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☆ Employers Flee Rich Coastal Cities for South, Sunbelt, As Workers Move
▼ + stars: | 2024-05-02 | by ( Eliza Relman | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

US job creation is shifting from rich coastal cities to the Sunbelt and Midwest. The shift is in large part a result of skyrocketing housing costs in coastal cities. This is in part because these cities have a lower cost of living — driven by lower housing costs — as big coastal cities have become increasingly unaffordable. At the same time, major coastal cities like New York City, Los Angeles, and Seattle saw their hiring shares decline. The richest coastal cities are also suffering from negative perceptions about safety and public order, and those reputations likely also play a role in people leaving.

Persons: —, Benzow, EIG Organizations: Service, Economic, Group, Hilton, Employers, Seattle Locations: —, EIG, San Francisco , New York, Los Angeles, Seattle, Boston, Gainesville , Georgia, South Carolina, Midwest, Wenatchee , Washington, Lansing , Michigan, American, New York City

☆ Climate crisis: You don’t have to admit there’s one to be fighting climate change
▼ + stars: | 2024-03-23 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +16 min

The climate crisis ends up touching on all of those issues, as CNN’s chief climate correspondent Bill Weir told me. Removing politics from climate changeWOLF: It’s interesting to hear you say that about Texas, because the governor and the Republican-dominated legislature there would seemingly be opposed to doing anything specifically because of climate change. Joe Biden has tried to make the argument that addressing climate change should be an economic boom. It seems clear that we’re going to burst through the 2-degree tipping point that had been previously suggested as the tipping point for climate change. What that means for marine ecosystems and coral reefs, which are the cradles of life in the oceans, and what it means for the power of storms as we head into hurricane season has scientists really, really worried.

Persons: Bill Weir, ”, Weir, You’re, WEIR, don’t, Syd Kitson, It’s, Hurricane Ian, CNN WEIR, Hurricane Maria, they’ve, it’s, It’ll, Joe Biden, Donald Trump, Matt Yglesias, WOLF, I’ve, we’ve, We’ve, Kena Betancur, they’re, There’s Organizations: CNN, NFL, Hurricane, Babcock, Buffalo, UN, Republican, Act, Citi Bikes, Getty, Greyhound Locations: Hope, Massachusetts, Salisbury , Massachusetts, New Hampshire, Florida, America, , Florida, Puerto Rico, Buffalo, Puerto Rican, Niagara Falls, Texas, Alaska, United States, Portland , Maine, Portland , Oregon, Central America, Charleston, South Carolina, New York City, Dallas, Chicago, New York, AFP

☆ Here are Monday's biggest analyst calls: Nvidia, Apple, Super Micro, Eli Lilly, Lyft, DoorDash, Disney & more
▼ + stars: | 2024-03-04 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

UBS upgrades Norfolk Southern to buy from neutral UBS said it sees margin improvement for the railroad. Goldman Sachs initiates Super Micro as neutral Goldman said the stock is an "AI winner" but that valuation is full right now. UBS reiterates Eli Lilly as buy UBS raised its price target on the stock to $910 per share from $810. UBS reiterates Nvidia as buy UBS said it's sticking with its buy rating after a series of investor meetings with the company." Argus upgrades New York Times to buy from neutral Argus said it sees revenue growth for the newspaper company. "

Persons: Morgan Stanley, Disney, Piper Sandler, Piper, Guggenheim, Baird, SQSP, Goldman Sachs, Goldman, Bernstein, Tesla, underperform Bernstein, Eli Lilly, Wells, Melius, Citi downgrades Ferrari, Jefferies, Evercore, it's, Rosenblatt, Snowflake, Slootman's Organizations: BROS, Guggenheim, GSK, UBS, Norfolk Southern, Micro, JPMorgan, Nvidia, Kyverna Therapeutics, FLT, UDR, Conservative, America Health, RBC, Apple, Citi, Ferrari, Jefferies, BP, Barclays, Barclays downgrades, ISI, Toast Inc, Bank of America, Ball Corp, of America, Broadcom, New York Times Locations: Norfolk, China, New

☆ People are moving out of cities with poor air quality — but many end up facing other climate risks
▼ + stars: | 2024-02-16 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

Much of the Sunbelt "has [a] low air-quality risk but it has high heat risk, high flood risk, high wind risk from things like hurricanes," she said. When looking at moving trends within counties and cities from 2000 to 2020 paired with flood risks, researchers at First Street Foundation noticed clear signals of people moving away from areas exposed to flooding. Additionally, more than 3.2 million (35.5%) of those residents said they left specifically because of the flood risk. 'I personally was impacted by air quality'Over 85% of homes in 13 major cities are highly exposed to poor air quality; nine are in California and the rest are spread out in Washington, Oregon and Idaho, Redfin found. "I personally was impacted by air quality," Fairweather said.

Persons: Eduardo Munoz Alvarez, Fairweather, We're, Jeremy Porter, Porter, Redfin Organizations: Getty, First Street Foundation, CNBC, riskier metros Locations: West Coast, Sunbelt, Arizona , Florida , Nevada , North Carolina, South Carolina , Texas, Tennessee, New York, U.S, California, Washington , Oregon, Idaho, Seattle, Wisconsin, riskier

☆ Opinion | America Between Jesus and Faust
▼ + stars: | 2024-02-09 | by ( Ross Douthat | ) www.nytimes.com time to read: +2 min

One objection to this vision focuses on my chosen location for this imagined near-future neo-America, given the possibility that climate change will render Texas or Arizona unfit for human habitation. It’s a real concern, and depending on your expectations for rising temperatures and water shortages you might bet on a Great Lakes renaissance instead. But you also shouldn’t necessarily bet against the adaptability of human beings who seem, to my own New England confusion, to really like to live in scorching heat. The deeper objection is a spiritual one, offered by Rod Dreher, who reliably outstrips me in pessimism and comes through again here. “Yes,” he responds, “it is better to live in a country and in a culture that is doing better, materially and otherwise, than all others.

Persons: Rod Dreher, ”, it’s, Lewis, Dreher, — Organizations: New, Arizona Locations: New America, Texas, Arizona, England, America, East Asia

☆ 11 US cities with the best mix of jobs, pay, and affordability
▼ + stars: | 2024-02-07 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

Raleigh and Boise also placed high for large cities, while Idaho Falls ranked first for small cities. Per the rankings, only 11 large cities and seven small cities were classified as Tier 1, placing high among many metrics. Big cities also saw their tech sectors grow much faster than small cities. Philadelphia jumped 130 places between 2023 and 2024 in the large cities list, while Manhattan, Kansas, rose 160 places for small cities. AdvertisementFour of the top seven small cities were in Idaho, exemplified by Coeur d'Alene, Twin Falls, and Pocatello.

Persons: Austin, —, Milken, hasn't, Richmond , Virginia —, Paso Robles, El Centro Organizations: Milken Institute, Raleigh, Idaho Falls, Service, Boise, Bureau of Labor Statistics, Idaho National Laboratory, Obispo Locations: Boise, Austin, Raleigh, Los Angeles, Long, Glendale and New York, Jersey, White, Sunbelt, Provo, Orem, Utah, Salt Lake City, Elgin , Illinois, Houston, , Texas, Richmond , Virginia, Charleston, North Charleston, South Carolina, Philadelphia, Manhattan , Kansas, Wichita, Lawrence, Kansas, Idaho, Coeur d'Alene, Twin Falls, Pocatello . Idaho, California, San Luis, Arroyo Grande, Modesto, El

☆ Single HENRYs are fleeing West Coast cities like San Francisco and Los Angeles for the Sunbelt, study finds
▼ + stars: | 2024-02-06 | by ( Eliza Relman | Noah Sheidlower | ) www.businessinsider.com time to read: +5 min

These movers are disproportionately higher-income, a new Bank of America report found. Las Vegas and Phoenix are the only Western cities Bank of America analyzed that had population increases compared to first quarter 2020. Housing costs are a major reason people are leaving West Coast cities for the Sunbelt. But many Sunbelt cities have more permissive land-use and zoning regulations than their coastal counterparts, meaning they're often better equipped to keep up with rising demand by building more homes. Both West Coast and Sunbelt cities that aggressively restrict housing construction will likely continue to face affordability crises.

Persons: — Organizations: Coasters, Bank of America, Service, Bank of, Jacksonville, Las, metros Locations: Southwestern, West Coast, San Francisco, Los Angeles, Las Vegas, Florida, Georgia, Texas, Austin, San Antonio, Francisco, Seattle, Portland, San Diego, Phoenix, Miami, Orlando, Tampa, South, West

☆ Sorry New York and San Francisco, these 4 red-state cities could be the future of America
▼ + stars: | 2023-11-15 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +2 min

Houston, Dallas, Miami, and Nashville are poised to become economic powerhouses in the US. The future of the energy, healthcare, and finance industries could be in these cities. That's because economic power is flowing to the middle of the country — and places like Houston, Dallas, Nashville, and Miami are becoming hotspots. Just like New York City has Wall Street and San Francisco has Silicon Valley, Houston has its energy economy and Miami has its proximity to Latin America and growing financial industry. Miami, meanwhile, was the city users were most interested in relocating to — Dallas and Houston ranked eighth and tenth, respectively.

Persons: —, Mason, Dixon, Stanford, Niall Ferguson, Barron's Organizations: Houston, Service, San, Hollywood, Dallas Locations: Dallas, Miami, Nashville, New York, San Francisco, Houston, New York City, Silicon Valley, America, Los Angeles, Washington, DC, Franciso , New York City, . Miami

☆ The campaign manager for Obama's 2012 reelection bid has some advice for Democrats worried about Biden's polling woes
▼ + stars: | 2023-11-13 | by ( John L. Dorman | ) www.businessinsider.com time to read: +4 min

Messina wrote that Obama faced similar political headwinds in 2011, a year before he was reelected. For much of the year, both Biden and Trump have either been tied, or one candidate has had a nominal lead. But Jim Messina — who in 2012 managed then-President Barack Obama's successful reelection bid — has a message for Democrats worried about Biden's current standing: "Don't panic." "A year before a presidential election, it is just too early to get an accurate read on how the people will actually vote," Messina wrote. AdvertisementAdvertisement"The Biden campaign knows that there are just seven battleground states this time, with a few paths to victory," he wrote.

Persons: Jim Messina, Obama's, it's, Messina, Obama, —, Joe Biden's, Donald Trump, Trump, Biden, Jim Messina —, Barack Obama's, Republican Mitt Romney Organizations: Democratic, Service, Biden, Trump, New York Times, Politico, White House, GOP House, Democratic Senate, Party, Republican, North Carolina Locations: Arizona , Nevada, Georgia, Siena, Washington, Messina, Michigan , Pennsylvania, Wisconsin

☆ Home prices are dropping fast in Phoenix. Here are 6 of the lowest-priced real estate listings there right now — including one at $215,000.
▼ + stars: | 2023-10-15 | by ( Haley Tenore | ) www.businessinsider.com time to read: +2 min

Phoenix was a pandemic boomtown, but home prices there are falling, according to a Realtor report. As of August 2023, the median home price in Phoenix was $537,900, down 1.2% compared to last year. But now some of these pandemic boomtowns are seeing home prices fall: Phoenix is one. AdvertisementAdvertisementWe combed through real estate listings to find five of the lowest-priced homes right now in the Phoenix area. Here's an idea of what you can get in the Phoenix area as of October.

Persons: —, Realtor.com, it's Organizations: Service, Phoenix Locations: Phoenix

☆ The top 10 states people are flocking to
▼ + stars: | 2023-10-14 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +2 min

Midwestern and southern states with smaller populations are attracting more residents. Now, people are going even farther outside of the suburbs, particularly to rural states like Idaho and Montana , a new report says. All 10 states on the list have populations under 8 million, according to Census estimates for 2022. That is really driving a lot of what we see in a lot of these less dense areas around the states." AdvertisementAdvertisementHere are the 10 states that are leading the rankings in net migration, according to StorageCafe.

Persons: —, Doug Ressler, Ressler Organizations: Service Locations: Idaho, Montana, South, Midwest, Montana , Idaho, Vermont, Montana , Vermont

☆ 6 safe havens for commercial real estate as markets like Austin and San Francisco plummet
▼ + stars: | 2023-10-12 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +1 min

The pandemic real estate bubble is bursting in San Francisco and Austin, Texas. But there are still plenty of commercial real estate safe havens, according to a new Moody's report. With interest rates high and financing hard to come by, there are a lot of doomsday predictions around office towers, multifamily apartments, and other commercial real estate. To better understand the state of the commercial real estate market, look no further than a recent credit-reporting agency Moody's report. But Moody's second-quarter 2023 report released last month also reveals plenty of safe havens for commercial real estate investors, including some unexpected places like Albany, New York, Hartford, Connecticut, and Toledo, Ohio.

Locations: San Francisco, Austin , Texas, Albany , New York, Hartford , Connecticut, Toledo , Ohio

☆ The sure-fire way to save America’s cities? Do what Tokyo does.
▼ + stars: | 2023-10-04 | by ( Eliza Relman | ) www.businessinsider.com time to read: +12 min

But affordability isn't an issue in the world's biggest city, Tokyo. In collectivist Japan, housing policy is designed to benefit the most people possible. Earthquakes and small homesAnother feature of the Japanese housing market is purely situational: The country is a hotspot for earthquakes. Could the US import Japanese housing policy? Japan's housing policy "is now quite well understood" among American housing advocates and scholars, he says, "whereas it was not even three years ago."

Persons: metropolises, Eric Adams, Alan Durning, Durning, Jiro Yoshida, NIMBYism, Jenny Schuetz, Yoshida, Schuetz, André Sorensen, there's, Sorensen, Nolan Gray, Impermanence, Gray, tradeoffs, Eliza Relman Organizations: US, America it's, New York City, Sightline, Pennsylvania State University, Brookings Institution, University of Toronto, Earthquakes Locations: Los Angeles, Miami, New York, San Francisco, Tokyo, it's, America, Paris, Japan, inequity, Montana, California, United States, Vienna, Amsterdam, California , Oregon, Washington

☆ Forget the Sunbelt. These 8 slides show why multi-family-home investors should be turning their attention north to these five cities.
▼ + stars: | 2023-09-29 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +3 min

At least that's the view of Matt Frazier, CEO and cofounder of Jones Street Investment Partners, a multifamily investor with roughly $2 billion in assets under management. Of course, Jones Street's entire portfolio is focused on the Northeast and Mid-Atlantic multi-family homes. It's a contrarian view in an industry obsessed with the Sunbelt since Jones Street was founded in 2014. According to Jones Street's analysis, "this dynamic is specific to Southeast and Sunbelt markets," not the Northeast and Mid-Atlantic regions. Matt Frazier, CEO of Jones Street.

Persons: Matt Frazier, Frazier, Jones, he's, maturities Organizations: Jones Street Investment Partners, Jones Locations: Austin , Texas, Nashville , Tennessee, New England, Portland , Maine, Richmond , Virginia, Midatlantic, Manchester , New Hampshire, Boston , Massachusetts, Philadelphia , Pennsylvania

☆ One year out, here’s what we know about how the presidential race will look on Labor Day 2024
▼ + stars: | 2023-09-04 | by ( Ronald Brownstein | ) edition.cnn.com time to read: +15 min

CNN —Much remains unknown of course about the presidential general election whose traditional kick-off will come one year from today on Labor Day, 2024. Twenty states have likewise voted for the GOP presidential nominee in all four of those contests. That means 40 of the 50 states, or 80%, have voted the same way in four consecutive presidential elections. In the presidential elections of 2012, 2016 and 2020, though, the states where the margin of victory landed within four points of the national vote total dwindled. Eventually a Democratic choice to write off Florida and Ohio could provide a tactical benefit for the GOP presidential nominee.

Persons: ”, Doug Sosnik, Bill Clinton, Barack Obama’s, Joe Biden’s, Franklin D, Roosevelt, Trump, hasn’t, Obama, Kyle Kondik, Ball, Kondik, Amy Walter, Biden, Crystal Ball, Cook, Trump’s, headwinds, Republican Sen, Ron Johnson, Roy Cooper, Erika Franklin Fowler, “, George W, Bush’s, Hillary Rodham Clinton, Michael Bloomberg, I’ve, Steve Schale, Schale, don’t, it’s, “ Biden, Ben Tulchin, Fowler Organizations: CNN, Labor, White, Democratic, GOP, University of Virginia’s Center for Politics, Electoral College, Trump, Democrats, Crystal Ball, New Hampshire, Republican, White House, Biden, Pennsylvania Senate, Democratic Gov, Wesleyan Media Project, Wesleyan University, Electoral, Republicans, ”, Wisconsin, District, New, New York City, Sunshine Locations: Indiana , Iowa , Ohio, Florida, North Carolina, Arizona, Georgia, Wisconsin, Michigan, Nevada, Pennsylvania, New Hampshire, Arizona , Georgia, New, dislodging Michigan, Nebraska, Ohio, New York, Minnesota, New Hampshire , Virginia, Oregon, Texas

☆ Middle class Americans are moving straight into fire and drought because they can't afford to live in the cities that are safer from climate change
▼ + stars: | 2023-08-15 | by ( Eliza Relman | ) www.businessinsider.com time to read: +4 min

Rising housing costs have helped push Americans into parts of the country more vulnerable to climate change. The trend shows how the burden of climate change is falling disproportionately on less affluent people. Rather than leaving areas at high risk of natural disasters and other climate issues, more Americans are moving into them. But if lower-risk cities continue to price people out, the burden of climate change will fall even more disproportionately on less affluent communities. A recent Brookings Institution report recommended several ways that policymakers can encourage Americans to seek climate safety.

Persons: Hurricane Harvey, Freddie Mac, Rich, homebuyers, Jenny Schuetz, Julia Gill Organizations: Service, Brookings, Federal Housing Finance Agency Locations: New York, San Francisco, Southern, Florida, Houston, West, Bend , Oregon

☆ The genius plan that could bring down skyrocketing home prices
▼ + stars: | 2023-08-07 | by ( Eliza Relman | ) www.businessinsider.com time to read: +15 min

Not only did this help to slow down skyrocketing housing costs, it inspired a bipartisan, nationwide expansion of the policy. Home prices in Auckland, New Zealand's biggest city, doubled between 2009 and 2016 and prices across the rest of the country followed close behind. "A typical New Zealand city looks a lot like a typical US city," Gray said. There are three models of housing construction in US cities right now, Gray said. "In terms of an overall objective, I think bringing down house prices to construction costs is an ultimate sign of housing abundance."

Persons: Upzoning, Jenny Schuetz, Matthew Maltman, who's, Ryan Greenaway, Guo Lei, Maltman, There's, Auckland's upzoning, Vicki Been, Bill de Blasio, Schuetz, Nolan Gray, Gray, let's, Brett Coomer, that's, Allison Zaucha, Freemark, we're, Emily Hamilton, Eliza Relman Organizations: Brookings Institute, Auckland, Economic, University of Auckland, New, National Party, Housing, Economic Development, New Zealand, California YIMBY, Urban Institute, Houston, Montana Republicans, George Mason University Locations: New Zealand, Auckland, Australian, Zealand, Auckland , New, New Zealand's, New York, Europe, California, Zealanders, San Francisco, Los Angeles, Phoenix, Houston, Atlanta, Denver, Seattle, Washington, Portland , Oregon, Montana, California . Utah, Minneapolis, New York City

☆ Here’s why home prices stayed high in May
▼ + stars: | 2023-07-25 | by ( Anna Bahney | ) edition.cnn.com time to read: +7 min

“The ongoing recovery in home prices is broadly based.”Before seasonal adjustment, prices rose in all 20 cities in May, as they had also done in March and April. Month over month, home prices rose in May for the fourth consecutive month. “Though home prices are likely to continue to cool slightly, limited inventory relative to buyer demand will likely keep prices somewhat afloat. By 1983, partly spurred by high inflation, the price rose to $75,500, and it continued rising to $126,100 by 1993. “It is worth noting that market data are coming up on last year’s record-high prices, notched during May and June,” he said.

Persons: “, ”, Craig Lazzara, “ It’s, Hannah Jones, Jones, George Ratiu, May’s, Ratiu, ” Ratiu Organizations: DC CNN, City Composites, Realtor.com, ”, National Association of Realtors, Federal Reserve Locations: Washington, Chicago, Cleveland, New York, Seattle, Las Vegas, Phoenix, Miami, Tampa , Florida, “, ’

☆ Public Storage to acquire Simply Self Storage for $2.2 bln
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

July 24 (Reuters) - Self-storage operator Public Storage (PSA.N) said on Monday it has entered a deal to buy Simply Self Storage from Blackstone Real Estate Income Trust (BREIT) for $2.2 billion, as it looks to expand its market presence. Demand for storage space has waned from the heights of the pandemic, as people return to offices, and some analysts expect more consolidation in the sector. Earlier this year, California-based Public Storage made a hostile bid to acquire smaller rival Life Storage. But in April, real estate investment trust Extra Space Storage announced a $12.7 billion deal with Life Storage. Eastdil Secured served as financial adviser to Public Storage, whereas Wells Fargo and Newmark Group acted as lead financial advisers to BREIT.

Persons: Blackstone, Eastdil, Aishwarya Nair, Krishna Chandra Organizations: Blackstone Real, Income, Newmark, Thomson Locations: California, BREIT, Wells, Bengaluru

☆ Republicans want to shred Amtrak funding as the railroad plans a historic Sunbelt and Western expansion
▼ + stars: | 2023-07-20 | by ( Eliza Relman | ) www.businessinsider.com time to read: +4 min

House Republicans are proposing slashing funding for Amtrak and other infrastructure in the 2024 budget. The spending cuts, which would put Amtrak funding below 2003 levels, would also undermine the railroad's major plans to expand its routes and improve infrastructure in the Sunbelt and West. Passenger rail service is abysmal or nonexistent in most of the country. Both Houston — the fourth most-populous US city — and Phoenix, where the closest Amtrak station is 36 miles from downtown, have Amtrak service just three days a week, the railroad noted. More modern, electrified rail routes have even less environmental impact.

Persons: Stephen Gardner, Gardner Organizations: Republicans, Amtrak, Service, Privacy, House Transit, Housing, Urban, Infrastructure Investment, Jobs, The Texas Department of Transportation, Houston, Department of Energy, The Washington Post Locations: Washington, Boston, West, Seattle, Portland, Houston, San Antonio, Cleveland, Detroit, Nashville, Savannah, Midwest, Texas, Dallas, Fort Worth, —, Phoenix, Atlanta, The

☆ Cleveland has become an unlikely hotspot for millennials in search of affordability
▼ + stars: | 2023-06-29 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +4 min

With income growth outpacing rent there, these 27 to 42 year-olds have more disposable income. In order to come up with the ranking, the BofA Institute used home address data from 46 million of adults who've been customers of the bank since 2018. Cleveland residents now pay just over 17% of their income on rent, while the average American pays 20%. Pittsburgh income growth exceeded rents by 1%. Indeed, the BofA Institute found that millennials are by-and-large staying out of the housing market this cycle, but still are window shopping for the future.

Persons: —, millennials, Anna Zhou, Zhou, Clever, they're, homebuyers Organizations: Service, Bank of America Institute . Austin, BofA Institute, Bureau of Labor Statistics Locations: Tampa, Dallas, Cleveland, Tampa , Florida, Bank of America Institute . Austin , Texas, Midwest, Columbus , Ohio, Cleveland Cleveland, Providence , Rhode Island, Buffalo , New York, Pittsburgh

☆ A fund manager at a $3 billion firm who looks for companies expected to grow their market share lists his top 10 stocks and the key variables he looks for when making long-term bets
▼ + stars: | 2023-06-15 | by ( Laila Maidan | ) www.businessinsider.com time to read: +4 min

Brian Macauley looks for companies operating in large markets that can grow their market share. This year, which direction the stock market could go has been a point of contention. His sweet spot is smaller companies operating within a large market that have the potential to go from a 5% market share to 25%. An attractive growth opportunity; his picks typically have a small market share in a large market and are well-positioned to gain market share. CarMax (KMX) is another example of a business expected to grow its market share within the used car sector.

Persons: Brian Macauley, Lauren Goodwin, Morgan Stanley, Hennessy, Macauley, Sunbelt Organizations: Hennessy Funds, Morningstar, Sunbelt Rentals, Fund Locations: North America

☆ JPMorgan's commercial real estate chief lays out how Blackstone will help prevent an office market 'catastrophe'
▼ + stars: | 2023-06-05 | by ( Al Yoon | ) www.businessinsider.com time to read: +4 min

Reports on the death of offices are "just wrong," JPMorgan's commercial real estate chief said. Office buildings are losing value as more people opt to work from home and companies need less space. No 'catastrophe' for the office market"You get the headline written that the office market is a catastrophe," Brooks said during a JPMorgan outlook webinar on June 1. In April, Blackstone announced the final close of its Blackstone Real Estate Partners X, the largest real estate fund ever raised, with $30.4 billion in capital commitments. Through its real estate investment trust, Blackstone has maintained some exposure to office buildings.

Persons: Blackstone, delinquencies, Alfred Brooks, Brooks, JLL, Manus Clancy, JPMorgan —, hasn't, They're Organizations: JPMorgan, Blackstone, Blackstone Real Estate Partners Locations: Brookfield, Blackstone, Los Angeles

☆ Blackstone will help prevent an office market 'catastrophe', says JPMorgan's commercial real estate chief
▼ + stars: | 2023-06-05 | by ( Al Yoon | ) www.businessinsider.com time to read: +4 min

☆ Stephen Schwarzman says Blackstone has dumped office investments. Another corner of the firm kept lending billions.
▼ + stars: | 2023-05-30 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +8 min

Blackstone Mortgage Trust's $8.2 billion portfolio of office loans leaves it exposed to the sector. The Blackstone-managed firm issued about $3.3 billion of US office loans since the pandemic began. Even as clouds began to gather, Blackstone Mortgage Trust continued to lend to the office sector. In addition to managing the mortgage trust, Blackstone is among its largest shareholders. A Washington office complex shows how far values have fallenThere are ongoing issues, however, in Blackstone Mortgage Trust's portfolio.

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