- Multifamily Rents Tread Water in January “Multifamily demand remained steady in January, with rents leveling off after a fourth-quarter dip. The sturdy job market is creating optimism for a soft landing in 2023, though industry players are apprehensive about the growing number of rent control measures and rapidly rising expenses.” (Yardi Matrix)
- Green Street: Falling Commercial Property Prices Are At Or Near Bottom “Commercial real estate values continue to drop, but after a year of rapid interest rate hikes, investment advisory and research firm Green Street says the bottom is close — or already here.” (Bisnow)
- RXR CEO: Office Conversions Not Solution for Affordable Housing “The RXR chief, who has confirmed the company is evaluating two buildings—one in Brooklyn and another in Manhattan—as potential office-to-apartment conversions projects, did not disclose how many properties RXR is prepared to surrender to lenders.” (GlobeSt.com)
- The Search for Clarity: Multifamily and Commercial Real Estate Investing in 2023 “The transition from a policy-induced boom market to a market-based real estate investment environment will be rough for a lot of owners. Even if the Fed backs down later this year or in 2024, higher interest rates are here to stay. The biggest deterrent to capital flows is uncertainty, and not knowing where rates will land will keep liquidity on the sidelines and prolong the process of price discovery.” (Eisner Amper)
- Multifamily Hits Speed Bumps After Rapid Growth “Still, despite declines in multifamily rents of late, the asset class remains an attractive commercial real estate investment depending on the market and financing terms, according to analysts.” (Commercial Observer)
- Public and Private Real Estate Divergence Presents Opportunity for Investors “The average for the REIT implied cap rate was 6.3%; it was 6.2% for the NCREIF transaction cap rate. With rounding, standard deviations were the same (0.9%) for both measures. Adjusting the private real estate cap rate time series by two quarters also materially boosted the correlation coefficient.” (Nareit)
- WeWork Founder Adam Neumann Is Back With Another Real Estate Venture “The company will be made up of four sections which include management property, a real estate fund, a financial services company and a fourth pillar that will ‘take some of the value and share it with the value creators,’ according to Neumann, who said details about the company are still under wraps.” (Observer)
- More Apparel Retailers Getting into Logistics Business “Two specialty apparel retailers have announced ventures with digital inventory platforms to offer their distribution networks as shipping outlets for smaller businesses—and one of them is offering one-day deliveries of orders.” (GlobeSt.com)
- Student Housing Off to a Hot Start in 2023 “The slowing economy has taken its toll on student housing development, with the sector’s pipeline decreasing by 2.6 percent between December and January. Meanwhile, preleasing and annual rent growth in late 2022 reached all-time highs at Yardi 200 institutions.” (Multi-Housing News)
- How U.S.-China Tensions Could Affect Who Buys the House Next Door “Chinese owners have very slowly expanded their holdings in U.S. agricultural land in recent decades, but the increasingly hostile political climate has made the topic a rising concern, with at least 11 states considering some form of new legislation related to foreign ownership of farmland or real estate, according to the National Conference of State Legislatures.”(The New York Times)
- Hotel Financing Still in a Deep Freeze Amid Pandemic Fallout “But the pace of hotel acquisitions remains slow, despite the industry’s improved health, because rising interest rates have made hotel acquisitions so much harder to finance.” (Commercial Observer)
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