Northeast Feature Archive Archives - REBusinessOnline

Forecast Survey: What’s Your Take on Commercial Real Estate in 2026?

John Nelson — Mon, 24 Nov 2025 12:55:00 +0000

The editors of REBusinessOnline.com are conducting a brief online survey to gauge market conditions in 2026, and we welcome your participation. The survey should only take a few minutes to complete. Questions range from property sectors that you are most bullish on heading into 2026 to trends in deal volume to your outlook for interest rates. The results of our 15th annual survey will be compiled and published in the January issues of our regional magazines. Conducting these surveys is part of our mission at France Media to provide readers with indispensable information, and we couldn’t do it without your help. To participate in our broker/agent survey, click here. To participate in our developer/owner/manager survey, click here. To participate in our lender/financial intermediary survey, click here. (Note: Please remember to click on “done” to properly submit the survey.)

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Why Fannie Mae, Freddie Mac Believe the Wind Is at Their Back

John Nelson — Tue, 15 Jul 2025 11:45:00 +0000

Fannie Mae and Freddie Mac are adopting a more pro-business approach when it comes to closing multifamily loans in 2025 than in recent years, when sources say they were more selective. The two government-sponsored enterprises (GSEs) combined to produce 33 percent more multifamily loans in first-quarter 2025 compared with first-quarter 2024. “There is definitely a ‘volume on’ mindset at both shops,” says Landon Litty, director of agency sales at BWE. “This is a real positive for borrowers.” For Fannie Mae, the volume of multifamily loans totaled $11.8 billion in the first quarter of 2025, compared with $10.1 billion in the first quarter of 2024. Meanwhile, Freddie Mac produced approximately $15 billion in multifamily loans in the first quarter, financing around 144,000 rental units, well above the approximately $10 billion produced in first-quarter 2024. “The first quarter of 2025 has been dynamic, with real-time adjustments to meet market needs while maintaining a focus on soundness,” says a spokesperson at Freddie Mac Multifamily. Other sources attest that the GSEs are focusing on their sponsors more so than in previous years. T.J. Edwards, chief production officer for the multifamily finance division at Walker & Dunlop, says the agencies are proactively vetting first-time borrowers…

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Boomers Prefer University Campus Setting Over an ‘Elderly Island,’ Says InterFace Keynote Speaker

Kristin Harlow — Thu, 30 Jan 2025 16:44:17 +0000

PHILADELPHIA — Andrew Carle believes that university retirement communities (URCs) represent a potential game-changing opportunity not only for the seniors housing industry but also for universities and retirees, if executed properly. Yet, URCs are also extraordinarily complicated to operate, cautions the founder of UniversityRetirementCommunities.com, the first directory and information resource of its kind, which lists more than 85 such communities nationwide. “It doesn’t get more difficult than trying to merge big, large, bureaucratic state universities that move very slowly and who live in a bubble of 20-year-olds with the senior living industry that’s very fast-paced, investor-oriented and focused on 80-year-olds. If you had to think of an odd couple, that would be it,” said Carle, an adjunct faculty member at Georgetown University and president of Carle Consulting. His comments came at the InterFace Seniors Housing Northeast conference on Dec. 5. at the Live! Casino & Hotel Philadelphia, where he was the keynote speaker. Up until the last 15 years, there were only a handful of URCs nationwide, but today it’s among the fastest growing segments in the senior living industry, said Carle. While the vast majority of URCs are loosely connected to institutions of higher learning, the top dozen or so…

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Stars Are Aligned for Healthy Seniors Housing Investment Climate in 2025, Says InterFace Panel

John Nelson — Thu, 12 Dec 2024 14:11:28 +0000

The investment market for seniors housing is in a favorable position heading into the new year thanks to a confluence of factors, says Scott Corbin, director at Boston-based AEW Capital Management. The firm has roughly $3 billion in assets under management within this niche property type. “We’ve seen a full rebound in recovery. We’re not necessarily back to pre-pandemic [profit] margins, but we are getting close. We are seeing outsized NOI growth and outsized rent growth when you compare it to other asset classes. We have the demographic tailwinds. In addition, you have muted supply [growth],” explained Corbin, a panelist at the InterFace Seniors Housing Northeast conference, which took place Dec. 4-5 in Philadelphia. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Joining Corbin on stage at Live! Casino & Hotel Philadelphia were moderator Kory Buzin, director, Blueprint Healthcare Real Estate Advisors; and panelists Curtis King, executive vice president, HJ Sims; Dennis Murphy, chief investment officer, Priority Life Care; Rick Swartz, senior managing director, JLL; and Shani Walter, managing director, Omega Healthcare Investors. The daylong conference,…

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Forecast Survey: What’s Your Take on Commercial Real Estate in 2025?

John Nelson — Fri, 15 Nov 2024 12:45:00 +0000

The editors of REBusinessOnline.com are conducting a brief online survey to gauge market conditions in 2025, and we welcome your participation. The survey should only take a few minutes to complete. Questions range from property sectors that you are most bullish on heading into 2025 to trends in deal volume to your outlook for interest rates. The results of our 14th annual survey will be compiled and published in the January issues of our regional magazines. Conducting these surveys is part of our mission at France Media to provide readers with indispensable information, and we couldn’t do it without your help. To participate in our broker/agent survey, click here. To participate in our developer/owner/manager survey, click here. To participate in our lender/financial intermediary survey, click here. (Note: Please remember to click on “done” to properly submit the survey.)

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Dual Appraisal Methods Improve Opportunities to Get Fair Taxation for Seniors Housing Properties

John Nelson — Thu, 31 Oct 2024 11:30:00 +0000

By Phil Brusk and Caleb Vahcic of Siegel Jennings Co. L.P.A. The seniors housing sector can’t seem to catch a break. Owners grappling with staffing shortages and other operational hardships lingering from the pandemic are facing new challenges related to debt and spiraling costs. High interest rates and loan maturations loom over the industry, with $19 billion in loans coming due within the next 24 months, according to Cushman & Wakefield’s “H1 2024 Market Trends and Investor Survey” on senior living and care. Factors driving high costs include wage pressures, inflation and — incredibly — rising property taxes. Despite operational challenges and declining occupancy at many facilities during the COVID-19 pandemic, property tax relief for seniors housing was mixed. Many assessors resisted downward adjustments to taxable values, maintaining that recovery was around the corner. Now, seniors housing operators face property tax assessments that equal or exceed pre-pandemic levels. As in the hospitality sector, most seniors housing owners understand that their operating properties include more value components than real property alone. In evaluating whether a tax assessment is reasonable and fair, however, owners need to realize that how an assessor addresses their real estate, personal property and intangible assets can drastically…

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Property Owners of Contaminated Real Estate Should Closely Evaluate Tax Assessment

John Nelson — Thu, 20 Jun 2024 11:30:00 +0000

By Jason Penighetti, Esq., of Forchelli Deegan Terrana Valuing contaminated properties presents numerous challenges due to the complexity and uncertainty that contamination entails. The presence of hazardous substances or pollutants can affect both a property’s value and potential uses. As an assessment must reflect market value, contamination can significantly impact taxable valuation. Determining the extent of that impact requires careful consideration of legal, technical and economic factors as the valuation of contaminated properties is governed by a combination of statutory law, regulatory guidance and case precedents. Yet these are the fields that taxpayers with contaminated real estate must tread to evaluate assessments for fairness and, if necessary, to appeal an unfair assessment. Tax assessment review proceedings are crucial mechanisms for all property owners to ensure fair and accurate assessments. These proceedings provide avenues to challenge property assessments that owners believe are incorrect or unfair. Understanding the process, timelines and legal considerations involved is essential for property owners, assessors and legal professionals alike. Most real estate taxes in the United States are ad valorem or “according to value.” Thus, the owner of a high-value property would expect to pay more real estate taxes than the owner of a lower-value asset. While…

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Cushman & Wakefield: Manhattan’s Fifth Avenue Remains Most Expensive Street in the World for Retailers

John Nelson — Wed, 29 Nov 2023 12:45:00 +0000

NEW YORK CITY — Fifth Avenue in Manhattan has retained its No. 1 ranking as the world’s most expensive retail destination at approximately $2,000 per square foot, which is unchanged from last year. That’s according to the 33rd edition of the Cushman & Wakefield (NYSE: CWK) Main Streets Across the World, an annual report that examines retail rental rates around the world in “high street” locations, referring to bustling, high-end retail districts. Fifth Avenue is world-renowned for its luxury offerings, including Bergdorf Goodman, Prada, Saks and Tiffany, among others. Additions to Fifth Avenue’s retail store count this year include a new store for Harry Winston and newcomers to the corridor Asics, Dyson, Skechers, Johnston & Murphy and Bandier, according to online directory Visit 5th Avenue. While on par with the rents charged last year, Fifth Avenue’s average retail rate is up 14 percent from pre-pandemic levels, making it only one of three high streets in the top 10 that have increased rates since that time span. The No. 2 retail destination in Main Streets Across the World is Milan’s Via Montenapoleone at $1,766 per square foot. The district jumped a spot into second from last year’s report by pushing rental…

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Forecast Survey: What’s Your Take on Commercial Real Estate in 2024?

John Nelson — Tue, 14 Nov 2023 12:16:16 +0000

The editors of REBusinessOnline.com are conducting a brief online survey to gauge market conditions in 2024, and we welcome your participation. The survey should only take a few minutes to complete. Questions range from property sectors that you are most bullish on heading into 2024 to trends in deal volume to your outlook for interest rates. The results of our 13th annual survey will be compiled and published in the January issues of our regional magazines. Conducting these surveys is part of our mission at France Media to provide readers with indispensable information, and we couldn’t do it without your help. To participate in our broker/agent survey, click here. To participate in our developer/owner/manager survey, click here. To participate in our lender/financial intermediary survey, click here. (Note: Please remember to click on “done” to properly submit the survey.)

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Hybrid Work is Here to Stay, So What Should Owners Do?

John Nelson — Wed, 15 Feb 2023 12:25:07 +0000

By Rod Olivero, senior director at Getzler Henrich It appears that the hybrid workforce is here to stay, leaving the future of traditional office space largely unknown. As return-to-office policies continue to evolve, an increasing number of companies are either embracing, or adjusting to, the reality that accommodating some level of remote workforce is now an inevitability. When workers packed up their laptops and work documents and walked out of their offices in March 2020 in compliance with U.S. stay at home mandates, few employer/tenants, landlords or lenders could have imagined what would ensue. The state of the workforce today isn’t merely a function of employees not wanting to return to an office environment on either a full- or part-time basis. In more cases than one might imagine, companies are coming to realize that they can, in fact, operate effectively and with great efficiency under some level of remote worker scenario. Collectively, these businesses occupy tens of millions of square feet of office space in some of the nation’s most historically valuable urban real estate markets. Regardless of their motivation, as more companies embrace or acquiesce to the reality of remote work, companies have started to shrink their physical footprint…

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Forecast Survey: What’s Your Take on Commercial Real Estate in 2023?

John Nelson — Mon, 21 Nov 2022 12:25:56 +0000

The editors of REBusinessOnline.com are conducting a brief online survey to gauge market conditions in 2023, and we welcome your participation. The survey should only take a few minutes to complete. Questions range from property sectors that you are most bullish on heading into 2023 to trends in deal volume to your outlook for interest rates. The results of our 12th annual survey will be collated and published in the January issues of our regional magazines. Conducting these surveys is part of our mission at France Media to provide readers with indispensable information, and we couldn’t do it without your help. To participate in our broker/agent survey, click here. To participate in our developer/owner/manager survey, click here. To participate in our lender/financial intermediary survey, click here. (Note: Please remember to click on “done” to properly submit the survey.)

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Forecast Survey: What’s Your Take on Commercial Real Estate in 2022?

John Nelson — Thu, 18 Nov 2021 12:16:18 +0000

The editors of REBusinessOnline.com are conducting a brief online survey to gauge market conditions in 2022, and we welcome your participation. The survey should only take a few minutes to complete. Questions range from property sectors that you are most bullish on heading into 2022 to trends in deal volume to your outlook for interest rates. The results of our 11th annual survey will be collated and published in the January issues of our regional magazines. Conducting these surveys is part of our mission at France Media to provide readers with indispensable information, and we couldn’t do it without your help. To participate in our broker/agent survey, click here. To participate in our developer/owner/manager survey, click here. To participate in our lender/financial intermediary survey, click here. (Note: Please remember to click on “done” to properly submit the survey.)

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Lee & Associates Breaks Down Third-Quarter Economic Outlook by Sector

Sarah Daniels — Mon, 01 Nov 2021 12:49:34 +0000

The calculus for which asset classes are likeliest to demonstrate strong growth continues to shift as the pandemic appears to be receding. Patterns in labor shortages, supply chain issues and material costs have managed to solidify through the third quarter of 2021. Lee & Associates’ newly released Q3 2021 North America Market Report dissects third-quarter 2021 industrial, office, retail and multifamily findings, with a focus on where demand is moving and the challenges facing each asset class. Lee & Associates has made the full market report available at this link (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city). Below is a bird’s-eye overview of four commercial real estate asset classes as general categories, broken down to frame each through the trends and complications they faced up to the fourth quarter, according to Lee & Associates’ research. Industrial: Q3 Posts More Record Demand Pandemic-fueled consumer spending drove up third-quarter demand for warehouse and distribution facilities that eclipsed previous records. And despite a nationwide surge in new construction, some metros can barely accommodate the pace of tenant expansion. Additionally, year-over-year rent growth is at a record 6.7 percent for the industrial property sector…

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New York Industrial Innovation Spreads Nationwide

Sarah Daniels — Mon, 02 Nov 2020 15:30:08 +0000

Despite the negative impact of the pandemic on many areas within commercial real estate, industrial assets continue to attract interest as a favored sector of many lenders and investors. The industrial market is outperforming others throughout this period of disruption. E-commerce growth has resulted in growth in the industrial sector as the need for last-mile delivery and third-party logistics space increases. Similarly, urban infill demand has grown in supply-constrained markets. Finally, the supercharging the industrial sector has created a need for new construction in this asset class, and construction lenders are finding new opportunities to earn higher returns. View higher resolution version of chart above here. Industrial Market Trends In major urban markets — New York City included — residents increasingly expect two-day delivery, next-day delivery and even same-day delivery. As a result of these shrinking delivery windows, the need for local distribution centers and last-mile facilities has increased significantly. The way people purchase and receive products has changed drastically, and the industrial sector must adjust to meet the demand. The nation-wide stay-at-home orders implemented at the outset of the pandemic caused e-commerce to experience exponential growth. People who had never shopped online began adapting to this trend. This created…

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Coronavirus & Capital Markets: Opportunity in the Midst of Caution

Sarah Daniels — Mon, 03 Aug 2020 12:00:37 +0000

Lenders and investors may be a little wary when approaching deals under the shadow of COVID-19, but opportunities to employ capital strategically when market prices are low can make for long-term opportunities. Many in commercial real estate hope to lay significant groundwork, strengthening their economic trajectories whenever the market recovery begins. Keith Kurland, senior managing director at Walker & Dunlop, serves as co-head of the company’s New York Capital Markets practice and spoke to REBusinessOnline about the business of sourcing and structuring debt and equity financing in the midst of coronavirus. Kurland joined Walker & Dunlop in January of this year, after the company acquired AKS Capital Partners, which was co-founded by Kurland in 2019. Coronavirus Conditions & the Impact on Lender and Investor Interest “Given our diverse and multi-sector client base, we are still actively financing almost every product type,” Kurland says. “While some sectors and deal types may be more challenging than others due to the impact of COVID-19, we are still tasked with supporting our clients to make sure that they’re either being defensive or offensive, depending upon the lifecycle of the projects that they’re currently invested in. Our team is currently marketing and under application with…

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Free Returns: How Reverse Logistics Impacts Industrial Real Estate

Sarah Daniels — Thu, 02 Apr 2020 14:24:26 +0000

The industrial sector has been the preferred asset class of commercial real estate in recent years. “The rate of return for industrial real estate has been higher than that of any other class for nearly half a decade,” says Jeff Rinkov, CEO of Lee & Associates. These rates of return are the result of permanent changes in consumer behavior and preferences — and recent events are driving more rapid changes in consumers’ e-commerce shopping. Though it remains to be seen how the economic impact of the coronavirus will influence various sectors of real estate, the pandemic has meant a sudden uptick in reliance upon industrial real estate as consumers turn to online shopping in the face of in-store shortages and shelter-at-home orders or social distancing practices. As brick-and-mortar stores close temporarily, retail companies and logistics professionals grapple with the increased volume of both online orders and e-commerce returns. What do facilities for e-commerce look like as customer expectations for e-commerce grow? How do companies process returns in an efficient and cost-effective manner, a critical element of success for e-commerce companies? Consumers increasingly prefer to shop online instead of going to brick and mortar stores. E-commerce sales accounted for more than…

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JLL: Coronavirus Is Impacting Retail Supply Chains

Sarah Daniels — Thu, 12 Mar 2020 11:30:29 +0000

With the stock market dropping to lows unprecedented since the Great Recession on Monday and the World Health Organization (WHO) declaring the outbreak of COVID-19 a pandemic, concerns are now rising regarding coronavirus’ long-term impact on domestic investments. But will the disease have any impact on brick-and-mortar retail? According to a research report from JLL, while retail supply chains have already been affected, the health of retail as whole depends heavily on how long the pandemic lasts. Certain sectors have already been impacted, and those in the industry can model their current economic outlook on the course SARS (severe acute respiratory syndrome) took in 2003. However, whether that model will hold as the pandemic evolves remains to be seen. The JLL report explains that the type of short-lived and limited outbreak created by SARS mainly affects the “first and second quarters with many retailers feeling impacts of a disrupted supply chain, but with a subsequent rebound in the following quarters.” Sectors already affected include inventory and complex supply lines. Chinese-manufactured goods may not be able to reach retailers in the coming weeks to months, as the retailers’ existing supply diminishes. Fashion stocks, especially for luxury retailers dependent on Chinese consumers…

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Breweries in the Northeast Tap into Local Culture to Attract Patrons

Alex Patton — Tue, 10 Mar 2020 12:00:06 +0000

The modern craft beer brewery has emerged as a niche community anchor with flexible business models and loyal customer bases across the United States, particularly in the Northeast. Combining elements of retail, industrial and hospitality models, craft breweries have quickly become one of the most dynamic and trendy business types in major cities and small towns, alike. Some of the largest and most popular craft breweries in the United States are based in the Northeast, including the two largest: Pennsylvania-based D.G. Yuengling & Son Inc.; and Boston Beer Co., the parent company of Samuel Adams. Vermont has the most breweries per capita in the United States with more than 66, according to the national Brewers Association’s most recent nationwide census in 2018. The census identified more than 155 breweries in Massachusetts and more than 354 breweries in Pennsylvania — and those numbers have only increased over time. “Massachusetts and Pennsylvania both have a long history in brewing, and there’s a lot of variation from region to region — even city to city,” says Bart Watson, chief economist for the Brewers Association. “Breweries appeal to their hyper-local community and also can bring in a lot of tourism and outside dollars. During…

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Can Boston Keep Up with Multifamily Demand?

Sarah Daniels — Tue, 11 Feb 2020 14:49:05 +0000

Think Boston multifamily is overbuilt or overheated? Think again. Due to superb fundamentals and a slowing development pipeline, Boston is now regarded as the number one metro area for multifamily investment. From 2019–2030, Boston will need to add 51,007 units to accommodate population growth, an average of 4,637 units per year. Recent development (2014–2017) averaged 3,334 units per year. Population and job growth are expected to remain strong, fueling continued demand for multifamily housing and countering arguments that the Boston market is overbuilt. Many developers nationally are interested in the market. The construction pipeline for multifamily properties features organizations with headquarters as far away as Portland, Phoenix, and Dallas. The Houston-based Hanover Company, for example, has four properties totaling over a thousand units in the Boston development pipeline. Boston is a seller’s market as well, with deals typically attracting multiple bids, and it is easy to see why. For investors, Boston is a market with an average cap rate of roughly 4.5 percent. This is the same cap rate as Raleigh or Central Florida — two markets generally considered to be more volatile than Boston in the case of a recession. A Reliable Hub Becomes a Vibrant City “Historically, people…

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Sagging Foreign Investment Fails to Extinguish Optimism

Taylor Williams — Tue, 21 Jan 2020 12:40:20 +0000

Foreign investors in U.S. commercial real estate are on pace this year to sell more assets than they acquire on an annual basis — something that hasn’t happened in seven years. Through the first three quarters of 2019, foreign investment in U.S. commercial real estate totaled $30 billion, compared with $60.6 billion during the same period in 2018, according to Real Capital Analytics (RCA).The New York City-based commercial property research firm tracks deals of $2.5 million and above. To be sure, the lack of large entity and portfolio transactions driven by foreign buyers that beefed up last year’s cross-border sales volume are partly to blame. But so are a number of other factors, which have largely relegated many foreign investors to the sidelines. Those factors include premium pricing, a prolonged period of high hedging costs, and an economic expansion that has lasted so long that it resembles the second game of a baseball double-header. The falloff in demand has affected core office assets in major markets in particular, say commercial property experts, but cross-border buyers continue to expand into secondary markets and a broader range of properties (see sidebar). Nevertheless, commercial property experts remain confident that foreign investors are on…

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