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Eight Must Reads for Real Estate Investors Today (March 28, 2023)

Significant loan maturities coming up over the next three years might cause problems for office owners, reports Commercial Property Executive. Bisnow looks at a new REIT type that might come on the market. These are among today’s must reads from around the commercial real estate industry.

  1. Loan Maturity Poses Challenges for Office Property Owners “The office sector faces challenges as interest rates rise, the economy slows and demand for office space declines. Office owners with loans maturing in the next three years—totaling more than 9,500 buildings and 17 percent of office stock—face an uphill battle. Eight of the top 25 markets surveyed by CommercialEdge will see at least 20 percent of their stock subject to maturing loans in the coming three years, with Atlanta leading the way at 29.1 percent. Recent high-profile defaults by Columbia Property Trust or Brookfield Asset Management may indicate that more pain is on the way for office owners.” (Commercial Property Executive)
  2. Empire Capital Under Contract to Buy Silverstein’s 529 Fifth Avenue “Ted Lasso once said there are two buttons he never likes to hit: panic and snooze. Despite the hairiest of market environments being firmly upon us, industry participants are seemingly taking the Lasso approach — with another significant office sale now underway.” (Commercial Observer)
  3. What the New Wave of M&As Means for CRE “Brokerage and commercial real estate services consolidations are trending in the current market. Giant firms continue to expand their portfolios with the purchase of already large companies. Most recently, CBRE acquired Integra Realty Resources’ Los Angeles and Orange County affiliates, commercial real estate valuation, counseling and advisory firms. It is not just the big industry name deals highlighting the growing trend of mergers, acquisitions and  consolidations.” (Commercial Property Executive)
  4. A Tale of Two Housing Markets: Prices Fall in the West, While the East Booms “The United States is a country of two housing markets. In one, home prices are falling from a year ago. In the other, they’re still posting annual gains. That division runs right down the center of the U.S. In all of the 12 major housing markets west of Texas, plus Austin, home prices fell in January on an annual basis, according to mortgage-data firm Black Knight Inc.’s home-price index. In the 37 biggest metro areas east of Colorado, except Austin, home prices rose year-over-year.” (The Wall Street Journal)
  5. Psychedelic Treatments Are the Focus of Investors Pursuing New REIT “The medical treatment Cody Shandraw and Ty Zakovich want to build a property empire around isn’t even legal in the United States yet, but they’re not waiting around to stake a claim on what they think is the future of healthcare real estate.” (Bisnow)
  6. Wyndham Hotels Grabs a Windfall from America’s Infrastructure Agenda “Following the passage of the $1.2-trillion bipartisan Infrastructure Law in January 2022 and the $280-billion CHIPS and Sciences Act last August, perhaps no hospitality company is better positioned to capitalize on President Joe Biden’s economic agenda than Wyndham. ‘We are the company that has been providing lodging for infrastructure workers forever,’ Ballotti says. ‘It’s been a competitive advantage of ours forever.’ In other words, Wyndham’s target corporate customer is not the traditional business traveler in a suit and tie. ‘It's that guy whose office is really the front seat of his vehicle,’ Ballotti says. ‘I mean, these are folks who wear construction boots and hardhats.’” (Forbes)
  7. Politicians’ Bizarre Fight to Keep NYC’s Floor-to-Area Ration Cap “Despite a housing shortage, Manhattan politicians are defending a citywide density cap on residential buildings.” (The Real Deal)
  8. Torrid to Open 30 to 40 Stores This Year “Torrid Holdings sees store growth as crucial to its success. Torrid, which specializes in apparel and intimates for women sizes 10 to 30, will open 30 to 40 stores this year. By comparision, the company opened 18 Torrid stores and eight Curv stores during fiscal 2022. ‘We’ll start opening more stores this year and we will accelerate that as we move into following years,’ said CEO Lisa Harper on the company’s fourth-quarter earnings call. ‘We have all of the data that we need to indicate that this is a very sound business strategy for us as we move forward.’” (Chain Store Age)
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