DAILY READS: Jan. 6, 2020

Lenders Enter 2020 Willing to Fund New Apartment Construction

“Even if the economy shrinks sometime in 2020 or 2021, multifamily pros believe demand for apartments is still strong enough to prevent major damage to apartment properties in most markets—even with the thousands of new apartments recently opened by developers across the country. “There is clear evidence that multifamily is the asset class best equipped to weather a downturn,” says David G. Shillington, president of Marcus & Millichap Capital Corp., based in Atlanta, pointing to overall fundamentals in the sector that remain healthy.”
—National Real Estate Investor

Net Migration between the U.S. and Abroad Added 595,000 to National Population Between 2018 and 2019

“The population estimates show that net migration from Puerto Rico to the 50 states and the District of Columbia, which rose after Hurricane Maria, reversed between 2018 and 2019. More people are moving to than away from Puerto Rico.”
—Census.gov

Video: JLL’s Wong Sees Meaningful Drop in Hong Kong Rents, Prices in 2020

“Nelson Wong, Greater China and Hong Kong head of research at Jones Lang Lasalle Inc., discusses his outlook for Hong Kong’s property market in 2020. He speaks on “’Bloomberg Markets: Asia.’”
—Bloomberg

Sales of Manhattan’s priciest apartments plunge almost 40% in fourth quarter

“’I think we’ll see more of the same,’” said Jonathan Miller, CEO of Miller Samuel. “’The problem with saying that 2020 will mark the bottom is that it suggests it will go up after that. And I think we still have another couple of years of moving sideways.’”
—CNBC

Dan Gilbert’s Biggest Developments in Detroit, Mapped

“In the last decade, Dan Gilbert and his real estate company Bedrock Detroit have made an enormous impact on downtown Detroit. He’s renovated vacant buildings, built a hotel, proposed new skyscrapers, broken ground on others, and taken advantage of a lot of tax incentives.”
—Curbed

Developers Fail Math Class in Student Housing Sector

“Around 3.9 percent of student housing-backed CMBS debt was more than 60 days past due at the end of November, a 1.1 percentage point increase from last year, according to Fitch Ratings Inc.”
—The Real Deal

Site Selection In 2020: The Squeeze Is On

Attracting a relocating business to a particular place is tougher than ever in the current high-employment, incentive-skeptical climate. Yet in the face of such headwinds, economic development organizations have come up with some creative ideas to boost their site selection prospects.
—Bisnow

Culver City Office Buildings Sell for $74 Million

“The company purchased the property, at 10301-10335, 10361-10375 and 10381-10395 Jefferson Blvd., from Lionstone Partners.”
—Los Angeles Business Journal

Gen Zers Will Own More Homes Than Millennials in U.S.

“Experts tend to agree that the preference to own instead of rent and student loan burdens will be major factors in how the homeownership rate trends, but they disagree on the direction they will move. Of those who expect the homeownership rate to increase, more people preferring to own instead of rent and the home supply being less constrained were tied for the most-cited reason for the jump, closely followed by an expectation that student loan burdens will diminish. Those who predict the homeownership rate will decrease most often cited the opposite—a smaller share of households will want to own their home and student loan burdens will be greater.”
—World Property Journal

‘He Has to Sell Before He Gets Out of Office’: Real Estate Investor to Bid on Trump’s DC Hotel

“The Trump Organization said it was seeking as much as $500 million for the property, which (Brian) Friedman said was not realistic.”
—The Washington Examiner