Potential home buyers walk past an ‘Open House’ sign displayed in the front yard of a property for sale in Columbus, Ohio. Ty Wright | Bloomberg | Getty Images Anyone out hunting for an affordable home today knows that the pickings are slim – and they are about to get slimmer. Housing inventory hit a
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Photo by Shutterstock. HOUSTON—Without a doubt, the US economy is sending mixed messages about its health. On one hand, the job market remains robust despite September’s lackluster numbers. (US payrolls only added 136,000 jobs, underperforming economists’ expectations, but the unemployment rate fell to fell to 3.5%, a 50-year low). On the other hand, US manufacturing
Salen Churi and Brian Tochman, founders of Trust Ventures Source: Trust Ventures A venture capital firm with close ties to billionaire industrialist Charles Koch is expected to reach $100 million in new funding to invest in startups focused on social change. Trust Ventures launched last year at Koch’s semiannual private retreat for donors to his
Mark Tritton, president, CEO, Bed Bath & Beyond UNION, NJ—Struggling retailer Bed Beth & Beyond has ended its search and named Target EVP Mark J. Tritton as its new president and CEO. Tritton, a 30-year retail executive, will replace interim Bed Bath & Beyond CEO Mary Winston effective Nov.4. He will also serve on the
Graham Carpenter ➤➤ Join the GlobeSt.APARTMENTS (formerly RealShare) conference October 29-30 in Los Angeles. The event will analyze the opportunity in the emerging trends and conditions of the multifamily market. Don’t miss out on joining the 1000+ of the industry’s top owners, investors, developers, brokers and financiers as they gather for THE MULTIFAMILY EVENT OF
Rendering of proposed Google headquarters Source: Google A new proposal shows Google is expanding the scope of its massive planned headquarters in San Jose, California. The company has formally applied for plans to build an 80-acre project that consists of up to 7.3 million square feet of office space, higher than the previous 6.5 million
Photo by Shutterstock. My business partner’s friend recently needed a place to work with WiFi for a few hours in Midtown Manhattan. She saw a WeWork building, wandered in, found a work space, and did what she had to do. Nobody bothered her as other itinerants shuffled in and out. She thought about grabbing a
Pedestrians pass in front of the New York Stock Exchange. Michael Nagle | Bloomberg | Getty Images The Great Recession has officially been over for a decade. For many Americans, there’s little reason to celebrate. Many people’s finances haven’t recovered from the recession’s blows, according to a survey by personal finance website Bankrate.com. “There are
Ken Riggs NEW YORK—The WeWork (We) saga is casting a shadow over all corners of the globe, and its problems are landing squarely on the foundations of commercial real estate. Investors, especially landlords and CRE investors, are on their heels as they finally pull back the curtain on We and discover whether a wizard had
Photo by Shutterstock. LOS ANGELES—Boston Fed President Eric Rosengren worries about the impact co-working office space could have on the commercial real estate sector and is not reticent about his opinion. Three weeks ago, he told the audience at an event in New York City that evolving market models, along with low interest rates, are
A home mortgage sign on a Wells Fargo branch in Brooklyn, New York. Getty Images An unexpected decline in mortgage interest rates had homeowners calling their lenders last week, looking to save money on their monthly payments. Refinance demand surged, pushing total mortgage application volume up 5.2% last week compared with the previous week, according
Real estate agent shows a home in Venice Calif. Anne Cusack | Los Angeles Times | Getty Images Cooler weather historically means a cooling off period in the housing market, but that is not the case this fall. After dropping to the lowest level in eight years, bidding wars are creeping back. In September, 11%
Blackstone’s headquarters in Midtown Manhattan NEW YORK—Blackstone has sold a 100-asset industrial portfolio valued at $3 billion to Nuveen Real Estate. The 29-million square foot portfolio is comprised of urban infill, light industrial and bulk logistics assets and is spread across 12 markets. The assets are concentrated in the Southern California, Northern New Jersey, Dallas,
Fort Myers, Florida. Philippe TURPIN | Photononstop | Getty Images There’s no place like home. Unless, of course, you are retired. Lured by better weather, lower taxes or an improved quality of life, many older Americans consider relocating to stateS like Florida or the Carolinas. To that end, U.S. News & World Report determined the
Jonathan Nicholson | NurPhoto | Getty Images House prices in the United Kingdom are rising at their slowest rate in six-and-a-half years, according to a well-watched barometer of the property market. The Halifax House Price Index, which is owned and collated by IHS Markit, revealed Monday that house prices in September were just 1.1% higher
Photo by Shutterstock. CEDARHURST, NY—Postal Realty Trust, a recently-launched REIT that solely focuses on properties leased to the US Postal Service, has struck several deals with various sellers to acquire a 113-asset portfolio for $31 million. The 270,000-square foot portfolio has a weighted average rent of $9.75 per square foot and a weighted average remaining
A prospective home buyer tours a house for sale in Dunlap, Illinois. Daniel Acker | Bloomberg | Getty Images Lower mortgage rates are making buying a home slightly more affordable, but financial concerns are outweighing that benefit and lowering overall confidence in housing. Consumer sentiment in housing fell in September from its August high, according
NEW YORK CITY- Investment management firms are taking stock of their operations as many expect, and see signs, of an economic slowdown. Not only are these real estate decision-makers trying to decode messages from the market, but also from the movements of larger institutional investors, according to Tim Lee, CEO and co-founder of Olive Hill
Midtown South NEW YORK CITY- Tech companies hungry for large blocks of office space are piling into Midtown, shifting away from the Flatiron District’s favored tech hub In Midtown South because of a space crunch, according to a new office study from Savills. “Tenants want to be in high-quality space, there is still a war for
Sun Mountain Lumber Superintendent Nelson Bohrer walks past stacks of cut lumber at the saw mill September 12, 2019 in Deer Lodge, Montana. Chip Somodevilla | Getty Images It is hard times for the U.S. hardwood lumber industry. The trade war with China has caused a steep drop in U.S. exports of the product, and
Photo by Shutterstock NEW YORK—Greystone has provided $96 million in total HUD-insured financing on a portfolio of 11 Kentucky skilled nursing facilities, totaling 1,122 beds. The 11 separate FHA loans, ranging from $3.6 million to $14.5 million, carry 35-year terms and 35-year amortizations. They have refinanced a bridge loan provided by Greystone for the acquisition
A couple sits with a mortgage consultant in Miami. Getty Images There is growing support for the idea that artificial intelligence can help remove human bias from situations where institutional discrimination has persisted for decades. California recently passed a fair hiring resolution to encourage the development and use of algorithm-based technologies in job hiring decisions.
Fall homebuyers are getting a bonus. The sell-off in the stock market is causing an unexpected turnaround in mortgage rates. Mortgage rates fell throughout much of the summer but then made a sharp jump higher in September. Now rates are headed back down, along with the Dow Jones Industrial Average, which fell more than 800
Piccadilly Circus in London’s West End. LONDON—With all of the political turmoil and financial turmoil surrounding the United Kingdom with its impending departure from the European Union, you would expect investment in London to crater. But that’s not the case according to the latest 2019 DLA Piper Annual State of the Market Survey. In the
Photo by Shutterstock ➤➤ Join the GlobeSt.HEALTHCARE (formerly RealShare) conference December 3-4 in Scottsdale, AZ. The event will cover the industry’s major issues as well as the prevailing and upcoming trends in regulations, space use, budgeting, and technology implementation. Through panel discussions and peer-to-peer networking opportunities, the attendees will gather expert insights on how these
A property for sale in Monterey Park, California Frederic J. Brown | AFP | Getty Images After a rough month for mortgage rates, borrowers saw a sign of hope and pounced: A small dip in the 30-year fixed rate lit a fire under refinances. That pushed total mortgage application volume up 8% for the week,
Trump International Hotel & Tower New York building is seen from the balcony of an apartment unit in the AvalonBay Communities Inc. Park Loggia condominium at 15 West 61 Street in New York, May 15, 2019. Mark Abramson | Bloomberg | Getty Images Prices for Manhattan real estate took their biggest plunge since the 2008
Platform 16 is a 1.1 million-square-foot class-A office project that is adjacent to Google’s transit village (credit: TMG Partners). SAN JOSE, CA—Boston Properties, Inc. and Toronto-based Canada Pension Plan Investment Board have formed a joint venture to develop a 1.1-million square-foot office campus near Diridon Station in Downtown San Jose. The two firms report that