Today’s Deep Dive: Office Leasing Is Up. We Repeat: Office Leasing Is Up The balance sheets of the five largest brokerages improved overall in Q1 largely because of a resurgence in leasing activity. Only Newmark saw a decline. "Leasing revenue rose in every region, and global growth exceeded our expectations," CBRE Chief Financial Officer Emma Giamartino said on the firm's May 3 earnings call. Investment sales are still behind, but most execs expressed optimism that will also pick up toward the end of the year. Bisnow South Florida Reporter Matt Wasielewski dug through all the big brokerages’ earnings reports and broke down the main takeaways. This Morning’s News Starwood Property Trust Beats Expectations (Seeking Alpha): Starwood Property Trust reported a rise in its first-quarter earnings, significantly aided by the sale of its lease portfolio. Check out the details of Starwood’s Q1 earnings.
How Bleak Is The Future? Blackstone, Starwood Disagree (Bloomberg): Blackstone Global co-Head of Real Estate Kathleen McCarthy said the worst is behind the CRE market, while Starwood Chairman Barry Sternlicht sees a wave of distress looming. Read about their different stances.
Rally House Expands Rapidly (Retail Dive): Sporting apparel, accessory and decor retailer Rally House has expanded to over 200 locations within two years and is planning continued growth. Discover more about the expansion.
Brokers Seek Buyer For Notable Unfinished Tower (CoStar): Los Angeles’ Oceanwide Plaza, a high-profile unfinished tower project known for its graffiti, is now on the market. Brokers are seeking a buyer to take over and possibly complete the stalled development. Explore the details.
Jacquemus Signs First U.S. Lease (Bisnow): Designer purse retailer Jacquemus is coming to the U.S. with a 5K SF lease in New York City. The fast-growing Paris-based brand has become a celebrity favorite, and the leasing broker told Bisnow the deal will increase adjacent landlords’ rents in SoHo — "the Jacquemus Effect." Learn how Jacquemus is dressing up SoHo.
19 U.S. REITs Expected To Increase Dividends (S&P Global): REIT performance has been strong, and nearly 86% of REITs expect to maintain their regular cash dividends in Q2. Read the forecast for REIT dividends.
Rents Are Keeping Inflation Alive (BNN Bloomberg): It isn’t just America. Rents are expected to be the last sector to adjust its prices globally. The sustained high rent levels are contributing to persistent inflationary pressures, posing challenges for economic stabilization efforts. Read about the impact of rents on inflation.
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