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☆ What could break as interest rates rise?
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +5 min

Sweden, where rates rose again on Thursday, is one to watch with most homeowners' mortgages moving in lockstep with rates. Reuters Graphics2/ REAL ESTATE: PART 2Having taken advantage of the low rates era to borrow aplenty and buy up property assets, the commercial real estate sector is grappling with higher debt refinancing costs as rates rise. "The single most important thing is interest rates. But not just interest rates; what it is equally important is the predictability of rates," said Thomas Mundy, EMEA head of capital markets strategy at real estate firm JLL. "If we were settled on an interest rate, real estate prices could adjust.

Persons: Richard Portes, Thomas Mundy, Banks, Florian, Ielpo, Jerome Powell, Markus Allenspach, Julius Baer, Nick Kraemer, Wagner, Vladimir Putin's, Putin, Tina Fordham, Chiara Elisei, Naomi Rovnick, Nell Mackenzie, Karin Strohecker, Vincent Flasseur, Kripa Jayaram, Sumanta Sen, Pasit, Dhara Ranasinghe, Alison Williams Organizations: International Monetary Fund, Reuters, Federal, Finance, London Business School, Lombard, Federal Reserve, Casino, Sweden's SBB, Fordham Global Foresight, Thomson Locations: Britain, Norway, Russia, Sweden, lockstep, London's, City, RUSSIA, Ukraine

☆ Madrid joins race for high-spending tourists with bet on five-star hotels
▼ + stars: | 2023-06-27 | by ( Corina Pons | ) www.reuters.com time to read: +5 min

[1/5] A swimming pool is seen at the top of Hyatt's Thompson Madrid Hotel, overlooking central Madrid, Spain, June 13, 2023. RISING ROOM RATESThe arrival of luxury hotels has marked a new peak in room rates. "We're seeking to capture the highest-spending international tourists," said Madrid's tourism director, Luis Martin. Employment in Madrid's tourism sector has grown by 15% since 2019, compared with 5.4% nationally. "The Spanish tourism sector has always tried to compete with other destinations on low prices," he said.

Persons: Hyatt's, Violeta Santos Moura, Santo Mauro, Richard Brekelmans, ”, Carlos Erburu, Thompson, Antonio Catalan, Alejandro Pitashny, Luis Martin, Jose Maria Martinez, Corina Pons, Belen Carreño, Charlie Devereux, Hugh Lawson Organizations: Madrid Hotel, REUTERS, Violeta Santos Moura MADRID, Hotels, Puerta del Sol, Dior, Marriott, Santo, Santo Mauro Palace, Westin, Ritz, Universal Music, Southern, Madrid, Colliers, Hyatt Hotels Corp, Reuters, Robuchon, Michelin, Airlines, Air, Thomson Locations: Madrid, Spain, Europe, Paris, London, Milan, Puerta del, Southern Europe, Barcelona, United States, Rome, Argentine, Iberia, America, Air China, China, Spanish

☆ How to survive hot desking
▼ + stars: | 2023-06-26 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +6 min

Everyone is doing a version of [hot desking],” said Carlos Martinez, co-managing director and principal at Gensler, a global office design and planning firm. That’s the tradeoff.’”Transparency is keyStill, intellectually accepting that such a tradeoff is worth it doesn’t mean employees will embrace hot desking if it becomes harder to get their jobs done. While she wasn’t consulting with them about hot desking per se, she witnessed its failure in the course of her work there. That’s also why employers embarking on the switch to hot desking may want to customize the options to best suit different employees’ needs. Invite employee feedbackSwitching to hot desking should be viewed as a work in progress by everyone.

Persons: —, ”, Carlos Martinez, Sanjay Rishi, Rishi, I’m, ” Rishi, Jessica Kriegel, ” Kriegel, Martinez, That’s, Kriegel, “, JLL’s Rishi Organizations: New, New York CNN, Dynamics, Culture Partners Locations: New York, Gensler, Americas

☆ Adam Neumann, the ousted CEO of WeWork, toyed with a rescue package for the company
▼ + stars: | 2023-06-12 | by ( Al Yoon | ) www.businessinsider.com time to read: +3 min

Adam Neumann made motions in October to invest in WeWork, The New York Times reported. Options for the company have been whittled down, and now include bankruptcy, The New York Times reported on Monday. One opportunity batted away by Mathrani came from Adam Neumann, who was pushed out as WeWork's CEO in 2019, the Times reported. The meeting, which was potentially to discuss an investment with other investors of as much as $1 billion and a debt buyback, didn't happen, the Times reported. More recently, IWG, a company that also offers work spaces for remote and hybrid workers, made an offer to operate WeWork's spaces, according to the Times.

Persons: Adam Neumann, Sandeep Mathrani, IWG, —, Mathrani, Neumann, JLL, WeWork, Trepp Organizations: The New York Times, Service, Times, WeWork Locations: WeWork, The

☆ China can't rely on Southeast Asian exports to offset a U.S. slowdown
▼ + stars: | 2023-06-09 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Exports to the Association of Southeast Asia Nations have been growing. The 10-member bloc surpassed the European Union during the pandemic to become China's largest trading partner on a regional basis. Data showed that exports to Southeast Asia fell by 16% in May compared to a year ago, dragging down China's overall exports. Exports to the U.S. — China's largest trading partner on a single-country basis — fell by 18% from a year ago in U.S. dollar terms in May. At $42.48 billion, the U.S. exports in May were more than the $41.49 billion China exported to Southeast Asia that month, according to customs data.

Persons: That's, Bruce Pang, Pang Organizations: Association of Southeast Asia Nations, Union, Exports, —, ASEAN Locations: China's, Indonesia, BEIJING, China, Southeast Asia, U.S, Asia, JLL, Brunei, Cambodia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam, The U.S

☆ 'The worst is behind us' for office vacancies, says JLL CEO Christian Ulbrich
▼ + stars: | 2023-06-07 | 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 Email'The worst is behind us' for office vacancies, says JLL CEO Christian UlbrichJLL CEO Christian Ulbrich joins 'Last Call' to discuss the state of remote work and its impact on the commercial real estate market.

Persons: Christian Ulbrich

The outlook was little changed for Britain and in India where prices have kept rising. Adam Challis, executive director of research and strategy for EMEA at JLL, said strong wage gains over the past year had kept many housing markets resilient despite significantly higher borrowing costs. Peak-to-trough falls for nearly all housing markets surveyed were downgraded from the March poll. British and U.S. house prices were expected to fall around 3% and Australia's to be flat for the full year 2023. Average house prices are expected to rise about 6% in India.

Persons: Mike Blake, Goldman Sachs, Adam Challis, hasn't, Hari Kishan, Prerana Bhat, Jonathan Cable, Anant Chandak, Sarupya Ganguly, Indradip Ghosh, Vivek Mishra, Milounee, Susobhan Sarkar, Devayani, Vijayalakshmi Srinivasan, Ed Osmond Organizations: KB, REUTERS, EMEA, Thomson Locations: Valley Center , California, U.S, BENGALURU, Canada, Germany, Australia, New Zealand, Britain, India, JLL

☆ India home prices set to stay above inflation: Reuters poll
▼ + stars: | 2023-06-05 | by ( Vivek Mishra | ) www.reuters.com time to read: +2 min

Summary poll dataBENGALURU, June 5 (Reuters) - Home prices in India are set to hold above consumer inflation, even though interest rates are expected to stay higher for longer than previously thought, a Reuters poll of property analysts found. The May 16-June 1 poll of 12 property analysts predicted national home prices would reach a median 6.0% this year, a modest upgrade from the 5.5% expected in a March survey. "The interest rate cycle is near its end," Arvind Nandan, managing director of research at Savills India, said. Rates are set to stay at 6.50% for the rest of 2023 and start falling early next year. All analysts who answered an additional question said they were bullish about the housing market outlook.

Persons: Arvind Nandan, Anuj Puri, Rohan Sharma, Vivek Mishra, Veronica Khongwir, Madhumita Gokhale, Hari Kishan, Ross Finley, Barbara Lewis Organizations: Reserve Bank of, JLL Research, Thomson Locations: BENGALURU, India, Reserve Bank of India

☆ 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

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

☆ 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

☆ The collapse of the 'unremarkable middle' might be the best way to describe what's going wrong for retailers right now
▼ + stars: | 2023-05-30 | by ( Alex Bitter | ) www.businessinsider.com time to read: +4 min

Stores like Bed Bath & Beyond are an "unremarkable middle," Dennis said on the Remarkable Retail podcast. Fewer middle-income consumers mean a shrinking shopper base for retailers that historically catered to the middle class, Retail Dive reported in 2019. "The apocalyptic part is really about the collapse of the unremarkable middle," Dennis said on the podcast. That's putting new pressure on the "unremarkable middle," Dennis said. "Economic pressure is going to reveal more fragility on the part of many retailers," Dennis added.

☆ Why major commercial real estate firms are joining resources to recruit Black student-athletes
▼ + stars: | 2023-05-27 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Cedric Bobo discusses a new program for Black student-athletes to transition into the commercial real estate market. Bobo made a name for himself in real estate investing and then decided to pay it forward. Eager to diversify their workforces, some of the largest real estate development, finance and management firms have signed on to fund the internships and mentor the students. The program has trained more than 5,000 participants from over 350 universities worldwide and has partnered with over 250 real estate firms. He is now an acquisitions and development associate at Catalyst Housing Group, a California-based real estate development firm and a financial backer of the new partnership.

☆ Office landlords are in store for retail redux
▼ + stars: | 2023-05-19 | by ( Jennifer Saba | ) www.reuters.com time to read: +3 min

NEW YORK, May 19 (Reuters Breakingviews) - Office landlords are in store for pain, but there’s a light at the end of the hallway. Though vacancy rates in the United States recently hit a 30-year high, owners of retail space – shopping malls and grocery stores – have shown that a bounce back is possible. A reset is in store, but the best office landlords can make it, too. But retail real estate, which includes everything from malls to shopping centers, went through its own misery. It might be a slog, as retail shows, but office could be in store for a redux.

☆ Pickleball is replacing Bed Bath & Beyond and Old Navy at malls
▼ + stars: | 2023-05-13 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

New York CNN —Pickleball is coming to your local mall, replacing shuttered Bed Bath & Beyond, Old Navy, and Saks Off 5th stores. Malls need new tenants to fill vacant spaces and draw customers beyond their traditional department store anchors and clothing stores. Backers of the game and developers are desperate to find vacant spaces to build courts. The Meadows at Lake Saint Louis, an outdoor mall, plans to fill the space once occupied by Bed Bath & Beyond with a pickleball club. A pickleball facility recently opened in a former Burlington store space at Shore Mall in New Jersey, and a pickleball club took over an Old Navy space at a New Hampshire mall.

☆ New York Is Full of Empty Offices After Covid. Make Way for the Playground City. - The New York Times
▼ + stars: | 2023-05-10 | by ( Edward L. Glaeser | Carlo Ratti | ) www.nytimes.com time to read: +20 min

We are witnessing the dawn of a new kind of urban area: the Playground City. The transformation toward the Playground City will not happen on its own. To draw people into the Playground City, we need to show, not tell. 6.Engage citizensGovernments should empower citizens to participate directly in making the Playground City. The Playground City sees people as both a means and an end, and it should involve them in the process of its creation.

☆ Hotels shouldn't be worried about business travel — 'it is starting to come back,' says JLL
▼ + stars: | 2023-05-08 | by ( Monica Pitrelli | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHotels shouldn't be worried about business travel — 'it is starting to come back,' says JLLGilda Perez-Alvarado, CEO of JLL Hotels & Hospitality, says while traditional business travel remains dampened, more people are combining leisure and business travel, which is creating a new "demand mix" for hotels. 03:01 3 minutes ago

☆ Debt markets are gradually coming back, says JLL CEO Christian Ulbrich
▼ + stars: | 2023-05-04 | 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 EmailDebt markets are gradually coming back, says JLL CEO Christian UlbrichJLL CEO Christian Ulbrich joins 'Squawk on the Street' to discuss the commercial real estate sector slowdown, real estate market dynamics since Covid, and transitioning office buildings for different uses.

☆ Aldi plans to open 120 new stores this year as the no-frills German grocer doubles down its US expansion
▼ + stars: | 2023-05-03 | by ( Alex Bitter | ) www.businessinsider.com time to read: +3 min

Aldi is opening 120 new stores this year, including its first locations in two Louisiana cities. The supermarket chain will open 120 new stores this year, the company said. In January, Aldi opened a new distribution center in Alabama "to help support new stores in the area," it said. Aldi has recently opened or plans to open several new stores along the Gulf Coast in states including Alabama, Florida, and Louisiana, Supermarket News reported. Aldi did not immediately respond to a request from Insider for more details on where it plans to open the new stores.

☆ A solid start to earnings season will be put to the test in the week ahead
▼ + stars: | 2023-04-29 | by ( Zev Fima | ) www.cnbc.com time to read: +14 min

The biggest week of this earnings season showed us that things aren't as bad as many feared. The week ahead of earnings, including several more Club names, should tell us more. The results are always important, but it's the guidance and management commentary we will really hone in on to better understand the path ahead. In Amazon's case, a solid first quarter for its AWS cloud business was overshadowed by management seeing a material slowdown in April. ET: Nonfarm Payrolls Looking back It was the biggest week of this earnings season for the Club as several of our mega-cap holdings and industry bellwethers reported results.

☆ A San Francisco office building was worth $300 million before the pandemic. Now, it could sell for only $60 million — a perfect example of why downtowns are in trouble
▼ + stars: | 2023-04-28 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +3 min

A 22-story office tower in San Francisco that was worth $300 million in 2019 is for sale. The office tower, which sits at 350 California Street, was previously worth around $300 million during its last sale, office brokers told The Journal. The building's expected decline in value reflects the current crisis facing the real-estate industry across the US, and remote work's heavy impact on San Francisco's office buildings, in particular. Over a quarter of San Francisco's office space is empty as well, according to CBRE. Last summer, for example, Salesforce had half of its Salesforce Tower office space listed for lease as a sublet.

☆ Exclusive: Mexican firm seeks $380 million from Honduras over blocked unit
▼ + stars: | 2023-04-14 | by ( Valentine Hilaire | ) www.reuters.com time to read: +4 min

MEXICO CITY, April 14 (Reuters) - Mexican investment firm JLL Capital, whose Honduran operation has been blocked since 2018 in a local dispute, is seeking some $380 million from the Central American country in arbitration proceedings, claiming that it violated foreign investment protections, documents reviewed by Reuters show. The invitations were properly handled, countered Daniel Garcia Barragan of the law firm Garcia Barragan Abogados representing JLL last week. This is the second claim against Honduras submitted to World Bank's ICSID this year, its website shows. Some analysts say this casts doubt on the Central American nation's ability to attract foreign investment. Executives had planned to expand operations to Guatemala, but pulled the plug due to its legal troubles in Honduras.

☆ Fears mount that Europe's commercial real estate sector could be the next to blow
▼ + stars: | 2023-04-14 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +6 min

Investors are questioning the health of the commercial real estate sector following a string of recent banking crises. Mike Kemp | In Pictures | Getty ImagesConcerns are mounting around the health of Europe's commercial real estate market, with some investors questioning whether it could be the next sector to blow following last month's banking crisis. Analysts at Citi now see European real estate stocks falling by 20%-40% between 2023 and 2024 as the impact of higher interest plays out. In a worst-case scenario, the higher-risk commercial real estate sector could plummet 50% by next year, the bank said. Pere Vinolas Serra, chief executive of Spanish real estate company Inmobiliaria Colonial and chairman of the European Public Real Estate Association (EPRA), said the situation in Europe looks paradoxically strong.

☆ Some new offices are mini towns with their own restaurants, doctor offices, and hotels. Workers actually want to go.
▼ + stars: | 2023-04-13 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +9 min

The idea is getting replicated from the Bell Labs location, or Bell Works New Jersey, Keating said. The spaces run by Bell Works' own coworking brand, CoLab, are nearly 100% occupied. At Bell Works New Jersey, Zucker partnered with Toll Brothers to build a 185-home 55-and-over community. At BRIC, tenants can take advantage of a dozen art galleries, some of which show the work of building tenants. A lobby area near offices at Bell Works Chicagoland.

☆ American offices are half-empty. That could be the next big risk for banks
▼ + stars: | 2023-04-10 | by ( Julia Horowitz | ) edition.cnn.com time to read: +9 min

“I’m more concerned than I’ve been in a long time,” said Matt Anderson, managing director at Trepp, which provides data on commercial real estate. About $270 billion in commercial real estate loans held by banks will come due in 2023, according to Trepp. Questions about the health of banks with sizable exposures to commercial real estate loans cause customers to pull deposits. That forces lenders to demand repayment — exacerbating the sector’s downturn and further damaging the banks’ financial position. The likeliest outcome is thought to be an uptick in defaults and reduced access to funding for the commercial real estate industry.

☆ Many companies are upgrading their office space and moving to better buildings: JLL CEO Ulbrich
▼ + stars: | 2023-03-31 | 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 EmailMany companies are upgrading their office space and moving to better buildings: JLL CEO UlbrichChristian Ulbrich, CEO at JLL, joins CNBC's 'Squawk on the Street' to discuss the growing stress in the commercial property market and what's ahead for this sector.

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