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11 Must Reads for Real Estate Investors (Oct. 13, 2023)

Funds targeting opportunistic and value-add situations are sitting on billions and waiting for deals to materialize, reports Bisnow. Several real estate associations sent a letter to Fed Chair Jerome Powell asking for a stop in rate hikes. These are among the must reads from the real estate investment world to wrap up the week.

  1. Investors Waiting To Deploy Billions In Dry Powder, Eying Value-Add, Opportunistic Strategies “The expectation of boom times for opportunistic and value-add investments has been a frequent fundraising point for some global funds, such as Blackstone, which closed its global real estate fund, Blackstone Real Estate Partners X, with a record $30.4B in capital commitments.” (Bisnow)
  2. Miami’s Rental Market Roller Coaster Is Headed Downhill “Although rents are still generally higher than they were prepandemic, local real-estate agents said the velocity of people moving to Miami has slowed and there are fewer people willing to overpay.” (The Wall Street Journal)
  3. J.P. Morgan Launches ’40 Act Private Equity Fund for Individual and Institutional Investors “The company says the fund is designed to provide access to private equity investments for qualified and accredited individual and institutional clients. JPMorgan Private Markets Fund’s features include a $25,000 investment minimum, no capital calls, tax reporting and potential for quarterly liquidity.” (The DI Wire)
  4. Real estate groups implore the Fed to stop rate hikes as housing activity deteriorates “In a letter to Fed Chair Jerome Powell this week, the Mortgage Bankers Association (MBA), the National Association of Realtors (NAR), and the National Association of Home Builders (NAHB) urged the Fed to state that it’s not considering further rate hikes and that it will hold off on selling any more mortgage-backed securities until the housing finance market stabilizes.” (Yahoo! Finance)
  5. CMBS Delinquencies Jump in September “The CRED iQ delinquency rate has continued to rise, reaching 5.19 percent in September, which represented a 12 basis point (0.12 percent) increase from August. Notably, 62 percent of the newly delinquent loans in September were a result of maturity defaults or refinancing challenges.” (Commercial Observer)
  6. For Real Estate, the “S” in ESG Isn’t Just About People-Pleasing “Social components of a building can include things like labor practices, health and wellbeing initiatives, diversity and inclusion, and community engagement. There are a host of reasons why property owners should ensure that their Social initiatives are on par with their Environmental efforts.” (Propmodo)
  7. Hotels taking extended-stay battle to Airbnb, VRBO “Extended-stay projects account for 32 percent of the hospitality construction pipeline, according to Lodging Economics, a share expected to increase tremendously in the next month. At the end of the second quarter, there were more than 214,000 such rooms in the pipeline.” (The Real Deal)
  8. Senior Housing Occupancy Continues Post-Pandemic Rebound “In a survey of 31 primary markets, NIC found that the senior occupancy rate was 84.4 percent in the third quarter of 2023, up 0.8 percent from the earlier post-COVID high of 83.6 percent in the second quarter.” (Multi-Housing News)
  9. CRE players wrestle with grief, outrage over Hamas “The commercial real estate community is doing more than just using its voice. Big names across the industry are donating money to provide food, water, shelter and even helmets to those trapped in the conflict.” (The Real Deal)
  10. China's real estate struggles could threaten global economic growth “At its peak, China's residential property sector was thought to contribute an estimated 25%-30% of the country's GDP. Its ongoing struggles present a challenge to economic growth in China that will ripple out to other nations — as China has been the largest single source of growth for the world economy in recent decades.” (Axios)
  11. Federal Government's Real Estate Head To Depart “The General Services Administration's Public Buildings Service Commissioner Nina Albert will depart at the end of the week, the agency announced Tuesday. She will be replaced by GSA National Capital Region Administrator Elliot Doomes.” (Bisnow)
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