- CoStar beats rival CREXi’s antitrust suit “In a high-stakes copyright dispute with far-reaching implications for commercial real estate, a CoStar competitor failed to prove that the data giant holds a monopoly and prevents brokers from sharing their data with rival firms. Commercial data startup CREXi filed 14 counterclaims in August after CoStar sued the Los Angeles-based company in 2020, alleging copyright infringement.” (The Real Deal)
- Institutions Raising Strategic Allocations to REITs “The recent spike in interest coincides with a longer term trend of institutions that have been adding strategic allocations to REITs within their real estate portfolios. REITs are now widely used in the real estate strategies of nearly two-thirds of the largest and most sophisticated institutional real estate investors in the United States and around the world.” (Nareit)
- CRE Prices Slide at a Rate Not Seen Since 2010 “January was a bad month for commercial property prices, which fell ‘at an annual pace of decline not seen since late 2010 after the Global Financial Crisis,’ according to an MSCI report. ‘The RCA CPPI National All-Property index dropped 4.8% from a year ago and 2.7% from December. The monthly decrease represents an annualized decline of 27.9%.’” (GlobeSt.com)
- Apartment Rents Fall as Crush of New Supply Hits Market “Renters with new leases in January paid a median rent that was 3.5% lower than they would have paid last August, according to estimates from listing website Apartment List. It was the first time in five years that rent fell every month over a six-month period, according to the same estimates.” (The Wall Street Journal)
- After Three Years of Promises Is CRE Any More Diverse? “Three years later, their initiatives remain in place for the most part, and several have grown. But by the numbers, progress in diversifying the industry has been slow, negligible and, in some cases, still impossible to measure.” (Commercial Observer)
- RREEF Property Trust Redemptions Reach Quarterly Limit “The company announced that due to reaching the quarterly redemption limit under the share redemption plan, they will no longer accept additional redemption requests until Apr. 1, 2023.” (The DI Wire)
- Office Sector Faces Increased Risk of Distressed Activity “Office assets struggling with low occupancy levels, expiring leases and maturing loans will be the most vulnerable to these shocks. Owners might also convert some of these assets into other uses such as life sciences or multifamily.” (Commercial Property Executive)
- REBNY’s new return-to-office gauge paints bright view for ‘trophy’ towers “The Real Estate Board of New York’s new Analysis of Location Data, reported here for the first time, relies on estimates by Placer.ai, which calls itself the ‘largest provider of anonymized location intelligence data’ for the US. Simply, that means it measures the movement of mobile devices in and out of office towers.” (New York Post)
- Billions of Square Feet of Offices Expected to be Obsolete by 2030, C&W Finds “A new Cushman & Wakefield report found that the U.S. is expected to end the decade with 1.1 billion square feet of vacant office space. Worse still, more than 25 percent of the country’s total 5.56 billion square feet of office, about 1.4 billion, will be considered obsolete.” (Commercial Observer)
- Nuveen Invests in Self Storage Platform “Nuveen and MyPlace previously partnered last year, through a $300 million venture acquiring self storage properties. The plan consists in growing the value of assets under management to approximately $1 billion in the next two years.” (Multi-Housing News)
- REIT Managers Accused Of $838M Self-Dealing Scheme By Activist Investor “In a newly released presentation, Blackwells Capital argues AR Global racked up $838M in management fees, reimbursements, property and other expenses since 2015 through ongoing self-dealing. Blackwells, which has previously filed suit against the REITs to remove AR Global as manager, argues AR Global is tied up in a web of companies that ‘has a history of conviction for securities fraud, manipulation, shareholder lawsuits and bankruptcy.’” (Bisnow)
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