- 'Never Seen Anything Like This': CRE Assesses Impact Of Hurricane Ian “Locals who spoke to Bisnow described uplifting scenes of neighbors helping neighbors, but also were dealing with widespread cellphone, internet and power outages and constant helicopters buzzing overhead, surveying the damage.” (Bisnow)
- Fannie Mae Names New CEO “Fannie Mae announced yesterday that Priscilla Almodovar has been appointed as its new CEO. Almodovar is currently the CEO of Enterprise Community Partners Inc., a nonprofit organization and a major developer of affordable housing. After joining Fannie Mae, Almodovar will be the first female CEO in the company’s history.” (Multi-Housing News)
- NMHC: Construction Delays Ongoing as Most Costs Continue to Rise “Conducted between Sept. 6 and 21, the survey found 90% of respondents reporting construction delays, with 78% of this group citing delays in permitting and 86% experiencing start delays. According to the survey, an increasing share of respondents, 31%, reported delayed starts due to the lack of availability in construction financing; the percentage of respondents was 15% in June and 7% in March.” (Multifamily Executive)
- GOP lawmakers introduce bill to diversify retirement plan assets “Sen. Pat Toomey, R-Pa.; Sen. Tim Scott, R-S.C.; and Rep. Peter Meijer, R-Mich., introduced the Retirement Savings Modernization Act to amend ERISA and allow for defined contribution plans, as well as pension plans, to invest in a wide range of asset classes outside of the public markets. While nothing in ERISA currently limits what asset classes a plan may invest in, the legislation aims to make clear that retirement plan sponsors can diversify their asset classes however they would like.” (Pensions & Investments)
- Foreign investors shift real estate strategies as dollar strengthens “The dollar’s recent strength against the Euro and British pound has disincentivized some foreigners from buying in New York City and has encouraged many others to sell for large profits, industry insiders say. Buyers haven’t completely disappeared from the market, either.” (The Real Deal)
- Hurricane Ian: Damage will drive insurance rates even higher, cripple industry “With early predictions of $50 billion in damage from Hurricane Ian, experts worry whether the state’s struggling property insurance system will become another casualty of the storm and lead to even higher premiums. If it fails, the cost will be passed on to all Florida homeowners, not just those who suffered damage, because of assessments levied on them to cover the losses.” (Orlando Sentinel)
- It’s the perfect starter home. But it’s only for rent. “But decades-high mortgage rates are making homes even more unaffordable — which is expected to only increase demand for rentals. Today’s 20- and 30-somethings were already far more likely to rent than the generations before them — thanks to a mix of economic and societal factors, including aftershocks of the Great Recession, mounting student loan debt and a desire for more flexible living arrangements.” (The Washington Post)
- What economic turmoil means for proptech M&A “M&A advisers report being busier than ever and notable takeovers are appearing on a weekly basis. As well as buying growth, expansion overseas is another move that can protect a tech supplier as the storm takes hold. European tech is looking to North America and vice versa.” (PlaceTech)
- US Life Sciences Investment Dips But Main Hubs Dodge Headwinds: Report “Overall investment in the national life sciences market is shrinking, but the drop in venture capital funding isn’t deterring the sector’s momentum. Pricing and activity in hub markets continues to grow, with both primary and secondary regions riding through new headwinds to get in position for stable expansion.” (Commercial Observer)
- California Passes Adaptive Reuse Legislation To Address Housing Crisis “The Middle Class Housing Act – combining AB 2011 and SB 6 – aims to create new housing units for low and middle income Californians by allowing them to be built in underused commercial sites zoned for retail, office and parking uses. By locating them close to transit, the new units will also help support the state’s environmental goals by reducing the need for car trips.” (Forbes)
- 'The Industry Is Not Prepared': Report Finds Many Data Center Firms Unaware Of Looming Emissions Rules “Just over one-third of data center operators are tracking key sustainability metrics, — from carbon emissions to water use — that regulators will soon require, the study found. Strikingly, the study also indicates that many in the data center space — 50% of respondents in the U.S. — don’t believe they will ever be required to track these metric.” (Bisnow)
- A CRE Executive's Outlook On Market Optimism “In the near term, the rising cost of debt and uncertainty around its availability can make it difficult to underwrite new developments or acquisitions. However, high-barrier-to-entry markets with limited supply or investments with long-term horizons are both still very achievable to finance today.” (Forbes Business Council)
- Cartier betting on appetite for luxury with US retail expansion “Cartier seems to be taking notice of the pandemic-era trend of wealthy US residents expanding their horizons from traditional coastal enclaves like New York City and Los Angeles. The company is considering opening stores in Seattle and Austin, even Troy, Michigan.” (The Real Deal)
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