Commercial Real Estate & Business News – July 17, 2023

A new McKinsey Global Institute report estimates that by 2030 across nine “superstar” cities — Beijing, Houston, London, New York City, Paris, Munich, San Francisco, Shanghai, and Tokyo — there could be a projected loss of $800 billion of office value in real terms. And that’s the…»

U.S. hotel transactions slowed in the second half of 2022 amid hopes that pent-up capital, a better grasp on pricing expectations and a slowing of interest rate increases could translate to more deals in 2023. That didn’t quite happen, at least in the first half of the year. Capital is still pent up. The cost…»

Typical home values eclipsed $350,000 for the first time ever as healthy demand from buyers continues to collide with reluctant sellers, according to the latest Zillow Market Report. The June Zillow Home Value Index for Phoenix was $448,032, a month-over-month increase of 1%…»

Supply continues to outpace demand across the country with 520,000 new units expected to be delivered by the end of the year. “Over the past six quarters, supply has continued to outpace demand and the second quarter of 2023 was no exception,” Jay Lybik, National…»

​What’s “normal” when it comes to renters seeking apartments? It depends, of course, on the economy and what units are available at the times when numbers are analyzed. In the case of apartments needed, what’s happening now is that the current rental market is stronger than its immediate past…»