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Signature Bank DAVID DEE DELGADO / REUTERS / Alamy Stock Photo

Nine Must Reads for Real Estate Investors Today (March 23, 2023)

Worries mount about commercial real estate debt in the face of the challenges amid the banking sector. The AIA billings index slowed in February, indicating a downturn in design activity. These are among today’s must reads from around the commercial real estate industry.

  1. Commercial Property Debt Creates More Bank Worries “This year will be critical because about $270 billion in commercial mortgages held by banks are set to expire, according to Trepp—the highest figure on record. Most of these loans are held by banks with less than $250 billion in assets.” (The Wall Street Journal)
  2. Bank Crisis Could Cast Pall Over Commercial Real Estate Market “Midsize and regional banks like Signature and First Republic not only provide the bulk of commercial real estate loans to businesses, they are also part of a far bigger market. Banks typically package the loans they make into complex financial products and sell them to investors, allowing the banks to raise more money to make new loans.” (The New York Times)
  3. Bank Contagion Fears Shake The Foundation Of Commercial Real Estate At Its Core “Small and midsized banks are the financial backbone of the type of commercial real estate investing idealized by the industry when it is defending itself against regulation or higher taxes: families purchasing a strip mall or apartment building in the hopes of creating generational wealth.” (Bisnow)
  4. JPMorgan Asset Management chief warns on commercial real estate risks “The chief executive of JPMorgan Asset Management has warned that commercial real estate forms one of the critical areas of risk in global markets after the aggressive monetary tightening by the US central bank.” (Financial Times)
  5. Architecture Billings Index (ABI) Slowdown Continues into February “More architecture firms reported a decline in billings in February, indicating an extension of a recent downturn in design activity according to a new report released today from The American Institute of Architects.” (AIA)
  6. Whitestone REIT Eager To Turn The Page A Year After Firing CEO, But $25M Lawsuit Looms “The company culture has changed significantly in the past year, Holeman and Christine Mastandrea told Bisnow. Since January 2022, Whitestone has separated its chairman and CEO roles, reduced executive compensation and focused on building board diversity.” (Bisnow)
  7. The 'Airbnbust' proves the Wild West days of online vacation rentals are over “Rather than a collapse of the industry, the increasingly bifurcated state of the market — a bust for some, a boom for others — is a clear sign that we have hit a turning point in the long-running battle over short-term rentals. Some cities have allowed vacation-rental listings to multiply virtually unchecked, setting the stage for an oversupply that has come back to bite investors.” (Insider)
  8. BREIT Begins Trading on LODAS Markets “LODAS Markets, an operator of a web-based marketplace for the secondary trading of illiquid real estate and alternative investments formerly known as Realto Inc., announced that Blackstone Real Estate Income Trust is now trading on the LODAS marketplace.” (The DI Wire)
  9. South Florida Churches Find a Higher Calling As Property Values Ascend “Church property in South Florida often attracts developers who want to build something new on sacred ground, due to strong demand for precious land in the coastal corridor from Miami to West Palm Beach.” (Commercial Observer)
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