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11 Must Reads for Real Estate Investors for the Weekend (June 9, 2023)

Treasury Secretary Yellen expressed her concerns about the effect that commercial real estate loans might have on banks. Forbes listed 71 real estate firms among the 2,000 largest public companies in the world. These are among the must reads from around the real estate investment world heading into the weekend.

  1. Treasury Secretary Yellen warns of commercial real estate ‘issues’ that could strain banks “Yellen was asked by CNBC ‘Squawk Box’ host Andrew Ross Sorkin about if she’s worried about the state of estimated $20.7 trillion commercial real-estate market, particularly the office, and if weakness in the sector could potentially spark more bank failures.” (Marketwatch)
  2. Global 2000: The World’s Largest Real Estate Companies In 2023 “The Forbes Global 2000 list assigns equal weight to 12-month sales, assets, profit and market value of publicly traded companies, using the most recent financial data available as of May 5, 2023. A total of 71 real estate developers, construction firms, asset managers and REITs made the list of the world’s 2000 largest public companies, down from 87 last year.” (Forbes)
  3. Crane Index Shows Dip in Commercial Construction, Rise in Residential “The biannual Rider Levett Bucknall Crane Index for North America, which tracks the number of tower cranes across 14 U.S. and Canadian metro areas, reports that the overall crane count increased by 7.04 percent from the third quarter of 2022 to the first quarter of 2023.” (The New York Times)
  4. Bipartisan Bill Proposes Tax Changes for Retail REITs, Granting Greater Equity Stakes “A bipartisan congressional bill would alter a 1986 tax law and grant real estate investment trusts (REITs) the opportunity to make greater equity investments in their distressed retail tenants.” (Commercial Observer)
  5. Recession coming, but real estate has reason for optimism: CBRE “An associated decrease in real estate values could cause more regional bank failures (he predicts 311 out of 4,800 will go bust), but it wouldn’t be enough to bring down the banking system, Barkham said. He painted a mostly rosy picture for commercial and residential real estate in the upcoming years.” (The Real Deal)
  6. Ackman-Backed Builder Says 48 Lenders Rejected Apartment Project “Howard Hughes Corp., the Texas-based real estate developer that counts hedge fund manager Bill Ackman as its chairman, is struggling to find viable financing for new apartment projects as lenders pull back.” (Bloomberg)
  7. PGIM’s Cathy Marcus on Winners and Losers in Office and ESG’s Durability “Visit the newer of the two Prudential Financial Inc. signature towers on Broad Street in Newark, N.J., and you won’t have to wait long to see Cathy Marcus’s face.” (Commercial Observer)
  8. They Fled San Francisco. The A.I. Boom Pulled Them Back. “But such busts are almost always followed by another boom. And with the latest wave of A.I. technology — known as generative A.I., which produces text, images and video in response to prompts — there’s too much at stake to miss out.” (CoStar)
  9. S.F.’s hotel pain could spread as more than 30 owners face mortgage deadlines “The company plans to give up nearly 3,000 hotel rooms in the Hilton San Francisco Union Square and Parc 55 properties. Its expected $725 million loan default appears to be the largest U.S. hotel default during the pandemic.” (San Francisco Chronicle)
  10. Subway signs its largest-ever master franchise agreement — for 4,000 locations “Under the terms of the agreement, Fu-Rui-Shi will also acquire the exclusive rights to manage and develop all Subway locations in mainland China.  The group will also appoint a chief executive officer with significant QSR experience in the Chinese market.” (Chain Store Age)
  11. Microsoft Puts NYC Times Square Offices on Market as Tech Cuts Back on Real Estate “The Redmond, Washington-based tech firm is marketing more than 42,000 square feet (3,900 square meters) of offices at 11 Times Square, according to real estate data firm CoStar.” (Bloomberg)
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