The number of apartment spaces being created in office buildings across major cities this year has risen to over 55,000, four times higher than the 12,100 under conversion in 2021, according to a new report.The 55,339 office-to-apartment makeovers scheduled for this year mark a record high, according to the RentCafe report released Monday. The report cites surging demand for residential space and nearly $150B in office
Housing starts fell to 1.46 million The numbers: Construction of new homes fell 4.3% in December, as home builders scaled back new projects.So-called housing starts fell to a 1.46 million annual pace from 1.53 million in November, the government said Thursday. That’s how many houses would be built over an entire year if construction took place at the same rate every month as it did in December.Housing starts are down for the first time in
Attorney and new Inman Contributor Rachel Streitfeld examines how changes to Florida's zoning laws could free up vast tracts of land for high-density new home construction The affordable housing landscape in Florida is poised for major changes, thanks to the Live Local Act. Also known as SB-102, this revolutionary piece of legislation is set to encourage the creation of much-needed affordable and workforce housing in a state that h
One of the nation’s largest experiments in affordable housing to address chronic homelessness is taking shape outside the city limits.On the outskirts of Austin, Texas, what began as a fringe experiment has quickly become central to the city’s efforts to reduce homelessness. To Justin Tyler Jr., it is home.Mr. Tyler, 41, lives in Community First! Village, which aims to be a model of permanent affordable housing for people who are chronically
Wellness, adaptable space and innovation are at the top of the list of one architecture firm’s predictions for popular commercial features in the new year.The looks of offices and buildings are changing in a post-pandemic world. Wellness has become a buzzword in the commercial space as more companies plan to prioritize amenities geared toward health and convenience in the workplace. The hope is that this trend will help bring more employees bac
Rent began to reverse, office vacancy remained near record highs, banks failed and lending got tricky in 2023. Where are we headed next?Investors knew they were in for a roller coaster ride in 2023. What they still don’t know is where the ride is heading next.Pandemic-era highs for virtually all sectors of real estate led to uncertainty in markets across the U.S. Rent began to reverse, office vacancy remained near record highs, banks
Forget concrete and steel. According to CEO and investment expert Avi Philipson, the future of building is greener and more sustainable and fueled by surprisingly traditional materials In the quest for a greener and more sustainable future, architects and developers are turning away from traditional materials like concrete and steel and looking towards innovative and eco-friendly alternatives.With a growing concern about the environment
A recent surge in construction of single-family homes could offer more opportunities for home buyers in the new year.Existing-home sales posted a slight gain last month, breaking a streak of five consecutive monthly declines and foreshadowing what is expected to be a more favorable real estate market in 2024.The National Association of REALTORS® reported Wednesday that existing-home sales, which are completed transactions for single-family
Despite unprecedented challenges, and the predictions of naysayers, the residential real estate market showed surprising strength in 2023, according to industry analyst Michael Gifford Despite unprecedented challenges, the housing market emerged as a resilient and surprising beacon of stability in 2023. While supply constraints continued and the Federal Reserve’s interest hike lasted longer than expected, the sharp decline in hom
Construction spending (not adjusted for inflation) totaled $2.027 trillion in October at a seasonally adjusted annual rate, up 0.6% from the upwardly revised September rate and up 11% year-over-year (y/y), the Census Bureau reported today. However, without a deflator, it is impossible to say how much of the y/y gain is in units vs. price. Private residential construction rose 1.2% for the month, with single-family homebuilding up 1.1% (
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