The pandemic was supposed to change everything. People untethered from their desks and seeking more space and fresh air moved to ritzy beach towns across the Hamptons in droves in 2020 and 2021. They bought palatial homes and signed their children up for local schools — they intended to stay permanently. But that hasn’t happened. Retail companies that signed long-term leases, banking on a year-round deep-pocketed clientele, have largely been disappointed. Between a slowdown in business and housing costs that are prohibitive for the average retail worker, these shops are often looking at going back to their seasonal hours or are steering away from places like the Hamptons altogether. "The return to office — or at least having two, three days return to office — has impeded the full transition to it being a year-round destination," StayMarquis co-founder Bryan Fedner told Bisnow New York Reporter Sasha Jones. Read the full story here.
Prologis Executive Shifts (Bloomberg Law and Prologis): Prologis named successors for its chief legal officer and chief human resources officer roles. Retiring chief legal officer and general counsel Edward Nekritz is among the highest-paid law department executives at publicly traded U.S. companies. Learn the details of the switch and Nekritz's successor.
The Labour Party’s Housing Policy, Explained, As UK Election Nears (Bisnow): The UK will hold a general election on July 4, and housing is expected to play a major role. The Labour Party is expected to gain power, perhaps in part because of its New Towns policy to generate more housing. Learn about Labour’s platform.
ICSC Las Vegas Event Concludes (CO): The ICSC Las Vegas event wraps up with attendees expressing concerns over having too many deals and not enough space to accommodate them. Read more about the lack of elbow room.
CRE Sentiment Rising (NAIOP): Sentiment and optimism in the commercial real estate sector are on the rise. “This marks a turnaround in sentiment for most CRE fundamentals, which was negative for almost every Index component in September.” Are things changing for the better?
CMBS Deals Surge (CoStar): There are up to 17 new commercial mortgage-backed securities deals in the pipeline, almost entirely single-asset, single-borrower. Check out the new CMBS deals in motion.
REITs Boost Share Repurchase (S&P Global): U.S. REITs repurchased $853M of shares in the first quarter of 2024, a 78% year-over-year increase that indicates stronger balance sheets and possibly a more optimistic outlook on their valuation. Discover more about REITs' Q1 performance.
The Struggles Of Underwater Landlords, Tenants (The American Prospect): Millions of tenants are facing challenges tied to being trapped in a deteriorating cycle with underwater landlords who are unable to maintain their properties adequately due to financial constraints. Dive into the underwater challenges.
Multifamily Investment Hits Four-Year Low (CoStar): Total multifamily investment in Q1 was the smallest quarterly total since the onset of the pandemic in Q2 2020. Read about the depressed market.
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