- New York City Affordable Housing Investment Stagnates Amid Steady Demand “Sales for multifamily buildings in the city with subsidized and regulated units have tumbled despite historic housing demand. There were $3.4 billion in sales for these buildings during the first six months of the year in Manhattan, Queens, Brooklyn and the Bronx, an amount that fell by half compared to the $7.1 billion that sold in the second half of 2021, according to research compiled by investment sales brokerage Ariel Property Advisors.” (Commercial Observer)
- Extreme California Heat Knocks Key Twitter Data Center Offline “Extreme heat in California has left Twitter without one of its key data centers, and a company executive warned in an internal memo obtained by CNN that another outage elsewhere could result in the service going dark for some of its users. Twitter (TWTR), like all major social media platforms, relies on data centers, which are essentially huge warehouses full of computers, including servers and storage systems. Controlling the temperature in those centers is critical to ensuring the computers don’t overheat and malfunction. To save on cooling costs, some tech companies have increasingly looked to place their data centers in colder climates.” (CNN Business)
- Rail Shutdown Would Be Disastrous for Consumers “Before the start of the COVID-19 pandemic, consumers hardly, if ever, gave thought to ‘supply chains.’ For most people, it sounded like a corporate buzzword, similar to ‘synergy’ or ‘deep dive.’ However, two years later, consumers are painfully aware of how important supply chains are to the availability and cost of common products.” (Crain’s Chicago Business)
- Four Reasons Multifamily Will Remain an Attractive Hedge, According to One CEO “The multifamily asset class will remain a safe place to deploy capital despite rising rates and inflation, one industry watcher tells GlobeSt.com. Mohsin Masud, the CEO and founder of AKRU, says multifamily will continue to be a safe place to deploy capital for four key reasons: necessity, affordability, efficiency and liquidity. ‘Everyone needs a place to live. As such, they are likely to prioritize their housing costs in times of economic distress,’ Masud says.” (GlobeSt.com)
- Refinancing Older Office Properties More Difficult in Dicier Market “Unsteady markets make for safe investments, so hearing that the state of the refinance market resembles a kaleidoscope isn’t too reassuring. Still, as Brad Zampa, executive vice president and senior partner on CBRE’s Northern California capital markets team, explains, the environment for commercial refinancing, especially for less desirable office properties, has become unmoored by today’s uncertainty.” (Commercial Observer)
- Report: Evening Traffic in U.S. Downtowns Hits a High in August “Hot weather and school vacations brought more office workers and tourists back to major urban centers last month. During 5 p.m.-to-8 p.m., traffic was 23.9% lower than in August 2019—the first time since the 2021 holiday season that the pre-pandemic traffic gap dipped below 25% during the dinner period, according to the retail data analytics company Springboard.” (Chain Store Age)
- Multifamily’s Prime Target: Aging Millennials “A number of factors have contributed to making multifamily the hottest commercial real estate asset in the U.S. over the past few years. A chronic lack of housing combined with steadily rising rents and declining vacancy rates have more investors and developers targeting the sector. As rising interest rates and inflation make it more expensive to purchase homes, the national demand for rental housing is expected to remain strong for the foreseeable future. To capture this demand, multifamily owners and developers must focus on delivering properties that cater to evolving consumer preferences.” (GlobeSt.com)
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