- Los Angeles Shopping Center Shows Strength of Bricks-and-Mortar Retail “The air conditioning in the food hall is broken. The parking lot is cracked. And for more than a year, the Plaza Mexico shopping center operated under bankruptcy-court protection. But on a recent Sunday, families flocked to the 400,000-square-foot shopping center about 15 miles south of downtown Los Angeles. Children rode the outdoor carousel and shoppers rested in the shade on benches near the center’s ‘kiosco,’ a gazebo-like structure commonly found in Mexican plazas.” (The Wall Street Journal)
- U.S. Leads Global Real Estate Market Growth “Despite the ongoing impact of the pandemic, the global commercial real estate market grew in size by 8.5 percent year-over-year, going from a value of $10.5 trillion in 2020 to $11.4 trillion in 2021, according to the MSCI Real Estate Market Size report. MSCI surveyed 27 countries in the MSCI Global Annual Property Index, and 25 of those countries recorded positive capital growth in 2021; only Ireland and South Africa recorded negative capital growth.” (Commercial Property Executive)
- Agencies Propose to Update on Statement on CRE Loan Accommodations “The Office of the Comptroller of the Currency, FDIC and National Credit Union Administration are seeking public comment on an updated policy statement regarding accommodations and workouts for commercial real estate loans whose borrowers are experiencing financial difficulty. The policy statement was first adopted in 2009. The updated statement would include the following changes: a new section on short-term loan accommodations, information about changes in accounting principles since 2009, and revisions and additions to examples of CRE loan workouts.” (ABA Banking Journal)
- To Meet Demand, U.S. Needs 4.3M More Apartments by 2035 “The U.S. needs 4.3 million new apartment units between now and 2035 in order to mitigate issues related to apartment demand and the shrinking supply of affordably priced housing, according to research commissioned by the National Multifamily Housing Council and National Apartment Association. This number incorporates an existing deficit of 600,000 apartment homes, which the study attributes to underbuilding associated with the 2008 economic downturn.” (Multifamily Dive)
- Real Estate Loophole to Save Loophole “Real estate is an industry constantly aggrieved. But few things have riled up its private equity honchos as much as talk of eliminating the tax break for carried interest.’ (The Real Deal)
- Marriott’s Revenue Jumps as Travel Demand Continues to Recover “Marriott International Inc.’s revenue jumped in the recently ended quarter as global demand for travel continued to rebound, including in North America and Europe. The company, with more than 8,100 properties globally, reported a roughly 70% jump in second-quarter revenue to $5.34 billion, topping the $4.92 billion expected by Wall Street. It is the latest sign of Americans shifting their spending from goods toward travel and services, and follows similarly positive readouts from airlines and other hotel chains even amid concerns about inflation and other macroeconomic factors.” (The Wall Street Journal)
- Recession May Drive Growth in Single-Family Rental Sector “Accounting for a third of the total U.S. rental inventory, single-family rentals now comprise nearly 16 million units worth over $4 trillion, according to data from Harvard’s Joint Center for Housing Studies. The sector — and especially its even faster-growing build-to-rent segment — would appear to be threatened by a combination of rising rates, inflation and sky-high construction costs crimping the rest of the real estate world.” (The Real Deal)
- New Office Inventory Poised to Almost Double in Second Half of 2022 “Office construction across the top 10 US markets rounded out Q2 2022 at 50.1 million sq. ft., with the San Francisco Bay Area (San Francisco combined with Silicon Valley) topping the list at 9.2 million sq. ft. of active construction.” (Colliers)
- Here's Why Austin and Seattle Are Building Way More Housing Than San Francisco “U.S. census building permit data shows that San Francisco lags behind other major U.S. cities in housing production.” (San Francisco Chronicle)
- Buying Firm Settles Deceptive Marketing Claims for $62 Million “Opendoor Labs, an online home buying platform, agreed on Monday to pay $62 million to the Federal Trade Commission to settle claims that it used misleading marketing practices to persuade people to sell their homes on the site. The company, which claims it allows homeowners to sell their homes more quickly than through a broker, deceived customers into offering their properties to Opendoor for less than they would have made on the market, the F.T.C. said Monday in a news release.” (The New York Times)
- Towers Would Wreck Governor’s Island Serenity, Lawsuit Says “Roger Manning acknowledges the irony of filing a lawsuit challenging an environmental review of an office complex that’s expected to be occupied by a climate change research center. But the climate center is irrelevant, said Manning, a co-founder of the Metro Area Governors Island Coalition. ‘The issue was the rezoning. Heights. Densities.’” (The New York Times)
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