Despite the rise in mortgage rates last year, sales of student housing property reached a record high of $22.9 billion in 2022.
The overall value of private-equity-backed deals is down over 50% in 2023 versus the prior period, at a three-year low of about $256.7 billion. But the number of transactions has fallen only 4% to 6,458. That is the third-highest year-to-date tally in data going back more than 30 years, showing a resurgence of smaller deals.
Home prices posted their first year-over-year price decline in 11 years in April, as higher mortgage rates made home purchases more expensive for buyers.
Prologis has agreed to pay Blackstone $3.1 billion for a portfolio of U.S. warehouses and distribution properties. The portfolio includes nearly 14 million square feet in about 70 properties in major markets. The all-cash deal, which is one of the largest commercial real-estate transactions of 2023, is expected to close by the end of June.
A survey of 4,500 companies’ return-to-office policies found that nearly 300 require employees to come in on specific days. Of those, just under a quarter ask employees to come in on Mondays, with many more stipulating staff be in the office on Tuesdays, Wednesdays and Thursdays. Just 7% tell employees to come in on Fridays.
Office buildings are only about 50% as full, with public-transportation ridership at less than 70%, as before Covid-19 across 10 major metro areas.
New building permits for private housing in the U.S. fell by a seasonally adjusted 21.1% in April compared with a year earlier, while construction starts were down 22.3%
The S&P 500 has risen 14% this year, beating an 8.5% advance by the MSCI All Country World ex USA Index, which tracks developed and emerging-market stocks.