Underwriting

Three Retail Prices, One Monday, Five-to-One

Open-air centers have been cleared at $415, $355, and $82 per square foot, which is the underwriting price.

Texas Is Clearing Apartments at Two Prices

One courthouse, one closing table, forty-eight hours apart.

The 2021 Basis Is the Loss

A stabilized Sun Belt community sold for $21M less than it fetched five years ago.

Industrial's Free Money Ran Out

The premium on new leases halved in a year. That was the engine.

The Buildings Are Full. The Rents Just Turned Negative.

Apartment occupancy is holding at its five-year average, and effective rents crossed zero for the first time since COVID.

The Lease Term Was the Headline

A 78 million dollar Seattle-area drug plant came with 21 years of rent attached.

The Priciest Bet in CRE This Week Was a Hotel

Ryman pays a record 1.38 billion dollars for two Orlando resorts, and funds it with equity.

The Office Bid Comes Back, Priced on Rent, Not Ruin

Two office towers just traded on the same thesis: buy the leases, roll them to market, not buy the discount.

The Beds Fill as the Boomers Turn Eighty

Senior housing occupancy nears a 20-year high, and owners are selling into the strength.

The Hotel Trade Reopened at a Lower Number

Volume is up year over year while price per key resets, so capital is back and it is cheaper.