Real Estate & Construction News Roundup (5/22/24) – Federal Infrastructure Money, Hotel Development Pipelines, and Lab Space Construction
In our latest roundup, Virginia’s governor signs two bills into law, $929 billion in outstanding commercial mortgages come due, banks prepare for delinquencies related to office space, and more!
- Demand for lab space is set to ramp up, with market activity expected to increase in the coming months. (Joe Burns, Construction Dive)
- Federal infrastructure money is keeping the country’s infrastructure woes from getting worse, but that progress will be lost when that funding ends. (Julie Strupp, Construction Dive)
- In the first quarter of 2024, several major hotel companies saw their revenues down—or lower than expected—but their development pipelines were up. (Jenna Walters, Hotel Dive)
- Gov. Glenn Youngkin signed two bills into law last month that set specific requirements for fee disclosures for landlords and restrictions on electronic transfer fees in the state. (Mary Salmonsen, Multifamily Dive)
- Banks are preparing for further losses as delinquencies in loans tied to office space continue to rise. (Ben Bain, Bloomberg via Yahoo)
- One-fifth, or $929 billion, of the $4.7 trillion of outstanding commercial mortgages held by U.S. lenders and investors will come due in 2024. (Bethan Moorcraft, Yahoo)
- About 33.4% of single-family homes available for sale in the first quarter were newly built, almost double from pre-pandemic levels. (Ana Teresa Solá, CNBC)
