- Rents Continue to Decline More than Seasonally Normal “My suspicion is rent increases will slow further over the coming months as the pace of household formation slows, and more supply comes on the market. It is possible that we will see a year-over-year decline in rents sometime next year.” (CalculatedRisk Newsletter)
- Amazon will take years to recover from a warehouse overbuilding binge during the pandemic. In 2022, it still added a third of Walmart's total capacity. “Amazon currently uses about 65% of its total warehouse capacity, lower than the 85% levels from 2019, Wulfraat estimated. That's because Amazon over-expanded in recent years, with warehouse growth "materially" outpacing product sales growth, he said. It will need 2 to 3 more years to reach the 2019 capacity utilization levels, Wulfraat estimated.” (Insider)
- How Rent Control Ballot Measures Are Mounting “Despite staunch opposition from the multifamily industry, rent control is unquestionably gaining traction. In 2022, rent regulation emerged a clear winner in municipalities around the country. The apartment sector faces an intensified challenge of articulating the case against rent control as the answer to the nation’s housing crisis.” (Multi-Housing News)
- Cineworld Grapples With Box-Office Slump as It Seeks a Sale in Bankruptcy “Cineworld has been forced to push back its scheduled milestones in the chapter 11 process because of the hesitancy among its investors. Prices of the company’s prebankruptcy loans traded down to 18 cents on the dollar as of December, Mr. Sussberg said.” (The Wall Street Journal)
- CDO Stack: The Expanding Role of the CDO “My personal romp down memory lane made me realize how much the job of the CTO/CIO/CDO has changed and how relatively quickly that change has happened. What’s gone, or greatly diminished, are the more hardcore technical parts of the job. And what’s increased or significantly ramped up are the needs to be conversant and on top of cyber security, data hygiene, support for increasingly sophisticated analytics and operational innovation.” (Commercial Property Executive)
- Blackstone trust becomes a test of the retail investing trend “When BREIT investor redemptions exceeded the cap, the fund’s structure worked exactly as it was supposed to — and as investors knew (or at least, should have known) that it would. There are pros and cons to this, of course.” (Axios)
- Investors Drawn to Single-Family Rentals During Tough Economic Times “One of the messages I sought to convey to the audience that day is that single-family rentals have maintained their momentum as well as any corner of the housing market, as our third-quarter report bears out. And while rising interest rates and elevated risk have placed the housing market on shaky ground, SFR is on a secure foundation moving into 2023.” (Real Estate Business)
- Manhattan Apartment Prices Drop as Sales Crater 31% in Q4 “The overall price dip would have been more pronounced, but the high-end luxury segment—which is the top 10% of the market—resisted the economic headwinds with a 4% price increase in Q4. Since 2019, median prices for luxury apartments have increased by 21%, twice as much as the broader market.” (GlobeSt.com)
- Amazon Ups Layoffs To 18,000 “Amazon plans to cut more than 18,000 jobs this year as the retailer faced an ‘uncertain economy,’ Amazon CEO Andy Jassy wrote in a memo Wednesday night. ‘We don’t take these decisions lightly or underestimate how much they might affect the lives of those who are impacted.’” (Bisnow)
- Warehouse Leasing Tumbled at the End of 2022 “Companies leased 132 million square feet of industrial space across the U.S. in the fourth quarter, down 28.2% from the third quarter, according to a new report from commercial real-estate services firm Cushman & Wakefield. That was the second straight quarter-to-quarter drop in leasing.” (The Wall Street Journal)
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