Single-sector private equity real estate funds are not unusual, but the majority tend to target core real estate assets. But Prime Group Holdings LLC has found success off the beaten path, focusing its funds on niche property types. Investors have poured $2.5 billion into its latest initiative, Prime Storage Fund III, focused on the self-storage space, blowing past the fund’s $1.5 billion target to reach its hard cap of $2.5 billion.
After suffering a rough 2022, with total returns on the FTSE All Equity REIT Index down nearly 25 percent, publicly-traded REITs are poised for a bounce back in 2023 and things got off to a strong start with total returns rising 10.07 percent in January.
New York renters living alone in one-bedroom apartments are forking over $19,500 more a year than couples who live together, Zillow data show. In Manhattan, the annual singles tax rises to a whopping $24,000.
A total of 12.6 million square meters of office space was leased on the continent in 2022, a 15 percent jump from the previous year when many staff worked remotely because of the pandemic, data compiled by broker Cushman & Wakefield Plc show.
Real estate donors to New York Governor Kathy Hochul’s campaign could benefit from new housing tax breaks, reports the New York Post. GlobeSt.com predicts more concessions for apartment renters are coming. These are among today’s must reads from around the commercial real estate industry.
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