Jules Mckenzie’s Post

JLL believes that [ Toronto’s Office Replacement Bylaw] is becoming increasingly problematic in light of #Toronto’s current oversupply of #OfficeSpace. Developers faced with the requirement to rebuild office space, even in underperforming buildings, often find these projects are not economically feasible. #CommercialRealEstate #RealEstate #Investing #Mortgage #Housing #Realtor #property #REINCanada #CRE #Ontario #realestatebrokerage #investmentproperties #propertyinvestment #realestatedevelopment #internationalrealestate #propertyinvestors #construction #realestateconstruction

"...And Developers, conditioned for decades to build luxury housing, will need to adopt a new mindset." With conversions of heritage buildings, they have an opportunity to restore landmarks, revitalize neighbourhoods, and respond to the urgent need for more affordable #Housing!? #CommercialRealEstate #RealEstate #Investing #Mortgage #Realtor #property #REINCanada #CRE #Ontario #realestatebrokerage #investmentproperties #propertyinvestment #realestatedevelopment #internationalrealestate #propertyinvestors https://lnkd.in/gHZsreZJ

It's set to be a record-breaking year for apartment construction nationwide, but local data shows apartment construction in Columbus has slowed. Nationally, apartment builders are set to deliver more than 518,000 units in 2024, which is the most in a single year on record, according to an analysis of Yardi Matrix data by apartment search site RentCafe. RentCafe expects 1,553 units with Columbus' city limits and about 4,200 in the region to come online by the end of 2024, but local data shows a slightly different estimate. Bonnie Meibers Columbus Business First

Commercial Real Estate 101: “Loss to lease”   You will hear the phrase “Loss to lease” a lot in commercial real estate, especially in multifamily. But it also applies to retail, industrial, offices, self-storage, etc.   Simply put, it means the amount of rent an owner is “losing”, by not having the current tenant paying the amount of rent the space/unit could achieve on the market today, or the “market rent”.   For example, if an apartment unit is currently leased to a tenant at $1,800/mo., and if vacant it could achieve $2,500/mo., then the “loss to lease” would be $700/mo., or $8,400/year for that unit.   Even though the “loss” is not a realized loss in a traditional sense of the word, the way you would experience a loss if a property had expenses greater than its income, it is still described as a loss.   Loss to lease is often used by owners/landlords, investors, and analysts to assess the current rental income performance of a property and identify opportunities to increase that rental income by bringing current rents to market rents through lease renewals and negotiations.   It is most often associated with “value add” properties and is often used as a general term to describe the “value add” opportunity an investment property possesses.   Give me an example in the comments of a “loss to lease” you have experienced in a property you were involved in, and more importantly, how did you solve for it?

New research shows that there will be a decline in new construction of multi-family. It doesn't mean there won't be even more people looking to rent. That means even more opportunities - for those who seek them. My take is that construction is dropping because rental units are being created from conversions of office and other commercial space. It's why research needs to happen to uncover where the best opportunities are for rental income in the location(s) you are interested in. While you are dealing with meeting your expenses for next month, my team and I can be helping to set you up for years to come. https://lnkd.in/ggiX6UGb #MultiFamily #MarketResearch #rentals #RentalUnits #conversions #OfficeSpace #CommercialSpace #RealEstate #NorthTexas #Dallas #Metroplex #Texas #apartments

𝐋𝐎𝐕𝐄𝐋𝐋 𝐇𝐎𝐌𝐄𝐒 𝐨𝐟𝐟𝐞𝐫𝐬 𝐭𝐡𝐨𝐮𝐬𝐚𝐧𝐝𝐬 𝐢𝐧 𝐬𝐚𝐯𝐢𝐧𝐠𝐬 𝐭𝐨 𝐋𝐨𝐮𝐭𝐡 𝐡𝐨𝐦𝐞𝐛𝐮𝐲𝐞𝐫𝐬 Lovell Homes is excited to announce exclusive savings at Tennyson Fields, Louth, with phase two offering 2, 3, and 4-bedroom homes. Regional Sales Manager Sarah Lancaster highlights benefits such as a 5% deposit boost, mortgage contributions, included flooring, or interior upgrades. The Own New - Rate Reducer scheme offers a 3% to 5% mortgage contribution, reducing payments for the first 2-5 years. Other savings options include the 5% saver, Helping Hands, Assisted Move Scheme, and covered stamp duty. Energy-efficient homes save over £1,600 annually on bills and emit 65% less carbon, with 2023 buyers cutting emissions by 500,000 tonnes. Lovell’s homes use 30% less water, 80% less electricity for lighting, and have efficient insulation, saving up to £2,200 annually. Click the link below to read more and follow Lincolnshire In Focus for more regional updates. #localhistory #historicbuilding #thisplacematters #historicplaces #historichomes #historicarchitecture #buildersofinsta #historicbuildings #architecturalphotography #historic

Apartment starts drop 6% YOY Multifamily developers completed an annualized 740,000 apartments in buildings with five or more units in August, a whopping 79.2% YOY jump and a 36.5% decrease compared to July. At the end of July, 850,000 units were under construction, a 15.3% YOY decrease and a 3.2% month-over-month decline. Read More>>> https://buff.ly/47zTabW #Insulation #ConstructionNews #MultiFamily #CommercialInsulation #MultiFamilyConstruction #Construction

Recent developments in the real estate markets of New York and South Florida reveal significant shifts in response to evolving economic and demographic trends. In New York, the office market post-pandemic continues to face challenges, with many commercial buildings experiencing substantial discounts. For instance, certain Midtown East office properties are selling at just one-third of their 2019 value, reflecting the struggle to adapt to a hybrid work model. Nevertheless, developers are exploring office conversions into residential or mixed-use spaces, potentially revitalizing these underutilized buildings. On the other hand, South Florida's residential market sees rapid development alongside growing challenges. Developers are constructing a record number of multifamily units, notably in South Miami-Dade, where more affordable land is available. By mid-2024, approximately 24,000 new apartment units are set to be completed by year-end, marking the highest level since 2002. Despite strong demand, rent growth has slowed, and occupancy rates have slightly decreased, indicating a stabilization following years of steep price hikes. Additionally, there's a surplus of older condominium units, posing difficulties in selling due to high maintenance costs and new safety regulations, further complicating the market. These trends underscore the persistent challenges and opportunities in both markets as stakeholders adapt to changing demand, economic landscapes, and regulatory environments.

Apartment starts drop 6% YOY Multifamily developers completed an annualized 740,000 apartments in buildings with five or more units in August, a whopping 79.2% YOY jump and a 36.5% decrease compared to July. At the end of July, 850,000 units were under construction, a 15.3% YOY decrease and a 3.2% month-over-month decline. Read More>>> https://buff.ly/47zTabW #Insulation #ConstructionNews #MultiFamily #CommercialInsulation #MultiFamilyConstruction #Construction

According to Colliers apartment construction in Greater Boston has hit a decade-low. There are 13,600 rental units under development, down from more than 10% of the region's inventory pre-pandemic. Boston and Cambridge have seen construction activity halve in two years. As construction slows, asking rents are rising, with Boston and Cambridge approaching $4.50 per SF. Developers are now closely watching the Federal Reserve's upcoming decisions, hoping for rate cuts to revive multifamily project financing. #bostondevelopment #bostonhousing #massachusettshousing #rentals https://lnkd.in/e2cMi_sw?