Florence damage could surpass $20B | Wells Fargo exec: Commercial lending expected to decline | Student housing investment expected to reach $10B this year
September 20, 2018
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Risk Management, Insurance & Claims
Florence damage could surpass $20B
Moody's Analytics is predicting property damage and disruption caused by Hurricane Florence could total between $17 billion and $22 billion, and that could be a modest estimate. Only about 3% of the properties in the state have flood insurance through the National Flood Insurance Program, said Aon's Steve Bowen.
CNBC (9/17),  USA Today (9/17) 
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Wells Fargo exec: Commercial lending expected to decline
Commercial real estate lending and commercial and industrial lending are expected to decline at Wells Fargo, Chief Financial Officer John Shrewsberry said. He cited competition and deliberate lending discipline as well as media coverage of recent settlements and fines.
The Wall Street Journal (tiered subscription model) (9/15) 
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Student housing investment expected to reach $10B this year
Investors in the student housing market are poised to invest over $10 billion, matching the peak investment of 2016 and up from the $8 billion spent last year, according to CBRE. The second half of the year is expected to be much busier than the first, and while totals will be boosted by a few large deals, such as Greystar's $4 billion purchase of EdR, smaller deals are expected to drive much of the volume.
National Real Estate Investor online (9/11) 
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The tech sector is driving office leasing growth
Technology is driving between 20% to 25% of office leasing activity, a distinction from the last cycle, which was propelled mostly by financial services and business analyst occupations, according to a Cushman & Wakefield report. But this demand is expected to decelerate over the coming years due to a lack of available tech talent, according to Rebecca Rockey, Cushman & Wakefield's economist.
National Real Estate Investor online (9/12) 
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Laws & Regulations
Calif. bill aims to identify buildings most vulnerable to quakes
Legislation that has reached California Gov. Jerry Brown's desk would mandate that cities and counties in areas of high seismic risk create lists of buildings most vulnerable to earthquakes. The measure would raise the issue of how to address buildings deemed to be at risk, and it does not allocate funding to develop the required inventory.
Los Angeles Times (tiered subscription model) (9/13) 
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Philadelphia City Council rejects construction tax proposal
The Philadelphia City Council scrapped plans for a 1% construction impact tax to provide $115 million in funding for affordable housing over five years. The council instead has agreed to a smaller, $71 million plan, $53 million of which would be drawn from the city's general fund.
The Philadelphia Tribune (9/17) 
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News from Aon
Real estate risk alert: fentanyl and synthetic opioid contamination risks
Exposure to fentanyl and other synthetic opioids can cause injury to human health and pose a significant risk for the real estate industry. In addition to property exposures, property owners have a significant liability risk if fentanyl dust migrates beyond their property boundaries.
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Be prepared for the 2018 storm season
2018 Atlantic hurricane season is underway. It is critical for your firm to be ready. Visit our Be Prepared site for news, forecasts and more. Learn more.
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About Aon Real Estate
Aon’s Real Estate Practice has unmatched expertise in designing and placing competitively priced insurance solutions and our capabilities include a comprehensive range of solutions, including property, casualty, financial services, environmental, construction and additional areas of real estate related risk management. Our fact-based approach combined with market knowledge has helped us become the leading insurance broker. Aon represents more than 30 percent of the largest real estate owners, managers and developers and places more than $1 billion of real estate premiums annually.
 
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Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.
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