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Seven Must Reads for the CRE Industry Today (Jan. 4, 2023)

Nuveen Real Estate is looking to expand its online investor base through an arrangement with CrowdStreet, reports Colliers reports an increase in industrial sublease space. These are among today’s must reads from around the commercial real estate industry.

  1. Apartment Rent Increases Slow, a Relief to Tenants After Two Years of Steep Rises “The pandemic-fueled boom for multifamily building owners is fading fast going into 2023. Apartment vacancies are piling up. The biggest wave of new rental buildings in nearly four decades is expected to cut the pace of rent growth across the country. Some in-demand Sunbelt cities are already experiencing rent declines, in part because many tenants and people searching for apartments feel they can’t devote any more of their income to rent. Rising interest rates, meanwhile, make rental-property investments less profitable than one year ago when debt was cheap and hefty rent increases were taken for granted.” (The Wall Street Journal)
  2. Nuveen Real Estate Looks into Online Individual Investors “The direct parent — Nuveen, a TIAA company — ‘currently manages over $900 billion in assets for a variety of investors including corporate and public pensions, insurance companies, sovereign wealth funds, endowments and foundations, financial advisors, families and individuals.’ But there’s an expansion in the company’s approach through a new arrangement with CrowdStreet, which offers crowdfunding from accredited investors for real estate. That would bring its fundraising in part online — a big change from traditional marketing.” (
  3. Pending Home Sales Fall 38% in November “Pending home sales fell for the sixth consecutive month in November, recording a 4.0% month-over-month drop that resulted in an index reading of 73.9, according to data released last Wednesday by the National Association of Realtors. ‘Pending home sales recorded the second-lowest monthly reading in 20 years as interest rates, which climbed at one of the fastest paces on record this year, drastically cut into the number of contract signings to buy a home,’ Lawrence Yun, NAR’s chief economist, said in a statement. ‘Falling home sales and construction have hurt broader economic activity.’” (Housing Wire)
  4. U.S. Industrial Sublease Space Begins to Rise at the End of 2022 “Demand in the U.S. industrial sector has begun to moderate as economic headwinds, including persistent inflation, rising interest rates, and falling consumer confidence, linger. After a fruitful period of record-breaking industrial fundamentals, including occupancy gains, new development, lease rate increases and low vacancy, the industrial sector is beginning to show signs of softening. As a result, sublease space has significantly increased in recent months, with an elevated number of large spaces (greater than 200,000 square feet) added back to the market.” (Colliers)
  5. CIP Real Estate’s CEO Is Still Keen on Industrial. Here’s Why. “Amid weakened consumer spending and rising interest rates, high demand for industrial space continues to fuel rent growth, according to a recent CommercialEdge report. As of November, national in-place rents recorded a 650-basis-point year-over-year growth, while the vacancy rate dropped to 3.8 percent. Nationwide, the robust pipeline included 742.3 million square feet of industrial space under construction, which represented 4.0 percent of existing inventory.” (Commercial Property Executive)
  6. Developers Pitch $1.2 Billion of LaSalle Street Residential Conversions “Some of Chicago's best-known developers are collectively pitching more than $1.2 billion-worth of projects to turn outdated office buildings on and near LaSalle Street into places to live, a key step toward what could be a historic transformation of the vacancy-ridden Loop thoroughfare.” (Crain’s Chicago Business)
  7. Realty Income Buys $894M Portfolio “Realty Income Corp. has agreed to acquire a 4.6 million-square-foot portfolio, consisting of 185 retail and industrial non-core, net lease properties. CIM Real Estate Finance Trust Inc. is selling the facilities for $894 million. Realty Income will pay the acquisition price in cash. Subject to customary closing conditions and the completion of due diligence, the transaction is expected to close during the first quarter of 2023.” (Commercial Property Executive)
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