Existing-home sales increased 0.7% to a seasonally adjusted annual rate of 5.39 million units in September, an unexpected bump as the disruption caused by hurricanes Harvey and Irma lessens, according to the National Association of Realtors. Economists polled by Reuters had expected sales to drop 1%.
A regulatory filing by BGC Partners indicated that
one of the two equity analysts that covers it has suspended its research, a move that is "consistent with such financial institution receiving information regarding potential participation in an initial public offering." BGC's proposed spinoff of Newmark Knight Frank has been a closely watched development in the CRE industry, along with an IPO expected by Cushman & Wakefield.
The value of sovereign wealth funds' deals for the third quarter dropped to $14.1 billion, down from a revised $28.3 billion in the second quarter, according to Thomson Reuters data. China Investment Corp. and Singapore's GIC have been the most active, with CIC's $13.7 billion acquisition of warehouse firm Logicor inflating Q2's total.
The Dow Jones industrial average closed above 23,000 Wednesday, but some experts say some softness is behind the record-setting rise. Technical analyst Frank Cappelleri suggests watching to see how the market reacts over the next few days.
The availability and affordability of housing could become an issue in the city that lands Amazon's second quarters, if Seattle's experiences are any guide. "People who will feel left out will be those forced out by higher rents, and pushed out further into outer suburbs, the one negative side-effect of major high-paying jobs coming in," Lawrence Yun, chief economist with the National Association of Realtors, says.
A range of technology is affecting commercial real estate, including Wi-Fi ads and self-driving cars, according to a report by the Massachusetts Institute of Technology's Urban Economics Lab at the Center for Real Estate. Other examples include technology usage by brick-and-mortar stores and sophisticated sustainability technology.
Apartment renters are older than in previous years and better educated, according to a report by RentCafé that uses Census Bureau data. The number of people aged 55 and older who were renting between 2009 and 2015 rose by 2.5 million, or 28%, compared to the increase of 1.95 million of renters aged 35-54 and 0.5 million of renters aged 34 or younger.
The Senate has voted 51-49 to approve a budget blueprint for fiscal 2018 that opens the door to adoption of tax cuts proposed by President Donald Trump without Democratic votes. The measure needs reconciliation with a version passed by the House before it can be submitted for Trump's signature.
