- Will Investment Sales Recover in 2023 “CBRE forecasts a 15% year-over-year drop in U.S. commercial real estate investment volume in 2023, although it will exceed the pre-pandemic record annual total in 2019. Investment activity likely will bottom out in the first quarter and then gradually improve, it said. Then, by Q2 2023, a clearer picture should emerge about the terminal (max) federal funds rate and the overall economic outlook. ‘Long-term yields and spreads should help reduce capital cost and allow for more sound underwriting. As a result, we expect quarter-over-quarter improvements in capital markets activity starting in Q2,’ according to its report.” (GlobeSt.com)
- Where to Find Opportunities as Economy Slows “Investors are preparing for a challenging year, as weakening fundamentals and higher costs of capital will affect most commercial property sectors, according to CBRE’s new U.S. Real Estate Market Outlook 2023: Opportunities Amid a Slowing Economy. Jessica Morin, CBRE research director and head of office research, notes that the office sector’s “slow and uneven recovery” as the pandemic winds down continues to deepen the gulf between prime office buildings and second-rank properties.” (Commercial Property Executive)
- Fifth Wall’s Brendan Wallace on What’s Next After $866M Proptech Fund “Last week, Fifth Wall, the largest venture capital firm in proptech, announced the closing of its $866 million Fund III, the biggest property startup investment fund ever. The closing brings Fifth Wall’s total capital raised over the last year to more than $1 billion. Shortly after the Fund III closing, PropTech Insider sat down with Brendan Wallace, co-founder and managing partner (along with Brad Greiwe) at Fifth Wall, to discuss how such a historically huge fund came to be, the firm’s new interest in early-stage proptech startup investing, and what looks hot in proptech in 2023.” (Commercial Observer)
- Visits to Physical Stores on Super Saturday Up 17% “Shoppers turned to brick-and-mortar stores as the holiday shopping season entered its final week. Visits to physical stores on Super Saturday (Dec. 17) were up 17% from the previous Saturday (Dec. 10) and up 36% from Dec. 3, according to shopper traffic data from Sensormatic Solutions. Shopper traffic on Super Saturday was up 0.2% compared to 2021. Super Saturday is usually second to only Black Friday in terms of shopper traffic.” (Chain Store Age)
- Activist Investor Wins Spot at Aimco Board After Agitating “Activist investor Land & Buildings Investment Management, a hedge fund based in Connecticut, placed one of its candidates on the board of directors of Colorado-based Apartment Investment and Management Co., or Aimco. The move is the latest in an ongoing spat between Land & Buildings, which owns 5.8% of Aimco, and Aimco management. Land & Buildings pressured stockholders to make changes at Aimco at least three times previously this year.” (Bisnow)
- Barnes & Noble Store Expansion Leads Big-Box Real Estate Revival in 2023 “Barnes & Noble plans to grow its fleet by 30 stores next year, the latest sign that big-box retailers are expanding again after years of shrinking their real-estate footprints. The bookseller had been contracting for more than a decade as it struggled to compete with Amazon.com Inc. and other online retailers, and now has about 125 fewer stores than it did at its peak 14 years ago. But this year Barnes & Noble is opening more stores than it is closing, including two Boston-area stores in locations formerly occupied by Amazon Books.” (The Wall Street Journal)
- Nearshoring Heads List of Small, Midsize Businesses Supply Chain Trends “Small and midsize businesses (SMBs) are taking drastic action to optimize and innovate their supply chains. A majority (88%) of SMBs plan to or are currently switching at least some of their suppliers closer to the U.S. in 2023, according to a study by software review and selection platform Capterra, which surveyed 300 U.S. SMB supply chain professionals. The move comes as the companies deal with economic headwinds, operational bottlenecks and an ongoing need to remain competitive.” (Chain Store Age)
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