Welcome to the Bentley Real Estate Group Weekly Newsletter!
At BREG, we’re dedicated to supporting students passionate about real estate by providing opportunities to learn and connect. This newsletter is designed to keep you updated on industry news, market trends, and upcoming events, ensuring you stay informed and maximize the benefits of being part of our community!
Opportunity Spotlights
William A. Millichap Fellowship Program – Applications Open
For those interested in brokerage, the William A. Millichap Fellowship is a 24-month program designed to develop skills and knowledge in commercial real estate. The fellowship offers financial support, expert training, and mentorship opportunities.
Details:
- Application Deadline: October 18, 2024
- Program Start: July 2025
Commercial Real Estate Success Training (CREST) Program
The CREST Program is a paid summer internship aimed at supporting underrepresented students of color and women in commercial real estate. This program offers industry immersion, professional development, and networking opportunities with leaders committed to diversity and inclusion.
Info Session Details: Register on Handshake
- Date: Wednesday, October 16th, 2024
- Time: 2:00 - 2:45 PM (Virtual on Zoom)
Top Stories
Rockefeller Center Leads New York's Office Market Revival
Tishman Speyer seeks $3.5 billion to refinance Rockefeller Center's loans. With only 30% of large office loans repaid on time in 2024, a successful refinancing could show investor confidence in high-quality properties. Rockefeller’s 95% occupancy and diverse income could set it as a model for recovery.
OpenAI’s Expansion Boosts Office Market
OpenAI has leased 90,000 sq. ft. in NYC's Puck Building, reflecting growing AI sector demand for office space. This follows its expansion in San Francisco, helping the office market recover in cities affected by remote work trends.
Rate Cuts’ Limited Relief for Commercial Real Estate
Despite Federal Reserve rate cuts, high debts and rising rates continue to distress commercial property owners. Over $2.2 trillion in debt is due by 2027, with increasing foreclosures, particularly for owners of floating-rate loans and struggling hotel sectors.
Here's a quick breakdown of the key metrics covered in our Market Snapshot:
- FED FUNDS RATE: The interest rate at which banks lend to each other overnight. It influences borrowing costs across the economy, including mortgages. Higher rates can slow home sales and lower prices.
-
U.S. 10-YEAR TREASURY: A key indicator for long-term interest rates, influencing mortgage rates. Rising yields often signal higher borrowing costs for homebuyers.
-
30-YEAR MORTGAGE RATE: The average interest rate for a 30-year fixed mortgage. It directly affects affordability and housing demand.
-
U.S. MEDIAN SALE PRICE: The midpoint price of homes sold nationwide. It shows overall market trends—rising prices indicate higher demand or lower supply.
-
U.S. HOUSING INVENTORY: The total number of homes available for sale. Low inventory can drive up prices, while high inventory may indicate a buyer’s market.
-
U.S. MEDIAN DAYS ON MARKET: The average time homes remain listed before selling. Shorter times suggest strong demand; longer times may indicate a slower market.
-
BOSTON MEDIAN SALE PRICE: The midpoint price of homes sold in Boston. It highlights local market conditions and demand levels.
-
BOSTON AVAILABLE LISTINGS: The number of homes currently for sale in Boston. It provides insight into local housing supply.
-
BOSTON AVG DAYS ON MARKET: The average time Boston homes remain on the market. It indicates the speed of transactions and local demand strength.
-
BOSTON AVG RENT PRICE: The average cost of renting a property in Boston. It reflects rental demand and affordability trends.
-
BOSTON RENTAL RTAR: The rental turnover absorption rate (RTAR) measures how quickly rental units are occupied. High RTAR indicates strong rental demand.
-
BOSTON RENTAL DAYS ON MARKET: The average time rental properties stay listed before being leased. Shorter durations suggest high demand for rentals.
|
