Wall Street Journal, Apr. 27,2023–Peter Grant, Jim Carlton (subscription)350 California Street was worth $300 million four years ago. It might sell for 80% less now, brokers say, in a market …
Category: Top National News
High Mortgage Rates Have Convinced Some that Renting is Better
CBS News, Apr. 26, 2023–Nancy ChenOne survey shows that, on average, the monthly cost of owning a home is now about a thousand dollars more than renting.https://www.cbsnews.com/miami/video/high-mortgage-rates-have-convinced-some-that-renting-is-a-better-bet/
Life Sciences Property Sector Cools After Multiyear Winning Streak
Wall Street Journal, May 2, 2023–Peter Grant (subscription)The market for office and lab space, one of the hottest commercial property sectors in recent years, is now the latest one to …
Brookfield’s Los Angeles Office Company Is Roiled by Defaults
Wall Street Journal, May 1, 2023–Konrad Putzier (subscription)The company, known as Brookfield DTLA Fund Office Trust Investor Inc., owns six Los Angeles office buildings and a retail center. Five of …
The Building Boom Is Prolonging Market Pain
Wall Street Journal, Apr. 30, 2023–Ryan Dezember, Will Parker (subscription)Construction employment is higher than ever—undermining bets the Fed will soon pivot.https://www.wsj.com/articles/the-building-boom-is-prolonging-market-pain-b224eb74?mod=hp_lead_pos1
Mortgage M&A Activity in 2022 and 2023: A List
National Mortgage News, Apr. 30, 2023–Maria Volkova (subscription)As the mortgage industry winds down from explosive origination volume seen in 2020 and 2021, consolidation activity has ramped up.https://www.nationalmortgagenews.com/list/m-a-activity-in-2022-and-2023-a-list
The Last Big Empty Waterfront Site in Downtown Miami Is Sold for $1.2 Billion
Bloomberg, Apr. 27, 2023–Felipe MarquesThe largest undeveloped waterfront parcel in downtown Miami, once pitched as a site for possible casino, was sold to a local real estate owner for roughly …
Banks Aren’t the Only Ones that Hold Risky Commercial Real Estate Debt. Pension Funds are About to Feel the Pain, Too.
Business Insider, Apr. 24, 2023–Al YoonInvestor angst over risky commercial real estate has exploded in recent weeks with expectations that banks that hold billions of dollars in the debt are …
A Bleak Outlook for Manhattan’s Office Space May Signal a Bigger Problem
New York Times, Apr. 25, 2023–Matthew HaagRemote work and rising interest rates are dealing a double blow to office landlords, with potentially grave consequences for the city and even national …
Commercial Real Estate Loans in Core Europe Face $55 Billion Funding Gap, Report Says
Reuters, Apr. 25, 2023–Chiara EliseiAround one in five loans backing commercial real estate in Britain, France and Germany that fall due between now and 2025 are likely to face refinancing …