MSCI, New York, reported its RCA CPPI National All-Property index dropped 11.2% year-over-year and 1.2% from April, as commercial property pricing for all major sectors continued to post annual declines in May.
Category: News and Trends
City-by-City Remote Trends Continue to Affect Office Vacancy Rates
CommercialEdge, Santa Barbara, Calif., reported that due to a variance in remote and hybrid work, some cities’ office markets remain more vulnerable than others, affecting metrics such as vacancy rates, rental prices, sales and pipelines.
Freddie Mac Multifamily: Apartment Investment Market Index Rises
Freddie Mac Multifamily reported its Apartment Investment Market Index rose by 5.3% in the first quarter but decreased year over year, with the annual index down 16.6%.
Housing Has Affordability, Supply Challenges, Harvard Finds
Housing is currently prohibitively costly for millions of American households, per the Joint Center for Housing Studies of Harvard University’s State of the Nation’s Housing 2023 report.
Fitch: Commercial mREIT Sector Faces Further Pressures in 2023
Fitch Ratings, New York, said commercial mortgage real estate investment trust ratings will continue to be challenged by post-pandemic occupancy rates, “with growing recessionary risks and further deterioration of commercial real estate fundamentals.”
CMF Quote of the Week: June 29, 2023
“The increase to the threshold–along with a new method to review it on an annual basis–will help to ensure that HUD multifamily financing is a viable option at all times during the lending cycle.”
–MBA President and CEO Bob Broeksmit, CMB
CREF Policy Update: June 29, 2023
Commercial and multifamily developments and activities from MBA important to your business and our industry.
Commercial/Multifamily People in the News June 22, 2023
Enterprise Community Partners, Columbia, Md., named Shaun Donovan its new CEO and President, effective Sept. 1.
Fed Keeps Rates Steady But Options Open
The Federal Open Market Committee held rates steady at its June meeting but kept its options open for July and later this year.
Dealmaker: Eastern Mortgage Capital Funds $41M Loan for Florida Apartments
Eastern Mortgage Capital, Burlington, Mass., provided $40.5 million in permanent financing for Vantage St. Pete, a 211- unit mid-rise apartment community in St. Petersburg, Fla.