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The TreppWire Podcast: A Commercial Real Estate Show
275. Weak JOLTS Report, Marginal Rent Growth, & More Loans Transferred to Special Servicing
Sep 5, 2024
This week, the focus is on the weaker-than-expected JOLTS report and its market implications. Major apartment REITs report a modest rent growth of 1.82% in Q2 2024. The discussion delves into multifamily loans shifting to special servicing, detailing recent cases in Cincinnati and Indianapolis. Additionally, the office segment faces challenges, with notable loan declines and value reductions in superregional malls. Tune in for insights on these pressing industry trends!
37:21
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Quick takeaways
- The weaker-than-expected JOLTS report and similar economic indicators have raised concerns about a potential U.S. economic contraction, affecting market sentiment.
- Despite major apartment REITs experiencing marginal rent growth, challenges like rising lower credit scores among applicants threaten future rental demand and affordability.
Deep dives
Market Reactions to Economic Indicators
Equities faced challenges as the third quarter concluded, reflecting concerns about a potential economic contraction in the U.S. This apprehension was fueled by weaker-than-expected ISM manufacturing and JOLTS reports, which heightened fears of a slowdown. Consequently, bond yields dropped as investors sought safer assets in light of bad economic news. The market's response underscored a shift to a scenario where positive news boosts equities, while negative reports draw them down.
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