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February 9, 2024

NYC Apartment Vacancy Falls To 1.4%, Lowest Level In Over 50 Years

New York City has hit another milestone as the city sees high demand and skyrocketing rents: the lowest vacancy rate for rental apartments in more than five decades.

NYC Apartment Vacancy Falls To 1.4%, Lowest Level In Over 50 Years

Just 1.4% of the city’s rental housing stock is vacant, according to the New York City Housing and Vacancy Survey. By contrast, a healthy housing market often has a vacancy rate of between 5% and 8%, The New York Times reported, with NYC officials classifying a vacancy rate of less…

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Mass Timber Has A 'Chicken-And-Egg' Problem As Green Building Grows

With 767 mass timber projects under construction across the U.S., there is more demand than ever for the lumber product that is seen as a more sustainable alternative to traditional building components.

But this surge in demand is running into a supply chain marred by pandemic-era economics and trade policy that makes an already more expensive product even pricier. These challenges are holding up the entire industry just as sustainable builders need it to take off.

Mass Timber Has A 'Chicken-And-Egg' Problem As Green Building Grows

“Mass timber can't move forward unless we can access more material and more manufacturers can come online and domestic supply can increase to drive cost down,” Sam Dicke, business development manager at Timberlab, told Bisnow.Mass timber has grown more popular as environmental and renewable energy regulations have grown more stringent…

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The Bisnow Weekender: Is CRE Really ‘In Trouble’?

The Bisnow Weekender: Is CRE Really ‘In Trouble’?  

Thanks for reading the Bisnow Weekender, my personally curated roundup of the most impactful news, notable quotes, binge-worthy show recommendations and other colorful highlights from the Bisnow world of commercial real estate and beyond. 

Treasury Secretary Janet Yellen is “concerned.”

Federal Reserve Chair Jerome Powell said it is a “manageable problem.”

Starwood CEO Barry Sternlicht said it is facing an​​ “existential crisis.”

You could be forgiven for thinking they are talking about the entire multitrillion-dollar U.S. commercial real estate ecosystem, especially after The New York Times delivered this thought-provoking analysis of the situation: “Commercial Real Estate Is In Trouble. Here’s What To Focus On.”

But the story failed miserably on the headline. The thing everyone is focused on, almost exclusively, is the deeply troubled U.S. office market. That’s what Yellen, Powell, Sternlicht and The New York Times (headline aside) are actually talking about right now.

This knowledge is marrow-deep to anyone who works in real estate: Office is the “one asset class that never recovered,” Sternlicht said.

On CNBC this week, Squawk Box anchor Rebecca Quick asked Minneapolis Fed President Neel Kashkari to comment on “commercial real estate” and the notion that “the entire industry will tell you they are in big trouble,” especially as office owners shakily attempt to refinance loans.  “Well, we’re paying…

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