June SIG Insider: CRE News, Events & Insights
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SIG is a full-service commercial real estate brokerage firm specializing in investment sales and capital markets.
CRE NEWS THAT MATTERS
SIG Shares CRE Stories We Think You Shouldn't Miss This Month
SCOTUS Ruling On Clean Water Act. The president of NAIOP expressed support for the recent Supreme Court decision that clarifies the requirements that protect wetlands and reduce delays in permitting processes. The National Multifamily Housing Council and the National Apartment Association also issued a joint statement, stating that the decision brings certainty for property owners and housing providers, and addressing concerns about housing affordability. (Connect CRE, Paul Bubny)
Sponsors of This Bill Claim it Helps Thwart?National Security Risks. More than 30 states have proposed legislation aiming to curtail foreign ownership of US property, according to data from the National Conference of State Legislatures. Florida is the first state to pass new laws that restrict foreign ownership of property leaving brokers, buyers & sellers unsure of what steps they must take to remain compliant and close a deal. (Bisnow, Bianca Barragan)
Commercial Real Estate You Didn't Know You Needed. Lobo, a small deserted town in the desert of west Texas is listed for sale for $100,000.?Lobo, the motel, the gas station/saloon, swimming pool, shower house, former grocery store and post office, plus more are all included in the sale. The owners would like?to sell Lobo to someone who appreciates the special character and will consider the potential buyers vision when making a final decision on who to sell to. Lobo's history begins with the discovery of the Van Horn Wells in the middle of the 19th century. These wells were the only known source of water in a 100-mile radius. (CoStar, Candice Carlisle)
A (Patient) Buyers Market? Economic uncertainty, elevated borrowing costs, and rising interest rates are pushing buyers and sellers further apart. As a result, deals are taking longer to close, with the time to complete a sale increasing over the past three consecutive quarters. Analysis by CoStar News indicates that the imbalance in value expectations has grown with each bump in the federal funds borrowing rate, reflected in a negative price differential in bid-ask data, highlighting a buyer's market. (CoStar,?Mark Heschmeyer and Nicole Shih)
Medical Offices Offsetting Vacancy Challenges in Office CRE. Some traditional office buildings are considering converting to medical office space or adding more medical tenants in response to increased vacancies. However, potential headwinds include construction costs, lending environment, and labor shortages, which have caused delays and scaled-back projects. Confidence in the telehealth segment and the aging population further support the long-term demand for medical office space, with about 14% of new office space in 2023 expected to cater to medical professionals. (Globest, Richard Berger)
Buried at The Bottom but Can't Be Left Out. Elon Musk has expressed concerns about the US real estate sector, particularly commercial real estate, stating that it is "melting down fast" and suggesting that home values could be next. Musk's comments were made in response to a tweet about a significant amount of commercial real estate debt maturing soon. The industry is facing challenges such as higher interest rates, tighter credit conditions, and work-from-home trends, with estimates suggesting that a large amount of commercial real estate debt could default this year. These factors, combined with problems in the housing market, including higher borrowing costs and potential bank runs, have raised fears of a decline in property prices. (Globest, Richard Berger)
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