- Blackstone’s Leaky Property Fund Pays for a Thumbs Up “That means the University of California could have got a slightly better deal in the public market, where residential property stocks have a cap rate of around 5.9%, according to estimates by research company Green Street. However, BREIT also owns industrial real estate, such as e-commerce warehouses, which are valued more highly.” (The Wall Street Journal)
- Smaller Banks Are Stepping Into The CRE Lending Void. For Now “Regional and community banks have grabbed a larger market share of commercial real estate loans as banking giants like JPMorgan Chase, Bank of America and Wells Fargo have retreated from the market.” (Bisnow)
- Short sellers make their move on WeWork “Investors held short positions on more than 27 percent of WeWork’s publicly tradable shares as of Dec. 15, according to MarketWatch. Shorts totaling more than 10 percent of a company’s float are generally a sign that the market is pessimistic on its future; more than 20 percent is a highly shorted stock.” (The Real Deal)
- Companies Are Gritting Their Teeth and Hiring “The Labor Department on Wednesday reported that there were a seasonally adjusted 10.5 million unfilled job openings in the U.S. as of the last day of November, about equal to the (upwardly revised) count for October. That was down from the extremes hit earlier last year, but still far above anything seen during the prepandemic period.” (The Wall Street Journal)
- Industrial Sublease Availability Up 46%, And Not Just Because Of Amazon “Despite the industry concern caused by Amazon's pullback, Colliers' report found that the manufacturing sector actually put the most industrial space on the sublease market over the last 12 months. The general retail and wholesale sector accounted for 20% of available sublease space, and e-commerce-only users accounted for 17.7%.” (Bisnow)
- What Experts Expect for Student Housing in 2023 “The student housing sector continued to prove its resiliency in 2022 as more students returned to campuses and resumed face-to-face classes following the health crisis. Rent growth remained robust, with 96.6 percent of beds at Yardi 200 academic institutions preleased as of September, according to the data provider’s latest research report.” (Multi-Housing News)
- Manhattan Office Leasing Declines 47 Percent in Q4: Colliers “With 4.9 million square feet of space leased, it was the lowest quarterly leasing volume since the second quarter of 2021 and the sharpest quarterly drop since the pandemic began in March 2020, the report found. Fourth-quarter leasing was also down 43 percent from the same time in 2021.” (Commercial Observer)
- Analysis: More office tenants ditching aging buildings for new digs “More than 76 percent of office occupants who have moved in Manhattan since the start of the pandemic have either gone from one Class A property to another or upgraded to a Class A building from a Class B one, according to an analysis by CompStak provided to The Real Deal.” (The Real Deal)
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