- Rents Are Still Higher Than Before The Pandemic — And Assistance Programs Are Drying Up “Today, rents remain much higher in many cities than they were before the pandemic, even in some cities that had previously been more affordable. Now, with the economy poised on the edge of a recession, the programs established during the pandemic to help families afford housing are expiring.” (FiveThirtyEight)
- Apple to Start Phase 2 of $1B Austin Campus “Construction crews will be busy over the new few years at Apple’s 33-acre campus in Austin, Texas. The consumer electronics giant intends to begin building the second phase of its planned $1 billion development next month.” (Commercial Property Executive)
- Rite Aid CEO out amid ongoing losses “Donigan, was tapped as Rite Aid CEO in August 2019, becoming the second female chief executive in the chain’s history. She succeeded John Standley who, as planned, stepped down from his role in connection with her appointment. Before joining Rite Aid, Donigan served as president and CEO of Sapphire Digital (formerly Vitals), which designs and develops omnichannel platforms that help consumers choose their best fit healthcare providers.” (Chain Store Age)
- “Recipe for fraud”: The alleged scam that rocked South Florida’s biggest HOA “Residents at the Hammocks, home to South Florida’s biggest HOA, had complained for years of mismanagement by association leaders and opaque financial statements. Authorities started poking into it around 2017, according to court records.” (The Real Deal)
- CRE Investment Sales Fell Off A Cliff At The End Of 2022 “The declines worsened toward the end of the year as higher interest rates bogged down investors' interest in taking on new debt. Investment sales volume nationwide for all property types dropped 72% in November from the same month in 2021, the data showed.” (Bisnow)
- Why Lower Manhattan’s Office-to-Residential Conversion Wave Might Crash “Twenty years ago, millions of square feet of office space became apartments. A sequel is not assured.” (Commercial Observer)
- REBNY gala to return to seated affair in 2023 “REBNY moved the stuffy, mid-winter bash at the Hilton ballroom to West Side event space Glasshouse last June. The cloutful likes of Douglas Durst, Scott Rechler, Mary Ann Tighe, Bruce Mosler, Woody Heller and Joanne Podell nibbled snacks supervised by Daniel Boulud.” (New York Post)
- Tishman Speyer Sells 10-Building Office Campus at The Springs Center in Shanghai for 7.6 Billion RMB “Tishman Speyer today announced the sale of The Springs Center in Shanghai to a RMB fund co-managed by CapitaLand Investment. The deal values the ten-building office campus, which Tishman Speyer built during the first phase of The Springs development, at 7.6 billion RMB ($1.1 billion), making it one of the largest real estate transactions in China in 2022.” (Real Estate Weekly)
- 2023 Will Be The Year Of Distressed Debt No One Wants To Buy “Yet in order for a distressed assets market to materialize, mortgage holders have to decide to pull the plug on a borrower. And as in 2021, when private equity funds raised huge sums to spend on a distressed asset wave that failed to materialize, there is seemingly little appetite among creditors to take that final step.” (Bisnow)
- Build-for-rent is a bet on the ‘new normal’ housing market “Construction starts in the BFR market are being propelled by the ongoing demand for single-family rental units as high mortgage rates and limited for-sale inventory push home-purchase prospects further out of reach of many would-be homebuyers.” (Housing Wire)
- CBRE: Data Center Operators Strive to Catch Up With Demand “CBRE found that during the first half of 2022 primary U.S. markets recorded 453.4 MW of positive absorption—more than tripling year-over-year. Construction activity also heated up, with developers bringing online 329.9 MW of new supply, up 10.5 percent year-over-year. Northern Virginia led growth in both absorption (269.3 MW) and new supply (219.5 MW delivered.)” (Commercial Property Executive)
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