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The Enduring Strength of Commercial Real Estate
Despite economic setbacks, the $15T US commercial real estate industry remains resilient. San Francisco's market is struggling as property owners halt loan payments and surrender keys to lenders. Brookfield, having faced losses on two L.A. towers, now grapples with financial difficulties in its $1 billion mall portfolio.
Thanks, Powell: Rate Hike Relief is Here (For Now)
After ten rate hikes and three major bank failures, the Fed decided to hold the benchmark interest rate steady. Starwood Capital (STWD) aims to sell 2,000 single-family rentals purchased in 2021. Meanwhile, developers foresee New Yorkers moving to Jersey City for cheaper, larger apartments.
The Office Dilemma: Hold or Fold?
Office owners and lenders have key decisions to make: restructure today or hold out for lower rates. Nationally, rents dipped 1% in May compared to last year—the steepest decline since 2020. Meanwhile, a new survey from DLA Piper says most commercial real estate executives have a pessimistic outlook on the industry in the coming year.
The Rise of Massey Knakal's I-Sales Empire
Massey Knakal's spinoffs credit their success to discipline, hiring, training, and a strong team culture. Wall Street's commercial real estate debt operations improved, increasing financing costs for landlords. Lionel Messi's arrival in Miami excites real estate brokers and raises Inter Miami's championship prospects.
CBRE's Prediction: Mild Recession, Rapid Recovery
CBRE’s chief economist says that although a mild recession is certainly still in the forecast, he expects a rapid recovery by the end of 2024. Meanwhile, Las Vegas’s largest landlord is looking to diversify its portfolio and add other entertainment options.
Kennedy Wilson Sells $2.1B Loan Portfolio to Fairfax
Beverly Hills' Kennedy Wilson sells majority of PacWest loan portfolio to Canadian insurer Fairfax for $2.1B. The industrial sector sees a 38% YoY drop in new constructions. Meanwhile, Wells Fargo gets less than half of the original price for its San Francisco office tower.