15 Must Reads for the CRE Industry Today (July 21, 2022)

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  1. Prologis CEO: Amazon Talking Point ‘Single Biggest Myth for Investors’ “At the top of that list of misconceptions the CEO mentioned during the company’s second-quarter earnings call Monday would be questions around Amazon subleasing excess warehouse space it no longer needs in response to the consumer demand correction from the height of spending habits during the pandemic.” (Sourcing Journal)
  2. Blackstone Puts Finishing Touches on Record Real-Estate Vehicle “The private-equity giant said in a regulatory filing Wednesday it has closed on commitments totaling $24.1 billion for Blackstone Real Estate Partners X, the latest iteration of its main real-estate fund.” (The Wall Street Journal)
  3. Nareit’s REIT Industry ESG Report 2022 “his report of the REIT industry’s environmental, social responsibility, and governance (ESG) performance details the state of sustainability efforts in the publicly traded U.S. REIT industry in 2022. The report and its 30-plus case studies feature REIT leadership and ESG innovation from a variety of sectors and serves as a practical tool for stakeholders to assess the scale and impact of the REIT industry’s ESG commitments and initiatives.” (Nareit)
  4. Multifamily Lending to Slow Down for the Rest of This Year “Housing, particularly multifamily, saw big jumps—and cap rate crushing—during the pandemic. Now? The Mortgage Bankers Association says the brakes are about to hit. The organization released a new baseline forecast that projected a much slower second half of the year, with total commercial and multifamily financing to fall by 18% from $891 billion in 2021 to $733 billion in 2022.” (GlobeSt.com)
  5. WeWork, Yardi Launch Flex Office Platform “Launched on Tuesday, WeWork Workplace brings together a variety of tools for the first time, according to WeWork and Yardi executives. Individual office workers can make use of interactive floor maps, reserve space for teams, manage visitor access and automate overflow management.” (Commercial Property Executive)
  6. Parents Pile Into Work Conferences to Escape Their Families “In-person work conferences are returning, and many parents who spent much of the pandemic supervising children are happy for the break. Some confessed to sneaking out of sales presentations or using the hours between conference workshops for fancy meals, sightseeing or precious alone time.” (The Wall Street Journal)
  7. As Inflation Soars, LA Tenants Are Getting Hit With Large Rent Hikes Despite Rent Control “Large rent increases are coming for many Los Angeles tenants despite state and local laws meant to stop landlords from passing on massive increases. Because those laws allow rents to rise with inflation, some tenants are now getting hit with increases of up to 10% — levels unheard of in recent years.” (LAist)
  8. Back to the office? Are CRE workers ready to return to their desks? “That’s what Keller Augusta, a search and advisory firm focused on commercial real estate, wanted to find out. The firm recently conducted its second Workplace Reboot Survey, charting the opinions of 600 CRE employees and employers on whether brokers, developers and other CRE pros are returning to the office, if now is the right time for this and what a return to the office will look like.” (REJournals.com)
  9. Ivana Trump: Right-hand mogul or window dressing? “Less heralded are the Czech American’s contributions to Donald Trump’s real estate empire, and by extension, the New York skyline. Back when Trump was a real builder, putting up showstopping projects across Manhattan and transforming the public’s perception of what a developer could be, Ivana was right there with him.” (The Real Deal)
  10. Here are 10 cities where rent is actually falling as the housing market cools “The causes of increasing rents are complex and related to local government dysfunction, decades of undersupply, and an overheated housing market. But for the solution? Consider the small city, where prices are actually decreasing.” (Fortune)
  11. AIA: Architecture Billings Index shows “increasing demand” in June “Architecture firms reported increasing demand for design services in June, according to a new report today from The American Institute of Architects (AIA). The ABI score for June was 53.2. While this score is down slightly from May’s score of 53.5, it still indicates moderately strong business conditions overall.” (Calculated Risk)
  12. Eric Adams says NYC ‘may not have central business districts anymore’ as remote work persists “Mayor Eric Adams is softening his tone on in-person work, admitting Monday that the Big Apple ‘may not have central business districts anymore’ as white collar workers increasingly embrace working from home.” (New York Post)
  13. TA Associates Acquires Majority Stake in Green Street “Private equity firm TA Associates will take a majority interest in Green Street, the Newport Beach, CA-based real estate analytics and advisory firm said Tuesday. Deal terms weren’t disclosed.  Green Street’s current majority owner, Welsh, Carson, Anderson & Stowe, will retain a minority position in the business.” (ConnectCRE)
  14. Hey, Is Anybody Watching the Interns? “Office occupancy across the country has remained under 50 percent on average, according to the building security firm Kastle. Executives have often said they worry that the youngest generation of workers will have no interest in returning to — or, in some cases, even entering — an office environment.” (The New York Times)
  15. Macy’s speeds up plans to open smaller stores outside of malls “The department store chain said Wednesday that it will open three stores this fall that each represent ways Macy’s is thinking about how it aims to reposition its real estate in the future.” (CNBC)

https://www.wealthmanagement.com/cre-wire/15-must-reads-cre-industry-today-july-21-2022

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