Jack Scribner

At the end of Q2 2024, #Boston still headlined the list of #office markets with the most space under construction, while Austin and Miami are also set for expansions of their respective stocks of around 5% once the projects underway are completed. At the same time, Western markets dominated when it comes to largest properties being delivered. #officemarket #officeproperties #pipeline #development https://lnkd.in/dHMZvKj4

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Manhattan renters favored smaller apartments in June while median rent tied a record high. Last month, Manhattan apartment hunters signed leases for much smaller rentals on average while median rent ($4,300) was the same as a year ago, creating a tie for the highest June on record, according to the latest version of the Elliman Report. The average size for a Manhattan apartment leased last month was down sharply for both new development and existing rentals, the report said, with a 15.3 percent year-over-year drop in average square feet to 900. Typically, you would expect a shift to smaller apartments would drag down the median rent, but that’s not the case when the market is so competitive. Meanwhile, Brooklyn and Queens lease signings increased to their second-highest levels on record., Read more about the rental market in NYC: https://lnkd.in/e688vHyF #NYCRealEstate #RentalMarketTrends #RealEstateNews

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Exciting Update from the Commercial Real Estate Sector! Based on the NAIOP CRE Sentiment Index conducted April 3-11, 2024: https://lnkd.in/eugDAfcH I recently came across the latest NAIOP CRE Sentiment Index for Spring 2024, and the results are promising! The index has climbed to 52, a significant rebound from last September, indicating positive expectations for the commercial real estate (CRE) industry over the next 12 months. 📊 Key Highlights: -Optimistic Outlook: Most components of the Index show improved sentiment, with capital market conditions, debt, and equity availability leading the way. This shift is likely due to the anticipation of falling interest rates. -Sector Demand: Industrial, retail, and multifamily properties are expected to see favorable demand, while the office sector may continue to face challenges. -Deal Volume: Developers and building owners foresee a slight increase in deal volume, reflecting better capital availability. -General Conditions: A separate score for general industry conditions sits at 58, suggesting an overall positive economic outlook. 🔍 Notable Insights: -Respondents expect interest rates to be lower, improving capital market conditions. -Despite rising construction costs, there's a growing optimism about occupancy rates and effective rents. -The commercial office sector remains a wildcard, with some predicting ongoing difficulties due to functional obsolescence and lease expirations. As someone deeply invested in the CRE sector, it's encouraging to see these positive trends and the optimism shared by industry professionals. What are your thoughts on the evolving landscape of commercial real estate? Are you seeing similar trends in your projects and markets? Let’s discuss! 💬👇 #CRE #RealEstate #MarketTrends #NAIOP #SentimentIndex #CommercialRealEstate #Investment #Development #EconomicOutlook

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CBRE: Multifamily Market Shows Resilience in Q2 Rent growth is expected to accelerate in Q4. "The nation’s multifamily vacancy rate has stabilized after two years of quarterly increases, showing the market’s resilience, according to the latest research from CBRE. In the second quarter, the vacancy rate held steady with the prior quarter at 5.5%. CBRE anticipates the rate to start declining in the second half of the year as the supply pipeline continues to decrease and renter demand remains strong. That robust renter demand led to positive net absorption, which measures the change in the number of occupied units, of 126,600 units, making it the sixth-strongest second quarter in over two decades." https://lnkd.in/gF6v3gVi #nettax #nettaxusa #multifamily #realestate #texasrealestate #texasmultifamily #propertytax #realestateinvestor #commercialrealestate

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Construction in New Jersey isn’t what it used to be. In the commercial real estate sector — think strip malls, industrial warehousing, research and development, and office space — new projects aren’t getting built as much as they were just a couple of years ago.  To read the full article, head to:  https://lnkd.in/dF9yK-SY For more Mid-Atlantic commercial real estate news, follow us on LinkedIn. To learn more about Philadelphia Real Estate Council visit https://precouncil.org/  #realestatenews  #PREC  #realestate  #philadelphiarealestate  #CommercialRealEstate  #CRE  #RealEstateInvesting  #IndustrialProperty  #PropertyManagement  #InvestmentProperty  #CommercialProperty  #AssetManagement  #CommercialBrokerage  #PropertyInvestment  #PropertyPortfolio  #CREIndustry  #PropertyValues  #CommercialRealtor  #RealEstateMarket

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