Midtown and Lower Manhattan are nine percent and one percent below their pre-pandemic retail spending levels and 35 percent and 36 percent below pre-pandemic restaurant and bar spending levels, with foot traffic still down by 23 percent and 18 percent … Continue reading →
According to a paper by Evenett and Pisani, in April 2022, a total of 2,405 subsidiaries owned by 1,404 EU and G7 companies were active in Russia. By late November 2022 (nine months after the Russian invasion of Ukraine), only … Continue reading →
FT reports that in Germany, house prices rose more than 60 percent in the past seven years. However, the German property market has stalled since the European Central Bank started raising interest rates last summer to tackle inflation. According to … Continue reading →
In its quarterly UK commercial property survey for Q4-2022, the Royal Institution of Chartered Surveyors (RICS) reports that 83 percent of its respondents consider market conditions to be consistent with a downturn; 49 percent still consider this downturn to be … Continue reading →
A paper by Favilukis and Li argues that the COVID-ear Great Resignation among older workers can be explained by increases in housing wealth. For older Americans, higher house price growth is negatively and significantly associated with the probability of being … Continue reading →
According to Bloomberg (citing research from JLL), deals for office space in Ireland dropped by 83 percent in Q4-2022, as inflation, higher interest rates and downsizing by IT companies impacted the country’s CRE market. Office deals declined from €756 million … Continue reading →
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 →
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 →