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15 Must Reads for Real Estate Investors (Nov. 3, 2023)

Blackstone’s flagship non-traded REIT limited redemptions for the 12th straight month. PWC released its annual Emerging Trends in Real Estate report. These are among the must reads from the real estate investment world to end the week.

  1. Blackstone's $66 Billion Real Estate Trust Limits Redemptions For 12th Month “Blackstone Real Estate Income Trust’s investors sought to pull $2.2 billion last month, compared with $2.1 billion in September, according to a letter to shareholders Wednesday. BREIT returned about $1.3 billion to investors, or about 56% of what was requested, the ‘highest payout percentage’ since redemptions were restricted last year, according to the letter.” (Financial Advisor)
  2. Fidelity Launches CITs With Alternative Investment Exposure “The alternative portion will be put toward direct real estate investment, sitting alongside equities, bonds and other short-term strategies similar to Fidelity’s other Freedom TDF products popular in DC plans.” (Plan Advisor)
  3. Why Net Lease Cap Rates Continue Rising “As the gap between buyers and sellers remains consistent, properties are sitting on the market longer. In the third quarter of 2023, the marketing time of net lease properties grew when compared to the prior year by 25 percent to more than eight months. Furthermore, the supply of net lease product on the market increased by approximately 10 percent.” (Commercial Property Executive)
  4. Emerging Trends in Real Estate 2024 “Even good news, such as investors being eager to acquire new assets, is tempered by bleak sector data. For example, despite available equity, transactions are down — and many in the industry point to instances where buyers and sellers simply can’t agree on pricing because the dearth of sales limits price clarity.” (PWC)
  5. Office Distress Reopens the CMBS Bargaining Table “Today’s special servicers and borrowers are working in a far different environment than they were during the financial crisis. That disruption shocked the credit markets to such an extent that debt wasn’t available at any price, said Jim Costello, chief economist for MSCI Real Assets Research.” (Commercial Property Executive)
  6. Why Self-Storage Demand Is Often Recession Resistant “Scale has proven to be an important element of managerial and operational efficiencies in the self-storage sector. As a result, storage REITs have historically been focused on growing their portfolios.” (Nareit)
  7. PREA Annual Institutional Investor Conference Takeaways “The Pension Real Estate Association held its Annual Institutional Investor Conference in Boston on October 19-20. Here are 12 takeaways and observations from the event.” (Colliers Knowledge Leader)
  8. Brookfield Fires Cushman on US Listings After Deal Fails “The move comes after Cushman backed away from a deal to shift some of its offices to Brookfield’s redeveloped 660 Fifth Ave. from a spot at 1290 Avenue of the Americas, according to people familiar with the matter who asked not to be identified citing private information.” (Bloomberg)
  9. NYC Real Estate Law Firm Stroock Folding After Attorney Exodus “The decision, which became official earlier this week, comes after roughly 30 of its real estate partners left for rival law firm Hogan Lovells, Bloomberg Law reports. Those departures followed the loss of more than 40 of its bankruptcy lawyers to Paul Hastings last year. After merger talks with Pillsbury Winthrop Shaw Pittman were called off this week, the closure became inevitable, according to Bloomberg.” (Bisnow)
  10. Brookfield Agrees To Acquire Cyxtera’s Data Centers for $775 Million “Brookfield Asset Management has agreed to acquire substantially all of the assets of data center operator Cyxtera Technologies for $775 million in a deal that will need bankruptcy court approval.” (CoStar)
  11. Much-Needed Progress in Mixed-Income Multifamily Housing Arrives “With rising demand and increasing rental rates, the multifamily housing market remains strong, providing a climate for mixed-income property developers to make more than enough money on market-rate rents to cover the income gap between market-rate and affordable units. That’s good.” (Propmodo)
  12. Adam Neumann Wounded WeWork, an Office Market Bust Finished It Off “The vast majority of WeWork’s leases were signed in 2018 and 2019, when rents peaked before the pandemic. Now, amid a work-from-home boom, tenant demand has plummeted in major U.S. cities such as New York and San Francisco, where WeWork is concentrated.” (The Wall Street Journal)
  13. National Office Demand Stabilizes in Q3 But Spikes in LA: Report “Demand for office space is booming in Los Angeles, despite remaining at just a fraction of what it was before the pandemic elsewhere in the United States, according to a quarterly office demand index from analytics firm VTS.” (Commercial Observer)
  14. Vornado likely ditching casino plan “The real estate investment trust had been betting on the former Hotel Pennsylvania site across from Madison Square Garden. But the competition for a casino license is heavy, and existing racinos have the inside track on two of the three licenses to be granted.” (The Real Deal)
  15. People Are Worrying About the Wrong Downtowns “But the focus on glittering superstar cities is misguided, because many more fragile downtowns—the likes of Dayton, Ohio; Birmingham, Alabama; and St. Louis—entered the pandemic with little margin for failure.” (The Altantic)
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