- Amazon Slowdown Sends Shivers Through Red-Hot Warehouse Sector “Amazon. com Inc.’s decision to throttle back on its e-commerce operations threatens to slow the growth of the industrial-space sector, one of the hottest areas of commercial property. For now, demand from other retailers is expected to pick up the slack, supporting warehouse occupancies and rent levels, analysts say. Rents, occupancy levels and sales volume of industrial real estate were already rising before Covid-19. They have soared even higher during much of the pandemic, as retailers led by Amazon, Walmart Inc. and Target Corp. gobbled up record amounts of space at warehouses and distribution centers.” (The Wall Street Journal)
- The Crypto Bros Are Snapping Up Manhattan Real Estate “This month, Solana Labs, a cryptocurrency platform, signed a lease for 20,000 square feet across four floors of a new office building in the Bowery. A few blocks away, EmpireDAO, whose name incorporates the acronym for ‘decentralized autonomous organization,’ has opened a co-working space for crypto entrepreneurs in a graffiti-covered building. Manhattan office availability rates hit 19 percent in May, up from about 12 percent before the pandemic, according to Newmark, a real estate firm, and landlords have welcomed the new category of companies, many of them having secured recent rounds of fund-raising.” (The New York Times)
- How Office Use Is Evolving the Urban Core “The pandemic has catalyzed an undeniable change in office use, but many companies still have questions and uncertainties about how these changes will take shape and how to plan workplace strategy for the future. Urban centers have, perhaps, been the most disrupted by these changes, with the majority of office space located in the urban core. Data from Dr. Tracy Loh, a fellow with the Brookings Institution, shows that 71% of US office space is located in a downtown market.” (GlobeSt.com)
- SFR Tenants Aren’t Who They Used to Be. And Many Wish They Weren’t Renting at All. “The profile of the single-family renter is shifting as the COVID-19 pandemic has generated higher expectations around amenities and quality of life as residents spend more time at home. And although a move to the suburbs was already happening before the pandemic, the drive to single-family rentals has only accelerated, according to panelists at IMN’s Single-Family Rent Forum (East).” (GlobeSt.com)
- Home Prices Surged Over 20% in March as Interest Rates Also Rose, According to S&P Case Shiller “Rising mortgage rates did not slow down rising home prices in March. Nationally, home prices were 20.6% higher than they were in March 2021, according to the S&P CoreLogic Case-Shiller Home Price Index. That is higher than the 20% gain in February. The index is a three-month running average ending in March. The average rate on the 30-year fixed mortgage stood at 3.29% at the start of January and ended March at 4.67%, according to Mortgage News Daily.” (CNBC)
- PREIT Sells 11 Outparcels and Raises $32 Million “Located at Main and Main in top markets, Class A regional malls sit on valuable real estate -- and mall REITs are taking advantage of that to raise capital. The latest is PREIT, owner of major market malls such as Cherry Hill Mall in New Jersey and Fashion District in downtown Philadelphia. It has announced the sale of 11 outparcels for $32 million and has executed a $2.5 million agreement of sale to a hotel chain for a vacant parcel at Springfield Town Center in Springfield, Va.” (Chain Store Age)
- Recession in 2022? U.S. Self-Storage Says Bring It On “The prospect of a global recession looms, but U.S. self-storage's mettle is ready to be tested once again.” (Bisnow)
- Times Square Real Estate Developments Land $1B in Loans “The 10 largest Manhattan real estate loans recorded in April totaled about $1.7 billion, a good $500 million over March’s total and nearly double last April’s amount. Times Square was the center of some of last month’s biggest deals, including a refinance of the former Bertelsmann’s building and an extension of One Times Square, where the New Year’s Eve ball drops.” (The Real Deal)
- REITs Recognized for LGBTQ+ Commitment “Earlier this year, four REITs were named a Best Place to Work for LGBTQ+ Equality by the Human Rights Campaign Foundation in recognition of their sustained commitment to corporate policies, practices, and benefits pertinent to lesbian, gay, bisexual, transgender, and queer employees. All four REITs received 100% rankings on the HRC Corporate Equality Index (CEI), a national benchmarking tool. The public recognition underscores the significant steps the REIT industry is taking to embed a focus on human capital issues within broader ESG strategies.” (REIT.com)
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