- Commercial Real Estate’s Next Big Headache: Spiraling Insurance Costs “For some property owners, the impact of rising insurance costs has been more punishing than rising interest rates. Many landlords still have low debt costs because they signed long-term, fixed-rate mortgages before 2022 that don’t expire for years to come. But insurance contracts typically renew every year.” (The Wall Street Journal)
- Total Value of Global Real Estate Hits $379.7 Trillion “The value of all global real estate – residential, commercial, and agricultural land – totaled $379.7 trillion in 2022, according to Savills, down on the prior year but maintaining the asset class’s position as the world’s most significant store of wealth the broker said.” (CoStar)
- World’s Mega-Rich Are Betting on US Renters to Grow Their Billions “Amancio Ortega snapped up the building in Chicago’s West Loop neighborhood last month for $232 million, joining a growing number of the super-wealthy betting on US renters.” (Bloomberg)
- Underground climate change: How heat is trapped under the surface, threatening buildings “This underground climate change is different from the climate change in the atmosphere, which comes from greenhouse gasses caused by burning fossil fuels. Subways and buildings emit heat directly into the sublayers of the ground.” (CNBC)
- ‘S.F. is on sale’: Real estate investors starting to buy city’s devalued downtown properties “The deals break up a long lull in office sales seen in the pandemic years, which have pushed lenders and even well-capitalized investors into retreat. As the bleeding in the market continues, they’re viewed as the bellwether of a dam of new investment that is waiting to pour into the city — just not at pre-pandemic price points.” (The San Francisco Chronicle)
- World's tallest skyscraper restarts construction in Saudi Arabia “Construction work has resumed on Jeddah Tower in Saudi Arabia, a skyscraper designed by Chicago-based studio Adrian Smith + Gill Gordon Architecture, which is expected to become the world's tallest building.” (Dezeen)
- ‘Be a real-estate badass’: Podcaster was running an $11 million Ponzi scheme, says SEC “Matthew Motil, 42, of North Olmstead, Ohio, allegedly ripped off 50 investors as part of a scheme in which they believed they were investing in a real-estate flipping business that would pay them huge returns, according to civil charges filed by the Securities and Exchange Commission in federal court in Ohio.” (Marketwatch)
- Chicago is a major logistics hub. But what makes it so? “First and foremost, Chicago’s geographical location is a linchpin in its appeal for this type of project. Positioned as a central access point, the city offers easy access to a significant portion of the U.S. (most states within a 24-hour drive or less), reducing transit times and costs and making it an optimal location for companies aiming to distribute goods efficiently across the nation.” (RE Journals)
- Top legislative priorities for multifamily pros “These include the Choice in Affordable Housing Act, the YIMBY Act and the repeal of the CARES Act’s 30-day notice to vacate, also known as the Respect State Housing Laws Act, all three of which are still in play from last year.” (Multifamily Dive)
- More workers returning to NYC office buildings than previously reported: study “The Partnership for New York City released a survey on Monday claiming that 58% of Manhattan office workers are at their desks on an average weekday. That’s up from 52% in late January 2023 and 49% in September 2022.” (New York Post)
- The Silicon Valley investors who secretly bought up $800 million in Northern California real estate reveal unexpected plans for 'a city of yesterday' “The Silicon Valley investors that got the government's attention by gobbling up $800 million worth of land outside San Francisco say the mystery city they plan on building is, well… kinda retro.” (Insider)
- National real estate brokerage files bankruptcy with $60 million in debt “The brokerage is facing numerous lawsuits, including in Tampa Bay's court that alleges it ‘swindled’ local homeowners.” (Tampa Bay Business Journal)
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