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Eight Must Reads for the CRE Industry Today (Nov. 22, 2022)

Investors continue to view commercial real estate favorably in the current market environment, reports Chief Investment Officer. JLL would like to become an SFR landlords, according to The Real Deal. These are among today’s must reads from around the commercial real estate industry.

  1. Real Estate Remains a Haven Asset Class Amidst Market Volatility “The size of the professionally managed global real estate investment market surged to a whopping $11.4 trillion in 2021, while investors set a global record by completing real estate transactions totaling $2.1 trillion, according to research by Morgan Stanley Capital International. Thanh Bui, a portfolio manager at Clarion Partners, a private real estate investor, observed at a November 2 Franklin Templeton webinar, ‘Real estate has historically performed well in periods of inflation and could be a good hedge, as favorable supply and demand market conditions allow for landlords to pass costs along to tenants in the form of higher rents.’” (Chief Investment Officer)
  2. Key Union Votes Freight Rail Contract, Making Strike More Likely “Members of a union that primarily represent freight rail conductors have narrowly voted down a tentative labor contract, their union said Monday. If the two sides cannot reach another tentative agreement by early December, the rail workers could strike — an outcome that industry officials have estimated could cost the economy more than $2 billion per day.” (The New York Times)
  3. Q3 Brings Net Negative Absorption for Multifamily “As homes become even more unaffordable with rising mortgage rates and resulting crushed application volumes, you might think that demand for apartments would be screamingly hot. And it is—or was until the third quarter. The story coming out a Newmark report is surprising, because it suggests a possible sea change in how multifamily has been performing. ‘Following extraordinary property level fundamentals in 2021, quarterly absorption posted net negative demand of 82,035 units nationally in the third quarter of 2022, during the historically active leasing months of July, August and September, where absorption was negative,’ the report states. From huge demand to negative absorption at a time that is usually the opposite.” (
  4. Jersey City Tenants Confront Landlord Over 40% Rent Hikes “Dina Bologa was shocked when she learned in July that the rent for her Jersey City, N.J., two-bedroom apartment would go up 40% to more than $6,000 a month if she renewed her lease. She thought about moving and tried negotiating with her landlord. Then Ms. Bologa’s neighbors, who were facing similar rent increases, started organizing. They filed petitions with the city saying that the 19-story waterfront building should be subject to rent control. The city’s rent-control administrator agreed. As of late August, the landlord could raise rent in Ms. Bologa’s building by no more than 4% a year.” (The Wall Street Journal)
  5. FinCEN Expands GTOs on All-Cash Real Estate Transactions “In late October, the Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Treasury Department, announced its decision to again expand its Geographic Targeting Orders (GTOs). The new requirements go into effect on November 25, 2022, and the terms of the GTOs are effective through April 2023. In addition to Boston, Chicago, Dallas-Fort Worth, Honolulu, Las Vegas, Los Angeles, Miami, New York City, San Antonio, San Diego, San Francisco, Washington, D.C., Northern Virginia and Maryland (DMV) area, Baltimore, Fairfield County Connecticut and Seattle, title insurance companies are now required by law to file reports identifying individuals who made all-cash real estate purchases exceeding $300,000 through shell companies in the Texas cities of Houston and Laredo.” (Housing Wire)
  6. Deloitte: Inflation Won’t Dampen the Excitement of Black Friday and Cyber Monday “Consumers will spend an average of $500 during the Black Friday and Cyber Monday (BFCM) shopping events, up 12% from last year. During the holiday weekend, shoppers plan to rely more on credit payment options, including credit cards (48%) and buy now, pay later (37%) to stretch their holiday budgets. In search of deals and promotions, shoppers will spend half of their holiday budgets over the BFCM period. 8 in 10 holiday shoppers plan to shop during BFCM events (versus 71% in 2021).” (PR Newswire)
  7. Reported Drop in Vacant Apartments Is Deceiving, Landlords Say “A New York state agency counted fewer vacant, rent-stabilized units than last year. Landlord group CHIP says there’s more to the story.” (The Real Deal)
  8. JLL Really, Really Wants to Be a Single-Family Landlord “JLL’s joint venture with Amherst aims to amass a $500 million single-family rental portfolio over the next two years.” (The Real Deal)
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