Wall Street Journal, Feb. 21, 2023–Peter Grant (subscription)The delinquency rate for office loans that back commercial-mortgage-backed securities remains low, but it is heading higherhttps://www.wsj.com/articles/office-landlord-defaults-are-escalating-as-lenders-brace-for-more-distress-894938c0
Category: Top National News
U.S. Retail Sales Roar Back; Manufacturing Shows Improvement
Reuters, Feb. 15, 2023–Lucia MutikaniU.S. retail sales increased by the most in nearly two years in January after two straight monthly declines as Americans boosted purchases of motor vehicles and …
Starwood Single-Family Rental Firm Stung by Housing Market Slump
Bloomberg, Feb. 15, 2023–Patrick ClarkWall Street-backed landlords have cut jobs and slowed purchases with high borrowing costs weighing on the housing market.https://www.bloomberg.com/news/articles/2023-02-15/starwood-single-family-rental-firm-stung-by-housing-market-slump?srnd=premium
By Adding Apartments, Malls Seek To Bring Shopping Closer to Home
New York Times, Feb. 16, 2023 (subscription)Facing an existential crisis over empty space, owners are trying to fill malls with residences, building on the live-work-play model sought by young adults.https://www.nytimes.com/2023/02/16/business/shopping-malls-residences.html
Brookfield Defaults on Two Los Angeles Office Towers
Bloomberg, Feb. 14, 2023–John GittelsohnBrookfield Corp., parent of the largest office landlord in downtown Los Angeles, is defaulting on loans tied to two buildings rather than refinancing the debt as …
MBA CREF 2023: CRE Loans Benefiting From Prior Value Spike Amid Headwinds
Commercial Observer, Feb. 14, 2023–Andrew CoenA previous sharp rise in commercial real estate values that predated headwinds spurred by the COVID-19 pandemic and rising interest rates provides cushion for some …
Remote Work Is Costing Manhattan More Than $12 Billion a Year
Bloomberg, Feb. 13, 2023–Emma Court, Donna BorakThree years into the pandemic, business leaders and city officials around the world are still trying just about everything to lure employees back into …
Redwood Trust Experiences $44 Million Loss, Downsizes Workforce
Mortgage Professoinal America, Feb. 13, 2023–Candyd MendozaThe REIT recorded a $44 million loss in Q4 in its jumbo aggregation segment, reflecting the ongoing effects of interest rate volatility. In response …
Remote Work Is Costing Manhattan More Than $12 Billion a Year
Bloomberg, Feb. 13, 2023–Emma Court, Donna BorakThree years into the pandemic, business leaders and city officials around the world are still trying just about everything to lure employees back into …
The Rise of the Millionaire Renters
Bloomberg, Feb. 10, 2023–Kriston CapsAffluent households have started to make up a significant share of renters in major US cities. Will the trend hold?https://www.bloomberg.com/news/articles/2023-02-10/millionaire-renters-are-on-the-rise-in-high-cost-us-cities?srnd=premium