Commercial and multifamily developments and activities from MBA important to your business and our industry.
Category: News and Trends
CMF Quote of the Week: Aug. 31, 2023
“Annual single-family rent growth has returned to its long-term, pre-pandemic rate, but increases for attached properties were one-and-a half-times that of detached properties in June; this is historically not the case, as both housing types tend to rise at the same pace.”
–Molly Boesel, Principal Economist for CoreLogic
CBRE Reduces Near-Term Hotel Outlook Due to Softer Summer Demand
CBRE, Dallas, reduced its forecast for hotel performance this year as weaker-than-expected summer demand resulted in a shortfall in Q2 2023 revenue per available room.
Dealmaker: IPA Closes $61M Multifamily Sale in Phoenix Area
Institutional Property Advisors, Calabasas, Calif., sold Cabana Encanto, a 286-unit attainable housing asset in Pheonix suburb Goodyear, Ariz.
Net Lease Cap Rates Expand For Fifth Consecutive Quarter
Single-tenant net lease cap rates increased for the fifth consecutive time in the second quarter, the Boulder Group reported.
Yardi Matrix: Student Housing Sector Continues to Outperform
Yardi Matrix, Santa Barbara, Calif., reported student housing preleasing for the fall semester reached near-record highs in July, positioning the sector well to be able to weather a potential recession.
DBRS Morningstar: CMBS Delinquency Rate Surges
DBRS Morningstar, Toronto, reported the delinquency rate for loans packaged in commercial mortgage-backed securities surged 31 basis points in July. The special servicing rate rose for the fifth straight month, increasing 24 basis points during July.
Commercial and Multifamily People in the News Aug. 24, 2023
Gantry, San Francisco, announced Christine Kim as its new Chief Marketing Officer.
To the Point With Bob: Rent Control Will Deepen the Affordable Housing Crisis
In a new blog post, MBA President and CEO Bob Broeksmit, CMB, explains why rent control policies will perpetuate the housing supply-demand disconnect.
CMF Quote of the Week: Aug. 24, 2023
“The rise in interest rates combined with available investment returns in other fixed-income investment opportunities continue to be the primary drivers for the upward pressure on cap rates.”
–Boulder Group President Randy Blankstein