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6 days ago | 
globest.com | Jack Rogers
San Diego has become the latest city to ban revenue management software that uses algorithms to advise landlords on pricing their rentals based on private data collected and avoid competition with other multifamily owners and operators.
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1 week ago | 
globest.com | Anthony Russo |Kristen Smithberg |Jack Rogers
A joint venture consisting of Nuveen and The Preiss Company is selling five student housing properties in the Sunbelt. The portfolio takes up 3,693 total beds across 1,248 units. According to Newmark, which brokered the deal on behalf of the JV, the sale marks the largest deal to take place in the alternative asset class in the country in 2025 so far. The units are spread across four states including North Carolina, Texas, Indiana, and Florida.
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1 week ago | 
globest.com | Jack Rogers |Erik Sherman |Anthony Russo
California may become the first state in the nation to impose a statewide tax on vacant commercial properties. Senate Bill 789 would impose a $5-per-square-foot annual tax on buildings that remain empty for 182 or more days, whether consecutive or nonconsecutive, in the calendar year. The bill was introduced by Sen. Caroline Menjiver, who represents Burbank and the San Fernando Valley.
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1 week ago | 
globest.com | Jack Rogers |Philippa Maister |Anthony Russo |Erik Sherman
A private San Diego-based philanthropic organization has purchased the Wells Fargo Plaza tower in a $40M cash deal from the Irvine Company, which bought the 24-story downtown office building in 2004 for more than $148M. The Prebys Foundation, which has more than $1B in assets, characterized the acquisition as an investment in a revival of San Diego’s downtown business district, which is struggling with record-high office vacancy rates.
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1 week ago | 
globest.com | Jack Rogers |Kristen Smithberg
The industrial market in California’s Central Valley has undergone a turnaround in net absorption, dropping from its highest positive level since the warehouse boom of 2022 at the beginning of the year to nearly the lowest level in the past 10 years. The category sank to more than minus 1M square feet in Central Valley in the first quarter, down from the fourth quarter’s positive tally of nearly 3M square feet, according to a report from CBRE.
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1 week ago | 
globest.com | Anthony Russo |Jack Rogers
The office vacancy rate in Los Angeles continues to rise, setting another historic high at 24.2% at the end of the first quarter, with an overall availability rate of nearly 30%. Negative net absorption plummeted to minus 1,084,423 square feet due to persistent soft tenant demand. At the same time, average direct asking rates remained flat at $3.99 full-service gross (FSG), according to CBRE’s latest office market report for Greater Los Angeles (GLA).
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1 week ago | 
globest.com | Jack Rogers
The 276-room downtown hotel, located at 1431 Jefferson Street, was handed over to lender Cook Children’s Health Care Services following a deed in lieu of foreclosure filed with the Alameda County Recorder’s Office. Beverly Hills-based Hawkins Way Capital built the 18-story hotel, which opened in 2022, with a $112M loan from a unit of Goldman Sachs. In 2023, Goldman transferred the loan to Texas-based Cook, a nonprofit whose operations include a children’s hospital in Fort Worth. Recommended For You
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2 weeks ago | 
globest.com | Jack Rogers
The Inland Empire’s industrial market is exhibiting a healthier balance between supply and demand, with strong leasing activity across all size ranges and positive net absorption totaling nearly 3.6M square feet across the IE East and IE West submarkets in the three months of the year. These strong fundamentals pushed the overall vacancy rate down to 6.6% in Q1 2025, the first decline in the category since the third quarter of 2022, CBRE reported.
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2 weeks ago | 
propertycasualty360.com | Jack Rogers
Led by a bevy of large tech deals, office leasing volume in San Francisco has surged to a 10-year quarterly high of 3.4M square feet for the first quarter of 2025, a report from Savills finds. Adding momentum to an emerging office recovery, the total availability rate in the market dropped to 35.6% in Q1, a 100-bps decline from the previous quarter. Once you are an ALM Digital Member, you’ll receive: Already have an account? Sign In Now *May exclude premium content
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2 weeks ago | 
globest.com | Jack Rogers
The Return to Office: Recovery Still UnderwayAre you noticing unexpected shifts in office occupancy and commuter behavior? This report reveals how evolving work patterns are challenging CRE brokers and offers crucial, data-backed insights for 2025. Discover a detailed analysis of office visit fluctuations, an in-depth look at midweek work trends, accurate forecasts for market recovery, real-world examples to inform strategic decisions, and actionable metrics to guide client advising.
