A new IMF Working Paper by Alter, Mahoney and Badarinza concludes that—focusing on the long-run trends—a one percent increase in vacancy rates leads to a temporary drop of 0.5 percent to 0.6 percent in CRE prices over the following quarter. … Continue reading →
Permits and notices posted at 3503 Fairfax Drive indicate that the entity Haly Group Inc. will open a franchise of bb.q Chicken at the retail space formerly occupied by Cosi. The space is located on the campus of FDIC’s L. … Continue reading →
A law passed in 2019 (Va. Code § 58.1-4100 et. seq.) allows for up to five brick-and-mortar casinos in Virginia. In November 2020, voters approved casinos in Bristol (Hard Rock), Danville (Caesars), Norfolk (Pamunkey) and Portsmouth (Rivers), according to 500 … Continue reading →
The Boulder Group reports that between Q3–2022 and Q4–2022, single tenant cap rates increased to 5.95 percent (+9 bps) for retail, 6.95 percent (+15 bps) for office and 6.65 percent (+4 bps) for industrial. During the same time period, the … Continue reading →
Brazil and Argentina have expressed a desire to advance discussions on a common South American currency to be used for financial and trade flows, according to Reuters. The currency would not circulate within Brazil or Argentina but rather would be … Continue reading →
The New York Post (citing the City’s Finance Department) reports that the total value of New York City’s commercial real estate is nearly $9 billion short of its most recent high. Tax revenue from commercial real estate transactions is expected … Continue reading →
Poland’s overcrowding rate—a measure of whether homes have sufficient rooms for the number of people in the household—is 37 percent, whereas the European Union average is 17.5 percent, according to Reuters (citing Eurostat data). Rising interest rates, limited housing supply … Continue reading →
Higher interest rates, persistent inflation and weak economic growth will contribute to more maturity defaults in 2023, according to Fitch Ratings. Fitch projects its U.S. CMBS loan delinquency rate will increase to between 4.0 percent and 4.5 percent by YE … Continue reading →
Five proposals have been submitted by the December 20 deadline for the first-phase development of Richmond’s City Center Innovation District Project (“City Center”), according to Virginia Business. The project’s aims include, among others, the demolition of the Richmond Coliseum, the … Continue reading →
Inflation in Morocco is expected to reach 6.6 percent this year, according to Reuters. The Bank Al-Maghrib (“BAM”), Morocco’s central bank, raised its benchmark interest rate today by 50 basis points to 2.5 percent in an effort to control inflation, … Continue reading →