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Search resuls for: "CommercialEdge"


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☆ America's offices are about to see a wave of distress that could result in a billion square feet of fresh housing supply
  + stars: | 2024-10-12 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +7 min
Advertisement"The banks are going to have to dispose of that real estate," Barkham told Business Insider in an interview. John Vavas, a real estate finance attorney at Polsinelli who works with commercial real estate lenders, has worked on a handful of office-to-residential conversion deals this year. There's around 1.2 billion square feet worth of office space that could be spun into residential space, Yardi said in a separate report. Late payments on commercial real estate loans have climbed to 1.42% in the second quarter, the highest rate in nearly 10 years. Commercial real estate prices, meanwhile, dropped another 9% year-over-year in the first quarter, Fed data shows.
Persons: —, Richard Barkham, Barkham, RentCafe, John Vavas, Yardi, Vavas Organizations: Service, Federal, Silverstein Properties, Washington DC Locations: New York, United States, New York City, Dallas, Chicago, Los Angeles
☆ The office market is in trouble. Lower interest rates might not be enough to save it.
  + stars: | 2024-09-15 | by ( Kelly Cloonan | ) www.businessinsider.com   time to read: +4 min
Read previewOffices have been the weak spot in the commercial real estate market since the pandemic gave rise to widespread remote work and caused companies to reassess how much space they need. The Federal Reserve's likely interest rate cut, expected at the end of its meeting on September 18, could give office owners some relief with lower interest rates when they refinance. But that doesn't mean they're in the clear, according to commercial real estate experts. Right now, most commercial real estate loans come from small, regional banks, but that could change. AdvertisementYet even with the weakness in the office market, lower interest rates are a net positive for the industry, economist Richard McGahey says.
Persons: —, Lisa Pendergast, Pendergast, Lisa Knee, Knee, It's, Richard McGahey, McGahey Organizations: Service, Business, CRE Finance
☆ Office-to-residential conversions have surged 357% since 2021 as billions in commercial mortgages come due
  + stars: | 2024-02-07 | by ( Phil Rosen | ) www.businessinsider.com   time to read: +3 min
Office-to-residential conversions are up 357% since 2021, according to a report from ResiClubThere's $150 billion in office mortgages set to come due in 2024. Last year, about $541 billion of commercial real estate debt officially matured. AdvertisementBy 2027, $2.2 trillion of commercial real estate debt is set to mature, Capital Economics said. ResiClub cofounder Lance Lambert pointed out that commercial buildings aren't all designed or constructed to be repurposed as living spaces. "It makes sense given the wave of expired leases and vacant office buildings," Lambert said.
Persons: —, Moody's, CommercialEdge, Lance Lambert, Lambert, " Lambert Organizations: Service, ResiClub, Federal Reserve, Washington DC, Dallas, Research, Capital Economics, Business Locations: RentCafe, ResiClub, Washington, New York
☆ Developers rush to convert run-down hotels and offices into shiny new apartments as the costs of new construction and borrowing money soar
  + stars: | 2022-09-21 | by ( Robert Davis | ) www.businessinsider.com   time to read: +7 min
Some real-estate developers are increasingly targeting offices and hotels for conversion into apartments because, they say, these projects are the only ones that make financial sense right now. The company spent a total of $14.2 million to acquire the properties, which Hubbard described as "on the run-down side." With conversions, developers are also hoping to capitalize on the increased demand for rentals as buying a home becomes less affordable. By extension, the value of office space is declining — making conversion projects more profitable when financing can be secured. The program includes zoning reforms designed to make the conversion projects easier and funding from the federal American Rescue Plan, the Pittsburgh Post-Gazette reported.
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