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Seven Must Reads for the CRE Industry Today (Oct. 12, 2022)

Randy October 11, 2022 1 View
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  1. One-Third Vacant, Massachusetts Mall Shows Why Regional Operators Are in a Bind “The only mall in this former manufacturing town recently sold for a fraction of its value only a decade earlier, another sign that regional malls are sitting out a broader recovery in retail real estate. The previous owner of Emerald Square Mall, which spans 1 million square feet and features stores such as Victoria’s Secret and Macy’s, defaulted on $94.5 million of debt in mid-2020. That marked the largest loss recorded on a loan securitized in the last dozen years, according to Moody’s Investors Service.” (The Wall Street Journal)
  2. Leading Index for Commercial Real Estate “Rises” in September “The Dodge Momentum Index (DMI), issued by Dodge Construction Network, improved 5.7% (2000=100) in September to 183.2 from the revised August reading of 173.4. The DMI is a monthly measure of the initial report for nonresidential building projects in planning, shown to lead construction spending for nonresidential buildings by a full year. In September, the commercial component of the Momentum Index rose 2.9%, while the institutional component also increased, seeing a double-digit gain of 11.7%.” (Calculated Risk)
  3. A Fed Rate Hike Reverberates Through the Capital Stack for Months “There’s an interesting misconception in CRE, even among those practiced in it, though likely not before the global financial crisis. It’s this: the Federal Reserve raises interest rates and financing for commercial real estate immediately feels the impact. And that is true, there is an immediate impact. ‘The effects of Fed rate hikes are felt very quickly in commercial real estate, or any highly leveraged industry, for that matter,’ as Kevin Swill, CEO of Thirty Capital Financial, tells GlobeSt.com. ‘If you think we need to wait six months to see the effects of rate hikes, you’re not following the volume of caps we see very closely. Ask any borrower that needs to refi a loan or buy a springing cap how long it takes for rate hikes to hurt.’” (GlobeSt.com)
  4. Foreign CRE Investors Weigh Opposing Forces “International geopolitical and economic uncertainty has solidified the standing of the U.S. as a port in the storm for foreign investors in commercial real estate. History’s third-highest cross-border volume year came in 2021, when in spite of persistent pandemic-related angst $62 billion was invested in all U.S. property types. But investment pace has slowed greatly in 2022, with rising interest rates adding to debt market volatility.” (Commercial Property Executive)
  5. CRETech CEO: Proptech in ‘Second Inning’ of CRE Adoption “The perceived status of property technology’s (proptech) impact on the commercial real estate industry has seen several shifts over the course of 2022. The recent roller coaster ride makes it difficult to determine if how proptech will fare, but it might be too early to tell.” (Connected Real Estate Magazine)
  6. Brooklyn Office Leasing Slows in Third Quarter “Coming off a busy second quarter, Brooklyn’s office landlords asked for higher rents in the third. In response, tenants signed far fewer leases and pushed up the borough’s availability rate. The borough’s office leasing activity dropped by more than 30 percent from the second quarter, according to a report by Colliers. About 265,100 square feet was leased in the third quarter, down from more than 380,500 the previous period, but up 84 percent from a year ago.” (The Real Deal)
  7. New York Seems to Have a Weed Store on Every Corner. None of Them Are Legal “New York City’s crisp autumn air has a distinct scent to it, and this year that scent is weed. Many of the city streets have a fresh look to them, too — marijuana and cannabis products are for sale, out in the open, everywhere. New York legalized recreational marijuana in the spring of 2021, but the state is still in the process of doling out licenses to legally sell it, which makes the situation … confusing. So I recently treated myself to a little NYC cannabis secret shopping-reporting tour to try to figure out what was going on.” (Vox)
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