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10 Must Reads for CRE Investors Today (Feb. 14, 2023)

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  1. Majority of Largest MSAs Dee Dip in Monthly Distress “Market performance for nearly 400 metropolitan statistical areas (MSAs) across the U.S., covering over $900 billion in outstanding commercial real estate (CRE) debt. Distressed rates include loans that are specially serviced, delinquent, or a combination of both. Distressed rates and month-over-month changes for data reported as of January are broken out by property type for a granular view of distress by the market-sector.” (Commercial Observer)
  2. Breaking Down Manhattan’s Investment Sales Market in 2022 “Buyers shifted from industrial to multifamily last year as overall investment rose 40 percent to nearly $21 billion.” (The Real Deal)
  3. Hybrid Work Costing NYC Businesses More Than $12B a Year, Report Finds “The average Manhattan office staffer is spending $4,661 less per year on food and entertainment near their cubicles than they did in 2019, according to data from a monthly Stanford survey of U.S. workers. The study arrived at that figure by calculating how much an employee spent in or near the office during an average week in 2019 and then multiplying that figure by 30 percent, the average amount of time New York office workers worked remotely in 2022.” (Commercial Observer)
  4. More Renter Concessions for Apartment Dwellers on the Way “Colliers is forecasting the coming of more rental concessions in 2023, according to its recent 2023 Commercial Real Estate Outlook report. The wave of new development will be completing itself throughout the year in many markets and with the uncertain economic conditions, landlords will offer concessions to lure in new renters or maintain existing occupancies, ‘which will in turn weigh on NOI growth and values.’ Key markets should again be in the Sunbelt, with a reported 400,000 new residents in both Texas and Florida in 2022.” (GlobeSt.com)
  5. Real Estate Donors Who Gave Big to NY’s Gov Kathy Hochul Could Soon Reap New Housing Tax Breaks “Real estate bigwigs who dumped hundreds of thousands of dollars into Gov. Kathy Hochul’s campaign last year are set to win big if her proposed budget gets the green light. That’s because the Hochul-backed budget aims to give housing projects until 2030 – rather than 2026 under existing law – to finish work in order to qualify for the lucrative 421a tax abatement program as long as existing projects had work started by last June.” (New York Post)
  6. It Worked for Retail. New Venture Bets Revenue Percentage-Based Rents Could Work for Industrial, Too “As the saying goes, three makes a trend. Amazon, Gap and American Eagle Outfitters have all launched logistics-as-a-service platforms in the past few months, looking to monetize their expensive supply chains by lending capacity to smaller retail companies. The motivation is clear: Aggressive industrial expansions have driven prices past what smaller companies can afford as they struggle to shorten delivery times to online customers. But American Eagle subsidiary Quiet Platforms is offering a different flavor of service than what Gap and Amazon have created.” (Bisnow)
  7. Will S.F. Incentives Convince Companies to Return? What Experts Say “’Without public safety, there is no economic development,’ said John Boyd, a site selection consultant.” (Dallas Business Journal)
  8. Ted Lerner, Developer Who Bought and Built the Washington Nationals, Dies at 97 “Ted Lerner, the billionaire real estate developer who bought the floundering Washington Nationals in 2006 and oversaw their thrilling rise to 2019 World Series victors, rewarding his native city with its first major league championship in 95 years, has died at 97. The Nationals announced his death in a statement posted on Twitter on Monday. It did not provide other details, but a spokeswoman for the team told The Washington Post that he died on Sunday from complications of pneumonia at his home in Chevy Chase, Md.” (The New York Times)
  9. LA County Real Estate Developer to Plead Guilty to Federal Charges “An Agoura Hills-based real estate developer is expected to plead guilty Monday to federal bankruptcy and tax fraud charges. Mark Handel, 68, has agreed to enter his plea in downtown Los Angeles to making a false statement in bankruptcy and submitting a false tax return, according to the U.S. Attorney’s Office. Handel will forfeit about $3.54 million, which represents the proceeds of the sale of real estate in Alameda County. He also has agreed to pay to the Internal Revenue Service roughly $1.45 million in tax liabilities, which include civil fraud penalties, documents filed in Los Angeles federal court show.” (Vigour Times)
  10. Some States Eye Restricting Chinese Investment in Real Estate “As tensions between the US and China increase, the newest front of division had been in the air, accompanying balloons claimed to be spy vehicles. But there is much happening on the ground, literally. A dozen US states have been looking to forbid sales of real estate to Chinese nationals or companies. Texas is one example, according to a report from Agence France-Presse (AFP).” (GlobeSt.com)
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