Biden administration lays out plans to encourage affordable housing | Yield-curve inversion stretches to longest ever | DigitalBridge's Hughes on the digital infrastructure real estate market
March 22, 2024
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The Clark County Zoning Commission in Nevada has approved a $1.8 billion movie studio and mixed-use development in Summerlin that is a collaboration between Howard Hughes Holdings and Sony Entertainment and is backed by actor Mark Wahlberg. Plans indicate that the project will include 10 buildings with approximately 500,000 square feet for a film studio and production facility, as well as 100,000 square feet of space for retail and other use.
Full Story: Bisnow (free registration) (3/21),  Las Vegas Review-Journal (tiered subscription model) (3/20) 
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Policy & the Economy
The Biden administration is outlining potential steps to improve housing affordability and to encourage local governments to adjust their zoning laws to allow for more development in this area. "It's really hard to make a difference in this space, in this affordable housing space, without tackling land use regulations," said Jared Bernstein of the White House Council of Economic Advisers.
Full Story: The New York Times (3/21) 
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The Treasury yield curve has been inverted since July 2022, exceeding a record set in 1978, data from Deutsche Bank shows. The inversion has long been considered a sign of a recession, but a recession has yet to materialize as the economy continues to grow. "An inverted yield curve should ultimately be a significant headwind for an economy, as capitalism works best when there is a positive return for taking more risk with lending and investments further out the curve," says Jim Reid of Deutsche Bank.
Full Story: Reuters (3/21) 
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Investment News
Bill Hughes, managing director of liquid strategies at DigitalBridge Investment Management, discusses the size of the market for digital infrastructure, the factors driving long-term growth in this area and the issues to consider when analyzing these assets. "Real estate is the real assets to facilitate where business gets done, where people congregate for social activities, where people live," Hughes says. "Digital infrastructure is just a different way to satisfy that."
Full Story: Nareit (3/21) 
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The aging of the US population is encouraging investment in the health care space, and the sector experienced 7.6% same-store net operating income growth in the fourth quarter on a year-over-year basis. Welltower is among the leading players in this sector, having completed $3 billion in pro rata gross investments last year.
Full Story: CoStar Group (3/20) 
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Corporate bond fund inflows have hit $22.8 billion this year, EPFR data shows, the first positive start to a year in five years. The record amount has increased prices and has compressed spreads to the lowest point in two years. Most of the inflows have gone toward investment-grade vehicles, but high-yield debt spreads have fallen close to 2007 levels.
Full Story: Financial Times (3/22) 
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Real Estate Marketplace
A partnership between Blackstone and Columbia Property Trust sold the Market Square office complex in Washington, D.C. in a $323 million transaction with PRP Real Estate Investment Management. PRP acquired the property in partnership with Morning Calm Office Finance. The deal marked the highest sale price for the market since 2022.
Full Story: Commercial Observer (3/21),  Bisnow (free registration) (3/21) 
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CTO Realty Growth has purchased a 318,000-square-foot retail center in Sanford, Fla., in a $68.7 million transaction. The Marketplace at Seminole Towne Center is 98% occupied, and CTO Realty President and CEO John Albright noted that the deal "allows us to increase our exposure to the high-growth Orlando market," as well as to some of its existing top tenants.
Full Story: GlobeSt (free registration) (3/22) 
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Global lifestyle retailer MINISO is expanding to a dozen new US markets under an agreement with CBL Properties. The store openings started in November and will continue during 2024. "We are thrilled to work with MINISO to add to their US store fleet at CBL properties across the South, East Coast and Midwest," said Stephen Lebovitz, CEO of CBL Properties.
Full Story: Chain Store Age (3/21),  Winston-Salem Journal (N.C.) (3/21) 
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Sales of previously owned homes in February rose 9.5% from the previous month to a seasonally adjusted annual rate of 4.38 million units, marking the second consecutive month of rising sales, according to the National Association of Realtors. Housing inventory increased to 1.07 million units.
Full Story: CNBC (3/21),  The Wall Street Journal (3/21) 
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Sustainability
Some small and medium-size businesses are pleased with the Securities and Exchange Commission's decision to exclude a Scope 3 emissions reporting requirement from its final climate rule, as they had been concerned that they would have been roped into the compliance activities of their large customers.
Full Story: The Wall Street Journal (3/21) 
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Nareit Resources
Nareit is one of the Global Real Estate Leaders Program partners, a new executive education program in real estate co-sponsored by the Massachusetts Institute of Technology Center for Real Estate and Maastricht University Center. The program will address such topics as sustainability and climate risk, property technology, inflation, increased interest rates, talent shortages and technological changes.
Full Story: Nareit (3/7) 
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Nareit is highlighting its members that are organizing activities and recognition around WHM. Read about their news stories, social posts and videos.
Full Story: Nareit (3/13) 
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