- Rents in the US are finally set to decline “The dip is likely thanks to renters who might otherwise find a new living situation being dissuaded by record prices. As a result, apartment vacancies in September rose a percentage point over the previous month, while advertised rental prices on RealPage dropped by 0.2%. That trend is set to continue.” (Quartz)
- How to build a wood skyscraper “Vox’s Phil Edwards visited Ascent Milwaukee, the tallest mass timber building in the world at 25-stories tall, to see how it all comes together. Many different partners have to reinvent the construction process to make a building like this a reality, from design teams to engineers all the way down to the screwdrivers on site.” (Vox)
- How Long Can Rents Offset Apartment Development Challenges? “In most other business cycles, the stress placed on investment returns would have had a severely negative impact on development. But double-digit rent growth in many markets continues to fuel new projects, especially as accelerating home prices over the past several months give renters little choice but to stay in their apartments.” (Multi-Housing News)
- CBRE research highlights industrial real estate rate gains near major airports “CBRE explained that companies are locating distribution operations closer to airports, or air cargo ports, in order to counter various challenges, especially increasing transportation costs, which it said account for 45%-to-70% of overall supply chain costs—based on data issued by the company’s subsidiary CBRE Supply Chain Advisory. This represents a steep uptick compared to occupancy costs, which account for 3%-to-6%, said CBRE.” (Logistics Management)
- The top markets for buying, selling apartment buildings “Out of the top 25 U.S. apartment markets, 16 set records for transactions in 2022’s third quarter, according to MSCI. The remaining nine posted sales levels within 5% of their all-time high.” (Multifamily Dive)
- Prologis slowing new development amid signs of economic softening “That broader economic context spurred the company's cautious approach to new development. Chris Caton, senior vice president for research, said the gap in starts will translate into a gap in deliveries of new industrial product in late 2023 and early 2024.” (San Francisco Business Times)
- As States Escalate Resistance, ESG Backlash Could Come At A Cost To Investors “By cutting out funds that have implemented strategies based on ESG investing — in which environmental, social, and governance policies and practices are considered when making investment decisions — sources say these states reduce options and opportunities that the financial system sees as the wave of the future.” (Bisnow)
- What You Can Do About Supply Chain Havoc in Construction Projects “Supply chain woes are not going away, with skyrocketing prices and major delivery delays continuing for essential components of construction, like steel pipes and roofing materials. Fortunately, well-thought-out, clear agreements with contractors can limit owners’ supply chain risk.” (Commercial Observer)
- Bay Area Cities Seek To Raise Hotel Taxes To Pay For Infrastructure Improvements “For Alameda, the tax is slated to increase from 10% to 14%. The Alameda City Council voted to approve the increase in July, but the change is subject to voter approval. The tax would apply to guests at hotels and motels, as well as short-term rentals like Airbnbs.” (Bisnow)
- Developer Who Pleaded Guilty in College Admissions Scandal Dies by Suicide “Robert Flaxman, a Southern California real-estate developer who pleaded guilty to a federal fraud conspiracy charge for cheating to get his daughter into college, has died. Mr. Flaxman, 66 years old, died Oct. 20 by suicide, according to the Los Angeles County Medical Examiner-Coroner.” (The Wall Street Journal)
- McDonald’s Is Cool Again “The golden arches tend to shine in bad times, though, and this was no exception. For example, U.S. customer traffic to fast-food chains was very weak in August, according to Placer.ai data cited by Credit Suisse, falling by 6.9% from a year earlier, and it fell almost twice as much for all restaurants. McDonald’s saw a 3.1% traffic increase, though.” (The Wall Street Journal)
- Meet Me Downtown “Reporters and photographers from The New York Times visited 10 cities across the country to examine how the pandemic and its aftershocks have tested and reshaped America’s downtowns.” (The New York Times)
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