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OUR TOP FIVE LOCAL AND NATIONAL

NEWS STORIES

THE FED SAYS BEST NOT TO GET TOO OPTIMISTIC RIGHT NOW

Globe St.


In the minutes of the last Federal Open Market Committee’s meeting, held from October 31 to November 1, the overall take was, “Financial conditions continued to tighten, driven by higher yields on Treasury securities as well as by lower equity prices and a stronger dollar, which themselves partly reflected higher interest rates.”

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THE RECESSION HAS BEEN CALLED OFF, FOR NOW

Costar


Market watchers over the past year have pushed their negative forecasts further into the future, as consumer spending carried the economy quarter after quarter. Underlying data showed that much of the growth in spending was being fueled by a rundown of excess savings and by leaning on credit cards and personal loans, suggesting that a recession was more likely than not.

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TECH MARKETS POST SUDDEN JUMP IN VACANCIES

Globe St.


Moody’s Analytics CRE found CMBS loan payoffs struggling. “The month of September saw ~$755mm CMBS office loans reach their fully extended maturity, the lowest number since April,” they wrote. “The payoff rate of these maturities, while better than July and August, still came in at a paltry 11.1%. The YTD pay off rate fell slightly to 31.2%. Of the loans that have failed to pay off at maturity in 2023, half have managed to secure extensions from special servicers.”

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CREXI REPORTS MONTH-TO-MONTH GAINS IN ASKING PRICES

Connect CRE


Average asking prices for new assets in October rose 4.9% per square foot from September, marking six consecutive months of pricing growth on CREXi’s for-sale platform. Retail pricing was the standout, enjoying its third consecutive month of pricing increases and sixth consecutive month of occupancy growth to hit an average of 86.4% occupancy in October, according to CREXi.

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OFFICE LANDLORDS INCREASING PACE OF HANDING PROPERTIES BACK TO LENDERS

Bisnow


Office buildings made up 43% of all deed-in-lieu-of-foreclosure transactions in the second quarter, according to a CoStar analysis of the most recent data available. The share of office buildings being voluntarily surrendered to lenders is more than double the 20% average across 2022 and outpaces the volume seen before the pandemic.

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ABOUT LEE & ASSOCIATES

At Lee & Associates, our reach is international but our expertise is local market implementation. With offices across the nation and Vancouver, Canada, Lee & Associates is one of the largest and fastest growing commercial real estate organizations in North America. 


Founded in 1979, our experience and expertise offers extensive local market knowledge, seasoned agents, industry leading technology, and a commitment to achieving our clients long-term real estate goals and successes. Lee & Associates understands real estate and accountability, and provides an integrated approach to leasing, operational efficiencies, capital markets, property management, valuation, disposition, development, research, and consulting.


Commercial Real Estate Questions? 

Please Contact:


Steve Malley

smalley@lee-associates.com

858.453.9990

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