The Nareit Hawaii Community Giving Initiative is providing a a $75,000 grant to Molokai Baptist Church that will benefit three families. The grant will go toward the church's Aloha in Action program and be used to buy housing materials for families in need. "The Aloha in Action program is an inspiring example of how a community comes together with volunteer labor and a commitment to make homes better and safer for families to live in and raise children," said Nareit Hawaii Executive Director Gladys Quinto Marrone.
In this podcast episode, Nareit's John Worth and Richard Barkham of CBRE discuss the world of commercial real estate, REITs and the broader economic picture.
Commercial real estate sales exceeded $193 billion in the third quarter, up 19% compared with the same quarter in 2019, according to Real Capital Analytics. For the first three quarters of the year, sales activity reached $462.1 billion, the highest-ever tally for the period and 10% higher than the first nine months of 2019.
The recovery in commercial real estate markets gained momentum in the third quarter. National office markets saw positive demand growth for the first time during the pandemic, said Nareit economist Calvin Schnure, and the increase in demand for retail properties was nearly twice the second-quarter result. Demand for industrial and multifamily properties continued at a record pace.
Retailers are increasingly opting to own their own industrial space to save money and remain in control of their supply chains, with the 25 largest US retailers acquiring 38 million rentable square feet of new space last year, according to CoStar Group. "These properties are essential to getting the goods that you need into the country and flowing through the supply chain to the consumer," said CoStar's Juan Arias.
RLJ Lodging Trust has bought the fee simple interest in the AC Hotel by Marriott Boston Downtown in an $89 million transaction. The deal for the 205-room property works out to about $434,000 per key.
Digital Realty has established a joint venture to acquire Nigeria's Medallion Data Centres, which has data centers in Lagos and Abuja. The joint venture is also buying land next to the Lagos facility for expansion.
August saw a 19.8% year-over-year gain in home prices -- the same figure as the prior month, according to the S&P CoreLogic Case-Shiller Indices. "August data also suggest that the growth in housing prices, while still very strong, may be beginning to decelerate," said Craig Lazzara of S&P DJI. Year-over-year increases were highest in Phoenix, San Diego, and Tampa, Fla.
The Treasury Department indicated that $10.7 billion in rental assistance had been distributed by state, local and tribal officials as of the end of last month. That represents less than a quarter of the $46.5 billion in funding, and the numbers suggest the pace of delivery could be plateauing.