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Friday, June 5th, 2020

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Posted by: | Posted on: June 5, 2020

Tenants Flock to High-Quality Properties During Pandemic (And Maybe Beyond)

In this climate of on-going health uncertainty, the winners in the leasing world are high-quality buildings that can meet changing infrastructure needs. The losers: older, lower quality properties that can’t adapt. That’s the conclusion of CoStar Group.

Based on gross leasing data collected from the beginning of the year through mid-May, CoStar found reduced demand for space amid a general mood of cautiousness among tenants. Leasing activity in the first two months of the year started off strong, surpassing monthly average levels of 2016 through 2019. However, leasing volume began to drop in March, as lockdowns took hold. Then, it plunged in April and May, down more than 50% from monthly average totals in 2016 through 2019. 

Here are the details, per CoStar:

  • The share of high-quality properties grew at the expense of lower-end ones. The highest-quality four- and five-star space garnered a 49% share of gross leasing activity
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Posted by: | Posted on: June 5, 2020

COVID-19 May Delay Meaningful GSE Reform

Fitch Ratings says meaningful reform for government-sponsored enterprises will be delayed by the COVID-19 outbreak.

The economic shock triggered by the COVID-19 pandemic has lowered the chance of “meaningful GSE reform over the next couple of years,” the credit rating agency said in a new report.

“At the very least, the coronavirus pandemic has pushed back the timing of releasing the GSEs from government control,” it wrote. “The GSEs’ ability to raise the massive amounts of capital that they would likely need to fully exit government control could be further challenged by the grim and highly uncertain economic outlook.”

The agency also wrote that a capital rule from the Federal Housing Finance Agency gives a framework for the amount of capital that would be required to be held by Fannie Mae and Freddie Mac.

“The re-proposed capital rule would require the GSEs to hold over $240 billion in capital on

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Posted by: | Posted on: June 5, 2020

Blackstone Leads Global Real Estate AUM With $283B

AMSTERDAMTotal global real estate assets under management hit a record $3.6 trillion at the end of 2019, according to the recently-published Fund Manager Survey 2020 by real estate associations ANREV, INREV and NCREIF.

The Blackstone Group topped the list with AUM of nearly $283 billion billion, ahead of Brookfield Asset Management with $204 billion and PGIM Real Estate with $181 billion. Nuveen and Hines complete the line-up of top five managers with $134 billion and €133 billion, respectively.  

These reflect a significant increase of 15.7% over 2018’s tally of $3.1 trillion, despite the fact that a number of managers were unable to respond to the survey because of the COVID-19 global health pandemic. The growth in total AUM was largely attributable to increased investor inflows and capital appreciation. 

Collectively, this year’s top 10 asset managers account for around 40% of the overall total, each achieving at least $96

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Posted by: | Posted on: June 5, 2020

A Truly Authentic Midcentury! Palm Springs Home Is Autographed by Its Iconic Builder

Complete with autograph! What makes this midcentury home truly unique is George Alexander’s signature on the knotty-pine ceiling in one of the bedrooms. 

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George Alexander is a household name in Palm Springs, CA—in more ways than one. Along with his son, Robert Alexander, he founded the Alexander Construction Company,  which built over 2,000 homes in the Coachella Valley from 1955 to 1965.

When you chat up local architects or history buffs, they’ll often point to the Vista Las Palmas neighborhood. That’s where Alexander built many homes designed by Don Palmer and William Krisel of Palmer & Krisel (known for their A-frame “Swiss Misses”) and Charles DuBois (celebrated for his butterfly-roof design).


However, what makes this particular three-bedroom, two-bath ranch unique is Alexander’s signature

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