- Want Commercial Property Tax Relief? Don't Hold Your Breath “Economic slumps traditionally set off battles between local governments trying to make up lost revenue by holding the line on property taxes and property owners trying to cut their taxes to be more in line with their diminished bottom lines. For many commercial property owners, the pandemic-inspired recession has set that dynamic in play once again but with some new twists.” (Bisnow)
- Analysis: Big Gov’t Spending Creates Opportunities, Worries for CRE “The gain for commercial real estate doesn’t come without potential pain. Rapid growth from stimulus-fueled consumer spending creates concerns about an exploding federal deficit, a rapid increase in inflation, and rising Treasury rates. Such conditions could produce an increase in the cost of capital, and potential for lower returns and distressed debt in commercial real estate.” (Commercial Property Executive)
- Remote Work Is Here to Stay. Manhattan May Never Be the Same. “Across Midtown and Lower Manhattan, the country’s two largest central business districts, there has never been more office space — 16.4 percent — for lease, much higher than in past crises, including after the Sept. 11 terror attacks in 2001 and the Great Recession in 2008.” (The New York Times)
- Annaly Capital Management to sell CRE business in $2.33 billion deal “The firm announced Friday that it has entered an agreement to sell all the assets of its CRE business to Slate Asset Management, a real estate-focused investment firm. The assets include equity interest, loan assets, and commercial mortgage-backed securities.” (Mortgage Professional America)
- Oaktree Capital Closes $4.7 Billion Real Estate Fund “Downtown-based Oaktree Capital Management has closed a fund and related vehicles with total capital commitments of roughly $4.7 billion.” (Los Angeles Business Journal)
- Prodigy Network files for bankruptcy as lawsuits mount “The beleaguered real estate crowdfunding company Prodigy Network filed for bankruptcy on Thursday as lawsuits pile up and its properties head into foreclosure.” (The Real Deal)
- Will the downtown apartment market come back? “The speed and scope of the downtown market's recovery will depend largely on how quickly the city's office towers fill back up—and how many workers return. More people working in the office means more people hunting for apartments. Landlords are counting on that happening.” (Crain’s Chicago Business)
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