Foreclosure filings soared 115% in 2022 compared to the prior year as the last of the federal moratoriums expired, but they were still 34% lower than 2019 levels.

The U.S. office vacancy rate was 12.3% at the end of the third quarter, about where it was at its peak during the global financial crisis. The rates in some major metro areas—including New York, Washington, D.C. and San Francisco—are at the highest levels recorded.

Shares in office real-estate investment trusts are down 45%, including dividends, since February 2020. That’s compared with about a 5% decline for the equity real-estate investment trust index.

Nearly half a million new apartment units—the most of any year since 1986—are expected to complete construction by the end of 2023. That will come after more than 400,000 units were completed during 2022.

University of California will invest $4 Billion in Blackstone’s BREIT real-estate vehicle. UC Investments will put its BREIT shares into a strategic venture to which Blackstone will contribute $1 billion of BREIT shares that it already owns. The venture will have an 11.25% hurdle rate, meaning that if BREIT’s net annualized return exceeds that rate, Blackstone will get an extra 5% incentive fee. If the vehicle’s performance falls short of the 11.25% rate, Blackstone will make up the difference.

Higher interest rates and the threat of a recession are expected to considerably slow commercial real estate leasing and investment activity across the board in 2023.

Fifth Wall Ventures Management LLC raised the largest-ever venture fund focused on real-estate technology companies, a sign that some major investors are still bullish on property startups despite this year’s surge in interest rates. The $866 million fund will invest in both early- and late-stage startups.

WeWork, saddled with expensive long-term leases and more than $3 billion of debt, recorded a negative cash flow of around $4.3 billion between July 2020 and September of this year.

Nontraded REITs paid out $3.7 billion in redemptions in the third quarter. While they were still raising more new funds from investors than they were losing to withdrawals, that marked the highest withdrawal figure in years and a 12-fold increase from the third quarter of 2021.

Fortress Investment Group has agreed to help finance Kushner Cos.’ unsolicited $4.3 billion bid to buy rival apartment building owner Veris Residential Inc.