- U.S. Regulators Tell Lenders To Work With Stressed CRE Borrowers “The top regulators of the U.S. banking system are asking lenders to take it easy on commercial real estate owners who are faced with their most difficult environment in over a decade. Banks should work with commercial real estate firms to find ‘accommodations and workouts’ for upcoming maturities, a group of federal regulators said Thursday in announcing updated guidance for financial institutions.” (Bisnow)
- Invesco Real Estate rolls out commercial REIT “Invesco Real Estate has rolled out a private fund focused on financing commercial real estate loans as part of its investment strategy. The company has announced the launch of Invesco Commercial Real Estate Finance Trust (INCREF).” (MPA Mag)
- Commercial real estate dominoes continue to fall “The negative momentum triggered by spiking interest rates, a shift to remote and hybrid work and inflation is causing some real estate players to tumble over. And this week it was hard to ignore.” (The Real Deal)
- What It Takes to Convert a Multi-Million Dollar Office Into Housing “With housing in short supply, developers are converting more empty offices into apartments. But not all buildings are candidates for reuse, even as more than one billion square feet of office space sits vacant across the country.” (The Wall Street Journal)
- Amazon has $8B plan for Ohio data centers “The tech company plans to spend $7.8 billion to expand Amazon Web Services — its cloud computing unit — in Ohio, Bisnow reported. That investment will take the form of developing additional data centers in the state, though site selection has not yet been determined.” (The Real Deal)
- Implications of Florida Restriction on Ownership by Foreign Principals of Interests In Real Property “The general restriction on PRC Investors owning or acquiring direct or indirect interests in real property goes into effect on July 1, 2023. Note that SB 264 is not retroactive and does not require a PRC Investor to divest ownership acquired prior to July 1, 2023; however, any such ownership would be subject to reporting requirements that have not yet been promulgated by the Florida Real Estate Commission along with other rules and regulations providing for the implementation of SB 264.” (Ropes & Gray)
- Apple's $70 Million Cupertino Office Purchase May Reflect Shifting Silicon Valley Real Estate Landscape “The four-story office building, positioned roughly two miles from Apple's Cupertino headquarters at Apple Park, became the iPhone maker's property through an all-cash transaction. The property was originally bought in 2019 by San Francisco-based real estate investment firm Rubicon Point Partners, who sold the office building to Apple.” (Hoodline)
- JLL report: CRE firms already embracing AI technology “AI is still in its early stages, and commercial real estate companies, developers and brokers are still learning how to use this tech to boost their bottom lines.” (Real Estate Journals)
- Council Refuses Office-To-Residential Conversion For Ballymore’s Vacant Meridian Site “Ballymore said that it had been advised that the cost of fitting out the building to a suitable modern office spec would exceed the value of the space and blamed the lack of demand for office space on its secondary location, the design of the building and a lack of car parking.” (Bisnow)
- Brookfield Properties Announces Entire U.S. Portfolio to be Powered by Zero Emissions Electricity “More than 65% of its office space, including the entirety of its New York and Washington, D.C. office portfolios, will transition to zero emissions electricity by 2024, making Brookfield Properties by far the nation’s largest commercial real estate user of zero emissions electricity [source]. In 2026, 100% of its U.S. office portfolio will transition to zero emissions electricity.” (Real Estate Weekly)
- Vacant Sears Stores Find New Life as Housing in Mixed-Use Malls “This unique configuration—a Big Box Store and a smaller auto center connected by a significant chunk of the mall’s parking lot—have made former Sears outlets prime sites for developing residential units as shopping mall owners reposition their mall properties with experiential live/work/play mixed-use elements, the most successful recovery strategy.” (GlobeSt.com)
- How Scared Should You Be About Commercial Real Estate? “Prices for buildings are taking much longer to adjust than in the financial crisis, the last major downturn, probably because so far there has been relatively little distressed selling or bank seizures.” (The Wall Street Journal)
- The End of LIBOR Is (Finally) Here “The arduous, decade-long process to end the financial system’s reliance on a tarnished interest-rate benchmark, which once underpinned trillions of dollars in contracts across the globe, is almost over. From next week, the rate, known as the London Interbank Offered Rate, or LIBOR for short, will cease to be published.” (The New York Times)
- Florida SBA plans 2% increase to real estate allocation “Following an asset allocation review, investment consultant AON is recommending that Florida SBA adjusts its allocation to some asset classes including lifting that of real estate to help improve the overall risk-adjusted returns for the pension fund.” (IPE Real Assets)
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