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☆ Office Doom Loop: Landlords Face a Reckoning As Companies Move to Fancy Offices
  + stars: | 2023-03-30 | by ( Daniel Geiger | ) www.businessinsider.com   time to read: +14 min
The Gas Company Tower in downtown Los Angeles has a sterling pedigree, but even that can't save it from the doom loop facing many older office towers. A huge swath of America's office market is vulnerable to these twin threats of being under-equipped with amenities and underwater financially. This behavioral shift has deeply cut into demand for office space. The amount of sublease space nationally more than doubled from 118.5 million square feet at the end of 2019 to 242.8 million square feet at the end of 2022, Colliers stated. Lenders are often reluctant, he said, to seize office buildings because of the costs and expertise required to operate the properties.
☆ Stocks making the biggest moves midday: Lululemon, Micron, Carnival, Foot Locker & more
  + stars: | 2023-03-29 | by ( Samantha Subin | ) www.cnbc.com   time to read: +4 min
Micron Technology — The semiconductor manufacturer added 5.3% after management said it was planning a bigger headcount reduction than previously expected. Carnival — Shares gained 3.6% after being upgraded by Susquehanna to positive from neutral. The move comes a day after the stock gained 6.1% following an upgrade by Wells Fargo to equal weight from underweight. Urban Outfitters , Burlington Stores , Foot Locker , Ross Stores — Shares of major retailers declined Wednesday after UBS downgraded the group to sell from neutral. Petco — Shares of the pet health and wellness company gained 5% after CEO & Chairman Ron Coughlin disclosed a 61,000 share purchase.
☆ A 50% rent increase? Record property demand in Dubai is creating a nightmare for some residents
  + stars: | 2023-03-10 | by ( Natasha Turak | ) www.cnbc.com   time to read: +8 min
Beyond the property market, Dubai's economic boom is evident in everyday life. The Dubai International Financial Centre (DIFC) area of Dubai, United Arab Emirates, with the Burj Khalifa in the backdrop, Sept. 16, 2022. Property prices have, too — CBRE says that selling prices are up 11.5% on average in the year to February 2023. Christopher Pike | Bloomberg | Getty ImagesAccording to CBRE's research, in the year through February 2023, average Dubai rents increased by 27.7%. In the meantime, no one expects property prices to ease up anytime soon.
☆ Private-Equity Firms Snap Up Data Centers as Cloud Demand Soars
  + stars: | 2023-02-23 | by ( Angus Loten | ) www.wsj.com   time to read: +5 min
Private-equity firms bought data centers in near-record numbers last year, defying a broad deal-making slowdown in a bid to capture ever-growing demand for data storage and cloud computing. Data centers are warehouse-sized facilities that lease space in networks of computer servers to customers ranging from individual businesses to giant cloud-computing providers. As the underlying infrastructure for cloud-based digital tools, data centers support everything from video streaming and online gaming to workplace and remote work enterprise software, 5G networks and Internet-of-Things systems. In December, DigitalBridge Group Inc., a Boca Raton, Fla., private-equity firm, and investment services firm IFM Investors closed an $11 billion acquisition of Dallas-based data-center operator Switch Inc. “Large private-equity investors are clearly attracted to the continued robust take-up of data-center space by large hyperscale and social-media companies,” Mr. Lynch said.
☆ CoStar Group CEO Says Firm Not Acquiring Move Real-Estate Business From News Corp
  + stars: | 2023-02-21 | by ( Lauren Thomas | ) www.wsj.com   time to read: 1 min
News Corp said it would continue to assess opportunities to support its strategy to pull value from its digital real-estate services segment. News Corp ’s talks to sell the parent of Realtor.com to CoStar Group Inc. have ended without a deal. CoStar had been in talks to purchase Move Inc. from News Corp for about $3 billion.
☆ China’s property crash is prompting banks to offer mortgages to 70-year-olds
  + stars: | 2023-02-17 | by ( Laura He | ) edition.cnn.com   time to read: +6 min
Some banks in the cities of Nanning, Hangzhou, Ningbo and Beijing have extended the upper age limit on mortgages to between 80 and 95, according to a number of state media reports. China’s property market is in the midst of a historic downturn. The mortgage borrower’s age plus mortgage length should not usually exceed 70 years, according to previous rules published by the banking regulator. Separately, a branch of Citic Bank has extended the upper age limit on its mortgages to 80, the paper said, citing a bank client manager. Other than Beijing, some banks in Nanning, the provincial capital of Guangxi province, have raised the upper age limit on mortgages to 80, according to the city’s official newspaper Nanguo Zaobao.
☆ Security Gets Blended With Corporate Networks in New Cloud Platforms
  + stars: | 2023-02-10 | by ( Belle Lin | ) www.wsj.com   time to read: +6 min
As everything moves to the cloud, a new generation of cybersecurity platforms has emerged, combining corporate networks with security tools such as malware protection into a single system that tech leaders can manage centrally. Older technology can be upgraded to lay the groundwork for implementing a new platform, Mr. Franch said, but it needs to happen without disrupting the existing corporate network. PREVIEWAt Carriage Services, Mr. Franch wants to undertake a network modernization similar to one he oversaw as chief technology officer of commercial real-estate services company Cushman & Wakefield. Modernization tends to reduce complexity and increase visibility of what’s on the network, which can benefit security, according to Mr. Franch. Goya Foods Inc. CIO Suvajit Basu said the Jersey City, N.J.-based company uses cybersecurity services from about seven vendors and a total of about 12 cybersecurity tools, many purchased and implemented over time.
☆ Slowing Warehouse Construction Could Extend Squeeze on Space, Experts Say
  + stars: | 2023-02-02 | by ( Liz Young | ) www.wsj.com   time to read: +4 min
Construction of new warehouses is slowing as developers grapple with rising interest rates and declining leasing activity, potentially prolonging an ongoing shortfall in logistics space. Developers began building about 137 million square feet of new warehouse space, the lowest amount of new space to start construction in a quarter since the beginning of the Covid-19 pandemic. The company is planning development starts for the year to range between $2.5 billion and $3 billion, down from $4.7 billion in construction starts last year. Even with construction starts slowing, the pipeline of industrial projects being built remained elevated at 682.6 million square feet as of the fourth quarter, according to Cushman & Wakefield. Developers completed 143.6 million square feet of new space to finish the year, the company said, down from the record-high 148.2 million square feet delivered in the third quarter.
☆ Prologis Says Warehouse Demand Remains Strong in Slowing Economy
  + stars: | 2023-01-20 | by ( Paul Berger | ) www.wsj.com   time to read: +3 min
Prologis Inc., the world’s largest developer of logistics properties, is bullish about warehouse demand this year despite signs of an economic slowdown. Executives at San Francisco-based Prologis said Wednesday they remain cautious about building new facilities as the economy wavers. But they said vacancy rates remain near record lows and that much of the leasing activity for this year is already secured or underway. Warehouse demand peaked last year, as average national vacancy rates plummeted to near 3% and reached close to 1% in Southern California. Average occupancy in Prologis’s owned and managed portfolio ticked up to 98% in the fourth quarter from 97.7% in the prior quarter.
☆ China's reopening will boost many sectors in Hong Kong's property market: Real estate services firm
  + stars: | 2023-01-12 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's reopening will boost many sectors in Hong Kong's property market: Real estate services firmHannah Jeong of Colliers Hong Kong says it's cautiously optimistic on the city's property market.
☆ Warehouse Leasing Tumbled at the End of 2022
  + stars: | 2023-01-05 | by ( Liz Young | ) www.wsj.com   time to read: +3 min
Newsletter Sign-up The Logistics Report Top news and in-depth analysis on the world of logistics, from supply chain to transport and technology. PREVIEWFor the full year, companies leased a net total of 756.8 million square feet of industrial space in 2022, down 18% from the year before. The leasing slowdown raises the potential for a glut of new warehouse space in the coming months, with 682.6 million square feet of new development in the construction pipeline, Ms. Salzer said. Developers are paring back their plans for new projects as financing becomes increasingly difficult to secure, Ms. Salzer said. The amount of new space under construction was down 4.3% compared with the previous quarter, according to the report.
☆ These stocks set for high profit margins could rally more than 50% ahead, according to analysts
  + stars: | 2023-01-02 | by ( Weizhen Tan | ) www.cnbc.com   time to read: +3 min
CNBC Pro screened FactSet for stocks expected to have gross margins of more than 50% this year, and predicted to rally by the same magnitude. More than 80% of analysts covering those two stocks gave them a buy rating. And on the whole, analysts expect both firms' gross margins to grow by more than 70% in 2023, according to FactSet. Two stocks in the list stood out not just for high expected gross margin growth and upside, but also for receiving a buy rating from all analysts who cover them, according to FactSet. Financial services firm BTIG gave Expedia a buy rating in a December note, and a price target of $150, or 72% upside.
☆ Proptech is losing money left and right, but Fifth Wall's Brendan Wallace is ready to spend $866 million as the sector enters its 'proving ground'
  + stars: | 2022-12-26 | by ( Alex Nicoll | ) www.businessinsider.com   time to read: +5 min
Fifth Wall's Brendan Wallace says today's rough markets are a "proving ground" for the industry. Earlier this year, it announced a $500 million climate fund and a $147 European proptech fund. There are also fewer paths to go public, as the blank-check-company model that takes companies public with fewer disclosures via a merger has dried up. After successfully bringing SmartRent public via its own blank-check company in 2021, Fifth Wall canceled its second blank-check company in March of this year. Procore, which raised $634.5 million in a public offering in May 2021, is an investor in the new Fifth Wall fund.
☆ Quiet Platforms Pushes Toward Full Next-Day Delivery With New Fulfillment Centers
  + stars: | 2022-12-22 | by ( Liz Young | ) www.wsj.com   time to read: +3 min
Quiet Platforms, the logistics subsidiary of apparel retailer American Eagle Outfitters Inc., is planning to open warehouses in dozens of markets across the U.S. as it works to offer next-day delivery nationally within three years. The warehouses will serve the retailers using Quiet Platforms’ supply-chain network, which include sports goods retailer Fanatics Inc., shoe brand Steve Madden Ltd. and discount outlet Saks Off Fifth. Shekar Natarajan, president of Quiet Platforms Photo: Brittainy Newman/Associated PressThe company already has nine distribution centers in seven markets, but the new sites will likely include smaller facilities close to population centers and dedicated to specific tasks such as sorting packages or consolidating goods, said Shekar Natarajan, president of Quiet Platforms. He said Quiet Platforms currently delivers about 70% of packages next day and around 38% on the same day. “Everyone in retail says we want to be in the right place at the right time with the right quantities,” Mr. Natarajan said.
☆ We don't have 'too much solid evidence' that many companies left Hong Kong, CBRE says
  + stars: | 2022-12-19 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe don't have 'too much solid evidence' that many companies left Hong Kong, CBRE saysMarcos Chan of the real estate services and investment firm says the contraction in demand for office space in the city has largely been driven by economic factors rather than the "so-called story that companies are leaving Hong Kong [for] other countries."
☆ These are the top 10 stock plays for 2023, according to UBS
  + stars: | 2022-12-14 | by ( Carmen Reinicke | ) www.cnbc.com   time to read: +5 min
As the year winds down, investors are looking forward to 2023 and wondering where they should place their top bets. Analysts that cover companies are mulling the same question, prompting UBS to put together a list of its top conviction picks for 2023. The stock which is poised for the largest gain is Kymera Therapeutics , a biotechnology firm that UBS thinks could surge 240% to its target price. She added that UBS expects updates across all four programs in the near term as well as over 2023. Analysts that cover companies are mulling the same question, prompting UBS to put together a list of its top conviction picks for 2023.
☆ Some Retailers Are Learning to Love Bulked-Up Inventories
  + stars: | 2022-12-01 | by ( Liz Young | ) www.wsj.com   time to read: +6 min
Discount retailers Burlington Stores Inc. and TJX Cos. are among those happy to stock up as other merchants look to off-load goods. “Last year, our store inventories were just too lean going into the spring,” Mr. O’Sullivan said on a Nov. 22 call with analysts. The overall retail sector’s ratio of inventories to sales, a measure of how much companies have in stock compared with what they sell, remains tight by historical standards. The ratio for inventories to sales at those stores was 1.54 in September, up sharply from 1.39 in September 2019, according to Census Bureau figures. The company reported inventories rose 44% in the latest quarter compared with the same period a year earlier.
☆ Reality ends some Qatari dreams of World Cup rental bonanza
  + stars: | 2022-11-25 | by ( Andrew Mills | ) www.reuters.com   time to read: +6 min
"We were in contact with half of the city, all the big real estate companies ... A week before the World Cup began on Nov. 20, the rate was $250 a night, the broker said. Eleven days before kick-off, organisers had said there were at least 25,000 rooms available for every night of the World Cup. "Never ever, at no World Cup, have I heard anything like this," said Bauer of the last-minute charges. His Khaya agency has block-booked accommodation and sold rooms to fans, FIFA sponsors and other officials at three previous World Cups.
☆ Manulife to outsource Canada real estate services to JLL, resulting in 50 job cuts
  + stars: | 2022-11-24 | by ( Divya Rajagopal Bhanvi Satija | Divya Rajagopal | Bhanvi Satija | ) www.reuters.com   time to read: +2 min
Nov 24 (Reuters) - Manulife Financial Corp (MFC.TO) will outsource its property operations in Canada to focus on its entrepreneurial investment management unit, Canada's biggest life insurer said Thursday. The change to a new structure will result in Manulife Investment Management, which overseas the real estate portfolio, shedding 50 jobs, two sources familiar with the matter told Reuters on Thursday. Among other financial services companies, Canada's biggest lender, Royal Bank of Canada (RY.TO) and Bank of Montreal (BMO.TO) have recently cut jobs in the United States. Manulife Investment Management's real estate arm uses a pool of capital to invest in real estate in 29 cities across the United States, Asia and Canada. According to its annual report, the insurer had about C$13.2 billion ($9.90 billion) worth of real estate investments in 2021.
☆ KKR is canceling its plans for a big new Manhattan office. It joins Meta, Netflix, and other big firms pulling back on office space.
  + stars: | 2022-11-22 | by ( Daniel Geiger | ) www.businessinsider.com   time to read: +6 min
Two senior leasing executives in Los Angeles told Insider that Meta just canceled its plans to expand by 300,000 square feet in the city. KKR's decision comes as New York City's office market flagsTenants who are on the fence about taking space have little incentive to rush to commit to deals as the city's office market continues to soften. Leasing activity in Manhattan totaled 20.27 million square feet through October, according to CBRE, 38% more than the same period last year. Leasing is on track to finish the year well below prepandemic activity in 2018 and 2019, when 32.4 million and 31.6 million square feet were leased respectively in total. Cushman & Wakefield data showed there was over 21 million square feet of sublease space available in Manhattan in September.
☆ 2008-level home-price declines are coming for some areas, one of Wall Street's top housing advisors now says
  + stars: | 2022-10-27 | by ( James Rodriguez | ) www.businessinsider.com   time to read: +5 min
John Burns Real Estate Consulting expects price drops of 20% or more for certain housing markets. Higher mortgage rates have wrecked demand for homes, but the firm says prices are still too high. Devyn Bachman, the senior vice president of research for John Burns, told Insider she had begun to expect "GFC-like pricing declines in certain markets." A survey conducted by John Burns last month found roughly 18% of homebuilders were already reporting year-over-year net home-price declines. "It's going to be a challenging one to two years for anyone involved in housing," Bachman said.
☆ Prologis Signals Caution in Industrial-Property Development
  + stars: | 2022-10-19 | by ( Liz Young | Sabela Ojea | ) www.wsj.com   time to read: +4 min
Warehouse supply remains tight compared with demand, but Prologis will make decisions on new sites on a “deal by deal” basis, he added. Prologis trimmed its plans for new development starts for this year to a range of $4.2 billion to $4.6 billion, from a projected range of $4.2 billion to $5 billion the prior quarter. Companies signed new leases for about 920 million square feet of warehouse space in 2021 compared with 619 million square feet in 2019, according to Cushman & Wakefield. Mr. Moghadam said Amazon hasn’t pulled out of any of its Prologis buildings or projects and the e-commerce company is taking on new space. He said e-commerce companies overall have been leasing new space to compete with Amazon’s sprawling network.
☆ America’s Red-Hot Warehouse Market Shows Signs of Cooling
  + stars: | 2022-10-14 | by ( Liz Young | ) www.wsj.com   time to read: +4 min
Warehouse space remains tight, with some companies still storing goods on trailers outside distribution centers, but the broader figures suggest the pressure on one supply chain choke point is easing. Newsletter Sign-up The Logistics Report Top news and in-depth analysis on the world of logistics, from supply chain to transport and technology. The firm said companies across the sector signed new leases for 163.1 million square feet of warehouse space in the third quarter compared with 207.4 million square feet the quarter before. “Maybe the froth comes off the top, but you still have a very stable and strong leasing market for industrial. Real-estate experts say part of the decline could be because companies aren’t finding enough empty warehouse space after nearly two years of frenetic construction and leasing.
☆ Small Businesses Getting Squeezed Out in Push for Warehouse Space
  + stars: | 2022-10-05 | by ( Liz Young | Paul Berger | ) www.wsj.com   time to read: +4 min
A warehouse crush across the U.S. is squeezing out smaller companies as big retailers fill industrial storage sites with their growing stockpiles of inventory. Karen Galena, president of First Logistics, which has four warehouses in the Chicago area that provide space for retailers and manufacturers, said bigger customers are willing to pay higher prices for increasingly scarce storage space. “It’s tough for the small guy,” Ms. Galena said, noting labor and other costs are rising for warehouse operators. The challenges small businesses face finding warehouse space mirrors difficulties many had securing room on container ships earlier in the Covid-19 pandemic, when ocean carriers drove up rates and bumped smaller shippers to make way for larger clients. He said some companies are even generating revenue from unconventional storage space.
☆ Retail Real Estate Is Enjoying Its Biggest Revival in Years
  + stars: | 2022-10-04 | by ( Kate King | Photographs Timothy Mulcare For The Wall Street Journal | ) www.wsj.com   time to read: 1 min
Bricks-and-mortar store owners are emerging from the pandemic with surprising strength, posting some of their best numbers in years and plotting expansions as more Americans venture out to buy things again. U.S. retail vacancy fell to 6.1% in the second quarter, the lowest level in at least 15 years, while asking rents for U.S. shopping centers in the quarter were 16% higher than five years ago, according to real-estate services firm Cushman & Wakefield .
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