Investors reduce activity in Brooklyn's property markets | Philippines amending rules to promote REIT listings | Blackstone CEO: High asset prices mean fewer buying opportunities
January 21, 2020
Real Estate Investment SmartBrief
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Investors reduce activity in Brooklyn's property markets
Investors appear to be pulling back from real estate in Brooklyn, with TerraCRG data showing that the dollar volume of commercial property sales fell to $5.1 billion last year -- a decline of 30%. A downturn in the market for rental-apartment properties was a major contributor to the decline.
The Wall Street Journal (tiered subscription model) (1/21) 
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Investment News
Philippines amending rules to promote REIT listings
The Philippines Securities and Exchange Commission is seeking to attract REIT listings through a recent move to ease tax and ownership rules. Ayala Land wants to raise $500 million once the new rules are in place.
Bloomberg (tiered subscription model) (1/21),  Philippine Daily Inquirer (1/21) 
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Blackstone CEO: High asset prices mean fewer buying opportunities
Blackstone CEO Steve Schwarzman says there are now fewer buying opportunities because of the price appreciation that assets have experienced. "Everything is up. You have to see something reasonably remarkable in terms of your ability to improve the operations of a company," he says.
CNBC (1/21) 
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Real estate funds raised less capital in Q4
The flow of capital into real estate private equity funds has declined, with just $18 billion worth of real estate funds closing during the fourth quarter. That is the lowest three-month tally since Q1 of 2013, according to Preqin.
The Wall Street Journal (tiered subscription model) (1/21) 
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Nareit's 2020 Economic Outlook
Nareit Economist Calvin Schnure says the 2020 outlook is positive, as a wide range of indicators from GDP, labor markets, housing markets, and commercial real estate are consistent with continued economic growth and improving real estate markets and REIT earnings in 2020.
Read the outlook.
Real Estate Marketplace
The pros and cons of lowering the rent for troubled retailers
Last year, Vornado Realty Trust significantly reduced the rent for Forever 21 locations. But landlords are often reluctant to make these types of concessions for a variety of reasons.
Financial Times (subscription required) (1/20) 
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Columbia Property Trust sells Pa. office complex for $180M
Columbia Property Trust has sold an office campus in Cranberry Township, Pa., for $180 million. The 824,000-square foot complex is leased by Westinghouse.
GlobeSt (free registration) (1/21) 
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Gladstone Land buys 1,324 acres of farmland in Colo.
Gladstone Land Corp. has acquired 1,324 acres in Holyoke, Colo., for $7.5 million. The deal "increases the number of regions where we own farms and the number of different crop types grown on our farms, and it also adds a new operator to the number of tenants on our farms," says Gladstone CEO David Gladstone.
BizWest (Colorado) (1/20) 
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Policy & the Economy
Lawmakers look to offer alternatives to cash security deposits
Lawmakers in various cities and states are seeking to offer alternatives to would-be renters who are unable to make all-cash security deposits. In some cases, these plans involve allowing renters to make payments in installments or take out insurance policies.
The Wall Street Journal (tiered subscription model) (1/18) 
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IMF: Future uncertain as global growth slows
The world's economy grew by 2.9% last year, the slowest pace since the global financial crisis, and a variety of risks are creating uncertainty about its next moves, according to International Monetary Fund Managing Director Kristalina Georgieva. "We have not reached a turning point yet," she said.
Reuters (1/20),  The Wall Street Journal (tiered subscription model) (1/20) 
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Nareit Resources
Outlook for the economy, real estate and REITs in 2020
REITs perform well when the economy is growing and vacancy rates are low. This was the case in 2019, and the outlook for 2020 remains favorable. Download the Nareit 2020 REIT Outlook report to learn more.
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