- Housing Affordability Concerns Rise to the Fore World-Wide “In cities from Austin to Dublin to Seoul, more families are finding it impossible to pay higher prices unleashed by a global property boom. Sydney house prices leapt by nearly $870 a day in the second quarter of the year, said real-estate firm Ray White. In the U.K., first-time buyers are paying on average 32% more than 12 months ago, according to Benham and Reeves, a real estate agency. Many economists worry that as more people get stuck renting, or borrow more than they can afford, it could contribute to greater inequality in major cities that could take years to unwind and add to political polarization.” (The Wall Street Journal)
- Oxford Lands $1.4B CMBS Financing for $2.2B KKR Industrial Portfolio Purchase “Oxford Properties Group has lightened its load on a massive industrial portfolio purchase, securing $1.43 billion in commercial mortgage-backed securities financing. The loan is designated for the Canadian-based company’s $2.2 billion purchase of an industrial portfolio from KKR. It comes in the form of a five-year floating-rate loan that is being securitized in a single-asset, single-borrower transaction.” (The Real Deal)
- Florida’s Covid Surge Is Not Deterring Real Estate Investors “Florida’s COVID case count is finally down after a summer surge that dwarfed previous outbreaks, causing close to 10,000 deaths in the state in August alone. And the death toll is not yet over, as deaths tend to lag case count by several weeks. But, while its toll in human life is still ticking up, COVID’s impact on Florida’s economy, and on its real estate sector, has been minimal, and possibly non-existent, according to numerous Floridians in the industry.” (Commercial Observer)
- Netflix Sets Up Shop in Bushwick, Brooklyn, with Massive New Production Studio “First came the hipsters. Now it’s the moviemakers. Bushwick’s revival took another step forward this month, when Netflix set up shop in the Brooklyn neighborhood. The streaming service opened a 170,000-square-foot studio in Bushwick, a long-term lease that will provide ‘a state-of-the-art production experience for filmmakers,’ a spokesman told the Daily News. The massive facility, stretching across almost two avenue blocks just off the L line, includes six soundstages, a mill, flexible support space, offices and meeting rooms.” (New York Daily News)
- Workers Are Putting On Pants to Return to the Office Only to be on Zoom All Day “Pandemic-era safety procedures have created a new dynamic at work, in which many employees say they’re operating at work the same way they were at home.” (The Washington Post)
- 11 Common Mistakes Made in Commercial Real Estate Deals “Falling in love with real estate generally happens in two different situations. The first occurs when I take a client to see a property that is for sale or lease and, no matter how hard I have tried to caution them in advance, the client begins gushing about how the property is absolutely perfect—in front of the owner or the owner’s broker. Prices or rates harden, and negotiations become much more difficult because the owner knows they have the upper hand.” (D Magazine)
- Costly Broker Fees, Scourge of NYC Renters, Return with a Vengeance “After a whirlwind couple of years, the broker fee has come roaring back from its pandemic-induced absence. Several real estate agents said they were now collecting higher commissions than they did before COVID, shouldered almost entirely by tenants. David Rosen, a veteran broker with Douglas Elliman, recounted a ‘sudden flood of humanity’ returning to the city, allowing brokers to collect one-time payments that seemed unfathomable even a few months ago.” (Gothamist)
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