- As Wall Street Nudges The Nation Toward Rentership, Community Resentment And Pushback Are Building “In recent years, large corporations have taken a chunk out of the inventory of for-sale homes in the United States — investors bought more than 18% of all homes sold nationwide during the last three months of 2021, a record high, according to Redfin. Some developers that have been in the business of building up the supply of starter homes are now selling some directly to investors instead. SFR investors’ activity is driving down the number of owner-occupied houses and helping to drive up the cost, putting the dream of homeownership on pause for many American families.” (Bisnow)
- The Shrinking of the Middle-Class Neighborhood “Like many other Americans, Nashville residents are increasingly being buffeted by economic tides that push them into neighborhoods that are either much richer or much poorer than the regional norm, a New York Times analysis has found. A smaller share of families are living in middle-class neighborhoods, places where incomes are typically within 25 percent of the regional median.” (The New York Times)
- Vornado Secures $3.2B for Refis “Vornado Realty Trust has completed four refinancing deals totaling $3.2 billion. The transactions included the replacement of loans encumbering two Manhattan office buildings that comprise more than 2.2 million square feet, as well as the extension of a revolving credit facility and an unsecured term loan.” (Commercial Property Executive)
- Hochul Signs Bill Raising Standard for Energy Efficiency in Buildings “Gathering with legislators at Newlab HQ in Brooklyn Navy Yard Tuesday, Hochul signed the Advanced Building Codes, Appliance and Equipment Efficiency Standards Act of 2022 into law, which gives state officials the authority to decide which buildings should be exempt from new energy codes and which should not.” (Commercial Observer)
- Amazon strikes a deal with Grubhub as the food-delivery business struggles. “The deal gives Amazon the option to purchase over a 2 percent stake in Grubhub at an undisclosed but negligible price, the statement said. Amazon can also buy an additional 13 percent stake in the company at an unspecified “formula-based price,” which depends on Grubhub’s hitting certain performance targets like adding new customers.” (The New York Times)
- How hard the housing correction is hitting your local housing market, as told by one interactive map “How will this housing correction affect home prices? We don’t exactly know yet. But we do know what to watch: Rising inventory is, arguably, the best indicator for what awaits housing. Since March, inventory levels have spiked across the country. However, that inventory spike varies greatly by market.” (Fortune)
- CRE 2.0: The Office of the Future “The most important thing for property owners and operators to understand is what tenants want. As it turns out, the answer is a lot different than it was before the pandemic. The most important thing is safety. Simply put, companies aren’t going to be able to convince people to come back to work if they don’t feel that their health is being prioritized.” (Commercial Property Executive)
- Consumers Say 2022 Is the Worst Economy Ever “One of the biggest threats to markets fails a basic sanity check. The threat is that households are the most depressed they have been since the University of Michigan began its long-running Consumer Sentiment index in the 1950s. When consumers are worried about their finances and the economy, the danger is a self-fulfilling cut in spending that brings on a recession.” (The Wall Street Journal)
- WFH Leads UBS To Sublet About 15% Of Flagship London Office “For market observers wondering how much space companies might shed as a result of WFH, it provides a datapoint. The amount of space represents between 15% and 20% of the building's overall office space.” (Bisnow)
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