- Private Real Estate Sees Resurgence in Secondaries Interest “More investors are looking to sell fund interests as the need for liquidity bites, writes James Jacobs, head of real estate for Lazard’s private capital advisory group.” (PERE News)
- Opportunity Abounds in Industrial Real Estate: Q&A with Meridian Capital’s David Schechtman “Industrial has been the hot real estate asset class for the past few years, a bright spot for investors and owners throughout the pandemic. Fluctuations in interest rates and other market forces are cooling things down, yet that hasn’t slowed Meridian Capital Group’s ability to close a voluminous amount of deals. What’s the secret ingredient to their success? Meridian has looked past market murkiness and drawn a crystal-clear connection between an asset class with diminishing inventory and consumer demand for convenience.” (Commercial Observer)
- Are Historical Highs Behind for the Self-Storage Sector? “The self-storage sector entered 2022 with no signs of winding down after a record-setting previous year. Investor interest and demand continued to be substantial, and the year kicked off with the Sun Belt region firmly on top in terms of annual rent growth, with some metros even seeing double-digit rent increases for almost all unit types. Overall, street-rate rents persisted in climbing even further in the summer months, but then they began to gradually temper toward the last quarter of the year, according to Yardi Matrix data.” (Multi-Housing News)
- Are Industrial Construction Costs Moderating? “Although the industrial product type has consistently been the bright spot in the CRE world over the past couple of years, issues around construction and materials remain a source of headwinds in the new year, according to a new report from Cushman & Wakefield that covers 43 markets in North America. Pandemic-connected supply chain problems, combined with inflation and higher interest rates, have all helped push costs higher.” (Commercial Property Executive)
- NYC’s Most Valuable Building, and Other Nuggets from the Tax Roll “Buried in the bewildering data dump that is the city’s tentative property assessment are nuggets of interest to real estate. For one, the 1.8 million-square-foot GM Building just became the most valuable in the city with a market value of $1.9 billion — up 17 percent from a year ago. Its billable value increased by 6.4 percent to $796 million.” (The Real Deal)
- Lawmakers Want Investigation, Hearings into ‘Wild West” of California Cannabis and Farm Work “The proposals follow a series of Times investigations last year showing that California’s 2016 legalization of recreational cannabis spurred political corruption, explosive growth in illegal cultivation and widespread exploitation of workers. The Times found that wage theft was rampant and that many workers were subjected to squalid, sometimes lethal conditions. A spokesperson for the state’s Department of Industrial Relations told The Times last week that the agency is examining the deaths of 32 cannabis farmworkers — never reported to work safety regulators — uncovered by the newspaper.” (Los Angeles Times)
- What CoStar Buying Move Could Mean for Residential Brokers “CoStar Group’s potential deal with Rupert Murdoch’s News Corporation for Move Inc. could mean major changes for stakeholders and brokers alike. The commercial real estate behemoth has spent more than $2 billion on residential real estate deals over the last decade, beginning in 2014 with Apartments.com and later acquiring Homesnap in 2020 to launch Citysnap as a competitor to Zillow’s StreetEasy brand.” (The Real Deal)
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