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October CRE Reading: Office To Residential Conversions, Halted Tax Breaks, Multifamily & Hospitality

Smart sales teams know that understanding their customers’ needs is paramount for closing deals. In order to stay above competitors, sales teams should always be thinking about how to bring forth reading material that clients would find helpful and can retain as they go about their work.

That being said, it’s important to get into the minds of commercial real estate executives and tap into the information that would help keep clients in the loop within the industry, so they can use what they learn to seek opportunities or get through hurdles.

Biscred is providing a monthly round-up of the most popular Bisnow stories throughout the commercial real estate industry, so that sales teams can help clients do more business.

Multifamily CRE News October 2022

In Q3 2022, some regions saw rents dropping while vacancies increased. With the rising interest rates causing inflation and concerns about a possible recession, some renters have transitioned from living alone to moving in with parents or roommates, resulting in a decrease of rental activity.

RealPage’s YieldStar software is a platform that some property managers use to determine the cost of their apartments. However, renters are unsatisfied by the prospect of an algorithm calculating rent prices, as it would escalate the rental rate.

Office CRE News October 2022

Economic development organizations had been providing incentive agreements, which include tax breaks, for companies that have employees working full-time in the office. However, many companies that have remote workers are still trying to secure those incentives in addition to retaining the option for their employees to work wherever.

Within New York and Washington, D.C., plans are being put in place for some offices to transform into residential buildings. However, having more offices get on board with converting into residential spaces means that office buildings would need to be priced lower.

While some developers are excited by the prospect of converting office buildings into residential spaces as it could help to create more housing, the region, its residents and how much the building is worth would be dependent upon if the conversion will end up being successful.

Hospitality CRE News October 2022

Fertitta Entertainment, a provider of hospitality assets owned by Houston-based billionaire Tilman Fertitta, has plans to join the Las Vegas Strip. The plans include a hotel, casino, eateries and other amenities.

Industrial CRE News October 2022

Billionaire David Rubenstein financed Declaration Partners, a fund created to put more investment into multifamily and industrial spaces, as well as encouraged the wealthy to invest.

Sustainability CRE Roundup October 2022

The price of environmental projects has been increasing since the beginning of the pandemic. With rising interest rates as well as material cost increases and supply chain issues, commercial real estate professionals have been reassessing how much could be spent on environmental initiatives for their properties.

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