- Demand For Office Space Sluggish, Drops To Early 2021 Levels “Nationally, the index fell 11 points monthly to 52 in July, representing a 17.5% month-over-month drop in office space demand. VTS tracks new tenant tour requirements, both in-person and virtual, of office properties in core U.S. markets. The company says its index is a leading indicator of office space demand.” (Bisnow)
- Northmarq Acquires Stan Johnson Company, Expands Investment Sales Reach "Pending regulatory approval, the deal is anticipated to close in October. When it does, Northmarq’s headcount will total 1,000 professionals across its investment sales, debt/equity financing, loan servicing and fund management operations. No acquisition price was disclosed."
- U.S. property value to fall 20% in likely recession, Cushman forecasts “Overall, property values in the mild recession scenario are estimated to fall 8.2 percent this year and 11.2 percent in 2023. After that, values would slowly start to improve, starting with a 2.6 percent leap in 2024 up to a 4.8 percent gain in 2026.” (The Real Deal)
- CRE Will Avoid Worse-Case Scenario, Survey Finds “But, overall, most are expecting a recession: 25.1% by the end of this year and 59.3% sometime in 2023. The top five concerns were inflation (70.8%), higher interest rates (59.7%), supply chain constraints (36%), labor retention (28.8%), and regulation (22.3%). Also, 63.1% expected a negative impact on their businesses from interest rates.” (GlobeSt.com)
- Do Households Flock to B/C Properties During Recessions? “It is likely something else, at least during the recession… Net absorption (change in occupied stock) is a reasonably good estimator of apartment demand and can be useful to dissect the existence of trading down. During the last three recessions, both Class A and B/C absorption levels declined from their respective cyclical peaks, but Class A’s levels and deltas actually remained relatively stronger than B/C’s.” (Moody’s Analytics)
- California Legislature Passes 4 Housing Bills “The four bills were passed late Monday and still need the signature of Gov. Gavin Newsom in order to become law. Newsom has until the end of September to make a decision on the legislation, and has not so far indicated his intentions.” (The Real Deal)
- Bed Bath & Beyond to close 150 stores, cut jobs; secures new financing “The embattled home goods chain also has secured more than $500 million in new financing to shore up its business ahead of the holiday selling season. The financing includes a $375 million loan through Sixth Street Partners and the newly expanded $1.13 billion asset-backed revolving credit facility.” (Chain Store Age)
- Listed, A Wordle Spinoff, Invites You To Guess The Sale Price Of Real Estate “At the start of the game, you only get the image and the date the house sold. But as you guess, more information is revealed — including the location, the property type, number of beds and baths, the square footage and more.” (digg)
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