston Properties, Vornado Realty, and SL Green might struggle the most. Prospects for office REITs more focused on the Sunbelt and secondary markets are looking, well, sunnier.” (Propmodo)
- Nuveen Hires Industrious to Manage Portfolio-Wide Branding “Nuveen and Industrious have partnered on a tenant experience deal novel to both companies. Flexible workspace operator Industrious will help manage owner and developer Nuveen’s consumer branding and tenant experience across its nationwide portfolio of office buildings. The goal is a networked product for Nuveen tenants, the companies told Commercial Observer.” (Commercial Observer)
- REPORT: 3 Of Philly's Most Prominent Office Buildings May Be Underwater On Their Loans “All four buildings are dealing with large blocks of either direct vacancy, shadow vacancy in the form of sublease availability or both as the only leases being signed in the city are for much smaller spaces. GlaxoSmithKline departed 5 Crescent Drive for less than 50K SF at the FMC Tower in 2021, though its lease at the Navy Yard lasts until 2028.” (Bisnow)
- Office building without an environmental strategy are becoming obsolete, one leader says “Around 40% of global carbon emissions comes from the real estate sector. This statistic isn't lost on the industry.” (Business Journals)
- Panera Among Restaurant Companies Looking to Test IPO Demand “Fogo Hospitality Inc., the parent company of a Brazilian-style steakhouse chain, is aiming for an initial public offering as early as spring, according to people familiar with the matter. Other restaurant companies including Panera Brands Inc. and Cava Group Inc., the parent company of a Mediterranean chain, are aiming for an offering in the first half of the year as long as markets keep improving, according to people briefed on the plans.” (The Wall Street Journal)
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