Commercial and multifamily developments and activities from MBA important to your business and our industry.
Category: News and Trends
MBA Forecast: Commercial/Multifamily Borrowing and Lending to Increase 26% to $539 Billion in 2024
Total commercial and multifamily mortgage borrowing and lending is expected to finish the year at $539 billion, which is a 26% increase from 2023’s total of $429 billion. This is according to an updated baseline forecast released today by the Mortgage Bankers Association.
CMF Quote of the Week: Aug. 29, 2024
“The recent moderation in interest rates, coupled with the large volume of loans maturing in coming quarters, should prompt an uptick in mortgage borrowing from the low levels we’ve seen over the last two years.”
–Jamie Woodwell, MBA’s Head of Commercial Real Estate Research
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KBRA Says CMBS Appraisal Reductions Are Climbing
Kroll Bond Rating Agency, New York, reported that commercial mortgage-backed securities appraisal reduction amounts–ARAs–have climbed in tandem with delinquency rates.
CBRE: North American Data Center Vacancy Rates at Record Low Despite Booming Supply
CBRE, Dallas, found North American data center supply grew strongly in the first half of 2024, but availability continued to tighten as demand related to cloud computing and artificial intelligence more than offset the new supply.
MBA Economist Mike Fratantoni on Jerome Powell’s Remarks Indicating Cuts
Federal Reserve Chair Jerome Powell spoke Aug. 23 at an economic symposium sponsored by the Federal Reserve Bank of Kansas City, in Jackson Hole, Wyo. His remarks implied the likelihood of near-term rate cuts.
CoreLogic: Single-Family Rents Continue to Grow in June
CoreLogic, Irvine, Calif., reported single-family rental prices increased 2.9% year-over-year in June, similar to gains notched the month before.
Fitch Ratings Finds Commercial Mortgage REITs Pressured by Weakening Credit Quality
Credit quality at commercial mortgage real estate investment trusts deteriorated in the first half of 2024 according to Fitch Ratings, New York.
Dealmaker: JLL Secures $234M in Construction Financing in Naples, Fla.
JLL Capital Markets, Chicago, arranged $234 million in construction financing for Rosewood Residences Naples, a 42-unit beachfront condominium development in Naples, Fla.