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House Passes Tax Bill in First Step Toward Historic Overhaul

National Real Estate Investor (NREI) - 16 November 2017
House Republicans passed their version of legislation to overhaul the U.S. tax code by slashing the corporate tax rate, lowering tax burdens for most individuals and adding an estimated $1.4 trillion to the federal deficit over the next decade.
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Construction Costs Rise for Apartment Projects

National Real Estate Investor (NREI) - 14 November 2017
The cost of construction is rising again. Trade disputes, hurricanes and rising demand from overseas are all pushing up the price of materials from gypsum wallboard to lumber and steel. And a shortage of labor is pushing construction workers’ wages higher.
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Carried Interest Likely to Change in Senate: Toomey

National Real Estate Investor (NREI) - 10 November 2017
The carried interest tax break for investment managers is likely to change in the Senate, even though the chamber’s current tax proposal doesn’t call for it, according to Senator Pat Toomey, a Pennsylvania Republican.

One Tax Loophole Untouched So Far: the Trump Golf-Course Break

National Real Estate Investor (NREI) - 10 November 2017
While Republicans are eliminating many write-offs, the House version of the bill allows golf-course owners to claim deductions for promising never to build on their
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E-Commerce Is Driving Industrial Development to Record Highs

National Real Estate Investor (NREI) - 10 November 2017
U.S. industrial real estate development hit an all-time high in 2017, with more than 208 million sq. ft. completed so far, and another 277 million sq. ft. currently under construction, according to research firm CoStar. Real estate services firm JLL is seeing similar trends, according to Mason Mularoni, JLL senior research analyst. Last year, a total of about 164 million sq. ft. of new industrial space was completed in JLL’s calculations.

Hotel Owners Ambushed by Saudi, Chinese, U.S. Geopolitics

National Real Estate Investor (NREI) - 7 November 2017
Hotels used to be gauged by the campaign strategy that won the presidency for Bill Clinton: it’s the economy, stupid. Nowadays, politics may determine their future. The latest upheaval came with the arrest over the weekend of billionaire Saudi Prince Alwaleed bin Talal, whose Kingdom Holding Co. is co-owner of Four Seasons Hotels Ltd. and New York’s Plaza Hotel.
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Tax Proposal Could Cut MBS Issuance by $30 Billion, Analysts Say

National Real Estate Investor (NREI) - 6 November 2017
U.S. agency mortgage bond supply could shrink by $30 billion under the proposed House Republican tax bill, which cuts into consumers’ deductions of interest for housing loans and could raise the cost of home buying, according to JPMorgan Chase & Co. analysts.
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Carried Interest Tax Break May Be Changed, House Tax Chief Says

National Real Estate Investor (NREI) - 6 November 2017
The carried interest tax break that provides an advantage for investment managers would be revised under changes the House’s chief tax writer says he’s planning. House Ways and Means Chairman Kevin Brady said on CNBC Monday morning that he intends to attach a “two-year holding period” to carried interest. The tax break is used widely among private-equity managers, venture capitalists, certain real estate investors and hedge fund managers.
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How HNW Investors Can Compete with Deep-Pocketed Foreign and Institutional Players

National Real Estate Investor (NREI) - 6 November 2017
As foreign and institutional investors jockey for U.S. commercial real estate assets, experts offer this guidance to high-net-worth (HNW) investors and family offices that might be feeling a bit like bystanders: be a contrarian. Taking that advice to heart, many HNW investors and family offices are hunting for assets in secondary and tertiary markets, rather than in super-competitive “gateway” cities.
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CRE Economists Say New Fed Chair Nominee Not Likely to Rattle the Market

National Real Estate Investor (NREI) - 3 November 2017
President Donald Trump last Thursday nominated Federal Reserve governor Jerome Powell as the central bank’s new chairman. Real estate economists do not expect Powell to force dramatic changes in monetary policy.
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Trump's Promised Tax Overhaul Bends Toward Business Benefits

National Real Estate Investor (NREI) - 3 November 2017
President Donald Trump and congressional Republicans billed their tax overhaul for months as a benefit primarily for the middle class, but what they delivered Thursday was designed more to favor large corporations and some closely held businesses.
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Oversight Democrats Sue Agency Overseeing Trump Hotel Lease

National Real Estate Investor (NREI) - 2 November 2017
Democrats on the House Oversight Committee are preparing to sue the head of the government agency that oversees the lease for the Trump International Hotel Washington, D.C., for allegedly refusing to hand over documents, according to a copy of the complaint.
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2017 Top Property Managers

National Real Estate Investor (NREI) - 1 November 2017
NREI’s ranking of the top property managers is based on total square footage of space managed globally. It includes space that is both owned and third party managed. Companies were asked to exclude properties that they only provide facilities management services for from their numbers.
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Preview of the First Mass Timber High-Rise in the United States

National Real Estate Investor (NREI) - 1 November 2017
Images from the Framework building, the first high-rise building in the U.S. constructed out of mass timber materials.
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Wood Construction Gains Ground in U.S. Commercial Buildings

National Real Estate Investor (NREI) - 1 November 2017
Wood has been a staple in building single-family homes and apartment complexes of up to 85 feet in height for decades. But the developer of one mixed-use building in Portland, Ore. is looking to change that as part of a burgeoning trend among developers and designers across the U.S. to bring the use of wood to new heights in commercial real estate.
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The Multifamily Green Sweep

National Real Estate Investor (NREI) - 1 November 2017
Going green isn’t just for new construction and shiny class-A buildings anymore. From coast to coast, the nation’s rental housing stock is rapidly aging. As more multifamily property investors step forward to rehab these properties, they are making “green” upgrades a priority on their renovation punch list. The driving factor isn’t just environmental concern—it’s financial.
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Why Borrowers of Small Loans are a BIG Deal

National Real Estate Investor (NREI) - 1 November 2017
In an industry where large institutional property investors seem to dominate, it turns out that owners of small apartment properties (with 5 to 50 units) are kind of a big deal. Yes, they house 70 percent of the country’s multifamily renter households, according to the U.S. Census Bureau, but that’s just the beginning.
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Rent Is Eating Up a Record Share of Americans' Disposable Income

National Real Estate Investor (NREI) - 30 October 2017
If it feels like the rent keeps going up, you’re not alone: The share of U.S. disposable income that went toward such spending totaled 3.81 percent in the third quarter, marking the highest share in data going back almost six decades. Rising shelter costs have accounted for most of the inflation in the U.S. during this economic expansion. While part of the rising rental share of spending may result from falling homeownership in recent years, the price index for rental of tenant-occupied nonfarm housing rose 3.7 percent in the year through September, according to data published Monday by the Commerce Department, near the fastest pace seen in the last decade.
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Manhattan Office Owners Lure Tenants with Concessions

National Real Estate Investor (NREI) - 27 October 2017
Manhattan office leasing is on the rise—thanks in large part to deal sweeteners offered by landlords. With big companies reducing space and new towers rising across New York, office owners are trying to attract tenants by lowering asking rents and shelling out cash to fix up properties. Such moves helped prop up demand in the third quarter, according to a new report by Savills Studley. Manhattan leasing soared 32 percent from the previous three months to 9.1 million square feet (845,000 square meters), well above the historical average of 7.5 million, the brokerage said.
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The Best Practices in Property Management are Undergoing an Evolution

National Real Estate Investor (NREI) - 27 October 2017
When was the last time you used a typewriter? How about a home movie camera or dial phone? These are a few examples of technologies that have become obsolete due to newer innovations. So it is with best practices.
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2017 Top Financial Intermediaries

National Real Estate Investor (NREI) - 27 October 2017
The top financial intermediaries ranking reflects total dollar volume of commercial real estate loans arranged in calendar year 2016. The figures were collected via an online survey pushed out by NREI and reviews of company reports.
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2017 Top Direct Lenders

National Real Estate Investor (NREI) - 27 October 2017
The rankings reflect total dollar volume financed in calendar year 2016. The numbers encompass direct loans, credit lines, CMBS loans and other forms of direct investment in the commercial real estate industry. The figures were collected via an online survey pushed out by NREI and reviews of company reports.
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Borrowers, Lenders See Continued Stability for Commercial Real Estate Financing

National Real Estate Investor (NREI) - 25 October 2017
Commercial real estate borrowers remain bullish on the financing climate despite some uncertainty about where financial regulation is heading and the specter of increasing interest rates. Exclusive research from NREI’s latest finance survey shows that confidence remains high that the good times are likely to roll a bit longer.
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How Will Tax Reform Affect HNW Real Estate Investors?

National Real Estate Investor (NREI) - 24 October 2017
It’s anybody’s guess as to what will happen with the federal tax reform plan being scrutinized in our nation’s capital. But experts still have some sense of how the tax proposal could help shape real estate investment strategies for high-net-worth individuals (HNWs). David Bitner, head of Americas capital markets research at commercial real estate services company Cushman & Wakefield, advises HNW real estate investors to monitor two particular provisions as lawmakers continue formulating the plan: 1031 exchanges and carried interest.
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By How Much Should You Raise the Rents at Your Apartment Building?

National Real Estate Investor (NREI) - 24 October 2017
How high can landlords raise the rents at their apartment properties before they begin to lose tenants? In the current market, many markets have very few apartment vacancies, and face little competition. That would usually be a sign to raise rents. But many renters have already been pushed to the limit financially. Another rent hike could force them to move in with roommates or their families—or simply to miss the next rent payment.
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Fed Chair Hire in Trump's Reality Show: This Week in Washington

National Real Estate Investor (NREI) - 23 October 2017
A president who once made a television career out of firing people knows something about boardroom drama. So it is with the top job at the Federal Reserve, with markets whipsawing on reports and innuendo ahead of a final decision and announcement in the next two weeks.

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