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A New Chapter for the Office Market

A New Chapter for the Office Market

At the start of the year, trends showed a surge in office returns. That movement has since stalled, with most offices remaining half-empty as companies settle into hybrid work plans (no shock there). Meanwhile, other CRE sectors are still finding favor thanks to their strong fundamentals.

Jordan B.
Han-Gwon Lung
Jordan B., +1
New YorkNew York
+2+2
Goldman Sachs Warns: Vornado REIT Nearing Debt Breach

Goldman Sachs Warns: Vornado REIT Nearing Debt Breach

Vornado Realty Trust (VNO) faces default risk on $2.6B loans due to rising costs and Penn Station project, warns Goldman Sachs. Debt coverage ratio may breach covenants, triggering loan and credit line default.

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Han-Gwon Lung
Jordan B., +1
New YorkNew York
+9+9
CRE Distress Climbs in Majority of 50 Largest MSAs

CRE Distress Climbs in Majority of 50 Largest MSAs

Based on data from CRED iQ, there has been a noticeable surge in distressed commercial real estate (CRE) loans. Recent studies reveal significant increases in several major metropolitan statistical areas (MSAs), with certain regions witnessing jumps of up to 2.5%.

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Han-Gwon Lung
Jordan B., +1
New YorkNew York
+12+12
Q1 Sees 56% Drop in CRE Loan Originations

Q1 Sees 56% Drop in CRE Loan Originations

Commercial and multifamily property borrowing and lending hit a seven-year low in Q1, traditionally the calmest quarter of the year.

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Han-Gwon Lung
Jordan B., +1
New YorkNew York
+9+9
The Fed is Keeping a Close Eye on CRE

The Fed is Keeping a Close Eye on CRE

The Federal Reserve's Financial Stability Report highlights concerns about rising interest rates in the commercial real estate industry, as professionals and academics weigh in on their top economic worries.

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Han-Gwon Lung
Jordan B., +1
New YorkNew York
+9+9
5 Out of 6 Largest CRE Brokerages Report Q1 Losses

5 Out of 6 Largest CRE Brokerages Report Q1 Losses

Major real estate brokerages expect tough months ahead due to economic challenges and predict an uptick in commercial property activity in early 2024.

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Han-Gwon Lung
Jordan B., +1
New YorkNew York
+2+2
Commercial Real Estate Debt Market in Crisis

Commercial Real Estate Debt Market in Crisis

CMBS issuance drop puts commercial real estate market under pressure, stressing regional banks and potentially leading to a 50% drop in property prices.

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Jordan B.
New YorkNew York
+10+10
Olive Garden Parent Makes Big Bet on Fine Dining

Olive Garden Parent Makes Big Bet on Fine Dining

With an eye towards fine dining's continued outperformance of casual-dining eateries, Darden Restaurants Inc. is acquiring Ruth's Hospitality Group Inc., which consists of 154 units, for around $715 million.

Jordan B.
Han-Gwon Lung
Jordan B., +1
New YorkNew York
+8+8
Interest-Rate Hedge Costs Skyrocket for CRE

Interest-Rate Hedge Costs Skyrocket for CRE

Interest-rate hedges, required for most floating-rate commercial real estate loans, are experiencing a significant surge in cost.

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Han-Gwon Lung
Jordan B., +1
New YorkNew York
+9+9
Key Takeaways from JPM’s 2023 CRE Midyear Outlook

Key Takeaways from JPM’s 2023 CRE Midyear Outlook

Despite market uncertainty, sectors such as multifamily, industrial, and neighborhood retail continue to thrive. However, the outlook raises concerns over the Federal Reserve's plans to combat inflation.

Jordan B.
Han-Gwon Lung
Jordan B., +1
New YorkNew York
+10+10
Deals Await Market Dislocation Resolution

Deals Await Market Dislocation Resolution

Institutional investors are waiting for CRE prices to drop and are looking to take advantage of situations where they can capitalize on distress in the tightening lending environment.

Jordan B.
Han-Gwon Lung
Jordan B., +1
New YorkNew York
+1+1
JPMorgan Chase Rescues First Republic Bank in Emergency Sale

JPMorgan Chase Rescues First Republic Bank in Emergency Sale

JPMorgan secured the acquisition of First Republic in an emergency government-led intervention. The bank will acquire First Republic's assets, which include $173 billion in loans. In addition, JPMorgan agreed to pay $10.6 billion to the FDIC. First Republic's failure ranks as the second-largest US bank failure.

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