Median multifamily rents in Chicago rose by more than $120 from March to June, a 7.1% rise due to low vacancy rates and high renter demand. #multifamily #rents #chicago
CRE Daily
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CRE Daily is a fast-growing digital media company covering commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 60,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us the fastest growing media channel in commercial real estate.
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www.CREDaily.com
External link for CRE Daily
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Updates
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Digital Realty's Q2 revenue fell short of expectations, leading to a share price decline despite optimistic future forecasts. The firm’s Q2 revenues dropped 0.7% YoY to $1.36B, falling short of analyst expectations. Additionally, the company reported a drop in core funds from operations (FFO) to $1.65 per share, down from $1.68 per share YoY.
Digital Realty Reports Q2 Earnings Miss, Revenue Decline
https://www.credaily.com
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📈 Chart of the Day: Some U.S. commercial real estate lenders faced significant distress this year due to concerns over exposure to falling property values. An analysis by MSCI Real Assets of 6,648 lenders from their database revealed about one-third had unrealized losses. Read the full report here: https://lnkd.in/gQs2QWWz
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The retail market has a supply issue, with vacancy rates hitting 5.3% in Q2—the lowest in 20 years. Jack and Alex discuss how the sector has rebounded from the pandemic and how it compares to the office market. Watch the full episode here 🔗 https://lnkd.in/eyvhg-zF #retail #nocap #credaily #podcast
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Higher interest rates, operating costs, a strong dollar, and lower commodity prices are cooling the U.S. manufacturing boom.
US Manufacturing Slowdown Leads to Workforce Cuts
https://www.credaily.com
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Rising U.S. consumer demand is driving record-low retail vacancies and rising rents nationwide, according to Marcus & Millichap. ➕ Multi-tenant retail vacancies hit an all-time low in March, while single-tenant vacancies neared record lows. ➕ Discount stores, restaurants, and fitness centers reported more foot traffic, with discount stores leading at 8.9%. ➕ Asking rents rose notably for department stores (14.5%), supermarkets (9.7%), and fast food restaurants (5.7%). ➕ Marcus & Millichap forecasts asking rents to grow 2.2% this year, supported by a strong labor market and resilient consumer spending.
Consumer Spending Boosts Retail Occupancies to Record Lows
https://www.credaily.com
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More regulations = less growth Watch the full episode 👉 https://lnkd.in/eyvhg-zF
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Despite oversupply issues in many areas, certain metros are seeing exceptional #multifamily demand and absorption. Here are the top markets 👇 The second quarter of 2024 saw a historic net absorption of multifamily units, with 390,000 units leased over the past year—the highest since 2000. This surge in demand, particularly in the last 12 months, has significantly reduced vacancy rates, with Cushman & Wakefield reporting a 10-basis-point drop. Read today's issue for the full scoop 🔗 https://lnkd.in/ecCDT75k
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1031 exchanges will never be the same…
Allow me to introduce Mr1031, our free 1031 AI! Jordan Berger CRE Daily
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Total cumulative U.S. commercial property distress hit $94.2 billion in Q2 2024, increasing by $2 billion from the previous quarter, according to MSCI Real Assets ’s Capital Trends US Distress Tracker.
CRE Distress Climbs to $94.2B in Q2 Driven by Office and Apartment
https://www.credaily.com