Top CMF National News Dec. 22, 2022
Here’s a summary of Top National News from major news sites and industry trade publications.
In Miami, Stephen Ross and Former Partner Jorge Perez Are Now Potential Rivals
Wall Street Journal, Dec. 20, 2022–Deborah Acosta (subscription)
New York City developer Stephen Ross and Miami developer Jorge Perez had a partnership for more than 40 years. Their separate companies shared almost the same name.
Now that alliance—along with an arrangement to essentially stay out of each other’s home markets—has dissolved. Mr. Ross’s Related Companies and Mr. Perez’s Related Group are free to compete head on.
https://www.wsj.com/articles/in-miami-stephen-ross-and-former-partner-jorge-perez-are-now-potential-rivals-11671542178?
Amazon May Have Slowed its Warehouse Expansion, But it Still Added Space Equal to Half of Walmart’s Distribution Capacity This Year
Business Insider, Dec. 20, 2022–Emma Cosgrove
Amazon dialed back its logistics plans earlier this year in a sign the e-commerce boom was over. Even so, Amazon’s warehouse footprint is “remarkable” compared to competitors, analysts say. https://www.businessinsider.com/amazon-warehouse-expansion-slowed-still-towers-over-competitors-2022-12
Why Returns on Digital Real Estate Don’t Compute
Wall Street Journal, Dec. 16, 2022–Spencer Jakab (subscription)
Data centers promise a heady combination of growth and income, but investors need to crunch the numbers. With interest rates rising, data-hungry tech startups folding and even stalwarts like Meta, Twitter Inc. and Amazon’s AWS tapping the brakes on cloud investments, remaining data center REITs don’t look as attractive.
https://www.wsj.com/articles/why-returns-on-digital-real-estate-dont-compute-11671128381?
2023 Outlook: Tighter Due Diligence, Aggressive Asset Management
GlobeSt.com, Dec. 19, 2022–Joe Derhake
For many commercial real estate players, low transaction volume means tighter dealmaking practices and a redirection of resources towards asset management.
https://www.globest.com/2022/12/19/2023-outlook-tighter-due-diligence-aggressive-asset-management/
Why Returns on Digital Real Estate Don’t Compute
Wall Street Journal, Dec. 16, 2022–Spencer Jakab (subscription)
Data centers promise a heady combination of growth and income, but investors need to crunch the numbers. With interest rates rising, data-hungry tech startups folding and even stalwarts like Meta, Twitter Inc. and Amazon’s AWS tapping the brakes on cloud investments, remaining data center REITs don’t look as attractive.
https://www.wsj.com/articles/why-returns-on-digital-real-estate-dont-compute-11671128381?
Office Prices Have Dropped a Bit. But Investors Are Still Interested in Office Assets.
Wealth Management Real Estate, Dec. 15, 2022–Patricia Kirk
Despite multiple interest rate hikes this year and lingering economic uncertainty, the overall asking price per sq. ft. for commercial real estate properties marketed on CREXi, a commercial real estate marketplace, increased slightly in November, by 2.13 percent.
https://www.wealthmanagement.com/office/office-prices-have-dropped-bit-investors-are-still-interested-office-assets?
Report: Nashville has Nation’s Lowest Industrial Vacancy Rate
Nashville Business Journal, Dec. 21, 2022–Drew Hutchinson
Nashville’s industrial market boasts the lowest vacancy rate — and the second-highest rent growth — out of the country’s top 30 industrial markets.
https://www.bizjournals.com/nashville/news/2022/12/21/industrial-vacancy-rate-nashville-commercial-edge.html
