A weaker start to the year for global commercial real estate investment took a turn for the better in the third quarter, according to commercial real estate services firm JLL. Global CRE investment volumes jumped 13% in the third quarter, after two consecutive quarters of declines. JLL says about $205 billion was invested globally into commercial property this quarter. Year-to-date, about $550 billion has been invested, or 1% more than in the same period last year. The performance was bolstered by “mega deal activity” in North America and “record-breaking investment” in the Asia-Pacific region, specifically China and Singapore, JLL notes. (Via JLL)
Unresolved economic issues within the city of Chicago may be scaring away commercial real estate investors, according to recent data from Real Capital Analytics. In the first nine months of this year, single-asset commercial property sales tallied in at $7.7 billion, a 33% drop compared to the same period last year. RCA Senior Vice President Jim Costello commented, “There are great reasons to be in the Chicago market, but investors are clearly finding the market less attractive. Is it unfunded pension liabilities in Illinois, uncompetitive labor markets, or high taxation driving the change in perceptions?” (Via Crain’s Chicago Business)
Tax and loan documents obtained by investigative outlet ProPublica show that Donald Trump’s real estate company, Trump Organization, filed different information regarding occupancy figures at Trump Tower in New York City. Different figures were filed in forms sent to New York City property tax officials and a commercial lender. It’s the third Trump Organization property to show “discrepancies,” Propublica found. (Via Propublica)
Developer Brookfield Properties is jumping into the South Bronx multifamily market with a $950 million project that will build more than 1350 apartments and dedicate 30% of units as affordable housing.