The national vacancy rate for multifamily apartments reached 8% in the last quarter of 2024—higher than it was before the pandemic. Led by four and five star units over 11%, three star units above 7%, with one and two star units just over 5% vacant.

The national office-vacancy rate for primary markets ended 2024 at a record 20.4%. The delinquency rate of debt backed by office buildings converted into securities hit 11.01%—the highest since tracking began in 2000.

An estimated $18 trillion of household wealth was lost in China caused by the country’s property meltdown since 2021.

In July, President Biden called on Congress to pass national rent control that would force corporate landlords to cap their rent increases at 5% or else forfeit their federal tax breaks. Capitol Hill didn’t adopt that proposal but local jurisdictions continue to experiment with rent control as voters demand lower housing costs.

Average 30-year mortgages have climbed to around 6.7% from roughly 6.1% since the Fed started lowering rates in September and are only poised to rise further as the yield on the 10-year Treasurys continue to rise.

Even though foot traffic is still below prepandemic levels, retailers are leasing more space at outlet shopping centers, where designers sell heavily discounted surplus or lower-quality items.

Blackstone has entered into definitive agreements to acquire Tokyo Garden Terrace Kioicho, an acclaimed 2.4 million square feet of mixed-use asset, from affiliates of Seibu Holdings. At $2.6 billion, this marks the largest real estate investment by a foreign investor in Japan and the firm’s largest investment to date across businesses in the market.

From 2021 to 2023, the share of build-to-rent housing starts doubled to 10% of overall single-family housing.

Wells Fargo will sell its headquarters office at 420 Montgomery St. in San Francisco’s Financial District. The sale would cement a yearslong shift by Wells Fargo away from San Francisco, with its senior leadership now largely based in New York or Charlotte, N.C.

The 71 million square feet of conversions that are planned or under way only account for 1.7% of U.S. office inventory.