- New Bill Will Tax Real Estate “Promote” as Carried Interest Subject to Three-Year Holding Period “Foremost among these changes for real estate operators and investors is that so-called ‘Section 1231 gains’ (which encompass gains from the sale of real property used in a trade or business) will now be subject to a three-year holding period in order for carried interest holders to get the benefit of long-term capital gain rates. Thus, if the new bill is enacted, real estate ‘promote’ will generally be taxed as short-term capital gain unless the holding period requirements described below are met.” (The National Law Review)
- Apartment Rents Begin Tapering Off After Record Growth “Nationally, average apartment rents rose 9.4% in the second quarter of 2022 compared with the same quarter in 2021, according to data firm CoStar Group. While that is high by historical standards, it is down from the more than 11% annual increases seen the previous two quarters, CoStar said.” (The Wall Street Journal)
- Closer to normalcy? Hotel rooms are filling up faster “The association’s midyear report largely showcases an industry in recovery mode following the COVID-19 pandemic. The report says, for example, that hotel occupancy is expected to average 63.4% in 2022, which is close to pre-pandemic levels. And by the end of this year, hotels are expected to employ 1.97 million people, 84% of their pre-pandemic workforce.” (Real Estate Journals)
- Industrial Developers Tackle Construction Challenges “Thus, developers are turning to new ways to address this issue, such as multistory industrial buildings—common in Asia, but cost-constrained—outdoor storage facilities, or conversions of old office and retail space into industrial, according to the latest CommercialEdge monthly industrial report.” (Commercial Property Executive)
- Why Banks’ Good Times in Commercial Real Estate Lending May Be Winding Down “Commercial real estate lending was a key driver of growth at many banks during the first half of the year as investors and landlords took advantage of low interest rates. Those days could soon be over.” (CoStar)
- Final piece in WTC tenant puzzle continues to elude developer Silverstein “The 2 WTC saga has included a fruitless quest for an anchor tenant after News Corp, parent of the New York Post, decided not to pursue a non-binding agreement in 2016; a failed flirtation with Deutsche Bank, and several major design changes.” (New York Post)
- Federal Housing Policy Turns to Technical Tweaks Amid Indifferent Congress “Secretary Fudge, and the rest of President Joe Biden’s administration, who inherited an already under-supplied housing market exacerbated by COVID, have been unable to convince Congress to sign off on the comprehensive vision they brought with them to the White House.” (The Real Deal)
- Exclusive: Robbed at gunpoint, prominent Bay Area CEO urges San Francisco leaders to make public safety top priority “‘I am deeply concerned that our city may be so far down the path toward decline that we may never recover,’ the CEO said.” (San Francisco Business Times)
- Real-estate giant CBRE is hiring for hundreds of roles. Here's how much engineers, product managers, and business analysts make. “While the is-it-or-isn't-it recession has some people questioning the health of the economy, CBRE is recruiting new talent at a breakneck pace, posting more than 250 US-based jobs just this past week.” (Insider)
- “Tsunami” of NYC evictions? More like a trickle “But since evictions resumed, tenants have been insulated by a number of safeguards. The state’s rental assistance program prohibits evictions for a year for most tenants approved for aid and also protects tenants whose applications are pending, which can drag on indefinitely. The program has run out of funds but new applicants are still shielded from eviction.” (The Real Deal)
- How Can Big Cities Get Us to Live There (Again)? “For cities, the danger is that the financial strains created by population loss and reduced downtown spending and office occupancy end up snowballing. To cover lost revenue from commercial and residential taxes, cities might need to cut services or raise taxes—either of which could make them less attractive places to live.” (The Wall Street Journal)
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