- Rents Spike as Big-Pocketed Investors Buy Mobile Home Parks “For as long as anyone can remember, rent increases rarely happened at Ridgeview Homes, a family-owned mobile home park in upstate New York. That changed in 2018 when corporate owners took over the 65-year-old park located amid farmland and down the road from a fast food joint and grocery store about 30 miles northeast of Buffalo. Residents, about half of whom are seniors or disabled people on fixed incomes, put up with the first two increases.” (The Associated Press)
- Blackstone: Slowdown of New Construction to Keep Lifting Rents “Blackstone expects demand to continue to outpace supply and support rent growth in the two asset classes that make up the lion’s share of Blackstone’s $320 billion real estate portfolio—rental housing and industrial. ‘Despite a lot of headwinds, these are two of the best sectors in the entire global economy,’ Blackstone Group President and COO Jon Gray said, in a Q2 earnings call this week. Gray said Blackstone expects record-low vacancies in industrial warehouses and tight supply in the housing sector to continue, noting that inflation and the rising cost of debt are rapidly slowing down new construction, which also has been stymied by shortages of labor and building materials.” (GlobeSt.com)
- Watch for These Niche Industrial Markets “Industrial rents grew fastest among a host of familiar metros last month – but a crop of niche markets is also seeing demand tick up as companies reconsider reshoring and nearshoring manufacturing. According to CommercialEdge, average in-place rents grew 7.4% year-over-year in the Inland Empire, 6.8% in Los Angeles and 6.5% in Orange County. But “cross-border trade activity in North America could lead to increased demand for industrial space in rail and truck port markets such as Detroit, San Diego and Southern Texas,” the firm notes in a July analysis of sector data.” (GlobeSt.com)
- Developers All In on Manhattan Casino Push “Hudson Yards and Times Square are among the casino sites being eyed by developers as New York’s license process plays out.” (The Real Deal)
- Richer People Left San Francisco in the Pandemic. And They Took Billions of Dollars with Them. “The average income of people who moved out of San Francisco surged during the early part of the pandemic, taking a large chunk of the economy with them.” (San Francisco Chronicle)
- Study: Millennials Didn’t Stray Far from Where They Grew Up “Growing up in mid-sized Virginia Beach, Andrew Waldholtz wanted to live in a big city so he moved to the District of Columbia for college. After four years in the comparatively expensive city, he realized he wanted a place to live that was more affordable. Waldholtz, 35, eventually found a happy compromise in St. Louis whose Midwestern affordability and opportunities to build his career in corporate compliance had the added bonus that his sister and brother-in-law lived there.” (The Associated Press)
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