CRE Debt

January 17, 2024

In 2023, $541 billion in debt backed by office buildings, hotels, apartments and other types of commercial real estate came due, the highest amount ever for a single year. Commercial-debt maturities are expected to continue rising, with more than $2.2 trillion coming due between now and the end of 2027.

Shopping Centers

January 16, 2024

Foot traffic to U.S. indoor malls was down 4% on average in 2023 from the prior year, and about 12% lower than 2019 levels. Alternatively, increasing demand for open-air space has driven up shopping-center rents to nearly $24 a square foot, the highest level since tracking the metric in 2007.

ETF Net Flows

January 15, 2024

In 2023, ETFs gathered nearly $600 billion in net flows. While that’s less than some previous years, including 2021’s nearly $1 trillion record haul, it still shows the massive, sustained momentum behind ETFs.

BLK Infrastructure

January 12, 2024

BlackRock, the world’s biggest asset manager, announced it is buying Global Infrastructure Partners for about $12 billion in cash and stock. The acquisition is part of the firm’s increased focus on infrastructure.

Rent Inflation

January 11, 2024

Rent inflation for studios to two-bedrooms in the top 50 metros declined for seven consecutive months, with the national median asking price falling to $1,717.

PE Insurance Cos

January 10, 2024

Private-equity investment has dramatically changed the life insurance and annuity business over the past decade. By 2022, buyout firms owned 137 U.S. insurance companies with $534 billion in assets, about 6.5% of the entire U.S. market, up from 90 insurers and $314 billion in 2018, around 4.8% of the market.

Retail Sales

January 9, 2024

U.S. retail sales rose 3.1% from Nov. 1 through Dec. 24, reflecting a year marked by rising prices. After a busy Thanksgiving and Black Friday weekend, many consumers waited for the last minute to shop, with Saturday, Dec. 23, the biggest sales day of the year—topping Black Friday.

Office Vacancy

January 8, 2024

A staggering 19.6% of office space in major U.S. cities wasn’t leased as of the fourth quarter, up from 18.8% a year earlier. That is slightly above the previous records of 19.3% set in 1986 and 1991 and the highest number since at least 1979.

Mortgage Spread

January 5, 2024

The 30-year mortgage rate has fallen by more than a percentage point recently to 6.62%. The shrinking spread between that and the 10-year Treasury yield amounts to roughly one-sixth of the decline.

GM

January 4, 2024

General Motors just had its best year for vehicle sales since 2019. The automaker reported that it sold 2.6 million vehicles in 2023 — good for a 14.1% increase over 2022.