Real Estate & Construction News Roundup 8/14/24″ – Commercial Real Estate AI, Hotel Pipeline Growth, and Housing Market Improvements
(Omar Mohammed, Newsweek)
A drop in mortgage rates, along with a drop in housing values, could give buyers a path to homeownership. (Omar Mohammed, Newsweek)
- Starting August 17, new rules will roll out that overhaul the way Realtors get paid to help people buy and sell their homes. Samantha Delouya (CNN)
- Spending fell in almost half of the nonresidential categories in June, with the decrease attributed to higher interest rates, tighter lending conditions and a softer economy. Construction Dive (Sebastian Obando)
- Net absorbtion for the office sector is negative. In the second quarter, more office space was vacated than it was occupied, and vacancy rates reached a record high 13.8%. Joe Burns, Facilities Dive,
- In the second quarter of 2024, hotels are expected to grow 9% annually. Extended stay is still popular, and upper midscale hotels lead other segments. Jenna Walters (Hotel Dive)
- An increasing number of office buildings are being converted into apartments. This is a result of the COVID era work-from home movement, which reduced office attendance and thinned downtowns. (Samantha Delouya – CNN)
- AI can play a significant role in commercial realty, from cash management to resident engagement. (Reny Simon, J.P. Morgan)
