- NAV REITs Post Five-Year Cumulative Total Return of 66% “According to a report published by investment banking firm Robert A. Stanger & Co., Inc., non-traded net asset value REITs have posted a cumulative five-year total return of 66% since 2018, more than three times the MSCI Public Market Index Return over the same period. The Stanger NAV REIT Total Return Index took a slight dip in fourth quarter 2022, falling 1.26%.” (The DI Wire)
- $30 Billion in Loans Secured by LA, OC Properties Mature in 2023 “If you thought the roughly $10 billion in maturing CMBS debt tied to properties in Los Angeles and Orange counties last year was hefty, consider this year’s numbers. About $30 billion worth of CMBS debt tied to almost 400 commercial properties in Los Angeles and Orange County will come due this year, according to data from DBRS Morningstar. Only about $3.5 billion of that has already been paid back.” (The Real Deal)
- Starwood CEO Barry Sternlicht’s New Hotel Brand Bets on Outdoor Recreation “Real-estate investor and hotelier Barry Sternlicht, known for sleek, design-oriented lodging brands like W Hotels and the Baccarat Hotel, is launching a new hotel chain to celebrate the great outdoors. Field & Stream Lodge Co. will operate hotels around national parks, woods, ski mountains, lakes and desert land across the U.S. It is aimed at families and outdoor enthusiasts, Mr. Sternlicht said. His real-estate firm sold the outdoor-recreation retailer of the same name in 2014 but retained the company’s lodging rights.” (The Wall Street Journal)
- Data Center Developers Consider Unconventional Sites, Streamlining Strategies to Meet Immense Demand “Data center development is simultaneously growing by leaps and bounds as well as suffering from its own success. The easy-to-develop sites have been snapped up and demand for additional data and cloud services continues to grow, forcing developers to look beyond the obvious locations for sites. This can entail running into less-than-obvious delays in the development process.” (REBusiness Online)
- Tech Office Leases Slow to a ‘Trickle’ in Seattle as Real Estate Braces for Impact of Layoffs “Office building attendance in downtown Seattle this past November increased year-over-year from 15-20% to 35-60%, as more companies establish in-office mandates, according to a new report from CBRE. But only a ‘trickle’ of tech tenants signed new leases downtown in the fourth quarter of last year, the report said, as leasing activity shifts toward professional service, legal, and finance firms. The adoption of hybrid work policies at tech companies has hit the commercial real estate market hard.” (GeekWire)
- Brooklyn’s Office Market Post-COVID Sows Green Shoots “Optimism springs eternal in the Borough of Churches. Just southeast of arguably the world’s grandest and most expensive office district — Midtown Manhattan — hovers the long-standing hope that something new and more progressive would spring up in its shadow.” (Commercial Observer)
- Elon Musk, Huge Homebuilder Team on Project East of Austin “Elon Musk has already transformed a rural swath of Central Texas with facilities for Boring Company and SpaceX. It looks like the billionaire wants to erect houses next, and a public official says Musk has enlisted one of the nation's largest homebuilders to help. Click through to learn more.” (Austin Business Journal)
- Proptech Partners with Universities to Solve Real Estate Challenges “The next step in the development of technology solutions for some of real estate’s most complex issues may not be happening in the offices of developers or at proptech startups. Instead, it might be happening in the halls of academia previously little associated with the world’s largest industry. One such academic institution working to apply sophisticated technology to real estate challenges is Columbia University.” (Commercial Observer)
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