Real estate industry leaders are more confident now than a year ago, but they remain cautious, according to Emerging Trends in Real Estate 2025, published by PwC and the Urban Land Institute.
Category: News and Trends
Fed Cuts Interest Rates 25 Basis Points; MBA Economist Weighs In
The Federal Reserve cut interest rates by 25 basis points Nov. 7.
Commercial/Multifamily Borrowing Increased 59% in Third Quarter, MBA Finds
Commercial and multifamily mortgage loan originations increased 59% in the third quarter of 2024 compared to a year ago, and increased 44% from the second quarter, according to MBA’s Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.
Redfin: Renter Households Outpace Homeowner Households
The number of renter households grew 2.7% in the third quarter year-over-year, to a record 45.6 million, Redfin, Seattle reported.
CBRE: Strong Office Conversion Pipeline Will Boost Downtowns
CBRE, Dallas, said office conversions have had a great 2024, with 73 completed and another 30 scheduled for delivery by year-end–the most since the firm began tracking conversion projects eight years ago.
Dealmaker: Dwight Capital Finances $59.9M Loan for California Apartments
Dwight Capital, New York, closed a $59.9 million HUD 223(f) refinance for an apartment community in Davis, Calif.
CREF Policy Update: Republicans Win White House, Senate Majority
Commercial and multifamily developments and activities from MBA important to your business and our industry.
CMF Quote of the Week
“The first drop in vacant units in more than two years signals a crucial turning point in the multifamily sector. This boost will lead to increased investment activity in 2025 as improving fundamentals continue to drive investor confidence capital deployment.”
–Kelli Carhart, Leader of Multifamily Capital Markets for CBRE
Editor’s Note
Some early readers of last week’s CMF newsletter may have seen a photo that misidentified Acting Secretary of the U.S. Department of Housing and Urban Development Adrianne Todman. Newslink corrected the mistake online immediately upon learning of it. We regret the error.
CBRE: Multifamily Market Sees Vacancy Rate Decline
CBRE, Dallas, reported the U.S. multifamily market’s vacancy rate fell in the third quarter for the first time in more than two years, with renter demand outpacing new supply deliveries.