- Biden Administration Releases Plan for $50 Billion Investment in Chips “The Department of Commerce on Tuesday unveiled its plan for dispensing $50 billion aimed at building up the domestic semiconductor industry and countering China, in what is expected to be the biggest U.S. government effort in decades to shape a strategic industry. About $28 billion of the so-called CHIPS for America Fund is expected to go toward grants and loans to help build facilities for making, assembling and packaging some of the world’s more advanced chips.” (The New York Times)
- As U.S. Economy Pulls Back, Multifamily Segment Feels Pain, But Remains Resilient “Negative economic growth in the first two quarters of 2022, a volatile stock market, apartment dwellers stressed about inflation and interest rate hikes from the Federal Reserve are enough to make developers and investors in the multifamily segment of commercial real estate feel more than a little anxious. Even so, industry experts such are recommending that their clients stick to their long-term strategy and ride out the turmoil, rather than changing direction.” (Urban Land Magazine)
- Small, Out-of-State Real Estate Investors Eye Raleigh “Out-of-state, small investors — or ‘laptop landlords’— accounted for more than 4% of home sales in Raleigh and Durham during the first half of 2022, according to an analysis by Attom Data Solutions and the Wall Street Journal. Why it matters: Most of the frustration over the rental crisis in southern cities has been directed at big corporations buying up hundreds of homes and renting them out for top profit. But smaller investors, defined as those who own between 2 and 10 homes, are also contributing to rising prices.” (Axios)
- CBRE Leads $125 Million VTS Funding Round, a Bet on Technology for Return to Office “VTS, one of the fastest-growing real-estate technology firms, has raised an additional $125 million in a funding round led by CBRE Group Inc. in a big bet that VTS’s technology will play a major role as workers return to offices. CBRE’s contribution of $100 million to the funding round also reflects a recent strategy by the global commercial-property-services giant to adopt some new technology by investing in startups rather than developing it internally. As part of the deal, CBRE will get a seat on the board at VTS and join with the firm on new technology.” (The Wall Street Journal)
- Tech Struggles Could Threaten NY Property Tax Credits “With the economy now slowing, a number of these companies have made layoffs, downsized offices or otherwise transitioned from growth mode to focus on profitability, and may struggle to deliver all the jobs they pledged. A review of program disclosures by The Real Deal suggests many of the tax breaks are in danger. A spokesperson for Empire State Development, which administers the program, noted the pandemic and macroeconomic factors affected many companies, particularly those in New York City.” (The Real Deal)
- Multifamily Developers Must Find Balance Between Density, Amenities “Finding a balance between density and amenities has never been simple for multifamily residential developers, but rising interest rates, density restrictions and an increased desire to solidify multifamily projects within the community mean that there is much to be gained from creative approaches to this old problem. Starting the process of planning early, using zoning to the developer’s advantage and creating an adaptable, sustainable and welcoming place for tenants can allow for a successful project with a lower overall price tag.” (REBusiness Online)
- Gym Workouts Are Back and Boosting Business at Shopping Centers “People are hitting the gym just as hard as they did before the pandemic, providing some much-needed good news for fitness centers and their landlords. Many fitness businesses didn’t survive the worst of the pandemic, when public-health restrictions sharply curtailed operations and people feared infection. But since February, monthly visits to gyms have been, on average, about 13% higher than 2019 levels, according to retail-analytics firm Creditntell, which analyzes location and financial data. The resilience of in-person fitness is boosting mall and shopping-center landlords who have found that gym goers often stick around after workouts to shop or socialize.” (The Wall Street Journal)
- To Mask or Not to Mask: Theaters and Concert Halls Face a Dilemma “The coronavirus continues to pose a dilemma for arts presenters entering their second season after the long pandemic shutdown: They know that some audience members will be deterred by mask requirements at a time when they have vanished from so many other settings, while others will be reluctant to attend indoor performances if masks are not required. Whatever they decide to do, they risk alienating some ticket buyers.” (The New York Times)
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