News & Press

Below are press releases announcing; acquisitions, divestitures and industry news.

How warehouses are taking over the U.S.

For every Cyber Monday purchase, there is a warehouse employee packing up those soon-to-be presents.

The big online shopping holiday comes amid a warehouse shortage across the United States as distribution center vacancy rates are at all-time lows. Nearly 96% of existing industrial space is in use, according to commercial real estate services company JLL.

The U.S. may need an additional 1 billion square feet of new industrial space by 2025 to keep up with demand, JLL estimates.

“The industry is effectively sold out through the next year,” Chris Caton, managing director of global strategy and analytics at Prologis, told CNBC.

Rents are at all-time highs and pre-leasing rates have skyrocketed, which is when warehouses are leased before construction is even complete.

“The leasing volume is almost triple in some cases to what’s being built every year,” Mehtab Randhawa, senior director of industrial research for the Americas at JLL, told CNBC.

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    After hard times for renters, cities and states pass dozens of new protections

    Over the last two years, states and cities have passed dozens of renter-friendly laws.

    The coronavirus pandemic brought unprecedented hardship to renters, at one point leaving as many as 40 million people at risk of losing their homes.

    That the situation got so bad, so quickly for tenants revealed long-lasting issues of housing instability in the U.S., caused by rapidly rising rents and stagnant wages, advocates say.

    It also led to action.

    Over the last two years, states and cities have passed dozens of laws granting tenants additional rights.

    “The Covid pandemic has seen a new era of renter protections across the U.S.,” said Kshama Sawant, a member of the Seattle City Council.

    “Facing this mountain of debt and a likely tsunami of evictions, tens of thousands of renters have responded by fighting back – organizing their buildings and uniting with tenants across cities and across the country,” she said.

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      The New Gold Rush: Here Are the Top 10 Cities Job Seekers Are Now Flocking To

      Everyone by now has heard of the “Great Resignation.” Workers all over the country—whether burned out, fed up, or just experiencing serious post-pandemic wanderlust—have decided now’s the time to finally call it quits.

      However, there’s another transformative workforce trend also emerging, one that may have an even bigger long-term impact. Think of it as the “Great Reshuffle.” Because Americans aren’t just quitting old gigs—they’re also taking on new ones, wherever they may be. And often that means pulling up roots and buying or renting a home in a brand-new town, city, or state.

      Thanks to the rise of remote work over the past year and a half, white-collar workers who can work from anywhere have been taking advantage of that freedom in ever-increasing numbers. Those previously desk-bound employees have moved away from the coasts to more affordable locales. Amid the shuffle, some workers have found perennial favorites like New York and San Francisco less attractive. They’re more drawn to states where housing costs are lower and where newer tech hubs are emerging.

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        Mortgage Applications Increase in Latest MBA Weekly Survey

        CONTACT
        Adam DeSanctis
        [email protected]
        (202) 557-2727

        WASHINGTON, D.C. (November 10, 2021)Mortgage applications increased 5.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 5, 2021.

        The Market Composite Index, a measure of mortgage loan application volume, increased 5.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 5 percent compared with the previous week. The Refinance Index increased 7 percent from the previous week and was 28 percent lower than the same week one year ago. The seasonally adjusted Purchase Index increased 3 percent from one week earlier. The unadjusted Purchase Index increased 0.1 percent compared with the previous week and was 4 percent lower than the same week one year ago.

        “Mortgage rates moved lower for the second week in a row for all loan types. The 30-year fixed rate decreased to 3.16 percent and has declined 14 basis points over the past two weeks. Although overall activity remains close to January 2020 lows, homeowners acted on the decrease in rates. Refinance activity was up 7 percent overall, with gains in both conventional and government refinances. Additionally, the average loan balance for a refinance application was the highest in a month,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “Purchase applications were also strong last week, increasing just under 3 percent and down only 4 percent from last year’s pace. The dip in rates might have helped to bring some buyers back into the market, but housing inventory is still extremely low and price growth remains elevated.”

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          Single-family rents soar in tight housing market

          Florida saw the largest rent hikes during the pandemic

          You could buy a top-of-the-line laptop and a new cell phone to match, or you could pay one month’s rent for a single-family home in Los Angeles.

          It’s not much better for prospective single-family renters across California, a study by HouseCanary found. In Ventura or Carlsbad, median single-family rents are $4,250, and in Santa Clara and Berkeley, median single-family rents reached $4,225 and $4,200, respectively. That’s nearly as much as it costs to deliver a newborn, on average, even with employer-provided health insurance, and quite a bit more than the $3,900 the average woman earns each month.

          As eviction moratoriums expire, HouseCanary predicts single-family rents will continue to increase.

          Enforcement of the now-expired Centers for Disease Control eviction moratorium was inconsistent to begin with, and in some areas there have been few checks on tenant turnover and rent increases even during the pandemic.

          Curbing court-ordered evictions also only addresses a portion of evictions — a recent Princeton University study estimated that informal evictions outnumber formal proceedings by more than five to one. Still, robust local restrictions in places like New York City helped keep rents more level, the HouseCanary report found.

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            Renters are still protected from eviction in these states and cities

            The national eviction ban has lapsed, but New York, New Jersey and New Mexico have their own moratoriums.

            As the struggles for renters continue, at least eight states and more than 20 cities have policies in place to keep families protected from eviction.

            Even as the country pulls out of the coronavirus pandemic, more than 15% of adult renters still report being behind, with as many as 28% of African American-led households saying the same. One analysis found that the average renter in arrears owes $3,700. In some areas, though, rental debts top $10,000 per household.

            Advocates say these debts won’t disappear until more federal rental assistance reaches households, yet the $45 billion in aid allocated by Congress has been disbursed at a bafflingly slow rate. Less than $13 billion has been spent so far.

            The national moratorium on evictions, which had been in place since September 2020, was lifted in August after the Supreme Court rejected the policy as overreaching.

            Yet with a number of states and cities setting their own limits on the proceedings, eviction protections remain available to around half of renter households, experts say.

            Most renters in New Jersey and New York can’t be evicted until January. New Mexico has also prohibited renters from being pushed out of their homes, and hasn’t yet specified when the protection will end.

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              How the $1.2T Infrastructure Bill Impacts Multifamily

              Housing has a strong link to this package, as industry leaders gear up for major upgrades.

              While much of President Joe Biden’s housing agenda is within the proposed $1.75 trillion Build Back Better bill working its way through Congress, members of the multifamily and commercial real estate industry still found plenty to like in the $1.2 trillion bipartisan infrastructure package approved late last week.

              “This infrastructure bill will repair and upgrade the nation’s roads, bridges, mass transit, high-speed rail, broadband, power grid, water pipes, electric vehicle charging stations and other critical infrastructure,” Real Estate Roundtable President & CEO Jeffrey DeBoer said in a prepared statement. “We applaud this investment in our nation’s future and look forward to the jobs, communities and progress it will support.”

              “The real estate industry has long been committed to more equitable communities, sustainable buildings and an ambitious vision for infrastructure,” John Fish, Real Estate Roundtable chair and chairman & CEO of Suffolk Construction Co., added in prepared remarks.

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                How Does Gen Z Feel About Homeownership?

                Overview

              • 87 percent of Gen Z respondents to our survey view homeownership as being at least somewhat important, similar to the rate for millennials. However, the share who consider homeownership to be “extremely important” is notably lower for Gen Z (26 percent vs 35 percent of young millennials).
              • 77 percent of Gen Z view homeownership as being “at least somewhat attainable” within the next 10 years. However, Just 13 percent think that homeownership is “extremely attainable,” significantly lower than the shares for young millennials (21 percent) and older millennials (23 percent).
              • When combining views of importance and attainability, we find that just 9 percent of Gen Z view homeownership as both “extremely important” and “extremely attainable.” This is significantly less than the comparable rates for young millennials (16 percent) and older millennials (17 percent).
              • Despite a generally positive outlook on homeownership, it’s not a goal that many Gen Z renters are actively working toward. Just 16 percent say that it’s currently their top financial priority, well below the shares that are prioritizing personal savings and investments (35 percent) and paying down debt (27 percent).
              • 56 percent of Gen Z respondents say that they expect help from family with a future down payment. Among those with high confidence of down payment assistance, over 56 percent feel that homeownership is extremely attainable, but for those who do not expect any assistance, just 17 percent consider homeownership extremely attainable.
              • Remote work is likely to shape future housing choices for Gen Z, but among Gen Z respondents, just 17 percent view remote work as an extremely desirable working arrangement, compared to nearly one-third of millennials.
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                  Commercial/Multifamily Borrowing Jumped 119 Percent in the Third Quarter of 2021

                  CONTACT
                  Adam DeSanctis
                  [email protected]
                  (202) 557-2727

                  WASHINGTON, D.C. (November 4, 2021) – Commercial and multifamily mortgage loan originations were 119 percent higher in the third quarter of 2021 compared to a year ago and increased 19 percent from the second quarter of 2021, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.

                  “Overall commercial real estate borrowing and lending are running at high levels, but there continues to be an important differentiation by property type,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research. “Borrowing hit an all-time quarterly high during the third quarter, driven by strong or improving market fundamentals, higher property values, low interest rates, and solid mortgage performance. Borrowing and lending backed by industrial and multifamily properties are each running at a record annual pace. And while year-to-date office and retail lending are each up significantly from last year, both remain below 2019 levels.”

                  Woodwell continued, “Among capital sources, nearly every major group – including CMBS, banks, life companies and investor-driven lenders – is lending well above 2020 levels, with life companies and investor-driven lenders also exceeding their 2019 year-to-date volumes. The one exception is the GSEs (Fannie Mae and Freddie Mac), whose conservator limited their loan purchase volumes this year.

                  ORIGINATIONS INCREASE 119 PERCENT IN THE THIRD QUARTER OF 2021

                  All property types showed an increase in the third quarter in commercial/multifamily lending volumes when compared to the third quarter of 2020. The third quarter saw an 866 percent year-over-year increase in the dollar volume of loans for hotel properties, a 317 percent increase for retail properties, a 156 percent increase for industrial properties, a 105 percent increase for multifamily properties, a 102 percent increase for office properties, and a 45 percent increase for health care property loan originations.

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                    Real-estate brokers brace for ‘flood’ of wealthy buyers from overseas as travel restrictions lift

                    The U.S. will lift the travel ban on about 33 countries for vaccinated visitors, easing restrictions that prevented most foreign real-estate buyers from entering the country to view and buy properties.

                    Wealthy real-estate buyers from overseas are expected to descend on the nation’s luxury housing markets Monday, giving a second boost to demand for high-priced apartments and mansions.

                    The U.S. will lift the travel ban on about 33 countries for vaccinated visitors, easing restrictions that prevented most foreign real-estate buyers from entering the country to view and buy properties.

                    Buyers from Europe, China, Brazil, and India will now be able to enter the U.S. for the first time in 20 months. Brokers in cities popular with the overseas wealthy — New York, Miami, Los Angeles — say they have a long list of showings scheduled in the coming weeks from buyers who have been anxious to invest in U.S. property.

                    “This represents another upside in demand that just didn’t exist over the last two years,” said Jonathan Miller, CEO of Miller Samuel. “It will be especially beneficial to the high-end and luxury market.”

                    Sales data suggests the wave of overseas buyers could generate tens of billions of dollars in added sales. Foreign buyers spent $267 billion on U.S. real-estate in 2018 and $183 billion in 2019, before the pandemic, according to the National Association of Realtors. In 2021, their spending fell to $107 billion, suggesting large pent-up demand as buyers weren’t able to tour or visit properties.

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